Legal marijuana is a multi-Billion dollar industry and this was always going to happen that banks and credit card agencies would find a way in. It changes very little in that most people buying pot do not want to put a charge on their credit card that documents a transaction that is federally illegal. Retail outlets do not want their money in banks under federal oversight when anything with pot, even selling pipes is considered a federal crime (The feds put Tommy Chong in federal prison for nine months and fined him $20,000 for selling blown glass bongs). Likewise growers want anonymity not credit cards payments leading to bank transfers and records that for all we know are monitored by NSA. In states with legal medical marijuana there are few if any protections for growers, distributors, or drivers.
Here is a Washington Post article from earlier this week about the federal government seizing the bank account of a perfectly legal grocery store:
http://www.washingtonpost.com/opinions/george-f-will-the-heavy-hand-of-the-irs/2014/04/30/7a56ca9e-cfc5-11e3-a6b1-45c4dffb85a6_story.html -- imagine what could happen to a dispensary or retail outlet that is conducting business, the feds consider illegal, if that business put their money in a bank under federal oversight? The vast majority of the legal marijuana business is still going to want an anonymous payment system, and cash while anonymous, is problematic. Potcoins offer fast, secure, anonymous payments where you don't have to even meet with the other party to make or receive payments.
You make many assumptions which are likely untrue. The assumption that people would not want to use their credit cards is unfounded as many many people buy from dispensaries with their debit cards today. The assumption that regulated retailers don't want a bank account or that these people don't trust banks is absurd. A simple conversation or review of major press indicates that dispensary owners are BEGGING for bank accounts. The notion that growers are afraid of the NSA is folly, you may be afraid of the NSA but those of us in the industry don't give a rats ass about the NSA.
Then you throw in a story about some guy having his bank account seized and that makes what point?
So back to
MY point... it looks like the banking problem has been solved.
So where is the value in potcoin at this point?
Isn't this exactly what potcoin was looking to solve?
They just put two atm's in Denver, right?
How many accounts have they won?
Any? A single one? no?
Then why is anyone supporting this non-sense coin that solves no known problem?
Right before leaving denver i was with the river rock guys talking about potcoin and how it would help them. They told me the day before they had one of their bank accounts closed after a while of having it.
They told me that they are still facing major issues and also mainly the paying of taxes on employes who work at the dispensary who they have to pay 30 percent in taxes because of the law of cannabis distribution.
If they can use potcoins to pay for their salary then they would be saving those taxes.
It can also be used as a reward system for dispenaries to give potcoins out to customers.
We are planing to give all dispensaries who accept potcoin a bunch of free coins to start to.give them away to clients and getting them to used to using them.
Just because mediswipe offers 1 solution doesnt mean potcoin is now useless..
People have 4 or 5 credit cards or debit cards. Merchants can accept multiple methods of payment.
Potcoin is working on a few ways to pay merchants, exployes and bills. We are working directly with dispensaries to see how potcoin can help them and make solutions to help them be more secure and facilitate the daily transactions.
I waited at most dispensaries to get cash from the atm then again in line to pay.
Potcoin is way easier i find.
Viceroy id like to know what you think about better solutions.