Hi guys,
I’m pretty new to this world so apologies for my ignorance. I heard about Cannabis Coin on Twitter and after reading through the threads I decided to buy yesterday.
I went through the lengthy process of buying a Bitcoin and used Bittrex to buy 7000 CANN.
The price today has fallen dramatically, and it looks like from what I’ve read, I’m a victim of a pump and dump?
I don’t understand any of this, nor do I wish to, I just hate that I’ve been manipulated. Is this what Crypto currency is about then? Rather Sad.
Clasically a pump and dump is when a large holder(or rich manipulator) drives up the price of a coin by buying large amounts. Once the price takes off a little they sell their holdings at a profit and drive the price down. Some may accumulate more from the wreckage, others may keep the profits and move on.
This is irrelevant for CANN and here is why...
Cryptocurrency have fallen prey to it in the past because they have no backing, no true, intrinsic value. PnD's only work in a limited market such as isolated cryptos, if you bring in enough 'outside money' such as from cannabis related VC's then the whales won't be able to do a thing.
Commodity backed currencies are new and just figuring out how they work, our society is so divorced from 'backed' money that most people don't even understand it. Back in the day money used to be nothing more than receipts/vouchers for gold, now we can make our own money and use a consumable commodity which in many was is actually better.
Most people on this thread do not really grasp the finer points of the legal marijuana trade or how backed currencies function. Sure when you back your currency with X amount of gold you need to have that same x amount gold held. If you back it with a consumable product you just need to be able to keep up with demand which at the moment is fairly low. Stoners are creative and will do anything for cheaper bud, CANN will inevitably rise through people buying in with outside money(IE not 'whales') and many people hodling. People were hoping to make huge profits overnight but that was fairly unreasonable anyway.
The fact is that 1 Cann = 1g of bud, given a long enough time frame the value will rise.
Personally I think this is the time to get some donations to med patients set up, some sort of CANN fund. Imagine being able to say that you donated KILOS to poor med patients. That will not be possible in a few months or years.
Psilent
I agree and thank it's a good idea I just am not financially able to but would love to help in any way I can.
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