So there is an industry that some say could be worth BILLIONS of dollars (US) that is legal in my home town. That's kind of surprising given how conservative most people in my town are. You see I live in Colorado just down the street from Pikes Peak and, well, get this...
There are 100,000 people who are allowed to possess, consume and grow medical marijuana in Colorado. Each and every one of these people has gone to a medical doctor and had that doctor recommend them to use medical marijuana. These patients then spent $35 to register with the state as a 'red card' holder. These citizens spend, I'm speculating here, about $40 per week adding up to a whopping $4,000,000 each WEEK!
So how do you get some of that green?
These sellers of the fine medicine have a BIG problem with banks. Banks, it seems, are "too good" for them. Banks who are all regulated by the Federal Deposit Insurance Corp (FDIC) have been told that allowing dispensaries to have accounts could be a problem. As a result ALL BANKS in Colorado and California have refused accounts to dispensaries(1).
See the problem? These people with the $4,000,000US a week in revenue, they have nowhere to put their money.
You say "well go get a merchant account and process with credit cards", I say Visa and MasterCard WILL NOT TAKE YOUR MONEY(2).
You must see where I am going now, right?
I want to start a bank for medical marijuana centers that allows patients to easily purchase medical marijuana. I propose to build a network of cash register card readers tied to a "centralized bank" of bitcoins. Patients purchase the coins and spend the coins by swiping a plastic ID card at the cash register. No money actually changes hands lessening the likelihood of a robbery near the store. Then the individual account holders (patients and dispensaries) can exchange their coins for cash or cash for coins as they see fit. Problem solved: where to put $4,000,000 per week. That's $208 million in Colorado alone, California is a MASSIVE market.
Here's the gambling part... I need start up money. I need 25 BTC to form an LLC and get this ball rolling. I need another 50 BTC to send out an initial mailer to all 500 Colorado dispensaries.
Would you Gamble a bitcoin or 0.5 BTC over here? I'll put your "name" in lights when the website is up for all to see (if you tell me your name).
I promise that ALL funds donated to this cause will go to starting and building this bank and no other purpose. I am doing this in part to demonstrate my integrity toward my bigger goal of building a massive indoor production facility in preparation for the overturning of prohibition in Colorado(
https://bitcointalk.org/index.php?topic=106393.0). In that post I am essentially requesting a loan of 32,000 BTC.
I need to demonstrate my integrity and I am doing so here by asking you to gamble on me. Cross my heart and hope to die, stick a needle in my eye I promise not to let you down... I will fully account for the 75 BTC I am requesting should anyone be so inclined as to gamble it.
Here's the gamble... anything up to and including 75BTC sent to me will be TRIPLED on the payback if this launches and becomes successful. So, for example, if you sent me 1 BTC I will send you 3 BTC upon successful launch.
I have set up a new address: 1A9n3ioPWXxbuwcAduUoRGGFZVRvWKoPZC
Thank you for your consideration.
1.
http://www.denverpost.com/news/marijuana/ci_19016660)
2.
http://www.vibe.com/article/visa-and-mastercard-reject-medical-marijuana-purchases3.
https://bitcointalk.org/index.php?topic=106393.0
Local posting rules:
Posts must present a single thought or question.
If a poster has multiple points or questions he/she should post several individual posts or PM me instead.
Posts not related specifically to the starting or operating of this bank-like entity will not be allowed in this thread.
Posts asking about legality or prohibition or tax issues are best answered by sending me email which I can then copy and paste to the thread as necessary.
Posts from BitcoinINV will not be allowed in this thread.
Posts from propagandist shills (like BitcoinINV) will not be allowed in this thread.
These rules have been stated to assist the moderators per Theymos instructions at:
https://bitcointalk.org/index.php?topic=31782.0Honestly the best way to ask questions might be to send them to me through PM and then I will quote and answer in the thread, this will dramatically improve the readability and access to frequently asked questions.
I support freedom in all ways possible, therefore I support this and would like to "gamble". But why should we trust you with this many coins, let alone
32,000 BTC.
Paying back loans earns you NO reputation/credibility.
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I want some
