[ANN][TKS]TOKES Platform | Empowering the Cannabis Industry

[kov]

i dont even understand this...

your outsourcing all the work, what are you even taking money for?
incent is hosting the platform -- they prob get a cut somewhere
you are outsourcing the dev work to people -- they get a cut
you get a cut, like this just seems like a cash grab

theres SO many points of failure when you rely on everyone else for your project, i wont touch this

wolf is already swamped with projects, darksilk is MONTHS behind due to him being paid and no work produced, i fear the same here

i wont ever give money to someone to hire people, do the work yourself or no way

All due respect, but that's generally how companies function. We've built a team of people qualified to fulfill the roles necessary for success. Yes, they will be paid as well, as development costs money. Not sure what I'm missing here?

[1714948420]

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[Selerius]

I apologize for joining the list of challenging responses, personally considering a lot of the others to be unjustified.

But I would be curious if you could address a concern of mine.

Page 10 of your whitepaper notes a plan for anonymous transactions.  You are planning to operate based in an U.S. (Nevada) facility while offering anonymous transactions.

Miners and end-users of cryptocurrencies are exempt from relevant FinCen regulations.  However, your company would rather be classified as an administrator of a cryptocurrency:

An “administrator” is a person engaged as a business in issuing (putting into circulation) a virtual currency

https://www.cryptocoinsnews.com/new-us-treasury-fincen-ruling-clarifies-money-transmission-status-renting-bitcoin-miners-hashing-power/

So you will be required to register as a Money Services Business (MSB).  That means you will be legally required to enforce anti-money-laundering (AML) and know-your-customer (KYC) measures within your cryptocurrency, as far as I can tell from reading about federal regulations.

Now you might think you could skip everything AML/KYC if you did not convert fiat to crypto or vice versa.  Even that may be iffy.  Not only definitely New York's law but also apparently federal FinCen now may expect AML thresholds (like $3000 and $10000 or whatever) to be applied to the equivalent value in cryptocurrency, even when merely transacting in crypto without fiat.

Anyway, in general, here is an example quote from a million-dollar court judgment against Ripple:

After 180 days of the date of this agreement, Ripple Labs will (1) prevent any existing Ripple Trade user who has not transferred to a wallet or account with customer identification information from accessing the Ripple protocol through the Ripple Trade client

https://www.fincen.gov/sites/default/files/shared/Ripple_Remedial_Measures.pdf

In other words, the U.S. government forced Ripple to agree to implement anti-privacy measures.

I really do hope you have a way around the regulatory situation, but here is a question: Do you know of any privacy-protecting cryptocurrency with a blatantly U.S.-based administrator company, other than some tiny ones simply slipping under the radar?

I don't.  Most cryptocurrencies are either started in Europe or elsewhere, or more decentralized.  Bitcoin is decentralized with no single target for regulators to go after, not dependent on any particular company.

Satoshi Nakamoto probably disappeared for a reason.  Before the Bitcoin era, the electronic currency E-Gold reached $2 billion a year transactions.  E-Bullion and Liberty Reserve were other top privacy-protecting currencies.  What all three have in common is that their founders or top people ended up with federal criminal charges.

Like the rest of the badly managed drug war, just how bad FinCen regulations can be seems about impossible to overstate.

With that said, if you somehow really could pull this off legally, it would be great, especially as a volatility-free coin could much help business adoption of cryptocurrency.

[kov]

I apologize for joining the list of challenging responses, personally considering a lot of the others to be unjustified.

But I would be curious if you could address a concern of mine.

Page 10 of your whitepaper notes a plan for anonymous transactions.  You are planning to operate based in an U.S. (Nevada) facility while offering anonymous transactions.

Miners and end-users of cryptocurrencies are exempt from relevant FinCen regulations.  However, your company would rather be classified as an administrator of a cryptocurrency:

An “administrator” is a person engaged as a business in issuing (putting into circulation) a virtual currency

https://www.cryptocoinsnews.com/new-us-treasury-fincen-ruling-clarifies-money-transmission-status-renting-bitcoin-miners-hashing-power/

So you will be required to register as a Money Services Business (MSB).  That means you will be legally required to enforce anti-money-laundering (AML) and know-your-customer (KYC) measures within your cryptocurrency, as far as I can tell from reading about federal regulations.

Now you might think you could skip everything AML/KYC if you did not convert fiat to crypto or vice versa.  Even that may be iffy.  Not only definitely New York's law but also apparently federal FinCen now may expect AML thresholds (like $3000 and $10000 or whatever) to be applied to the equivalent value in cryptocurrency, even when merely transacting in crypto without fiat.

Anyway, in general, here is an example quote from a million-dollar court judgment against Ripple:

After 180 days of the date of this agreement, Ripple Labs will (1) prevent any existing Ripple Trade user who has not transferred to a wallet or account with customer identification information from accessing the Ripple protocol through the Ripple Trade client

https://www.fincen.gov/sites/default/files/shared/Ripple_Remedial_Measures.pdf

In other words, the U.S. government forced Ripple to agree to implement anti-privacy measures.

I really do hope you have a way around the regulatory situation, but here is a question: Do you know of any privacy-protecting cryptocurrency with a blatantly U.S.-based administrator company, other than some tiny ones simply slipping under the radar?

I don't.  Most cryptocurrencies are either started in Europe or elsewhere, or more decentralized.  Bitcoin is decentralized with no single target for regulators to go after, not dependent on any particular company.

Satoshi Nakamoto probably disappeared for a reason.  Before the Bitcoin era, the electronic currency E-Gold reached $2 billion a year transactions.  E-Bullion and Liberty Reserve were other top privacy-protecting currencies.  What all three have in common is that their founders or top people ended up with federal criminal charges.

Like the rest of the badly managed drug war, just how bad FinCen regulations can be seems about impossible to overstate.

With that said, if you somehow really could pull this off legally, it would be great, especially as a volatility-free coin could much help business adoption of cryptocurrency.

At the outset, I would say the primary difference is that we're not creating, building, and hosting a database of accounts. There is no 'registration' process to utilize the tokes wallet and decentralized software. Typically we see AML/KYC in those entities that need to store transactor information and facilitate trades, as is the case with many of the digital currency exchanges. However, decentralized wallets are not subject to the same requirements. Now, I'm not an attorney, and not stating de facto that this will be the case, but it's my initial interpretation on it.

All that said, considering the necessity to onramp fiat into the system at some point, this is all going to need to be thoroughly vetted prior to us assisting with that process. And in fact there is a good chance we'll need to proceed with MSB registration and the underlying KYC/AML. But even if that is the case, I foresee it only applying to that specific stage of the onramp cycle in which capital is brought into the system. Once it's converted in to tokes, the transactions on that blockchain are free to process anonymously.

Given how fastidious you were in your line of questioning, you might have an expertise in this area. If that's the case, perhaps we can discuss the potential challenges in more detail. I've said this numerous times, and I can't stress enough that everything we intend to accomplish will be done so with full compliance of the legal framework of the U.S. If there is something we're overlooking, I want it corrected before it causes any complications. Feel free to jump on slack if you'd like to chat. https://tokes-slack.herokuapp.com/ for registration.

[Selerius]

And in fact there is a good chance we'll need to proceed with MSB registration and the underlying KYC/AML. But even if that is the case, I foresee it only applying to that specific stage of the onramp cycle in which capital is brought into the system.

Your expectations do sound plausible at least.  Truly I lack the expertise for a firm conclusion either way, but your reply covers intent on the matter well enough for me to plan to contribute a bit more to the ICO.

After all, the type and magnitude of expected measures in a MSB's required AML program is supposed to be influenced by whether actual money laundering potential is high or low.  It does seem possible (and hopefully the case) that FinCEN might take a common-sense approach in regard to how, if the fiat ramp is controlled, that does limit money laundering potential.

Given how fastidious you were in your line of questioning, you might have an expertise in this area. If that's the case, perhaps we can discuss the potential challenges in more detail.

The thought is appreciated.  Unfortunately my comments were drawn only from an incomplete personal investigation (originally for another project), not extending much beyond what is already mentioned. 

Among some other sources, I read part of a giant AML publication.  ( https://www.protiviti.com/sites/default/files/united_states/insights/guide-to-us-aml-requirements-6thedition-protiviti_0.pdf )

But I am not a professional in a related field.

My browsing did come across, though, a number of cases when state and federal agencies responsible for MSB regulation have replied to letters from companies asking for clarification.  So, as you may already be quite aware, completion of your other research might be followed by an optional last step of contacting FinCEN itself, if any uncertainties were left unresolvable otherwise.

Yet, of course, you are dealing with non-regulatory business matters as well, one step at a time.

Anyway, thanks for the reply.  After all, seeing quite active developers tends to be a good sign.

[asti5034]

I read part of a giant AML publication.  ( https://www.protiviti.com/sites/default/files/united_states/insights/guide-to-us-aml-requirements-6thedition-protiviti_0.pdf ) too. i just replied to letters from companies asking for clarification. thanks

[Sourgummies]

Next question. Why not just do the ico with escrows on the forum?

These escrows came highly recommended from members of the community, and come with significant trust and rapport. They own businesses in crypto. Their reputations are extremely important to their credibility. Each of these reasons should instill trust in people interested in contributing to this project, and were the basis of selecting who we did.

No I've seen it before when people outside of the forum atmosphere acted as escrows and it did not turn out very well. I really wanted to invest here but without real forum escrows I have to pass.
Im sorry but I cant trust theses guys who you say are important but when I do my research they are just nobodys to me and could very well be part of the tokes team for all we know. That's why using an escrow on the forum who specializes in escrows would have had me purchase but now I must pass.

Good luck tho, i'll be watching.

[kov]

Next question. Why not just do the ico with escrows on the forum?

These escrows came highly recommended from members of the community, and come with significant trust and rapport. They own businesses in crypto. Their reputations are extremely important to their credibility. Each of these reasons should instill trust in people interested in contributing to this project, and were the basis of selecting who we did.

No I've seen it before when people outside of the forum atmosphere acted as escrows and it did not turn out very well. I really wanted to invest here but without real forum escrows I have to pass.
Im sorry but I cant trust theses guys who you say are important but when I do my research they are just nobodys to me and could very well be part of the tokes team for all we know. That's why using an escrow on the forum who specializes in escrows would have had me purchase but now I must pass.

Good luck tho, i'll be watching.

No worries bud. If you can't trust the CEO of a crypto media company and a top rated escrow from bitrated, I don't know who you can trust.

[Sourgummies]

Next question. Why not just do the ico with escrows on the forum?

These escrows came highly recommended from members of the community, and come with significant trust and rapport. They own businesses in crypto. Their reputations are extremely important to their credibility. Each of these reasons should instill trust in people interested in contributing to this project, and were the basis of selecting who we did.

No I've seen it before when people outside of the forum atmosphere acted as escrows and it did not turn out very well. I really wanted to invest here but without real forum escrows I have to pass.
Im sorry but I cant trust theses guys who you say are important but when I do my research they are just nobodys to me and could very well be part of the tokes team for all we know. That's why using an escrow on the forum who specializes in escrows would have had me purchase but now I must pass.

Good luck tho, i'll be watching.

No worries bud. If you can't trust the CEO of a crypto media company and a top rated escrow from bitrated, I don't know who you can trust.

I cant trust them because I have no reason to. The escrows who work on this forum have put years into their reputation and them I can trust, Some unknown people to me cant be trusted.

Sorry.

[kov]

Brand new site up and running! Many thanks to bl4ckfin from the tokes community for putting a BUNCH of effort into the new version!

http://cannabisrevolution.us

[metropolia]

What is threshold for ico?

[torikan]

You will do your license application at the end of ICO.

[kov]

What is threshold for ico?

There is no cap on funding beyond the 47.5M tokes for sale. Funding goals based on capital raised are outlined below:

[disconnectme]

What is threshold for ico?

There is no cap on funding beyond the 47.5M tokes for sale. Funding goals based on capital raised are outlined below:

I will be concerned about this project if it fails to reach $250,000 because that means they have done somethings wrong

[kov]

I will be concerned about this project if it fails to reach $250,000 because that means they have done somethings wrong

Admittedly, we did make a mistake on the ICO. Many project launches are providing 3-6 months of marketing and promotion prior to going live with their fundraise. I erroneously believed two weeks was sufficient to get our message across. That said, we've made some great strides in our exposure in a very short period of time, and I'd consider the early ICO investments to be quite successful. A lot of time left, and a lot of great content still to be released by us.

Thanks for the support!

[szafa]

Uhmu aha ghe hmm.

[iambitcoin5]

Still on the fence about investing in Tokes. Why should I invest in this? Also what will the profit for investors look like 3-6 months from now?

[kov]

Still on the fence about investing in Tokes. Why should I invest in this? Also what will the profit for investors look like 3-6 months from now?

Hi iambitcoin5, I can give a few of the reasons we feel this project has real potential:

• The cannabis industry is poised to be one of the fastest growing industries over the next 10-20 years - it's already a multi-BILLION dollar industry
• We're solving a real-world need to transfer cash from an insecure fiat form into a digital asset/reserve
• Digital assets and the blockchain provides a natural synergy to eliminate cash stored on-location by dispensaries and cultivation facilities
• Our team is experienced, talented, and dedicated to succeeding in this venture
• We can utilize our current industry relationships to foster growth in our technology

Our business model is incredibly unique in the crypto ecosystem, and provides numerous avenues by which we can generate value in the platform, and include the following:

• a digital currency specifically for the cannabis niche with anonymous transactions and a separate asset pegging mechanism for merchants
• a complete mobile application suite with wallet, dispensary locator, and cannabis strain database
• the first ever technology platform with a tangible, revenue generating business segment, with profits dedicated to growth in the technology stack and user adoption, as well as price support via open market purchases

Those are several of the key points that come to mind, but I'd encourage you to read through our website at http://cannabisrevolution.us for a more thorough explanation. We also linked an interview with the folks over at Coin Interview in the OP, and I respond to many questions from Christian, Alex, and Evan, as well as the community.


edit: Regarding 'profit' in 3-6 months...I really can't make any claims as to where we'll stand at that time, but I can say that we'll be working aggressively over that time period to get our mobile app released (stay tuned on this topic - some UI mock-ups are coming out soon), begin work on customer and merchant adoption of tokes, and launch our initial products targeting edible CBDs and tourism. I would anticipate any and all of those items to have a positive impact on price, but where exactly is anyone's guess.

[CryptoWiz420]

SWAP YOUR TOKES FOR PUNZ TODAY BEFORE COIN CRASH

[kov]

SWAP YOUR TOKES FOR PUNZ TODAY BEFORE COIN CRASH

At least wait for us to issue our token before you come here shilling...

[puremage111]

SWAP YOUR TOKES FOR PUNZ TODAY BEFORE COIN CRASH

btw what is punz? Bunz?xd