Bitcoin Forum

http://www.pbs.org/newshour/bb/law/jan-june14/altman_01-26.html

I thought I read somewhere that Obama has/is setting out guidelines for banks to deal with weed money. I'll try and find the article.

But yeah, at the moment these guys are having to hide a shit load of cash in all sorts of places. Driving it around town to deposit various places etc.

BitPay Not Willing to Work with Marijuana Dispensaries
http://newsbtc.com/2014/01/14/bitpay-willing-work-legal-marijuana-dispensaries/

Yes attorney general eric holder said the other day that they will be releasing updated information "very soon" in regards to banks working with dispensaries.  He said he was worried about these businesses dealing only with cash and the increased risk of crime that dealing only in cash can bring with it.

He didn't exactly say what those regulations would be or if they would allow banks to work with pot stores. But it certainly sounds like thats the approach they may end up going with.  That would be a pretty big news for the marijuana industry and send a clear message that the feds aren't going to keep bothering legal marijuana states like they have in the past (california and dea raids for example).

Thank you, sonny.

http://newsbtc.com/2014/01/14/bitpay-willing-work-legal-marijuana-dispensaries/


I will speak with any merchant, offering up a solution to circumnavigate around this issue, but not publically. BTW, it works and is legal... and I will bill you only one satoshi for my services, of which you may take up to Two Weeks™ to pay me.

Simply PM me, whereupon we'll hook-up via phone once I know you truly are a merchant. I only told three other people about this while at Inside Bitcoins in LV, and they said, "Genius!" and "Why didn't I think of that?" (paraphrased, but true)

~Bruno Kucinskas

Right now, all those merchants using BitPay doesn't really "take" the bitcoin as a payment.
With the current price fluctuation, it would not be easier to ask merchants to hold bitcoin for days.

The words 'Two Weeks' are trademarked? lol.

Read above - Two Weeks™ - I'll have to start using the word 'fortnight' so I don't have to pay royalties.

I know the owners of a cannabis shop here in Colorado and they are looking into getting a merchant account with coinbase to start taking BTC.

I think I shall start using Fortnight™ as well.

http://www.bloomberg.com/image/iaiTkxGyd4qc.jpg
"Love him or hate him, Nelson Mandela brought to
the table... different strokes, for different folks."

They're goin' to run into the same problem, for Coinbase is governed by the same laws that BitPay is (or is it are?)

Then they should find one that does.

What if none of the payment processors will handle any drug money?

Then they can just accept Bitcoin directly themselves. That's one of the beauties of Bitcoin - you don't need a payment processor.

My thoughts exactly. Set up Blockchain app and take payments by having customers scan your QR. Simples.

We're runnin' around in circles here, guys!

The dispensers have no problem with accepting bitcoins. Their problem is converting them to fiat since they can't use Bitcoin payment providers, e.g. BitPay or Coinbase. Their other problem, of which I can also solve, is that they're sitting on cash that they'll probably would rather have on deposit somewhere so that they can continue to operate as a normal business does, viz. paying suppliers, payroll and that T word.

Can't they just flog it on an exchange themselves?

Too time consuming. My way is quicker, safer and legal.

What if they downloaded Bitcoin QT, accepted the Bitcoins, created an account on Coinbase, proceeded to SELL the bitcoins on coinbase after they received it in their QT wallet, and called it a day?

when Charlie Shrem gets out I'm sure he will accept drug money! ;-P

That reminds me of Julia Roberts twins Phinnaeus and Hazel ....

Where should one go for crowd funding for a BTC / LTC / Dogecoin fueled charity?

That's exactly where I got it the day the news came out on what JR named her twins. I started using it immediately on various poker sites back in the day.