Topic: [POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦ - page 214. (Read 920105 times)

Hi there, Im glad you see where I am coming from I have sent a message to the people that started this thread to see what there thoughts are but haven't heard anything back yet. If they like the idea then Im sure they will put the whole bounty up. Would it be the first cannabis related business to officially accept pot?

I have been in the crypto community for a while now and know that asking for $$$ before doing something is a bad idea haha. This site isn't exactly forgiving and rightly so... way to many scammers around.

I think it should be easy to get them on board. I am waiting for a report back from them detailing how there bitcoin venture went. Hopefully If I get them on board I will be going straight to coindesk and getting it out there in the media.

Kind regards

Well of course it would be POT! I personally don't mind doing bounties as i would rather pay someone to do the work than do it my self. In this case anyway. From my estimation at the current valuation it is roughly 74k potcoins.

I will put it out there, i will contribute to the bounty if a couple others hop on board. I can't do the whole thing but don't mind doing a portion. This is because you offered to get them to accept Potcoin first before taking payment. It was running through my mind "what if this is just a scam" right before. Gotta be vigilant!   

Since they are already accepting bitcoin and are familiar with the crypto scene then i don't think it would be as hard of a pitch. Thankfully. Any help is appreciated at this point in time. More so from someone doing major bank!

Haha good question, I think 0.5 BTC (Or Pot equivalent) would be acceptable. I require a bounty for this as it is time out of my week, I will have to go to a meeting witch is over 1 hour away + persuade them to do it over a number of phone calls + show them how they will turn POT into $$$, At the moment they are only accepting bitcoin witch is easy to turn into cash. 

I am pretty confident I can do it and will even accept the bounty after the deed has been done .

This company generates over 30,000GBP a week in sales and that amount is increasing month on month.

What size bounty would you find enticing enough to help sway the decision to accept POT? Not that i am gonna put it up but i am curious.

Firstly, props, thanks for taking initiative!

Some people might not want to be messaging seed banks and such though as weed is still illegal in a lot of places, just throwing that out there. If i lived in cali or one of the other weed "friendly" states, i doubt i would do shit anyway, but i wouldn't stop and ask if i should or shouldn't if i was going to. I have met a fair number of people who smoke it but like to keep it hush hush.

I still think a decent plan to gain Potcoin some value is to talk to dispensaries about using it as a promotional tool to start with to garner interest and get the customers acclimated with the use of crypto. The rolling papers is a neat idea to do such with. Give the customers a free pack or two and tell them that before they roll up, enter the code and redeem it for some free coinage, after they reach a certain amount of coins then can get a free bag. Hell yeah, who the hell isn't gonna like that? I also assume it is pretty popular as soda companies have been doing the codes under caps forever. Is there a qr code on the paper for quick scannin?

I like this idea because it is the lowest risk for the business owner accepting the potcoins, they have nothing to lose by doing things this way and it is ONLY benneificial for them to do such as they might generate a few more return customers than they would have other wise.

I am assuming packets have been made to hand out to business people interested in potcoin. A couple sheets with mission statements, what the perks of accepting potcoin can be, a nice sticker or two for their business to display they proudly accept potcoin. A couple packs of the papers and ideas on how to use all of the information.

I was just thinking, what ever happened to the pi pos units? Did those get nixed for the atms? In my mind this package would come with the pos unit. It has to be easy as shit, plug and play, turn key, use potcoin to increase sales 5%, i don't know! I do know if i owned a business, if i can't make money off of using it, why would i?

"You mean all i have to do is put this machine in my store, put this sticker on my window, and i will see X% increase in sales?" Does weed need this though, or does it sell it's self? Is there enough competition among the dispensaries at the moment where they want to differentiate from one another by doing something like this?

I like numbers, so hopefully you are able to gather information on the use of the atms at the dispensaries so that when you are approaching merchants you are able to hit them with cold hard numbers.  

If they take credit that is a big perk for accepting potcoins, not having to pay merchant fees and such. More money coming into the business.

Further thinking for the future, what if the dispensaries who accepted Potcoin agreed to do something where it is like a triple a card or something. If you use potcoin at our place we give you a 5% discount on the purchase total? I am trying to think of something where the user of potcoin will know that they will have the same experience where ever they see the potcoin logo. Which adds further incentive for merchants if they know things like that.  I am sorta into branding, not educated about it through formal schooling, just interesting to me.

If the dispensary owner wants to be on the cutting edge and is into crypto then it seems like an easy sell. What is the incentive for someone who doesn't know shit about crypto to start accepting it? Especially given the volatile nature. That, and most people only know of bitcoin, and how it was worth 1200 bucks and is now worth 400, leaves a negative connotation about crypto for a lot of people. There is a slight learning curve too that people might not be willing to take on if the reward for them isn't great enough.

I really would like to see a link to a blank form that people can use to send to businesses they think might be interested. I am totally for the devs running the coin like a company and fielding interest calls and such, and i think they want to do that. So give the community some well worded forms like i get from my political action committees, just sign and send. It also helps standardize the whole procedure of fielding calls then if you know that everyone who calls interested has read mostly the same information, some might dig deeper, but you know they are at least familiar with what a wallet is and how you use addresses to send and receive money.

Musings and the like, take it at face value.

There is a difference between making people happy, and addressing issues that are having a negative impact on your community. You HAVE to address issues like the coin being attacked.

I don't know how many of you are into games, but this sorta reminds me of diablo 3. There was WWWAAAYYY too much community involvement, too many cooks in the kitchen sorta thing. Sometimes some shit just needs to get done.

I say leave the community decisions to the scam ipo coins, if people want a say, invest in something like that. I want to be taken for a ride, hopefully wild and profitable. Share ideas and such, but what will be will be, you can spend all your time trying to please one guy or the other, or you can do what needs to be done and spend the time on things of much greater importance.

You are not going to win by asking the community, the people who don't get what they want are always going to be waiting there with the "told ya so", either way, if you halve the rewards or don't, so really.. does it matter what the community thinks?

I know it is important to listen to the community, two heads are better than one, but it is also important that there is a plan for the coin, and that you don't let the whim of a few derail that train of progress.

There is no success without failure! Do not be afraid  

I may have a large cannabis seed company that MAY be interested in taking on POT as a method of payment. Is there any kind of bounty for something like this if I make it happen?

bang on the head man.  we need to focus on getting real business and dev work done and not spend so much time making sure everyone is happy.  Weekly news on the same day at the same place will make everything much easier and transparent.

exactly the type of community member i like to see.  proactive and level headed and see's the future of this being adoption and use.

how many Grams of weed can can you buy with 3500 coins = 1 gram at 10$

http://potcointousd.com/  im going to ask him to add a weed converter.  great idea man

I really don't care RE: block reward halving or not because it doesn't address the core issue. The developers have limited time to fulfill the mission of this coin. So time spent consulting with the community about issues like this, which I regard as trivial, is time that could be spent getting merchants on board. We need miners to think about 'two more days mining and I can buy a waterpipe' or 'at this rate of mining I can buy xx amount of pot per week from a local dispensary'. So I think it is better that the devs can do whatever they think is necessary regarding algorithm changes and get on with it.

EDIT: I just sent this email to The Attitude seedbank, imagine what would happen if more people sent notices like this:

Hello,

I have used your website to place orders several times, I am contacting you requesting that you consider adding Potcoin, a cryptocurrency designed for the cannabis industry, to your merchant platform. More information can be found here: http://potcoin.info. The state of my finances are such that I likely won't use your site to place orders again unless I can do so using my reserve of crypto-currencies. Thanks for your consideration.

Regards,

Another Potcoin holder

Thanks for explaining that, it does make sense when you put it that way, or at least i am able to see what you are talking about. It does make sense, i don't necessarily agree with it though.

I still think halving the coin is less of a punishment to those with lesser amounts of hash to throw around on the coin.

Let's see what everyone thinks when they start posting the poll 

seconded.
I don't post here everyday but post often. Often I see on reddit and on here is "the sky is falling, his apples are bigger than mine, I'm a cry baby and need to have a nap, waa, waa, waa. Grow a pair of nuts and quit being a whiny bitch ppl. wtf is wrong with you? Maybe go to 4chan where u can be with like minded people that whine and complain alot.

My humble opinions:

Block Time = between 5 to 10 minutes. I think 2.5 minutes is the absolute minimum (which is Litecoin's block time).
Block Rewards = 42 still looks fun, and halving rate should be more gradual, over time, and not a straight 50% of previous value.

Just my opinions.

Remember that good transactions broadcasted more than 10 seconds ago have been seen by 90% of the network, and with the minimum fee, and no double spend attempts, are most likely to be confirmed soon, in the next block or two.

That is why bitpay will process your transaction after 20 seconds of sending. They don't wait for a block.

Translation:
Ohh wow, I expected to get rich fast and didn't do so. I dumped my coins during an attack and they didn't get almost immediately conferment. My nickname is Negative Nancy. I need a lollypop. Can someone wipe my ass for me? I will be going now because I'm a whiner and don't contribute much to anything besides being negative. Can I haz a prize?

Perhaps I shouldn't be commenting since I do not believe it "smoking" pot for any reason
(I hear you can get the same medical benefits from consumption in various forms (pills) but it's not for me personally as I even avoid taking aspirin. Good thing I don't get headaches I guess. I personally don't care enough to become informed as I will never consume it and don't care enough to research if it actually has any benefits. I feel most take advantage of supposed medical benefits for recreational use.)

...but still want to see this coin succeed as a payment method for those that choose to do so. From the start it was apparent that the coin specifics where chosen for "fun". If this coin is to be utilized for actual payment processing perhaps it's time to address this and choose parameters that are more suited for such a thing. Do away with the silly 420 anything and choose things based on what may work best.

Time between blocks should be chosen based on it being fast enough to confirm retail transactions but not too fast as to bloat the blockchain (on top of other drawbacks).
Block reward depends on how much you want each coin to be valued. Smaller block rewards yield higher value.
Total  supply also determines value as does halving.
Difficulty algorithm need to confirm that everything is operating as intended regardless of network hashrate.

All of these are hard to nail down correctly and I would like to see someone with a masters in economics handle them as they are way beyond me or im sure 99% of the people posting here. Perhaps hire some people who really know their stuff to help out with these things.

I don't know if it's too late to fix this or if the currently supply creates an issue. I initially thought that it was a good idea to have a coin for this specific market but the more I think about it...it actually limits it's use only for this specific market. Any coin created specifically for retail could function and not have the (potentially) bad stigma associated with being tied to pot. The crypto coin community's efforts would likely be better spent supporting one unified retail coin across all markets.

Sorry for rambling  

This is all just moving numbers around. The number of coins released over a period of time still decreases. I don't understand why you think this is any better than halving the reward. You could up the difficulty, increase block times and still get hammered by large multipools just the same.

I think your biggest concern isn't necessarily halving the coin, its halving it 4 times over the next year like they proposed. That I would agree with you is excessive.

Imagine if you half the reward and the difficulty goes up anyway(multipool hammering or 300MH asics)?  Now you're talking about it being doubly hard to produce coins.  Increasing the difficulty curve doesn't alter the reward in any way.  It just slows it down.  As does extending the block time.  The two could be done in one fell swoop, and be less drastic than halving 4 times a year.

The difficulty would be as easy as implementing a multiplier to the algorithm that just says the difficulty is just 1.1 times what it should be, or whatever value is decided on.  Block time is just as easy to change.  If I remember correctly it's just one variable... although I could be wrong.  I haven't looked at the POT code in depth.

-Fuse

Well said!

The novelty of the number rings true in my mind. Not that it isn't fixable, just having these things for the sake of 420, it is cute and all, but meehhh. I think the devs have mad progress, and i would love to go to my local dispensaries and try to convince them on the merits of accepting potcoin, if there were any to be found in PA. The other interesting thing affecting utility is how limited the market is. Targeting head shops and shit for the time being as those markets are much farther reaching, but it isn't borocoin, it is potcoin.

When i got into the coin i planned for the long term. Unlike a lot of coins out there, if you like the dev or not, he is active, and i can only believe what he says to be true. He hasn't lied about anything. Embellishments are a little different. 

I have not been mining the coin, i only have 3 750ti cards and with the difficulty of 20 it doesn't get me anything, i am better off mining other coins to sell and trade for potcoin. That being said if the difficulty drops low enough i won't have an issue turning my cards over to mine me some potcoin. I still have faith that as long as the devs keep working at this stuff, he said he did quit his job to do this  that things will be alright.


I completely agree with you on the not changing algo out of fear of asics. It was silly when it was first mentioned waaayyy back when and just as silly now.

There wouldn't be an issue in my mind about extending times. That is, until the use of crypto is so prevalent that people have devised clever and easy ways to cheat the system, making it so the merchants want faster validation times due to them being screwed so often in the past. Long long way before we get there though i think.  You know cutting the reward or jacking up the difficulty is the same thing though. Either it takes you twice as long to find a block or you get half the reward for finding the block just as fast. Half dozen of one, six of the other? Yeah, you can control the flow a little better by adjusting difficulty, but it seems like that would be much more intense to code and stuff, much more thought and testing required, just changing the block reward seems like it would be a little easier. I could be wrong though.

But what is the difference between the two, halving and upping the difficulty, now i am curious.

One good example of a coin with a longer block time:  NLG has a block time of 150 seconds.  It's being used in Subway sandwich shops in the Netherlands for daily transactions that need to be confirmed quickly.  Daily transactions with coins don't need to be tied to block times.  If someone is buying something, are they waiting around for the confirmations to complete, or is the vendor seeing the transaction and completing the sale?  By saying you want to extend mining, but you don't want to extend block time, you're basically saying that you're going to do halving.

The other option of course is to increase difficulty, which may help throw off the multipools for a bit.

The third is cutting the network hashrate on purpose by driving miners away from POT.  More on this below.


Please, please, please, please don't start thinking about changing the algorithm because you're scared of ASICs.  Unless you're going to develop your own algorithm, most of the ones out right now will be able to be ASIC mined come Q3/Q4.

However, you could always play this out to your advantage for the next few months, and the foreseeable future, by changing the algo right now.  That would probably drive a good percentage of your miners away, and drop the total net hash rate.  Thereby extending your mining time for a little bit and save you from the big, bad ASICs... until of course they came out with one that did that algorithm.

TLDR version:

Extend the block time and up the difficulty.  It's less drastic, and kills two birds with one stone- multipools and mining depletion.

-Fuse

(I know I said I'd keep my mouth shut, but I'm a glutton for punishment)

Great Response ... Thank You for outlining things

1st.  Community is first always, this coin was built on a good fun loving community and we want to continue to build a positive relationship with everyone.
We do want the everyone to participate how they can and offer help by creating tools for the community and if we can help out, let us know via email.

2nd. We want to be more transparent and have the communities input when making choices that will effect both miners and regular users.  Since the community seems to be split on the Halving of the coin, i think its fair to do a POLL that will go out to the WHOLE community, all social networks and everyone can get a chance to voice their opinion. Our main concern was that the coin was going to be finish mining in a little more than 1 year and that we wanted to extend the mining life of the coin since we are thinking long term.

3rd We believe adoptions is the number 1 priority and we have been working on it by:
  
a.  Potcoin king Calling dispensaries for the last 2 months and entering all the leads into our CRM and we are getting new people in montreal to call also.
b.  Going to denver for Cannabis cup and 4.20 to meet as many companies as possible and promote potcoin.
c.  Creating strategic partnerships with the TOP dispensaries in Colorado - We Met with River rock - medicine man - live well.  We are now working with river rock to place our ATM's and making a marketing plan to give away 100,000 via paper wallets and cards. We believe they will be leaders in their industry and that others will follow once they see River Rock accepting Potcoins and giving them away to clients.
d. We have a potcoin team member living in named Russell Denver that will be working with dispensaries to help them integrate potcoin into their daily transactions.

4th. We are all working together to make this coin a success, but everyone needs to their part in helping out and mainly staying positive even when things are not the best. With anything in life there are ups and downs but we just need to keep working together and getting the word of potcoin out. I'm all for constructive criticisms and listening to the community, deanpresse66 has some very good point and this is the type or response we like to get.

5th. Traveling for 1 month between NYC and Denver caused me to focus on what was at hand and meetings with dispensaries and not being able to tend to the online community as much as before and im very sorry for the lack of communication while we where traveling in the USA.  I have since gotten a DENVER CELL phone with A data plan allowing me to work and communicate better while traveling.  

6th. We understand that we need to communicate more efficiently and we have decided to add an OFFICIAL BLOG on the potcoin website that we will post all news from now on. From there we will go to all the social media outlets and post the link to the blog with our official statements. We are also looking at doing this weekly so that everyone knows that Potcoin Update News comes out once week on FRIDAYS.

7th. We know we have lots of work ahead and we have lots of great ideas and projects in the pipeline but we need to focus on what communities needs are now. We want to release a timeline of things we would like to do and ideas and get feedback from the community and what they feel is important so that we can make a list of priorities chosen by everyone.

8th. The potcoin network is releasing coins at rate of approx 600k to 900k and since jan 21 st we have created over 100 million coins and there is only approx 1 year left of mining left.  We feel that we need to extend the life of the coin, but we do not want to extend the block time since this will be used for daily transactions that need to be confirmed quickly. We are open to suggestions and we would like to hear your solutions to extended the life of mining the coin.

9th. Coinwarz lists Potcoin as profitable and that means multipools will still be wanting to mine our coins then dumping them.. not the best for the price
We are also concerned about ASIC's coming out and the recent time warp attack on the KGW, we would also like to hear about your ideas and solutions from the community members.

10th. The best way to contact the Potcoin team is to email us at [email protected] or [email protected] or call 1.844.Pot.Coin and if i dont pick up leave a message and i will get an email with your voice mail.  Please give 24 - 48 hours for a response.  

Sincerely Smokemon and The Potcoin Team


  

For the record ... I have been investing/trading in virtually every market, Stock, commodity, Futures, FOREX... for over 20 years. I also own my own software/web development company that specializes in writing algorithms that trade the aforementioned markets. A rookie I am not. This is not about needing emotional support; for me at least, its not about coin price. In fact if you notice in all my references and posts ... I have never mentioned price. 


So please be careful parsing my statements and choosing what to hear. While I hope POT still has a future and a bright future, my concerns are not about price in the least. As a result I still own a chunk (and will continue to hold until it becomes valuable or goes to zero). My points are related to clarity,  communication and adoption. The folks running POT are not very transparent and forth coming with information when questions are asked and are not very responsive to criticism or even suggestion.

So the question is ... how is POT being run?

There are two base models I see that POT (or any project like this) can be run, and successfully run ...

1)  As a business -- all control, PR and effort is dictated by the people in charge of POT.    This can work if the pockets are deep enough to support developing , marketing and PR efforts.  In the end its just software and there are countless examples of how to run a software company.  Think Microsoft.

2)  Partner with the community -- final decisions are made by the controlling interest but are made based on a solid clear communication and feedback from the community of supporters and users.  Think Wordpress, or virtually any strong open source project.


I work under the assumption that POT wants to partner with and build the community.  And I choose to become part of the community dialogue and try to offer criticism as well as solutions.  No one has all the right answers, however, with a strong community, POT stands a much better chance at widespread success. 


If in reality, POT is trying to operate under the "as a business" model ... then I will personally rethink my stance.  But we have been given no indication of how POT is operating. Again ... communication and transparency.