Topic: [POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦ - page 223. (Read 920203 times)

It's not an issue right now. But it could become a problem if large holders get antsy. Every day there isn't progress those coins lose significant value because so many new coins are being generated.

Like I've been saying we need to be able to buy things with Potcoin...not just trade it for other currency. Getting Coinpayments.net was great but I have seen nothing new about it. That service should allow merchants to embed a payment button directly into their websites to accept Potcoin.

Now people need to start using the service. Buy things with your Potcoin. Merchants take notice when competition is making money in a different way. Thats how we spread. Let your Potcoin wallets show other people that this is a currency...not a pump and dump scheme.

None of which is an issue, as long as the coins become more useful over time. If in a year from now we are at the same exact place, then yes, perhaps something may not be right.

I think you said everything you needed to say in line 1. Nearly 1 million coins per day at this rate, with 90 million in existence. All 420 Million will be in circulation by this time next year at that rate. Our supply of coins is far exceeding the demand right now.

At this point there are over 90 million potcoins out and 907K are mined everyday; the coin has just passed 100 days since launch. The demand by users has not started to begin to draw coins out of the mining and speculators hands and into users wallets and it may never. But if it does, people who bought coins at the current price of a third of a cent are going to be very happy and those selling them will be kicking themselves.
Marijuana is big business that has a challenge with all the cash that comes in and right now there are no good alternatives (retail stores are paying people and the percentage to change cash to money orders that at least can be mailed). Bitcoins take an hour and a half before you can move the money on. Just try and get bitcoins into your Cryptsy account instantly to use them to see how long it takes before they are ready to make purchases. If Potcoins can achieve a critical mass of use they solve several problems:
1. Immediate secure anonymous transactions that a store can verify and send on to their growers, or a driver can accept via phone and send a payment back to their supplier.
2. Reduced robbery risk with reduced cash and the ability to immediately move payments so store wallets don't even have to have large balances. Users also don't have to carry around all that cash when making purchases.
3. Avoiding a federally regulated banking system that considers state-legalized and even medical marijuana criminal at the federal level.
Where it all needs to start is what the devs are working on: getting retail outlets to accept the coins. Given the hassle, risk, extra labor required to guard and convert cash, and the percentage to change cash to something like money orders, stores could probably offer 10% more pot if you pay with potcoins and not be out. But then even after stores accept the coin, there needs to be an incentive for buyers to show up with coins not cash.
Rather than focusing just on the price we need to show the clear advantages -- Show people how a marijuana delivery guy can avoid having thousands of dollars in cash and make fewer trips by paying suppliers remotely. Show how stores can stop paying for a full-time person to go back and forth with cash to money orders all day.
We need to make the benefits of using potcoins clear.

Main problems with the coin are two, IMHO:

1) Nothing makes it useful over the BTC, just vague things like 'the community', 'the focus on the weed market', etc. Not very impressive.

2) Lack of trust in the devs. I can even handle the wallet issues and all that. But what about making a hype like the 4/20, lot of rumours, and then what? A photo of an ATM and a video with one of them smoking weed at a smokers meeting? Not very impressive, again.

And if you read posts at reddit, you can see some extrange things about ASICS, etc.

I have been mining from one month ago, BTW, so I feel somewhat involved.

Hey POT'ers,

Just a reminer, our pool is: http://www.hasher.ca

Low fee PROP reward system
DDoS Protected
High Performance Backend
Simple setup and usage, no account registration or email addresses
Paid directly to POT address after block confirmation.
Auto ProfitSwitching Ports (coming soon, currently testing)

To mine:

Username: your POT wallet address
Password: anything
URL (vardiff): stratum+tcp://stratum.hasher.ca:3544

Cheers and Happy Hashing!

Was reading back, this needs to be said again, nicely put!

That is not untrue for me though, i have stopped mining potcoin. That doesn't mean i am not holding and buying, i am just mining other coins to get potcoin with. Which i don't see as a bad thing, if enough people have enough interest to mine the coin so hard, given the amount of hash on the coin it is severely undervalued. It will either fade into obscurity, or rise to be a king. I am leaning more towards the latter, but in this world of uncertainty ya can never be too sure.

I beg to ask the question, what value do people hope to see with potcoin? I see three or four years from now being able to grab a gram with a potcoin, of course i estimated that price to be @ 5 bucks a gram whole sale when it is legalized and booming.

BTC was around for YEARS before it was anything substantial, and really, it's fame and notoriety is due to the silk road. You know btc had commodities backing it, hard drugs and murder and such, those things all have established values as they have been around a while.

When they get dispensaries and such to back the coin, more and more will hop on, the price will steadily climb. That is what i am hoping for. If i am wrong, i will just move on and try my hand at another thing. I certainly won't piss and moan and demand answers because i failed to use due diligence before investing. That is just how i grow as a human being though, accepting my failures as my own and trying to not make the same mistakes in the future. Novel idea, some should give it a go.


 

Lmfao, just get out of the crypto game. You are too frail to handle the ups and downs. What would x-11 done for the current state of the coin. These alts are in turmoil because the price of btc has dropped and is still dropping. DURRHHH. Ohhh black coins awesome fucking usb thumb drive that looks like a credit card. OMFG you mean it has a wallet that runs it's self when you plug it in?!?!! WOW!

You seem to fucking hurt over the fact that they didn't switch algos. Is there a handful of you morons who were hoping to pump potcoin and got burned buying it at the peak? Or is it that you mined so much of it that you want the algo to switch so everyone in the future has a harder time obtaining the coin and you have a massive payday, that is what seems more likely. Why else would any asshole cry so hard about people having access to the coin. Why are you so hurt, what is wrong, tell me, let me help you. Take a knee and let me help mend your broken heart.

The 75% decline is nothing because the hype artificially pushed the value of the coin up over 100% of the value it was before the hype. 

So tell the world. What should potcoin be worth. The devs have not said or done anything that make them suspect.

What should this coin be worth, since you know, tell us.

Ive stopped mining tbh, as every alt coin ive mined has steadily gone down since hitting markets, i hoped Pot would be different.
Last i checked after electricity i would make £115 a year mining pot, i can make more than that botting world of warcraft for gold.

So does this coin go the way of any other Scrypt shitcoin now?
Or are you gonna do something about the decline?

It looks less promising every day, since 4/20.
A 75% decline from the peak price is not really a milestone for popularity.
If you want to build confidence you should do something about it, or at least announce your willingness to do so.
Please describe to us, how you want to make a steady market for your product.

You could have changed the algo in the first place, but you declined, front out, no discussion.
Why? Is there something to the gossip you are dumping yourself?
This was all foreseeable. Fuck.

lol hashing characters left and right

because it looks like we got taken.  I heard Dev's got ASCII Mining machines and sold the coin down to the level where it is now.  Sucks if its true. 

The activity in this thread has really died down lately, which is troubling to me.

Meh, i say get out of dodge while the going is good. Bottom this shit out. Everyone knows the best way to sell coins is to consistently undercut the current sales!

I don't have a ton of btc and wanna hit a half million potcoin, keep the cheap coins coming 

Also, to touch upon your point, i think eventually the pool stops buying coins and eventually the coin because less profitable for them to mine so they stop mining it so much, would it hurt the network to lose a bunch of hash, i really do not know. It would hurt and help and hurt some more but then help a bit as well. Then of course once the coin becomes profitable again the pool hops on it. I think a lot of them pull their info from sites like coinwarz or other like themed sites. If you want people to not abuse pot in multi pool make the statistics on pot harder to find, but that too is a double edged blade. Nothing in life is ever easy. I personally like the pools hitting the coin, who cares if they are dumping it for others, it means they are giving it out to those who really want it. As cheap as we might like to see? Well everyone always wants to buy in as low as possible to maximize returns. As much as i think this coin is one of the more promising ones out there, i still like to see it bottom out because i am greedy. Using the old analogy about trash being treasure is fitting but for the fact that potcoin is not trash in the slightest. One man gathering what another man spills, perhaps that is a better way of saying it. I know i can't mine them, only have like 800 mh/s and it's all funked up atm, and when the ascis hit scrypt harder most people aren't going to be able to mine them either. Just wait. Keep on selling at sub 1k sats. PLEASE 

If you guys are worried about the price dipping because of multipool, then set your sell orders up high and don't sell for cheap. The pools which trade out automatically will be forced eventually to pay higher prices, if everyone does this.