[POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦ - page 263.

nomad13666

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Quote from: Viceroy on March 21, 2014, 07:37:54 AM

Why would they take a stable form of money (USD) and substitute an unstable form of money (potcoin)?

HAHAHAHAHAHA "a stable form of money"...you're a funny guy.

The Federal Reserve is a private banking cartel (not a government agency) that is hellbent to collapse the US dollar, and is well on its' way to success in doing so.

The Fed creates money out of thin air; dollars that are backed by nothing except the US war machine and their big shiny guns...It's only a matter of time before the rest of the world catches on to their scam and stops accepting their "funny-money" as being something of actual value.

So much for the US dollar being a primary world reserve currency; it's not worth the paper it's printed on. It's a joke. And it's not funny.

Sardine

newbie

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Merit: 0

Quote from: Viceroy on March 21, 2014, 07:37:54 AM

Why would they take a stable form of money (USD) and substitute an unstable form of money (potcoin)?

Why use bitcoins (or any other coin) to buy/sell anything, instead of cash? USD value is more stable than bitcoin value.

Why use potcoins?
(1) easy to transport big money. And we know there is big money in the marijuana industry.

(2) virtual money can be laundered in many places, in many countries, via various online methods.
With cash, in order to launder money, you must physically transport the cash to the destination.
No online way to launder cash.

I can not imagine paying all my bills with cash. Don't know if it's even possible.
Storing thousands/millions of USD inside stores is risky. I suppose they could build vaults and hire private security.

As long as banks don't want to work with dispensaries, then dispensaries must work without banks.

What is your solution?
Shutdown dispensaries until marijuana is legal at the federal level?
Shutdown dispensaries until banks accept dispensaries?
Stop selling marijuana until marijuana can legally function the same as any other legal industry?

Marijuana may never be 100% legal.
And even if it is 100% legalized, it could later be illegalized.

Potcoin is a workaround. Potcoin is far from an ideal solution.

flipme

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Undeads.com - P2E Runner Game

Quote from: Viceroy on March 21, 2014, 07:37:54 AM

Quote from: Sardine on March 21, 2014, 02:57:34 AM

The ideal solution (for dispensaries) is to legalize marijuana at the Federal level.
But since this is not happening, the dispensaries will continue to illegally operate.
Money laundering is a problem for legal entities to worry about.
The dispensaries don't care about the legalities of money laundering since they are already openly breaking Federal law.
Dispensary operators can already be sent to prison, a very long time.
If banks don't want to work with dispensaries, then the dispensaries will have to do their own money laundering.
Welcome potcoin and other cash substitutes.

Why would they take a stable form of money (USD) and substitute an unstable form of money (potcoin)? Everything you said is exactly correct until the last sentence where you make this disconnected statement that just doesn't follow in any way. Potcoin solves no problem known to exist in the marijuana industry.

(I suggested how to use the coin but nobody seems to care about actually funding a legalization effort).

Don't get me wrong, there is a big problem that needs to be solved but as a person who is VERY active in the industry, I just don't see any way that Potcoin does or can do anything to solve the banking problem.

http://www.denverpost.com/marijuana/ci_25381126/congress-yawns-at-colorado-delegations-marijuana-banking-bill

What about some private outlets?
How is that money laundering, if I sell some crypto currency to somebody?
How would a bank ever know for what I received the money?
Why would I tell them, if they were asking?
I'd be a seller of a digital service, thats about the explanation they would get.

Why are you arguing against it, the way you do?

fairglu

legendary

Activity: 1100

Merit: 1032

Launching a new beta blockchain explorer for Potcoin

http://chainz.cryptoid.info/pot/

Note that this is completely new tech, not based on ABE or other explorers.

Viceroy

hero member

Activity: 924

Merit: 501

Quote from: Sardine on March 21, 2014, 02:57:34 AM

The ideal solution (for dispensaries) is to legalize marijuana at the Federal level.
But since this is not happening, the dispensaries will continue to illegally operate.
Money laundering is a problem for legal entities to worry about.
The dispensaries don't care about the legalities of money laundering since they are already openly breaking Federal law.
Dispensary operators can already be sent to prison, a very long time.
If banks don't want to work with dispensaries, then the dispensaries will have to do their own money laundering.
Welcome potcoin and other cash substitutes.

Why would they take a stable form of money (USD) and substitute an unstable form of money (potcoin)? Everything you said is exactly correct until the last sentence where you make this disconnected statement that just doesn't follow in any way. Potcoin solves no problem known to exist in the marijuana industry.

(I suggested how to use the coin but nobody seems to care about actually funding a legalization effort).

Don't get me wrong, there is a big problem that needs to be solved but as a person who is VERY active in the industry, I just don't see any way that Potcoin does or can do anything to solve the banking problem.

http://www.denverpost.com/marijuana/ci_25381126/congress-yawns-at-colorado-delegations-marijuana-banking-bill

Viceroy

hero member

Activity: 924

Merit: 501

Quote from: zedicus on March 21, 2014, 12:15:43 AM

Yep , no way around it.. Federally illegal and all that.

but wait, if whole states are ignoring the federal law .., with more states in route with the same road map.. then it looks like we have a grey area. I think they like the grey area so they can selectively apply the law or you know.. stop all the "money laundering" selectively.

Ahh now I understand what you are saying. Unfortunately the country doesn't work that way. All banking is done at the federal level where the fed controls the flow of money. All banks (except ND State Bank) are insured by the FDIC, the Fed. Even state chartered banks use the federal system.

This is why it's so easy to deny banking to the industry and why it will not change anytime soon. But still, Potcoin has found no solution to provide banking tool and substituting cash for potcoin changes nothing with regard to money laundering laws.

zedicus

legendary

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Quote from: MineP.it on March 21, 2014, 03:40:53 AM

Hey guys

We've launched a new service called MinePit. It is a client application that allows you to monitor, and remotely control your miners from any web browser, and additionally is a collection of pools that can be mined with or without the software.

We've launched with 9 pools to start with and have chosen POT coin as one of those. Feel free to have a look and jump in with the mining at https://www.minep.it.

Our main thread is here:
https://bitcointalksearch.org/topic/ann-minepit-the-future-of-mining-pools-523986

Many thanks,
MinePit Team

Where is the source code?

MineP.it

full member

Activity: 182

Merit: 100

Hey guys

We've launched a new service called MinePit. It is a client application that allows you to monitor, and remotely control your miners from any web browser, and additionally is a collection of pools that can be mined with or without the software.

We've launched with 9 pools to start with and have chosen POT coin as one of those. Feel free to have a look and jump in with the mining at https://www.minep.it.

Our main thread is here:
https://bitcointalksearch.org/topic/ann-minepit-the-future-of-mining-pools-523986

Many thanks,
MinePit Team

davidroux

sr. member

Activity: 625

Merit: 250

io.ezystayz.com

Do ppl know we made it onto Fox news?

http://t.co/sjbEKhCL0S

Sardine

newbie

Activity: 33

Merit: 0

The ideal solution (for dispensaries) is to legalize marijuana at the Federal level.
But since this is not happening, the dispensaries will continue to illegally operate.
Money laundering is a problem for legal entities to worry about.
The dispensaries don't care about the legalities of money laundering since they are already openly breaking Federal law.
Dispensary operators can already be sent to prison, a very long time.
If banks don't want to work with dispensaries, then the dispensaries will have to do their own money laundering.
Welcome potcoin and other cash substitutes.

pixskull

full member

Activity: 229

Merit: 100

We support you for as long as you need.

Hey everyone,

Love the concept of this coin! Just found out about it because of dopecoin seeing our custom engraved pipes. And after the Fox news report came out, I def wanted to say congrats and check y'all out! Check it out and let me know if we can help this community at all, and if there is a place for the business my girl and I have!

http://www.reddit.com/r/potcoin/comments/20z95o/custom_engraved_hand_blown_glass_pipes/

Love the design, and the concept! And hope we can help prosper this coin with you!

PGwpHfHW4XyGTzJ2gC5CXYopzMF6qZFE9V
First try to get some POT

Also any reason the wallet wouldn't sync on windows?

zedicus

legendary

Activity: 966

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Quote from: Viceroy on March 21, 2014, 12:01:23 AM

Not sure I understand what you are saying, zedicus.

Potcoin solves nothing because it is just a substitute for cash and these dispensary operators are all breaking the Federal law.

If Potcoin becomes the solution then Potcoin is being used to launder money. It's straight forward.

KYC and AML rules and dispensaries are diametrically opposed.

Yep , no way around it.. Federally illegal and all that.

but wait, if whole states are ignoring the federal law .., with more states in route with the same road map.. then it looks like we have a grey area. I think they like the grey area so they can selectively apply the law or you know.. stop all the "money laundering" selectively.

Viceroy

hero member

Activity: 924

Merit: 501

Not sure I understand what you are saying, zedicus.

Potcoin solves nothing because it is just a substitute for cash and these dispensary operators are all breaking the Federal law.

If Potcoin becomes the solution then Potcoin is being used to launder money. It's straight forward.

KYC and AML rules and dispensaries are diametrically opposed.

zedicus

legendary

Activity: 966

Merit: 1004

CryptoTalk.Org - Get Paid for every Post!

Quote from: mewhy on March 20, 2014, 10:19:19 PM

Quote from: drwoo on March 20, 2014, 09:12:48 PM

Quote from: bronco on March 18, 2014, 09:50:06 PM

Can somebody tell me what problem potcoin solves?

Why does it even have to solve a problem? They are attempting to solve a problem, but that doesn't mean they will. The bitcoin payment processors are black balling the marijuana industry just like banks. Potcoin wants to solve this issue, the investors know this in advanced. It may happen. I like to use potcoin as my tipping coin of choice. Its way more fun to smoke someone out with some POT than too toss some doge for btc someone's way.

They have KYC in place and have to do so. The processors turn bitcoin into fiat on the fly. They can't deal with these marijuana places due to federal law. The problem is the government puts it on financial institutions to KYC and be the first line of defense against money laundering. Institutions would rather play it safe than risk the wrath of the federal government.

It's going to be interesting how this plays out, but it definitely leaves a big market for Potcoin. Larger operations won't want to risk messing up a bitcoin account, a smaller operation might risk dealing with Potcoin. Bitcoin processors aren't going to deal with the marijuana industry. So who will? Enter Potcoin. Once everything gets figured out, Potcoin will be huge. This coin came around at the right time to be huge.

A standardized crypto currency for the industry that can alleviate security issues such as large amounts of cash that banks are declining to take because of not only the stance on Marijuana by the federal government but because the cash smells like weed and makes the entire bank smell like weed too!!! Thats what potcoins is for!!

Not so circumvent KYC laws that institutions abide by so that they can remain legal.

If your thinking about it any other way you are in for a rude awakening!

kryptologist

hero member

Activity: 714

Merit: 500

@kryptographer

for the life of me I can't get my Potcoin wallet to sync. I used the wallet many times in the past and all of the sudden it won't sync for the past 4 days? Anyone know what my problem might be?

mewhy

newbie

Activity: 32

Merit: 0

Quote from: drwoo on March 20, 2014, 09:12:48 PM

Quote from: bronco on March 18, 2014, 09:50:06 PM

Can somebody tell me what problem potcoin solves?

Why does it even have to solve a problem? They are attempting to solve a problem, but that doesn't mean they will. The bitcoin payment processors are black balling the marijuana industry just like banks. Potcoin wants to solve this issue, the investors know this in advanced. It may happen. I like to use potcoin as my tipping coin of choice. Its way more fun to smoke someone out with some POT than too toss some doge for btc someone's way.

They have KYC in place and have to do so. The processors turn bitcoin into fiat on the fly. They can't deal with these marijuana places due to federal law. The problem is the government puts it on financial institutions to KYC and be the first line of defense against money laundering. Institutions would rather play it safe than risk the wrath of the federal government.

It's going to be interesting how this plays out, but it definitely leaves a big market for Potcoin. Larger operations won't want to risk messing up a bitcoin account, a smaller operation might risk dealing with Potcoin. Bitcoin processors aren't going to deal with the marijuana industry. So who will? Enter Potcoin. Once everything gets figured out, Potcoin will be huge. This coin came around at the right time to be huge.

forzendiablo

legendary

Activity: 1526

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the grandpa of cryptos

POT is almost same price as SUN.. wth _)

zedicus

legendary

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CryptoTalk.Org - Get Paid for every Post!

Quote

The bitcoin payment processors are black balling the marijuana industry just like banks.

Got a link for that?

drwoo

sr. member

Activity: 713

Merit: 252

Quote from: bronco on March 18, 2014, 09:50:06 PM

Can somebody tell me what problem potcoin solves?

Why does it even have to solve a problem? They are attempting to solve a problem, but that doesn't mean they will. The bitcoin payment processors are black balling the marijuana industry just like banks. Potcoin wants to solve this issue, the investors know this in advanced. It may happen. I like to use potcoin as my tipping coin of choice. Its way more fun to smoke someone out with some POT than too toss some doge for btc someone's way.

tecnopollo

member

Activity: 112

Merit: 10

interesting good news for potcoin, value slow its better Wink

Topic: [POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦ - page 263. (Read 920135 times)