Were you personally just planning on going from dispensary to dispensary and more or less doing a sales pitch?
I grew up in Los Angeles, so I have many friends out here connected in the marijuana industry. In some cases I will be meeting with dispensary owners who have mutual friends with me, in those cases I will be expected when I meet with them. In most cases I will be systematically visiting the dispensaries, equipped with brochure's that outline everything they need to know. The pitch is relatively simple. The main things i'll be pointing out are as follows:
- No investment necessary, we are donating the coins to you.
- There is a 12% interest rate that accumulates on the MotaCoins we donate, interest accrues in MotaCoin.
- Transition to accepting MotaCoin payments is very simple. In order to accept MotaCoin payments, you will not need a new Point of Sale system.You simply print out a QR code on a piece of paper to enable retail transactions.
- It's an easy way to get started in the crypto world. No hassle setting up accounts to buy bitcoin, we're giving it to you.
- This investment vehicle reaches into both the Marijuana Market & The Crypto Market. Two birds, one stone. Both industries are blowing up.
- This is the very beginning, so it's a great time to join. Comparable to Bitcoin back in 2009 when it was a penny each. MotaCoin will be about a penny each at launch.
A referral incentive program may be good to implement, let the customers / owners do some of the marketing for you and incentivize their doing so.
I like your idea regarding the referral program. I'm going to incorporate that.
so perhaps encouraging them to offer discounts for people who use the coin to get customers to use it would be good as well
Getting customers to use the coin won't be too hard. Part of the terms of signing on, is that 5-10% of the coins we donate to them, gets donated to their patients.
This could easily be done through paper wallets. Print out a couple hundred paper wallets, and give them to
customers patients that spend more than 40$.
There will also be promo's where dispensaries will offer 5-10% off if the patient pays in MotaCoin.
There will be an android mobile app that scan the paper wallets and thus be loaded up with coins. People will enjoy the simplicity, and also be excited to part of this new technology.
What are the plans for ease of use? What does someone using this coin to purchase at POS look like to you?
The ease of use is a big selling point for us. If a dispensary wants to accept MotaCoin as payment, all they need to do is create a MotaCoin wallet (on any OS/Platform), and then print out the QR code for the receive address. This piece of paper with a QR code gets taped near the Point of Sale terminal. When accepting payments, they just have the customer scan their address. So, it's as simple as printining out a piece of paper, and taping it. That's it.
Having run a business before, I know my big concern would be the unknown value of what I would be accepting. My sales in USD are generally going to have a known value that I can track in my P&L, but all my sales in crypto could range anywhere from nothing in the future to a whole lot more
By the time a dispensary will be accepting payments in MotaCoin, there will be exchanges that will offer liquidity. We will have an exchange listed immediately after the ICO. The ICO will price each coin at about $0.01 - $0.03 cents.
That's going to provide a baseline value. The value of MotaCoin will dictate the exchange rate to be applied when sales are made. Dispensaries will not be on the hook to accept large payments in MotaCoin, I am specifically protecting them by capping the amount they are obligated to receive as payment. Currently capped depending on the terms of their signing up (Gold - 100$ cap, Silver 75$, Bronze 50$, Copper $25 cap).
Dispensaries have the option at the end of each day to convert their MotaCoin into Bitcoin, which then may be converted to Cash.
It's worth mentioning that especially in the beginning, there's not going to be many sales they will accepting in MotaCoin. As MotaCoin and crypto gains traction, then sales will increase. But by that time, MotaCoin will be worth much more than a cent each.
*edit - also was curious about the initial rewards slated for mining. Based off the math it looks like it would take about 33 days to get to the 100 block reward. What was the reasoning behind that?
Since we're not officially launching until after the token sale, we can't allow anyone to ninja mine the coins. However, we will need have a functioning coin before the official launch, as I am going to be demonstrating the coin to dispensaries in the meantime. To address this, I set the POW rewards to something small enough so that people can't complain and say its unfair. In this case, I set the POW reward to 0.00420 MotaCoins per block. This POW reward will be in place until the day of the launch, at which point the reward will be increased to 100 MotaCoins per block. There will be a total of 487 Coins released in the 4 week period before the official coin launch. Given the price of each coin, no one will complain about $5.00 worth of coins being released to miners in the 4 weeks leading up to the release.
If you need me to clarify anything, let me know.
