Topic: [POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦ - page 171. (Read 920105 times)

If it's not already on the website/announcement thread here, why don't you put all of that up there in official writing? The main goals you need to achieve, estimated completion date, what it will take to get there, who's in charge of each goal, how far they are in their progress/etc. Basically, a simple visual project plan so everyone can see the efforts which they're supporting.

Without achievements/goals, a plan to get there, and the ability to show your efforts, it's all very nebulous.

Hey dean 

This Coins is not dead, there are a few main things we need to address to make this coin work for the mainstream and we have been trying to figure this out with legal before we go ahead and make the next big step. We are trying to solidify a plan that will allow us to work much easier with legal and medical industry by become fully compliant (KYC and AML) allowing us to get funding to accomplish our original goal.  Merchants need to be able to get paid easily and user need to be able to purchase coins simply for PotCoin to succeed, it needs to be like Paypal where you can link your bank account or credit card.
 The only way to do this is become compliant and register with Fincen and Fintrack and become an MSB and these are no small tasks. This was not how we originally foresaw this happening but it this has become the only way to do business in the United states and Canada. We are still in the process of putting all the moving parts together and we will keep you updated as they start fitting together.  If we want to play with the big boys we need to play by the rules for this to work in an industry that is run by regulations and controlled by Government, We need to create Potcoin 2.0

SMoKeMoN

After legalizing for recreational use recently in Washington DC, I bet it will be fully legal in the US inside of 2 years.....happy days are coming:-)

You know, its kind of bizarre. I have been both a massive critic and supporter of this coin.

It seems that over the past 60 days or so, the chatter has died and all communication with this board and even Reddit have fizzled out.  I am disheartened with the lack of effort displayed by the group running POT to engage with this board and Reddit on productive dialogue and do what is needed to maintain and grow the overall community. No coin will survive without a grassroots group of supporters that maintain and grow the critical mass of adoption necessary to bring the coin more mainstream.

In my mind there are some simple questions that are a starting point:

Where are the POT developers?   
What are they doing?

and more importantly .....

is this coin dead or not?

Wasn't there a guy that was going to work on PR, and specifically forum communication here?  I think his name was Russ or something.  I would have to go back and look, but he was supposed to be the liaison to the forums.  That went nowhere, fast.

If POT is doing things, and not the "we paid this guy X amount of bitcoin to say potcoin was cool" type things, then you need to announce it here as well.  90% of your miners, new and old, are going to come from these forums.  You lost a ton of them when you took Reddit user opinions over that of veteran miners.  If you want to win back miners, and help the coin in the long run, don't just blow smoke up our ass here.

-Fuse

Renegade makes a valuable point, it's very important to keep the community here at BCT up to date with everything, as well as other outlets. I remember there being a strong push for info-packets and media dispersal, but it died out here (visibly). Maybe it's still going on elsewhere?

And like I said, if the laws have changed or there is a lot of potcoin being used for actual marijuana purchases, by all means let us know. I'm happy to be wrong provided it's factual. It's important to provide the facts and truth, without candying it up.

Mmmm....PotCoin, you're really going to have to do far better if you want to engender any sort of confidence.

Look at the postings vesperwillow is making. Candid questions, concise comments, well articulated arguments and you're coming back with gems like this:


....poorly worded, terrible grammar. Come on! If you're going to have half a chance of seriously attracting good people here you need to be able to respond articulately to people like vesper and demonstrate you're across the key issues, you're interested and you're "ahead of the game". At the moment you're coming across as....well.....little more than a pothead (maybe that's the issue!)

I lost money on this silly coin; I won't be doing so again. I'm certainly not getting any sense there's much of a future.

If you're even remotely serious you should be posting regularly, have a good deal more awareness of the history of what you (or your BCT account) has posted previously and be seriously engaged with someone like vesper who's taking considerable time and effort to articulate what he or she believes the major issues and stumbling blocks are. This is "stakeholder engagement 101" and you're failing terribly.

The last time I checked (Summer 2014), and it was the DEA, BATFE and the Attorney General's website. Federally there were issues which setup a system where only federal reserve notes could be used as a currency to deal with dispensaries and the product/growers/etc, because banks and credit systems weren't allowed to be involved due to standing regulation. This is because though it was legal at the state level to buy/sell/trade/grow and use cash for it, the banks were held to federal limits and regulations.

The AG later adjusted regulations somewhat, and Colorado instituted a special banking system.

Cryptocurrency in the US is defined at the federal level as a physical asset, and falls under IRS regulation--federal regulation. The federal code hasn't (as of when I last checked) made allowance for physical assets such as Cryptocurrency to be allowed in the marijuana regulations within Colorado. Because Colorado hasn't specifically made clarification on cryptocurrency, law defaults to federal regulation. This is one of the reasons I keep suggesting political activism..

There was an entire forum thread on this very topic, and the PotCoin team even (up through Summer) also admitted the same issue. This was the last time this issue came up. You should remember.. your account posted on the topic several times.

If there is revision, posting clarification on this would be beneficial to all.

The main questions was in the united states why is it illegal for dispensaries to accept crypto's and whats your source.

I agree, it'll become legal eventually. Though, I don't think that was in question here

Pot will be legal someday, may take 10 years but when it is this coin will be golden. Anyone that thinks that pot will never be legalized in the entire US within a period of time is an idiot.

mining since (last) January.  

What source are you talking about? You mean the federal and state governments? If you actually paid attention to my posts you'd see that, yes, with regard to legality, I'm referring to the US--your original launch market, you know, the place you guys blew up youtube and the forums about 4/20 which was seen as a huge flop. Your launch, and for awhile, core market, was the US; specifically Colorado. Your coin is based on the premise that it's the official coin of the green. You/the team even admitted in the past that it would take awhile to become legal to use specifically for marijuana, and your response came as a result of people wondering why they could only buy trinkets and doodads in the shops and not the actual product.

I've already acknowledged in prior posts that globally it has useful application as some countries allow any method of currency to purchase the actual product, but it has no more or less strength than other competing coins globally. Because, why would anyone outside of the US use potcoin when they could just use cash or 10 other forms of payment?  Any coin at that point would work fine, because they all transport value. This is why I've mentioned that if you could make political strides in the US, you'd actually establish yourself as THE official coin and there'd be more serious supporters. Oh, and about 20 other people have made the same remark.

Instead, all that was ever posted here were links to fluff youtube videos and over-hyped stories about random people which were paid to use the word 'potcoin' or some form of marketable phrase about it. Where has that gotten your movement? Can I walk into a market in Denver and offer potcoin for a bag of weed..legally? Would the PotCoin slippers enable me to do that? Last I checked, I couldn't--but I could be wrong, maybe it's changed.

It has been obvious that someone and or a group of individuals have been attempting to lower the price of potcoin, in a power grab, and or simply to sap bitcoin value out of the potcoin market. That being said distrust and fear is not the solution, neither is a disproportionate amount of short term greed. The time has come for serious collaboration, Who is coding for potcoin? I have poured many hours of sleepless nights, unanswered calls from my significant other, and much more into supporting potcoin, I feel I should not continue to do so alone and from the shadows. I am reaching out. Let's make something serious happen.

Where are you getting your information from, Id like to know your source?  We have merchants accepting PotCoin for edibles, seeds etc Jp wellness is accepting it for bud.
also look at cannabiscoin they launched their first dispensary a while back.  

also are you talking only about the USA?

http://www.coindesk.com/medical-marijuana-dispensary-canada-first-bitcoin/

what about the rest of the world? its a big place

Exactly. I sound cynical, but I'm simply being critical. I've been around since day 0 and have always supported the coin. I'm simply realistic in my approach. I used to be a large bagholder, but got out when the getting was good. I have a little bit now, but I'm sure it wouldn't buy me anything.

Guess we'll see in the next few years.

I haven't installed one can anyone comment RE: An android or Win8 Phone wallet? (I don't have iOS)

100% this.

If you don't think so, take a look at the decrease in price again.  I honestly wouldn't be surprised if someone who was pissed about the posts here didn't say, "I'll show them that POT isn't dying", and caused the recent pump.

I wanted so bad for POT to succeed.  I really did.

-Fuse

You're kidding yourself if you think this is some sort of "news" to crow about (and frankly I'm embarrassed for you to be quoting such naive price stats that are only a flash-in-the-pan irregularity). As per versperwillow's detailed "let's actually look at the reality of Potcoin" post, this is but a burst of speculative activity, nothing that gives any long-term credibility to being in Potcoin. For anyone that's been around for a while and realised this thing's going nowhere fast, this sudden increase in price has been an opportunity to exit without too much loss.

Yes, let's actually examine the value of potcoin. Afterall, 1 day of trading sure gives you the accurate picture does it not? Here's a more holistic viewpoint on the matter, the graphic is a bit cludgy but it's all I can do right now. Examining from start to present, we can see several key events on the life of the coin.

Inception -> Feb-2014: The initial value went up, as most coins did, because of interest and hype.
Feb-2014 -> March-2014: Value begins to lower, pump/dump runups are dying, people panic and call for halving
March-2014 -> April-2014: Halving work begins; partial runups and dumps over the 4/20 hype; 4/20 was perceived as a flop, panic selling ensues
May-2014 -> June-2014: Halving schedule announced, more panic selling
June-2014 -> July-2014: Pump/Runs/Dumps, market use actually dies at this time, multipools had a field day
July-2014 -> October-2014: Some  normalization, stagnant market
October-2014 -> Novermber-2014: Someone hits the net and bumps difficulty, a run/dump for a couple of days spiked the price
November-2014 -> January-2015: Continued stagnation, trades continue to die out
January-2015: Second Halving, 2/3rds of the network drops off (likely multipools and heavy supporters) long enough for difficulty to dip, and then they return with additional multipools to take advantage of the dip. This begins another synthetic run-up and sell-off.

I also included a very scaled value graph to illustrate just how the value looks in reality over time. 250% increase? Yeah, if you only examine 1 day of trading difference after people run the price up. Also, notice that the first halving is when things basically just tip out of the canoe. You would've had less trouble from multipools if you hadn't halved, just let the thing crash and they would've left, leaving just the hardcore supporters of the coin to keep it alive. But, this is all in the past.



Expanded charts of recent 3 months, highlighting an example of a pump/run-up/dump. A spike followed by sudden dropoff (chart 2) forced the difficulty to hop up (chart 3), which allowed the perpetrators to stimulate a brief market run for profit, which ended at the beginning of November. This is what's going on now more than likely.



At the same time, I believe the longevity of this coin is truly in a lower value, which is why I say (up above) that it's normalizing itself somewhat. My thoughts on this stem from the fairly steady hashrate. Historically, this coin has never sustained above 10gh for long periods, the fact it hovers between 2 and 7 is good. Bitcoin did this for years until it became tangible. It's still going to need political affluence to gain much ground in the legal market, at which point the value would gain traction.

This is why coins which establish market use prior to launch have faired far better than ones like this which hope market use comes after inception. NLG comes to mind, they've done fairly well over the long term and had market use right from the start.

Still haven't read that link the other person posted, this is just a post in reference to the synthetic hype of a "250%" increase. This is a good time to make short-term profit, but it won't last. Buy on the next dip.

goiing to keep going to