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Bigeyeone
Member
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Activity: 112
Merit: 10
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January 03, 2014, 02:08:59 AM |
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so banks are boycotting the pot business in Colorado so it is cash or bitcoin only, good news for both pot and bitcoin, although I expect soon enough some smaller regional banks will start to do business with the pot shop owners
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PMC: 19dNRVPcjsESqo8isdauc1gQ6PbUrAZor9
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beetcoin
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January 03, 2014, 03:34:04 AM |
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banks are boycotting marijuana? that's funny, since they'll use their actions as defending the moral highground.. could it be that they have buddies in big pharma that don't want legal marijuana to be around?
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westkybitcoins
Legendary
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Activity: 980
Merit: 1004
Firstbits: Compromised. Thanks, Android!
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January 03, 2014, 04:06:19 AM |
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banks are boycotting marijuana? that's funny, since they'll use their actions as defending the moral highground.. could it be that they have buddies in big pharma that don't want legal marijuana to be around?
They're afraid it'll cut into their profits from laundering drug money from heroin and cocaine from the cartels. Still, it's cool to see Matt Miller get on-air kudos for his research into bitcoin. |
Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
... ... In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber... ... ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)... ... The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
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BTCisthefuture
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January 03, 2014, 06:15:08 AM |
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From what I understand, Banks arent "boycotting" working with medical dispensaries and or now working with recreational pot stores. It's a simple matter of marijuana still being illegal on the FEDERAL level and regardless of what state law states any bank working with these merchants could get in trouble as a result since they would be helping to break federal law.
That's what I understand of the situation anyways. Not so much a matter of a bank not liking the idea of pot (or making money) but the simple fact that they don't/can't risk breaking any sort of federal laws.
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westkybitcoins
Legendary
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Activity: 980
Merit: 1004
Firstbits: Compromised. Thanks, Android!
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January 03, 2014, 06:55:34 AM |
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From what I understand, Banks arent "boycotting" working with medical dispensaries and or now working with recreational pot stores. It's a simple matter of marijuana still being illegal on the FEDERAL level and regardless of what state law states any bank working with these merchants could get in trouble as a result since they would be helping to break federal law.
That's what I understand of the situation anyways. Not so much a matter of a bank not liking the idea of pot (or making money) but the simple fact that they don't/can't risk breaking any sort of federal laws.
Hmm. I guess you're not aware of the banking scandals of late? Banks, at least the bigger ones, have NO problem with trampling all over federal laws; they pretty blatantly launder billions in drug money every year, and only get slaps on the wrist for it. I can't see fear of their lapdogs being the reason they aren't giving dispensaries bank accounts. |
Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
... ... In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber... ... ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)... ... The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
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MrPalmer
Member
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Activity: 98
Merit: 10
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January 03, 2014, 07:31:14 AM |
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From what I understand, Banks arent "boycotting" working with medical dispensaries and or now working with recreational pot stores. It's a simple matter of marijuana still being illegal on the FEDERAL level and regardless of what state law states any bank working with these merchants could get in trouble as a result since they would be helping to break federal law.
That's what I understand of the situation anyways. Not so much a matter of a bank not liking the idea of pot (or making money) but the simple fact that they don't/can't risk breaking any sort of federal laws.
Yes, this is absolutely accurate. I'm sure it's not a moral stance against MMJ. They simply can't get involved in a state approved industry, when federally it's still illegal. Pretty brilliant to take BTC for MMJ. Can't wait for my next trip to CO.  |
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BTCisthefuture
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January 03, 2014, 07:52:20 AM |
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There's something really special about buying marijuana on the 5 year aniversary of bitcoin only days after marijuana sales became legal. We really are living in special times
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EndTheFed321 (OP)
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January 03, 2014, 07:50:56 PM |
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Indeed BTCisthefuture  |
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Gabi
Legendary
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Activity: 1148
Merit: 1008
If you want to walk on water, get out of the boat
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January 03, 2014, 08:09:40 PM |
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So it is true, btc is used to buy drugs  and it is perfectly legal  |
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EndTheFed321 (OP)
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January 04, 2014, 03:01:52 AM |
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Yes it`s True!! |
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zagerfish
Newbie
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Activity: 37
Merit: 0
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January 04, 2014, 03:08:57 AM |
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It's easy to find Marijuana with bitcoin.
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BittBurger
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January 04, 2014, 06:30:41 AM |
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From what I understand, Banks arent "boycotting" working with medical dispensaries and or now working with recreational pot stores. It's a simple matter of marijuana still being illegal on the FEDERAL level and regardless of what state law states any bank working with these merchants could get in trouble as a result since they would be helping to break federal law.
That's what I understand of the situation anyways. Not so much a matter of a bank not liking the idea of pot (or making money) but the simple fact that they don't/can't risk breaking any sort of federal laws.
This is correct. If you haven't watched 60 minutes a week or two ago on the colorado marijuana thing, please do. They go into this in detail. Banks are being forced because of scare tactics from the federal govt, warning them that if they do business with dispensaries, etc etc ...... Which by the way is also just posturing on the part of the federal govt. But its sufficient to make them look like they're "sort of " enforcing their own law ... and its scary enough that banks avoid doing business with dispensaries. |
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zagerfish
Newbie
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Activity: 37
Merit: 0
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January 04, 2014, 07:01:50 AM |
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If dispensers can't use banks and only accept cash, won't this effect the ability of the state to effectively tax them?
It seems like you'd want it all via credit card, so you can tax every last cent.
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EndTheFed321 (OP)
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January 04, 2014, 06:48:50 PM |
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you think so, but that is not the case  |
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jballs
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January 04, 2014, 06:59:56 PM |
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banks are boycotting marijuana? that's funny, since they'll use their actions as defending the moral highground.. could it be that they have buddies in big pharma that don't want legal marijuana to be around?
It's not so much big pharma as it is the drug wars are extremely lucrative. Price of pot will go down as it legalizes, makes the Mexican cartels lose money, makes the enforcement agencies less money, makes banks like HSBC and others who wash money back into the system from Latin America and elsewhere a lot less money. It's not even all about the pot, a lot of countries are throwing in the towel on drug criminalization, and the establishment definitely does not want that. The cartels bribe and extort and have a lot of power. The drug interdiction via military is of course a cash cow. Historically these two eventually partner up with black ops and connected politicians and bankers, all generated by maintaining the drug prohibition. Without it they would all have to find some other way to make money. Once people see that the world didn't end in Colorado and Washington, they will start asking deeper questions about the legitimacy of the drug war. |
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hilariousandco
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Merit: 2616
Join the world-leading crypto sportsbook NOW!
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January 04, 2014, 07:51:28 PM |
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so banks are boycotting the pot business in Colorado so it is cash or bitcoin only, good news for both pot and bitcoin, although I expect soon enough some smaller regional banks will start to do business with the pot shop owners
They're either just scared or are not allowed to take money from these kind of businesses as it's still illegal federally. |
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MrPalmer
Member
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Activity: 98
Merit: 10
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January 04, 2014, 08:28:01 PM |
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so banks are boycotting the pot business in Colorado so it is cash or bitcoin only, good news for both pot and bitcoin, although I expect soon enough some smaller regional banks will start to do business with the pot shop owners
They're either just scared or are not allowed to take money from these kind of businesses as it's still illegal federally. Pretty confident it's the latter. Banks are tied to the Fed. Gov, and MMJ is a State law. Banks will never break a federal law........... |
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hilariousandco
Global Moderator
Legendary
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Activity: 3794
Merit: 2616
Join the world-leading crypto sportsbook NOW!
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January 04, 2014, 08:30:49 PM |
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so banks are boycotting the pot business in Colorado so it is cash or bitcoin only, good news for both pot and bitcoin, although I expect soon enough some smaller regional banks will start to do business with the pot shop owners
They're either just scared or are not allowed to take money from these kind of businesses as it's still illegal federally. Pretty confident it's the latter. Banks are tied to the Fed. Gov, and MMJ is a State law. Banks will never break a federal law........... Well yeah, but they're scared of getting punished by federal law, so same thing I guess |
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beetcoin
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January 04, 2014, 09:34:32 PM |
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so banks are boycotting the pot business in Colorado so it is cash or bitcoin only, good news for both pot and bitcoin, although I expect soon enough some smaller regional banks will start to do business with the pot shop owners
They're either just scared or are not allowed to take money from these kind of businesses as it's still illegal federally. Pretty confident it's the latter. Banks are tied to the Fed. Gov, and MMJ is a State law. Banks will never break a federal law........... banks can't break a federal law, because even if they do, they didn't. and worst case scenario is that they just change the law, as they seemingly run the country. |
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