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Title: A natural market for bitcoin Post by: halfawake on June 17, 2013, 12:00:50 AM Unfortunately, I can't find a link to an online version of this article. I found an article in last week's Business Week that is an issue that just seems like the natural market for bitcoins: pot stores. Marijuana is now legal in Washington and Colorado states, but still technically illegal on the federal level. The article was titled "Banks dread contact high from pot stores" and these stores were forced to deal in cash only and pay sales tax in cash. They were asking if they need to have an armored truck service just to pay their bills.
I was immediately thinking that these merchants using bitcoin would make their lives easier when I read this. Sure there's security issues involved with bitcoin too, but they've gotta be a lot easier to deal with than transporting cash around in armored trucks. They were having to pay their sales tax bills in cash because of this. Coinbase could be a solution to this problem if someone could convince the Colorado and Washington state tax boards to accept it because they convert it into cash immediately so they wouldn't have to deal with bitcoin price fluctuations. Know a pot farmer in either of these states? Let them know about bitcoin, you may just make their lives a lot easier. Title: Re: A natural market for bitcoin Post by: Voodah on June 17, 2013, 01:35:57 AM Unfortunately, I can't find a link to an online version of this article. I found an article in last week's Business Week that is an issue that just seems like the natural market for bitcoins: pot stores. Marijuana is now legal in Washington and Colorado states, but still technically illegal on the federal level. The article was titled "Banks dread contact high from pot stores" and these stores were forced to deal in cash only and pay sales tax in cash. They were asking if they need to have an armored truck service just to pay their bills. I was immediately thinking that these merchants using bitcoin would make their lives easier when I read this. Sure there's security issues involved with bitcoin too, but they've gotta be a lot easier to deal with than transporting cash around in armored trucks. They were having to pay their sales tax bills in cash because of this. Coinbase could be a solution to this problem if someone could convince the Colorado and Washington state tax boards to accept it because they convert it into cash immediately so they wouldn't have to deal with bitcoin price fluctuations. Know a pot farmer in either of these states? Let them know about bitcoin, you may just make their lives a lot easier. These guys are already getting lots of trouble from the Feds & Federal laws, which as you might know, still consider weed illegal. I would think it twice before I added a payment system that would potentially gather more legal attention towards my business. Title: Re: A natural market for bitcoin Post by: halfawake on June 17, 2013, 07:33:53 AM Unfortunately, I can't find a link to an online version of this article. I found an article in last week's Business Week that is an issue that just seems like the natural market for bitcoins: pot stores. Marijuana is now legal in Washington and Colorado states, but still technically illegal on the federal level. The article was titled "Banks dread contact high from pot stores" and these stores were forced to deal in cash only and pay sales tax in cash. They were asking if they need to have an armored truck service just to pay their bills. I was immediately thinking that these merchants using bitcoin would make their lives easier when I read this. Sure there's security issues involved with bitcoin too, but they've gotta be a lot easier to deal with than transporting cash around in armored trucks. They were having to pay their sales tax bills in cash because of this. Coinbase could be a solution to this problem if someone could convince the Colorado and Washington state tax boards to accept it because they convert it into cash immediately so they wouldn't have to deal with bitcoin price fluctuations. Know a pot farmer in either of these states? Let them know about bitcoin, you may just make their lives a lot easier. These guys are already getting lots of trouble from the Feds & Federal laws, which as you might know, still consider weed illegal. I would think it twice before I added a payment system that would potentially gather more legal attention towards my business. True, you've got a good point. It just seems like it'd be a heck of a lot easier logistically. It'd be even nicer, of course, if the Feds would just say, okay, you legalized marijuana, we'll make it legal just for those states, but sadly, no such luck. Title: Re: A natural market for bitcoin Post by: suryc on June 17, 2013, 07:58:34 AM The article was titled "Banks dread contact high from pot stores" and these stores were forced to deal in cash only and pay sales tax in cash. I think this is the Business Week article you were talking about: http://www.businessweek.com/articles/2013-06-06/marijuana-dispensaries-put-colorado-banks-in-a-bind Title: Re: A natural market for bitcoin Post by: halfawake on June 17, 2013, 08:33:37 AM The article was titled "Banks dread contact high from pot stores" and these stores were forced to deal in cash only and pay sales tax in cash. I think this is the Business Week article you were talking about: http://www.businessweek.com/articles/2013-06-06/marijuana-dispensaries-put-colorado-banks-in-a-bind Yep, that's the one. For some reason it has a different title online than it did in the magazine, which is why I was having a hard time finding the link to the article online. Title: Re: A natural market for bitcoin Post by: junglist.massive on June 17, 2013, 10:55:29 AM nice article
thanks Title: Re: A natural market for bitcoin Post by: keystroke on September 11, 2013, 12:26:36 AM Was just thinking the same thing when reading this article:
http://www.usatoday.com/story/news/nation/2013/09/10/senate-explores-marijuana-laws/2793487/ Quote Because it's illegal under federal law for banks to open checking, savings or credit card accounts for marijuana businesses, marijuana stores are cash-only, he said. That makes them prime targets for armed robberies and makes them difficult to audit for tax evasion and wage theft, he said. Would be more secure for them to accept bitcoin rather than cash. Title: Re: A natural market for bitcoin Post by: halfawake on September 11, 2013, 02:55:42 AM Was just thinking the same thing when reading this article: http://www.usatoday.com/story/news/nation/2013/09/10/senate-explores-marijuana-laws/2793487/ Quote Because it's illegal under federal law for banks to open checking, savings or credit card accounts for marijuana businesses, marijuana stores are cash-only, he said. That makes them prime targets for armed robberies and makes them difficult to audit for tax evasion and wage theft, he said. Would be more secure for them to accept bitcoin rather than cash. Indeed. A hell of a lot cheaper than hiring Armored trucks, too, since all they'd need for bitcoin security is an offline computer. Title: Re: A natural market for bitcoin Post by: MoneyGod on September 11, 2013, 10:44:10 AM sounds good for this community 8)
Title: Re: A natural market for bitcoin Post by: pheaonix on September 11, 2013, 06:01:25 PM Unfortunately, I can't find a link to an online version of this article. I found an article in last week's Business Week that is an issue that just seems like the natural market for bitcoins: pot stores. Marijuana is now legal in Washington and Colorado states, but still technically illegal on the federal level. The article was titled "Banks dread contact high from pot stores" and these stores were forced to deal in cash only and pay sales tax in cash. They were asking if they need to have an armored truck service just to pay their bills. I was immediately thinking that these merchants using bitcoin would make their lives easier when I read this. Sure there's security issues involved with bitcoin too, but they've gotta be a lot easier to deal with than transporting cash around in armored trucks. They were having to pay their sales tax bills in cash because of this. Coinbase could be a solution to this problem if someone could convince the Colorado and Washington state tax boards to accept it because they convert it into cash immediately so they wouldn't have to deal with bitcoin price fluctuations. Know a pot farmer in either of these states? Let them know about bitcoin, you may just make their lives a lot easier. These guys are already getting lots of trouble from the Feds & Federal laws, which as you might know, still consider weed illegal. I would think it twice before I added a payment system that would potentially gather more legal attention towards my business. this is called a chilling effect. i doubt the feds are gonig to knock on your door for accepting bitcoin - its not like they would be able to prove you have ever done a transfer in btc Title: Re: A natural market for bitcoin Post by: halfawake on September 11, 2013, 09:42:28 PM sounds good for this community 8) Indeed it is. If I lived in Washington or Colorado, I'd be doing a ton of advertising for Bitcoin. |