Marijuana Dispenceries Starting to Accpet Bitcoin

[MBMGroup_Rep]

Whats everyone's thoughts on the recent reporting that marijuana dispensaries are beginning to accept bitcoins and take advantage of its usefulness.

[kwukduck]

The more bit coin is used for illegal and harmful trades the worse it is for the future and policy that will be applied to it by governments and banks in the future.
So it's a bad development I think.

[gentlemand]

I hope they're not using a processor like Bitpay because they'll get shut down just as quickly as a conventional bank account.

[RyNinDaCleM]

I hope they're not using a processor like Bitpay because they'll get shut down just as quickly as a conventional bank account.

I would imagine that they would take it directly.
For the last 2 or 3 years there have been many reports about dispensary operators carrying around bags of cash because armored companies wouldn't touch that field and banks were shutting down accounts... So these people were literally sleeping on mattresses stuffed with cash. If they accept Bitcoin directly, it takes up no extra space and can be secured with encryption. It's win-win for them.

[OgNasty]

The more bit coin is used for illegal and harmful trades the worse it is for the future and policy that will be applied to it by governments and banks in the future.
So it's a bad development I think.

Buying legal natural medicine is bad? Brainwashed you is me thinks.

[MBMGroup_Rep]

I hope they're not using a processor like Bitpay because they'll get shut down just as quickly as a conventional bank account.

I would imagine that they would take it directly.
For the last 2 or 3 years there have been many reports about dispensary operators carrying around bags of cash because armored companies wouldn't touch that field and banks were shutting down accounts... So these people were literally sleeping on mattresses stuffed with cash. If they accept Bitcoin directly, it takes up no extra space and can be secured with encryption. It's win-win for them.

I own a compassion club. We have been thinking about converting to bitcoin for this exact reason. Bitcoin seems like a much safer viable solution. The biggest problem though is price stability, that is crucial when running a business with overhead.

[gentlemand]

The biggest problem though is price stability, that is crucial when running a business with overhead.

Then you might be out of luck as I don't think that's going away any time soon. If you're quick with your exchange sells then everything should be fine.

[Hunyadi]

...because armored companies wouldn't touch that field and banks were shutting down accounts... So these people were literally sleeping on mattresses stuffed with cash. If they accept Bitcoin directly, it takes up no extra space and can be secured with encryption. It's win-win for them.

This is lovely!

[xcrabber]

For price stability
Couldn't they convert the bitcoin to nubit which is pegged to the dollar.  When they need cash convert nubit back to bitcoin to get cash.

Disclaimer I have never used nubit.

[kwukduck]

Bit coins market cap and trading volume won't be bigger. It's only getting smaller by the day.
I think we can see a stable price in the 30-50 range. Which I think is still insanely overpriced but I think there are enough fools to support it at that level.

[fonsie]

Bit coins market cap and trading volume won't be bigger. It's only getting smaller by the day.
I think we can see a stable price in the 30-50 range. Which I think is still insanely overpriced but I think there are enough fools to support it at that level.

Do you still occasionally meet the rest of the "DuckTales" cast?

Aren't you afraid that more fools will join them, the world is full of them after all, as you can see for yourself in the mirror.

[Amph]

Bit coins market cap and trading volume won't be bigger. It's only getting smaller by the day.
I think we can see a stable price in the 30-50 range. Which I think is still insanely overpriced but I think there are enough fools to support it at that level.

this only because there are many holders, which does not mean that bitcoin isn't growing, and there won't be any 30-50, you're predictions are stupid as fuck, it's not like anytime there is a swing you go out and predict the dead of bitcoin

swing appear all the time in an unstable market like this they are fairly normal

[tiggytomb]

good news, no good to us over here in the UK really but good for those that can.

[vokain]

The biggest problem though is price stability, that is crucial when running a business with overhead.

Then you might be out of luck as I don't think that's going away any time soon. If you're quick with your exchange sells then everything should be fine.

Problem with that is, if they sell their bitcoin proceeds on exchanges they'll have to go through banks, and the banks will shut them down. Bitcoin price will not stabilize until both market cap and trade volume is much bigger. Right now it's too easy for a small-time whale to manipulate the price up and down.

https://tether.to/
http://cointelegraph.com/news/114038/shapeshift-is-now-the-fastest-way-to-buy-or-sell-tether-usd

Volume may or may not scale. I'm sure there are even more avenues too.

[Natalia_AnatolioPAMM]

I'm not very much surprised.

[MF Doom]

The biggest problem though is price stability, that is crucial when running a business with overhead.

Then you might be out of luck as I don't think that's going away any time soon. If you're quick with your exchange sells then everything should be fine.

Problem with that is, if they sell their bitcoin proceeds on exchanges they'll have to go through banks, and the banks will shut them down. Bitcoin price will not stabilize until both market cap and trade volume is much bigger. Right now it's too easy for a small-time whale to manipulate the price up and down.

Exactly what I thought was holding them back in the first place.  They can accept btc, sure, but when they need to buy growing supplies, pay the electric bill, pay employees, they need fiat.  This creates more work and more risk of the exchange rate going down.  And still creates a situation where they need a bank, and the banks want nothing to do with these businesses.  Seems like at the moment, it'd create more problems for these dispensaries.

[BillyBobZorton]

People will always try to buy weed, no matter what the regulation policy is at a particular time in any country, people that love weed will get there legally or through Silk Road version 534958439 (it's useless the feds keep knocking all those markets down, they always come back again). So I would legalize it and get done with it.

[MF Doom]

The root of the problem is the pharmaceuticals industry. I believe they spend more money buying off politicians in the US than anyone else (except maybe the private arms industry). They're doing everything they can to shut down legal weed because so many people would rather use it as medicine than their overpriced poison. They seem to be slowly loosing tho, as more states continue to legalize. Pennsylvania may be next. These state legalizations are done through referendums and they actually work! One of the last examples I can think of of democracy actually being effective in turning popular will into policy. There's no way a state legislature would vote to legalize. To quote the Trump: "I give them money and they do what I tell them to do!"

I had the exact same revelation a while back, they spend so much money pushing their drugs, and they're scared because a PLANT stands to get in their way.

I mean think about it, its something that most people could grow themselves.  That would mean BILLIONS in losses if people stopped taking the dangerously addictive painkillers, not to mention sleep aides, anti-depressants, appetite helpers for chemo patients, all of which can be replaced with marijuana.  And now they are even coming out with forms that remove enough thc that the "high" doesn't occur.

There is absolutely no way its being kept illegal except for these giant companies lobbying for it to stay illegal.

[mrhelpful]

The more bit coin is used for illegal and harmful trades the worse it is for the future and policy that will be applied to it by governments and banks in the future.
So it's a bad development I think.

You make it seem like money laundering was never being done with fiat money.

Money laundering will always be here to stay its just now easier to move money around since they adapt a new "money transmitter" since thats what bitcoin also serves.

Casinos and other various forms of people forming a LLC like the argentina gambling websites also has "bitcoin accepted".

[Mickeyb]

The more bit coin is used for illegal and harmful trades the worse it is for the future and policy that will be applied to it by governments and banks in the future.
So it's a bad development I think.

I see what you are trying to say, uses like this will be pulled out of the context by our enemies and they will use this against us. This will very well happen, but the truth in my opinion is that we can't influence this at all. I mean people will use Bitcoin for anything if it suits them and if they find it useful. Are drugs and guns in tbjs group? Well probably yes but we can't stop that.

Authorities should just fight all drug dealers, nevertheless of which payment method they are using for getting payed.