Topic: Banks in Canada slowly warming to cannabis biz - but crypto is the better answer (Read 408 times)
October 12, 2017, 06:46:02 AM
crypto is a great alternative to cash, when it come to cannabis purchase. Many coffee shops, have the issue that they can only accept cash, which makes them more likely to be robbed (since they have to store all that cash on location) and additionally, they don't have the option to even deposit that cash to a bank! Because it is illegal, which is insane (regulating the cannabis itself but not the monetary transaction of it), so with crypto's there are many loops that can be explored and people will be able to eventually pay in other means than just hard cash
October 12, 2017, 03:21:29 AM
Some US banks refused to do business with marijuana companies to prevent such accusation to criminal violations and some banks in canada have the same respond to them, that is why it is slow to embrace such businesses as they need to study how to implement and regulate it properly to avoid abuses to its use. Using bitcoin is a good idea to implement such transaction over the companies of cannabis, but being anonymous over the transaction of cannabis is quite detrimental to the person. government must implement some regulation in the transaction of bitcoin to marijuana to enforce law and to avoid criminal acts.
October 11, 2017, 04:59:20 PM
There is a strong opportunity for the right blockchain-cryptocurrency solution to solve this problem.
How? If the banks start opening up to the cannabis and medical marijuana industry then users can buy them legally with fiat and credit cards. Thats where BTC and other cryptocurrencies lose their notoriety as the preferred medium to use for buying and selling illegal drugs.
Regulations and restrictions give more value to BTC than we know.
Not as big? I am sorry but you are very wrong. The darknet market as a whole has quadrupled in size since the clamp down of the Silk Road, and its still growing. You underestimate the allure it has among criminals, especially in organized crime. Its going to get bigger and bigger and BTC will be in the forefront as the preferred cryptocurrency.
Most of the people in this forum are nobodies. They dont even run full nodes.
October 10, 2017, 08:59:07 AM
As long as cannabis on that country is for medical prescriptions and the law is sealed on the restriction and regulation of it. Bitcoin in this transactions are just alternative options to fiat currency and I don’t think mixing or hiding identity through bitcoin is necessary.
Cannabis in other country is available for consumption even without illness. I don’t see this an issue but a reality is that those herbs is naturally grow and it was created for this purpose. It is now in the judgment of one government or the people if it is a needs or a disastrous idea.
Cannabis in other country is available for consumption even without illness. I don’t see this an issue but a reality is that those herbs is naturally grow and it was created for this purpose. It is now in the judgment of one government or the people if it is a needs or a disastrous idea.
October 10, 2017, 08:33:33 AM
I recall seeing a ICO for a coin that brings the Blockchain and crypto to legal cannabis sellers...
Edit: Here's an interesting article: http://markets.businessinsider.com/news/stocks/Cannabis-and-Cryptocurrency-The-Time-is-now-1002275097
But here's my question to people that think we need a wholenother coin to be able to do what Bitcoin can, and probably has been doing without issue for years. Why do we need a coin to facilitate transcations between cannabis businesses and other people involved in the process? It's not like this coin will ever be able to gain enough traction to be a traded coin, let alone be stable enough for companies to want to accept and use it.Edit: Here's an interesting article: http://markets.businessinsider.com/news/stocks/Cannabis-and-Cryptocurrency-The-Time-is-now-1002275097
Lets stick to Bitcoin with stuff like this.
The suggestion was not for a new coin, but rather a new blockchain-cryptocurrency solution - not the same thing. For the most part, banks are uncertain about the legality of providing banking services to legitimate and legal businesses cannabis businesses under federal or state laws, and therefore often will not offer these services to the cannabis sector. Even in the Blockchain sphere, many bitcoin exchanges do not want to serve or work with cannabis related businesses, for similar reasons. And that's a giant damper on doing business - even totally legitimate and legal business. For this reason, I think BitCoin itself isn't the solution. Rather, a complete end-to-end solution is needed to answer the special needs of this and similar businesses.
October 09, 2017, 03:29:59 PM
Cannabis is a reliable and proven way to boost tax revenues.
I don't know if the same can be said about crypto which may delay its endorsement by state bodies.
If I remember right, alpha bay and silk road 2.0 were shut down earlier this year. Some news articles claim more than 400 deep web buying/selling sites are gone now. They were shut down by law enforcement.
Is it fair to say the drug and illicit goods section of the deep web has already been demolished?
I don't know if the same can be said about crypto which may delay its endorsement by state bodies.
How? If the banks start opening up to the cannabis and medical marijuana industry then users can buy them legally with fiat and credit cards. Thats where BTC and other cryptocurrencies lose their notoriety as the preferred medium to use for buying and selling illegal drugs.
Regulations and restrictions give more value to BTC than we know.
Regulations and restrictions give more value to BTC than we know.
If I remember right, alpha bay and silk road 2.0 were shut down earlier this year. Some news articles claim more than 400 deep web buying/selling sites are gone now. They were shut down by law enforcement.
Is it fair to say the drug and illicit goods section of the deep web has already been demolished?
October 09, 2017, 01:12:30 PM
There is a strong opportunity for the right blockchain-cryptocurrency solution to solve this problem.
How? If the banks start opening up to the cannabis and medical marijuana industry then users can buy them legally with fiat and credit cards. Thats where BTC and other cryptocurrencies lose their notoriety as the preferred medium to use for buying and selling illegal drugs.Regulations and restrictions give more value to BTC than we know.
Great question. The answer is that legit businesses are disadvantaged, and there is a need for a dedicated solution for them. Here's why. In the US, the federal government says that if a state passes a law to decriminalize cannabis, it can do so, under the condition that rigorous rules and regulations are in place. Many states have already legalized recreational and medicinal marijuana, however, many cannabis businesses are unable to open bank accounts, or keep funds in a bank account because banks are not willing, due to US federal banking regulation restrictions. They're denied these services due to the bank’s uncertainty about providing them under federal or state laws. Even in the Blockchain sphere, many bitcoin exchanges do not want to serve or work with cannabis related businesses, for similar reasons. And that's a giant damper on doing business - even totally legitimate and legal business.
October 08, 2017, 08:56:06 PM
There is a strong opportunity for the right blockchain-cryptocurrency solution to solve this problem.
How? If the banks start opening up to the cannabis and medical marijuana industry then users can buy them legally with fiat and credit cards. Thats where BTC and other cryptocurrencies lose their notoriety as the preferred medium to use for buying and selling illegal drugs.
Regulations and restrictions give more value to BTC than we know.
Not as big? I am sorry but you are very wrong. The darknet market as a whole has quadrupled in size since the clamp down of the Silk Road, and its still growing. You underestimate the allure it has among criminals, especially in organized crime. Its going to get bigger and bigger and BTC will be in the forefront as the preferred cryptocurrency.
Most of the people in this forum are nobodies. They dont even run full nodes.
October 08, 2017, 03:19:33 PM
Of course banks are slowly warming to cannabis biz that's because they see an opportunity to make money. I'm not sure why people thought that if the government legalized pot that they wouldn't try and tax and centralize the shit out of it.
October 08, 2017, 01:56:06 PM
The right blockchain solution to this problem already exists. It's called Bitcoin. Marijuana is just a product with a market and there's absolutely nothing that would warrant something new for it, since BTC can be used to buy any ordinary product.
Besides, I'd say that if you really want a blockchain solution for weed, CannabisCoin, MarijuanaCoin and PotCoin are probably enough for that purpose already.
Legalisation isn't particularly good for the Bitcoin marijuana market either. Even though the slightly edgy types who would buy marijuana are likely to continue using BTC to buy it, it's a lot better when you realistically have to use BTC in order to buy it online at all. I find it likely that people will continue to use physical cash when they buy it in person.
Besides, I'd say that if you really want a blockchain solution for weed, CannabisCoin, MarijuanaCoin and PotCoin are probably enough for that purpose already.
Legalisation isn't particularly good for the Bitcoin marijuana market either. Even though the slightly edgy types who would buy marijuana are likely to continue using BTC to buy it, it's a lot better when you realistically have to use BTC in order to buy it online at all. I find it likely that people will continue to use physical cash when they buy it in person.
October 08, 2017, 12:16:07 AM
I recall seeing a ICO for a coin that brings the Blockchain and crypto to legal cannabis sellers.
I thought it was an interesting take on the crypto scene but having read this article and having seen many others like it with the increased interest and legalisation of marijuana I can understand that there could be a need for such markets.
Edit: Here's an interesting article: http://markets.businessinsider.com/news/stocks/Cannabis-and-Cryptocurrency-The-Time-is-now-1002275097
I thought it was an interesting take on the crypto scene but having read this article and having seen many others like it with the increased interest and legalisation of marijuana I can understand that there could be a need for such markets.
Edit: Here's an interesting article: http://markets.businessinsider.com/news/stocks/Cannabis-and-Cryptocurrency-The-Time-is-now-1002275097
But here's my question to people that think we need a wholenother coin to be able to do what Bitcoin can, and probably has been doing without issue for years. Why do we need a coin to facilitate transcations between cannabis businesses and other people involved in the process? It's not like this coin will ever be able to gain enough traction to be a traded coin, let alone be stable enough for companies to want to accept and use it.
Lets stick to Bitcoin with stuff like this.
Good question. I was actually wondering the same thing myself. Here's the link to the site (of the coin I was talking about). https://paragoncoin.com/en
Apparently it's been endorsed by celebs and the like (although that's probably paid promotion). I'll do a bit more reading up on it because I'm unsure why it's needed myself.
October 07, 2017, 10:31:50 PM
There is a strong opportunity for the right blockchain-cryptocurrency solution to solve this problem.
How? If the banks start opening up to the cannabis and medical marijuana industry then users can buy them legally with fiat and credit cards. Thats where BTC and other cryptocurrencies lose their notoriety as the preferred medium to use for buying and selling illegal drugs.
Regulations and restrictions give more value to BTC than we know.
October 07, 2017, 10:27:53 PM
There is a strong opportunity for the right blockchain-cryptocurrency solution to solve this problem.
How? If the banks start opening up to the cannabis and medical marijuana industry then users can buy them legally with fiat and credit cards. Thats where BTC and other cryptocurrencies lose their notoriety as the preferred medium to use for buying and selling illegal drugs.
Regulations and restrictions give more value to BTC than we know.
October 07, 2017, 07:13:20 PM
I recall seeing a ICO for a coin that brings the Blockchain and crypto to legal cannabis sellers.
I thought it was an interesting take on the crypto scene but having read this article and having seen many others like it with the increased interest and legalisation of marijuana I can understand that there could be a need for such markets.
Edit: Here's an interesting article: http://markets.businessinsider.com/news/stocks/Cannabis-and-Cryptocurrency-The-Time-is-now-1002275097
I thought it was an interesting take on the crypto scene but having read this article and having seen many others like it with the increased interest and legalisation of marijuana I can understand that there could be a need for such markets.
Edit: Here's an interesting article: http://markets.businessinsider.com/news/stocks/Cannabis-and-Cryptocurrency-The-Time-is-now-1002275097
But here's my question to people that think we need a wholenother coin to be able to do what Bitcoin can, and probably has been doing without issue for years. Why do we need a coin to facilitate transcations between cannabis businesses and other people involved in the process? It's not like this coin will ever be able to gain enough traction to be a traded coin, let alone be stable enough for companies to want to accept and use it.
Lets stick to Bitcoin with stuff like this.
October 07, 2017, 05:11:57 PM
I recall seeing a ICO for a coin that brings the Blockchain and crypto to legal cannabis sellers.
I thought it was an interesting take on the crypto scene but having read this article and having seen many others like it with the increased interest and legalisation of marijuana I can understand that there could be a need for such markets.
Edit: Here's an interesting article: http://markets.businessinsider.com/news/stocks/Cannabis-and-Cryptocurrency-The-Time-is-now-1002275097
I thought it was an interesting take on the crypto scene but having read this article and having seen many others like it with the increased interest and legalisation of marijuana I can understand that there could be a need for such markets.
Edit: Here's an interesting article: http://markets.businessinsider.com/news/stocks/Cannabis-and-Cryptocurrency-The-Time-is-now-1002275097
October 07, 2017, 04:48:13 PM
Article in the Globe and Mail, a leading newspaper in Canada:
Canada’s marijuana industry banks on BMO and TD (https://beta.theglobeandmail.com/report-on-business/canadas-marijuana-industry-banks-on-bmo-and-td/article36504415/).
Seemingly upbeat article about how some banks are cautiously embracing the cannabis industry in Canada. But it is a slowwwwwww embrace, and they're being very selective. Like you'd expect banks to be. There is a long road ahead for legitimate businesses in this sector in the US and in Canada. There is a strong opportunity for the right blockchain-cryptocurrency solution to solve this problem.
Canada’s marijuana industry banks on BMO and TD (https://beta.theglobeandmail.com/report-on-business/canadas-marijuana-industry-banks-on-bmo-and-td/article36504415/).
Seemingly upbeat article about how some banks are cautiously embracing the cannabis industry in Canada. But it is a slowwwwwww embrace, and they're being very selective. Like you'd expect banks to be. There is a long road ahead for legitimate businesses in this sector in the US and in Canada. There is a strong opportunity for the right blockchain-cryptocurrency solution to solve this problem.
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