Legalization of Marijuana in US can BTC help sell weeds? - page 2.

carlisle1

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Quote from: justallen on November 10, 2016, 11:42:59 AM

Marijuana has a long and sorted relationship with the American legal system. At the turn of the 20th century, cannabis was one of the nation’s top elixirs and cure-alls, but over the last couple of generations, laws and regulations have made it a legal nightmare. It is treated as harshly as heroine and accounts for a large chunk of America’s 2.5 million citizens in prison.

On Tuesday, in addition to Donald Trump’s upset victory, Marijuana was legalized for use in seven out of eight states there was a voting referendum (Arizona defeated it.) This is a good start, but that is only half the battle. Can Bitcoin help with what comes next?

if it's already legal in the US they don't have to use bitcoin in the help to buy or sell , it's like you are hiding or evading the law now that it's legal you can go buy it in person and I think there would some pharmacy or medical shops that would sell it for medicinal purposes . but still it is a good news for people who have a big expectation for cannabis to help them cure their illness .

pooya87

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i suppose there will be not much change and there may even be a small drop in usage of bitcoin to buy Marijuana particularly! i say this because people usually seek other means of payment for drugs especially to keep their identity from being revealed and if it is legalized then there is no point in that anymore but there is still so many other things to buy!

Slark

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I hate drugs, but I am also aware of stupidity of current anti narcotics laws. Drugs black market is basically created by government.
Police is spending millions every year to stop drug gangs - with legalization of drugs war would be over. But people are too blind to see this.

About bitcoin and marijuana - I don't think how these two are linked and I would advise to not engage any Bitcoin<=>Marijuana trades.
We have enough bad press already.

QuestionAuthority

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It certainly helped Ross Ulbrich sell weed.

Leonard2016

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Quote from: justallen on November 10, 2016, 11:42:59 AM

Marijuana has a long and sorted relationship with the American legal system. At the turn of the 20th century, cannabis was one of the nation’s top elixirs and cure-alls, but over the last couple of generations, laws and regulations have made it a legal nightmare. It is treated as harshly as heroine and accounts for a large chunk of America’s 2.5 million citizens in prison.

On Tuesday, in addition to Donald Trump’s upset victory, Marijuana was legalized for use in seven out of eight states there was a voting referendum (Arizona defeated it.) This is a good start, but that is only half the battle. Can Bitcoin help with what comes next?

if Marijuanna were legal then you could buy it with fiat and legally with no problem, there would be absolutely no need for any use of bitcoin ar any of the cryptocurrencies for that

MONKEYJUNK

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I think the people use more bitcoin to buy seeds when marijuana was prohibited.

Now you can just buy with fiat currency in this states, don't know where the bitcoin can enter here.

Huge Black Woman

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Quote from: aso118 on November 10, 2016, 12:02:06 PM

Now that it is legal, bitcoin has no more role to play than it has in the sale of any other goods.
It might remove the middleman and save transaction costs, but nothing further.

What is you talking about? There still is going to be a silk road for all them other drugs and there's still sex and gambling. Put that all together in mama's cooking pot with hash brownies, and you got yoself a fine American stew. God bless the weed.

mlbs

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it is so unfortunate for the Bitcoin to be used for illegal activities. such as buying and selling in the blackmarket. but if the legalization of Marijuana in the US be impose,then this may bring some other side effects for the country. since if transactions are done through bitcoin, you no longer knew who you are transacting with. since theres no need to have personal information in sending or receiving money. what if the person you are transacting wont use Marijuana in a proper way. so how will the police trace that person right.

franky1

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Quote from: Wind_FURY on November 10, 2016, 08:10:55 PM

Legalization of Marijuana could also be bad for Bitcoin because that is one less product that can be bought with BTC online at the darketnet market places. People will start buying it thru regular means once legalization starts.

You all have to remember that too much regulation also subsidizes Bitcoin because it is what the people turn to to make payments at market places which no payment processor or bank are willing to deal with.

what if i told you that yes one black-market wont sell weed for bitcoin..
but due to the banking issues of federal regulations..
http://uk.businessinsider.com/americas-marijuana-companies-cant-put-money-in-banks-2015-11

THOUSANDS of white-markets will sell weed legally and allow it to be paid for using bitcoin LEGALLY

Wind_FURY

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Legalization of Marijuana could also be bad for Bitcoin because that is one less product that can be bought with BTC online at the darketnet market places. People will start buying it thru regular means once legalization starts.

You all have to remember that too much regulation also subsidizes Bitcoin because it is what the people turn to to make payments at market places which no payment processor or bank are willing to deal with.

franky1

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Quote from: Doamader on November 10, 2016, 07:42:18 PM

If marijuana has become legal bitcoins wont be used for that purpose, im not saying bitcoin is used just for dark marketplaces, but several people does use bitcoin to purchase all kind of ilegal stuffs, i do believe now others countrie may follow such behavior, and who knows someday they legalize almost all the drugs ending the black market of it.

bitcoins involvement in illegal usage/blackmarkets is less than 1%
in short. theres only a few blackmarkets but there are OVER 300,000 legitimate businesses

bitcoin moved away from the blackmarket dominance around 2012 and has gained more popularity for legitimate reasons.
EG banking the unbankable. international remittance. offering average people a sort of offshore trustfund without paperwork/consultation fees

bitcoin is not reliant on blackmarkets. just like the dollar is not reliant on detroit suburbs(fiat drug havens) or red light districts

Doamader

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If marijuana has become legal bitcoins wont be used for that purpose, im not saying bitcoin is used just for dark marketplaces, but several people does use bitcoin to purchase all kind of ilegal stuffs, i do believe now others countrie may follow such behavior, and who knows someday they legalize almost all the drugs ending the black market of it.

franky1

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though i personally dont like drugs it has to be said

although a state may allow drugs to be sold by retailers legally[in certain states]. the bank is not state owned. most banks would still trat weed as illegal because their regulation is based on another state/nation/international law.

it has already been shown that weed retailers have had trouble getting access to a bank account due to the banks national/international AML/KYC policies.
http://uk.businessinsider.com/americas-marijuana-companies-cant-put-money-in-banks-2015-11

Quote

Though this is all completely legal [in state] revenue, most banks won't take cannabis cash.

That's because marijuana is illegal under US law, and banks have to comply with federal regulations. While it's possible for banks to accept pot cash without violating federal law, they have to take many additional steps to ensure they're in compliance.

Rob Rowe, the Vice President of the American Bankers Association, told the Huffington Post in April that if banks do choose to process funds from marijuana companies, and something turns out wrong, the bank will risk losing its charter.

For many banks, it's not worth it. Just 220 of America's 7,600 banks and credit unions accept money from pot businesses, Bloomberg reported in October[2015]. Effectively, this means legal pot is a cash-only business.

so bitcoin will actually benefit these weed retailers as a method to store value securely instead of hiding it under the mattress.

kanazawa

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It could be good to trade only inside US, like in netherlands, uruguay, etc. It will be great to trade marijuana globally and use Bitcoin as the trade money. Bitcoin is cool to don't pay tax to government, if legal marijuana would be traded like in many NL places it will be very helpful to the market. Hope many countries legalize it too.

neochiny

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Quote from: Razzgoku on November 10, 2016, 04:00:55 PM

There are countries where marijuana is illegal and i think BTC can help play a role for buyers of weed in those countries .

Urgh. What the. Just because it's ok in the US, doesn't mean it's acceptable/legal everywhere else.

If it's illegal in a certain country, then don't buy it. Even with btc. That's just asking to get caught. tsk.
For marijuana, since it's already beginning to be legal in the U.S. (@OP where's the link) , other countries might follow.

I don't think BTC is gonna help with this especially in the beginning since I'm pretty sure there'd be all sorts of identification/medical documents required for buying.

(I admit I haven't heard of these "legalization of marijuana" yet, or seen any news but is this legal for medical use only? or even for recreational?)

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Quote from: aso118 on November 10, 2016, 12:02:06 PM

Now that it is legal, bitcoin has no more role to play than it has in the sale of any other goods.
It might remove the middleman and save transaction costs, but nothing further.

Any proof or I was not updating the latest news about the marijuana in America. But I don't realize if the government or some official institution are speaking about some statement related to the legalization of marijuana in there. and bitcoin has no role for playing in there.

South Park

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Quote from: justallen on November 10, 2016, 11:42:59 AM

Marijuana has a long and sorted relationship with the American legal system. At the turn of the 20th century, cannabis was one of the nation’s top elixirs and cure-alls, but over the last couple of generations, laws and regulations have made it a legal nightmare. It is treated as harshly as heroine and accounts for a large chunk of America’s 2.5 million citizens in prison.

On Tuesday, in addition to Donald Trump’s upset victory, Marijuana was legalized for use in seven out of eight states there was a voting referendum (Arizona defeated it.) This is a good start, but that is only half the battle. Can Bitcoin help with what comes next?

Since now it is legal in states like California to buy marijuana legally I don t see what use could bitcoin have, unless you don't want to reveal your identity to your seller or you want to hide ti form anyone else.

shiryu

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I do not think so, if marijuana still illegal probably drug dealer will use bitcoin for the payment because bitcoin mostly used for illegal activity.

erikalui

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Bitcoins, unfortunately, is used to buy illegal products (like darknetmarkets) and those who can buy it legally wouldn't choose bitcoins as a payment mode as they can buy it legally in dollars. I heard about marijuana being a beneficial medical drug but it's been misused too which again makes it legality a big question so I'm not sure why it's made legal.

Shiroslullaby

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Quote from: aso118 on November 10, 2016, 12:02:06 PM

Now that it is legal, bitcoin has no more role to play than it has in the sale of any other goods.
It might remove the middleman and save transaction costs, but nothing further.

Yeah if people are buying seeds or grow supplies online they may use a payment like Bitcoin,
but the transaction time is too long for in-store purchases.
People will just use cash/ credit card to buy cannabis in dispensaries.

Topic: Legalization of Marijuana in US can BTC help sell weeds? - page 2. (Read 1971 times)