[POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦ - page 253.

SilveradoHaze

newbie

Activity: 3

Merit: 0

Quote from: dexternax on March 27, 2014, 11:47:55 AM

Hello everyone! I am fairly new to PotCoin and Bitcoin. Recent news has me asking a few questions... I am a merchant looking into accepting PotCoin within my 3 dispensaries I own. I have had many 'cash' problems and I am tired of dealing with the banks. I read several articles online over the past week and have begun doing a lot of research on PotCoin.

Has there been any official PotCoin or CryptoRush statements regarding the PotCoin that was stolen? About 7.5% of the current circulated PotCoin were involved in this hack I think this needs to be addressed by someone...

Part of my research has been figuring out the stability of the coin...
* 18+million coins have been mined by a group called scryptominers who are notorious for just dumping coins
* 4+ million coins were hacked

As a merchant looking at PotCoin for future I see 40%+ of the current PotCoins as what you guys call 'dumpable' and is currently apparently being seen within the market... What kind of advantage is there to using PotCoin vs. BitCoin? How can there be ANY stability if 40%+ of the market is just waiting to dump their coins?

PLEASE correct me if I am wrong I am just trying to understand how PotCoin can be beneficial to my businesses under such volatility.

Hi Dexternax:There is no such thing as 40% dumpable coins. Scryptominers is a pool of miners, it's not an investment consortium or anything, it's just miners mining coins and selling them when they need money, this doesn't bring instability, au contraire. About the stolen coins, it was the exchange operators fault, so it's not like potcoin is easier to steal than bitcoins, it really just an operator mistake. I watch the exchanges 24/7, I can tell you that at least half of the coins have already been put back in circulation for cheap price, and the value is already starting to rise again. The buying support for this coin is incredible in my opinion. You should contact the potcoin team in order to be setup to accept transactions, keep in mind the official commercial launch will be on 4/20.

vesperwillow

hero member

Activity: 616

Merit: 500

I would also take all news with a grain of salt until a volume of undeniable evidence can point to one direction or another; whether coin was hacked/stolen, the wallet simply lost, etc. Don't leave any significant value in any exchange. Even Cryptsy is vulnerable, in fact all exchanges are.

Why use XYZ coin instead of Bitcoin for ABC purpose? That's always a good question. IMO if there's a business model in place with special features and/or agreements, then the unique coin in question would be worthwhile--otherwise use BTC.

LTC and FTC were geared toward smaller transactions, for example.

dogechode

full member

Activity: 182

Merit: 100

Well, for starters you can immediately exchange whatever potcoin you accept as payment, ie multiple times a day, or once daily, or on some sort of schedule along those lines so that you aren't as exposed to price volatility.

piropig

member

Activity: 60

Merit: 10

Quote from: dexternax on March 27, 2014, 11:47:55 AM

Hello everyone! I am fairly new to PotCoin and Bitcoin. Recent news has me asking a few questions... I am a merchant looking into accepting PotCoin within my 3 dispensaries I own. I have had many 'cash' problems and I am tired of dealing with the banks. I read several articles online over the past week and have begun doing a lot of research on PotCoin.

Has there been any official PotCoin or CryptoRush statements regarding the PotCoin that was stolen? About 7.5% of the current circulated PotCoin were involved in this hack I think this needs to be addressed by someone...

Part of my research has been figuring out the stability of the coin...
* 18+million coins have been mined by a group called scryptominers who are notorious for just dumping coins
* 4+ million coins were hacked

As a merchant looking at PotCoin for future I see 40%+ of the current PotCoins as what you guys call 'dumpable' and is currently apparently being seen within the market... What kind of advantage is there to using PotCoin vs. BitCoin? How can there be ANY stability if 40%+ of the market is just waiting to dump their coins?

PLEASE correct me if I am wrong I am just trying to understand how PotCoin can be beneficial to my businesses under such volatility.

You will probably get more detail answers as the day goes on but I will provide you with what I know. As with any coin that has a very involved development team/community, you will have people holding coins just to sell them when the price goes up. Even though bitcoin is much older than potcoin there are still people doing this with bitcoin. They are kind of like the stock market. When price goes up people sell and when price is down people buy.

This hack was more than likely because of a shady exchange site. You don't get these kind of problems with mintpal or crytpsy. Bitcoin had the same issue with mt gox last month. I'm pretty sure that the potcoin dev team will be releasing tools that will help you as a dispensary owner be able to except and exchange pot more easily. I'm sure they will be contacting you as well to answer any and all of your questions. Potcoin is solely for the legitimate Marijuana business. Its not being geared for other uses and this is one of the reasons why it can be a very beneficial coin. Hope to have you as part of the community.

dexternax

newbie

Activity: 4

Merit: 0

Hello everyone! I am fairly new to PotCoin and Bitcoin. Recent news has me asking a few questions... I am a merchant looking into accepting PotCoin within my 3 dispensaries I own. I have had many 'cash' problems and I am tired of dealing with the banks. I read several articles online over the past week and have begun doing a lot of research on PotCoin.

Has there been any official PotCoin or CryptoRush statements regarding the PotCoin that was stolen? About 7.5% of the current circulated PotCoin were involved in this hack I think this needs to be addressed by someone...

Part of my research has been figuring out the stability of the coin...
* 18+million coins have been mined by a group called scryptominers who are notorious for just dumping coins
* 4+ million coins were hacked

As a merchant looking at PotCoin for future I see 40%+ of the current PotCoins as what you guys call 'dumpable' and is currently apparently being seen within the market... What kind of advantage is there to using PotCoin vs. BitCoin? How can there be ANY stability if 40%+ of the market is just waiting to dump their coins?

PLEASE correct me if I am wrong I am just trying to understand how PotCoin can be beneficial to my businesses under such volatility.

vesperwillow

hero member

Activity: 616

Merit: 500

People just need to remain steady. If you want to mine it, mine and stay on your favorite pools. If you want to just hold some coins, buy them now before the price goes up. Pick one, or both.. and stick to it.

Unless you guys were around in BTC's early days, things were no different honestly. Potcoin is still, like its competition, a fetus. It hasn't yet been born into the commercial world, and has yet to grow, but there is great potential.

davidroux

sr. member

Activity: 625

Merit: 250

io.ezystayz.com

Another nice article for us https://news.vice.com/articles/stoners-now-have-their-own-cryptocurrency-potcoin

Getting back into Potcoin but this time with a bang!

Im not missing out on this one. Lots of hype over potcoin last few days... expect to see the price increase soon. Android app and POS systems coming soon it has to

davidroux

sr. member

Activity: 625

Merit: 250

io.ezystayz.com

Quote from: anyone4u on March 27, 2014, 01:38:56 AM

Hey look everyone! The guy who stole the 4 million PotCoin from CryptoRush is blatantly dumping on Cryptsy, pic related
http://imgur.com/gjcn95w

He just dumped 106K and 46K and is now dumping another 69K. He obviously doesn't give a single fuck either, it's obviously him. At this rate he should be done dumping in about 2 weeks. Enjoy the really, really, really cheap prices that should be coming. Sorry to anyone who lost their coins. If he's in the U.S. (doubtful) he could possibly get arrested, who knows?

More for me to buy

nomad13666

legendary

Activity: 854

Merit: 1000

Quote from: anyone4u on March 27, 2014, 01:38:56 AM

Hey look everyone! The guy who stole the 4 million PotCoin from CryptoRush is blatantly dumping on Cryptsy, pic related
http://imgur.com/gjcn95w

He just dumped 106K and 46K and is now dumping another 69K. He obviously doesn't give a single fuck either, it's obviously him. At this rate he should be done dumping in about 2 weeks. Enjoy the really, really, really cheap prices that should be coming. Sorry to anyone who lost their coins. If he's in the U.S. (doubtful) he could possibly get arrested, who knows?

Ya, a good boot to the head and THEN arrested. The thieving little fuck.

anyone4u

full member

Activity: 140

Merit: 100

Hey look everyone! The guy who stole the 4 million PotCoin from CryptoRush is blatantly dumping on Cryptsy, pic related
http://imgur.com/gjcn95w

He just dumped 106K and 46K and is now dumping another 69K. He obviously doesn't give a single fuck either, it's obviously him. At this rate he should be done dumping in about 2 weeks. Enjoy the really, really, really cheap prices that should be coming. Sorry to anyone who lost their coins. If he's in the U.S. (doubtful) he could possibly get arrested, who knows?

anyone4u

full member

Activity: 140

Merit: 100

Quote from: @msteramned on March 26, 2014, 08:54:41 PM

CR has blocked all BTC withdrawals for the last couple of days. The only way to get BTC out was via another currency. I managed to get my money out only after going to LTC. Took a beating on the exchange rates and fees but at least I got most of it out before it went tits up.

If you have coins in there, get them out ASAP would be my advice.

new owner Danny speaks http://pastebin.com/K7cGNy15
Danny (new ceo) claims he is injectins some bitcoins in there or did you mean blackcoins? He said they are not blocked nor ltc but they just don't/didn't have any. At least atm they are not just simply folding up. I am going to trade there but not just keep lots in there for a while. Maybe put in some, trade, then not keep too much in there for a while till it can be shown they are safe, how that might be I dunno. The exchange does have a lot of volume/users as others have pointed out.

@msteramned

newbie

Activity: 22

Merit: 0

CR has blocked all BTC withdrawals for the last couple of days. The only way to get BTC out was via another currency. I managed to get my money out only after going to LTC. Took a beating on the exchange rates and fees but at least I got most of it out before it went tits up.

If you have coins in there, get them out ASAP would be my advice.

dogechode

full member

Activity: 182

Merit: 100

Quote from: 24Kilo on March 26, 2014, 06:05:38 PM

Quote from: bigc1984 on March 26, 2014, 09:03:57 AM

I stopped reading there. You just discredited yourself and now it's obvious you have no idea what you are talking about. Cryptorush? Seriously? The scam exchange? I'm all for smoking pot but when you say things like this you make pot heads look stupid.

POT was doing fine on Cryptorush, not because of the underlying exchange, but because Cryptorush provided the right amount of liquidity for POT to grow organically. Substitute which ever one of the medium sized exchanges you prefer in place of Cryptorush.

I have an innate distrust for all of the recent exchanges that have cropped up... Cryptorush, SwissCEX, coinmarket, Poloniex, Openex, Mintpal... the list is as long as your arm. The only exchange with a real track record is the much hated and despised Cryptsy, which according many people here on this forum is huge scam as well.

So think about the fundamentals of my argument... I was not promoting Cryptorush as an exchange, but instead referring to the fact that size and volume of Cryptorush as an exchange meshed well with the maturity of the POT market.

As for exchanges... I refuse to keep any funds on any exchanges... as I believe that all the new exchanges will be exposed to immense hacking pressure and most will fall over. So be diligent in guarding your coins.

25K, you make a lot of valid points. I have been stressing the importance of limiting the exchange exposure/volume that relatively new coins get, but no one wants to hear it.

I also used cryptorush as my primary exchange, and not because I thought it was the greatest design or most secure, but simply because it had a great match of volume (medium volume, which is better for me than massive volume) number of coins supported, reasonable fees, etc.

All exchanges right now are sketchy folks - deal with it. Kidding yourself into thinking that your exchange of choice will never get hacked or do something shady is naive.

24Kilo

sr. member

Activity: 672

Merit: 250

Brace yourself for the price of POT to take a real hammering unless the thief is a 'long-term investor'.

zedicus

legendary

Activity: 966

Merit: 1004

CryptoTalk.Org - Get Paid for every Post!

4,896,645.83406 Potcoins missing from cryptorush
F****!!! Really?

24Kilo

sr. member

Activity: 672

Merit: 250

Quote from: bigc1984 on March 26, 2014, 09:03:57 AM

I stopped reading there. You just discredited yourself and now it's obvious you have no idea what you are talking about. Cryptorush? Seriously? The scam exchange? I'm all for smoking pot but when you say things like this you make pot heads look stupid.

POT was doing fine on Cryptorush, not because of the underlying exchange, but because Cryptorush provided the right amount of liquidity for POT to grow organically. Substitute which ever one of the medium sized exchanges you prefer in place of Cryptorush.

I have an innate distrust for all of the recent exchanges that have cropped up... Cryptorush, SwissCEX, coinmarket, Poloniex, Openex, Mintpal... the list is as long as your arm. The only exchange with a real track record is the much hated and despised Cryptsy, which according many people here on this forum is huge scam as well.

So think about the fundamentals of my argument... I was not promoting Cryptorush as an exchange, but instead referring to the fact that size and volume of Cryptorush as an exchange meshed well with the maturity of the POT market.

As for exchanges... I refuse to keep any funds on any exchanges... as I believe that all the new exchanges will be exposed to immense hacking pressure and most will fall over. So be diligent in guarding your coins.

jertsy

sr. member

Activity: 341

Merit: 250

Thanks for clearing things up. I heard so much conflicting information about this that I was not sure who to believe.

anyone4u

full member

Activity: 140

Merit: 100

Quote from: DubFX on March 26, 2014, 12:05:12 PM

Quote from: ?? on ??

Quote from: miau on March 26, 2014, 08:10:57 AM

WARNING - CRYPTORUSH

things have been fishy for some time on cryptorush.several people including me lost money there and have been misstreated by their stuff.

the situation is bad,check this:

http://pastebin.com/eLkPxLWi

Wow.

Is this for real or just FUD?

http://www.use.com/4ea88eb9b486df1f71ee criptorush balance (reupload)
Official BlackCoin statement from CryptoRush - Very shocking information
https://bitcointalksearch.org/topic/official-blackcoin-statement-from-cryptorush-very-shocking-information-529779

So now we have some thief with potentially millions/billions of dollars which he got from dishonesty.
4,896,645.83406 Potcoins missing from cryptorush

2709 ltc missing
$44,021 currently missing from just litecoin alone since price of ltc is $16.25 as I type this.

A digital bank robbery!

DubFX

sr. member

Activity: 434

Merit: 250

Quote from: miau on March 26, 2014, 12:10:40 PM

its real, you will find planty info arround

Oh i see now, somehow i've mistaken it with Poloniex in my mind thats why it didn't make sense for me

miau

newbie

Activity: 40

Merit: 0

its real, you will find planty info arround

Topic: [POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦ - page 253. (Read 920135 times)