Bitcoin Forum

It has begun  ;)

http://www.businessweek.com/videos/2014-01-02/colorado-puts-pot-on-sale-as-u-dot-s-dot-watches-closely

so banks are boycotting  the pot business in Colorado so it is cash or bitcoin only, good news for both pot and bitcoin, although I expect soon enough some smaller regional banks will start to do business with the pot shop owners

banks are boycotting marijuana? that's funny, since they'll use their actions as defending the moral highground.. could it be that they have buddies in big pharma that don't want legal marijuana to be around?

They're afraid it'll cut into their profits from laundering drug money from heroin and cocaine from the cartels.

Still, it's cool to see Matt Miller get on-air kudos for his research into bitcoin.

From what I understand,  Banks arent "boycotting" working with medical dispensaries and or now working with recreational pot stores.  It's a simple matter of marijuana still being illegal on the FEDERAL level and regardless of what state law states any bank working with these merchants could get in trouble as a result since they would be helping to break federal law.

That's what I understand of the situation anyways. Not so much a matter of a bank not liking the idea of pot (or making money) but the simple fact that they don't/can't risk breaking any sort of federal laws.

Hmm. I guess you're not aware of the banking scandals of late?

Banks, at least the bigger ones, have NO problem with trampling all over federal laws; they pretty blatantly launder billions in drug money every year, and only get slaps on the wrist for it. I can't see fear of their lapdogs being the reason they aren't giving dispensaries bank accounts.

Yes, this is absolutely accurate.  I'm sure it's not a moral stance against MMJ.  They simply can't get involved in a state approved industry, when federally it's still illegal.

Pretty brilliant to take BTC for MMJ.  Can't wait for my next trip to CO.   :P

There's something really special about buying marijuana on the 5 year aniversary of bitcoin only days after marijuana sales became legal.  We really are living in special times

Indeed BTCisthefuture  ;D

So it is true, btc is used to buy drugs  :o and it is perfectly legal  :D

Yes it`s True!!  ;D

It's easy to find Marijuana with bitcoin.

This is correct.  If you haven't watched 60 minutes a week or two ago on the colorado marijuana thing, please do.  They go into this in detail.

Banks are being forced because of scare tactics from the federal govt, warning them that if they do business with dispensaries, etc etc ......

Which by the way is also just posturing on the part of the federal govt.  But its sufficient to make them look like they're "sort of " enforcing their own law ... and its scary enough that banks avoid doing business with dispensaries.

If dispensers can't use banks and only accept cash, won't this effect the ability of the state to effectively tax them?

It seems like you'd want it all via credit card, so you can tax every last cent.

you think so, but that is not the case  ;)

It's not so much big pharma as it is the drug wars are extremely lucrative. Price of pot will go down as it legalizes, makes the Mexican cartels lose money, makes the enforcement agencies less money, makes banks like HSBC and others who wash money back into the system from Latin America and elsewhere a lot less money.

It's not even all about the pot, a lot of countries are throwing in the towel on drug criminalization, and the establishment definitely does not want that. The cartels bribe and extort and have a lot of power. The drug interdiction via military is of course a cash cow. Historically these two eventually partner up with black ops and connected politicians and bankers, all generated by maintaining the drug prohibition. Without it they would all have to find some other way to make money.

Once people see that the world didn't end in Colorado and Washington, they will start asking deeper questions about the legitimacy of the drug war.

They're either just scared or are not allowed to take money from these kind of businesses as it's still illegal federally.

Pretty confident it's the latter.  Banks are tied to the Fed. Gov, and MMJ is a State law.  Banks will never break a federal law...........  :D :D :D

Well yeah, but they're scared of getting punished by federal law, so same thing I guess :D

banks can't break a federal law, because even if they do, they didn't. and worst case scenario is that they just change the law, as they seemingly run the country.

Public service message:

Don't smoke your bitcoins.

So no banks at all in the US can have anything to do with Cannabis dispensaries?

No federal banks without violating federal law. State banks probably could circumvent but they would be exposing themselves to a lot of risk. Banks are required to monitor customers for illicit activity and report them if they are suspicious. Drug money is drug money, we are in the first week of the end of prohibition so it will be awhile before the guidelines are clarified for what the banks can do or not do. Realize by all appearances these days the banks are presumed above the law but at the ground level they have to adhere to a lot of regs. In time they will take the money, but only after there is some precedence for how the Feds are going to play ball.

This is a disgrace. Marijuana was illegal for a reason you blind idiots. So many people are going to die from overdoses of heroin, and crystal meth. It's a well reported FACT that marijuana is a gateway drug. I fear the worst for America at this point. It's very possible that this will spread and become a pandemic infecting everyone in the U.S. I can picture it now, over 75% of the population addicted to crystal meth. What was colorado thinking? Not to mention all the high drivers destroying cities. My head is spinning.

It's so sad because we were very close to winning the war on drugs, it's public enemy #1. Think about it... If it went on for a few more years, we might just beat the bastards. There was a lot of money funded into the drug war, rightfully taken out of our taxes. (that's the duty of every free American). The pot users( TERRORISTS, CRIMINALS) are going to ruin this country.

I fear i must renounce my citizenship and move to cyprus. They have some proactive ideas. Freedom comes at a hefty cost these days. One Cypriots are willing to pay. I won't stay here and watch the downfall of what was once a beautiful country. It truly sickens me to see a country go this low...do you guys remeber the dark ages? a priority wasn't placed on drugs then...look what happened, nothing no progress. When drugs became illegal and privatized everything took a turn for the better.



All the money generated and no taxes? Get real people.

Unless it's going to backfire to all the people caught up in the exuberance and charging them with tax evasion on untaxable income...sounds reasonable sadly

 .... and Silk Road was the scourge of humanity and Albricht deserves to rot in a Federal prison for the rest of his natural life ...  ::)

That's so bad! Now they can say people using bitcoin to buy drugs! jk

6/10
A for effort but it's too conspicuous. Next time, be more subtle.

that is just crazy talk  ;)

ROFL. Yeah, because its a "gateway drug".

Bitcoin? Nice.

Actually, Jekyll, Cannabis has been proven in academic research NOT to be a gateway drug. In fact, cigarettes are a gateway drug.
Another fact, the total number of deaths due to cannabis overdose in the USA is zero.
Here is another fact, Alcohol causes more deaths and more damage to the body than cannabis and yet alcohol is legal.
The reasons why cannabis is illegal and alcohol is not are complex and are not due to whether cannabis is actually dangerous or not.

There is absolutely no research based evidence correlating cannabis use to the use of heroin or methamphetamine.

It's good to see Bitcoin return to its roots.  ;D

nice ... and leaves and flowers too?

Chocolate is more of a 'gateway drug' then Marijuana. 

And pretty buds and seeds.

http://www.thcfinder.com/uploads/files/pretty-awesome-dank-buds-thcfinder.jpg

So basically we are now at the point where any adult (in Colorado) can legally walk into a store and buy marijuana with a nationless currency that is outside the control of banks and governments.  2014 is shaping up to be an interesting year to say the least.

Also, I would have to disagree that marijuana is a gateway drug.
http://healthland.time.com/2010/10/29/marijuna-as-a-gateway-drug-the-myth-that-will-not-die/

The majority of the country now supports legalization. http://politicalticker.blogs.cnn.com/2014/01/06/cnn-poll-support-for-legal-marijuana-soaring/

It is unreasonable create a black market in a commodity for which there is significant demand and there are not significant health hazards (although there are medical benefits).  Alcohol and tobacco are far more damaging to one's health and society.

BTW, I am not a stoner, but I can "read the leaves." ;-)

I'm glad others chimed in on the gateway drug fallacy. It amazes me how our of touch some ppl are.

How are they taxing the bitcoin transactions?

Alcohol is a gateway drug more than 420. Alcohol leads to beating your wife, beating your children, losing your job and raping miscellaneous farm animals after a night out puking and having "fun".

Isn't marijuana only a gateway drug if it's illegal, because illegal drug dealers aren't limited to only ever selling a single drug; so if you want to "upgrade" all you have to do is ask? It's not like government-run dispensaries would should have cocaine, meth, ecstasy, etc. in the back.

current sales tax rules apply to bitcoin as well as far as i know.  weither you accept cash, debit, credit, bitcoin, etc etc  you still need to pay sales tax and income tax on it.  in many ways i would think bitcoin makes it a bit easier since all transactions will always be available you never have to worry about losing receipts or missing something.  could also make it harder to avoid paying taxes if you were trying to, like you can do with cash and often times not get caught.

It's only a gateway drugs according to the powers that be. Only a fool thinks this gateway drug theory is true.

Depends on how you define gateway drug theory. If the illegal street drug dealer is the gatekeeper, and marijuana is illegal and sold with all his other drugs, then it's not a matter of "risk" of doing harder drugs, it's the possibility of doing harder drugs that gatekeeper offers; which is 100% of what he has in stock. Legalizing only marijuana in theory makes the possibility of taking that particular gate to harder drugs 0%, because the government's gatekeeper will not provide them.