[POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦

[vesperwillow]

Pot will be legal someday, may take 10 years but when it is this coin will be golden. Anyone that thinks that pot will never be legalized in the entire US within a period of time is an idiot.

I agree, it'll become legal eventually. Though, I don't think that was in question here

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[PotCoin]

Where are you getting your information from, Id like to know your source?  We have merchants accepting PotCoin for edibles, seeds etc Jp wellness is accepting it for bud.
also look at cannabiscoin they launched their first dispensary a while back.  

also are you talking only about the USA?

http://www.coindesk.com/medical-marijuana-dispensary-canada-first-bitcoin/

what about the rest of the world? its a big place

What source are you talking about? You mean the federal and state governments? If you actually paid attention to my posts you'd see that, yes, with regard to legality, I'm referring to the US--your original launch market, you know, the place you guys blew up youtube and the forums about 4/20 which was seen as a huge flop. Your launch, and for awhile, core market, was the US; specifically Colorado. Your coin is based on the premise that it's the official coin of the green. You/the team even admitted in the past that it would take awhile to become legal to use specifically for marijuana, and your response came as a result of people wondering why they could only buy trinkets and doodads in the shops and not the actual product.

I've already acknowledged in prior posts that globally it has useful application as some countries allow any method of currency to purchase the actual product, but it has no more or less strength than other competing coins globally. Because, why would anyone outside of the US use potcoin when they could just use cash or 10 other forms of payment?  Any coin at that point would work fine, because they all transport value. This is why I've mentioned that if you could make political strides in the US, you'd actually establish yourself as THE official coin and there'd be more serious supporters. Oh, and about 20 other people have made the same remark.

Instead, all that was ever posted here were links to fluff youtube videos and over-hyped stories about random people which were paid to use the word 'potcoin' or some form of marketable phrase about it. Where has that gotten your movement? Can I walk into a market in Denver and offer potcoin for a bag of weed..legally? Would the PotCoin slippers enable me to do that? Last I checked, I couldn't--but I could be wrong, maybe it's changed.

The main questions was in the united states why is it illegal for dispensaries to accept crypto's and whats your source.

[vesperwillow]

The main questions was in the united states why is it illegal for dispensaries to accept crypto's and whats your source.

The last time I checked (Summer 2014), and it was the DEA, BATFE and the Attorney General's website. Federally there were issues which setup a system where only federal reserve notes could be used as a currency to deal with dispensaries and the product/growers/etc, because banks and credit systems weren't allowed to be involved due to standing regulation. This is because though it was legal at the state level to buy/sell/trade/grow and use cash for it, the banks were held to federal limits and regulations.

The AG later adjusted regulations somewhat, and Colorado instituted a special banking system.

Cryptocurrency in the US is defined at the federal level as a physical asset, and falls under IRS regulation--federal regulation. The federal code hasn't (as of when I last checked) made allowance for physical assets such as Cryptocurrency to be allowed in the marijuana regulations within Colorado. Because Colorado hasn't specifically made clarification on cryptocurrency, law defaults to federal regulation. This is one of the reasons I keep suggesting political activism..

There was an entire forum thread on this very topic, and the PotCoin team even (up through Summer) also admitted the same issue. This was the last time this issue came up. You should remember.. your account posted on the topic several times.

If there is revision, posting clarification on this would be beneficial to all.

[RenegadeMan]

The main questions was in the united states why is it illegal for dispensaries to accept crypto's and whats your source.

The last time I checked (Summer 2014), and it was the DEA, BATFE and the Attorney General's website. Federally there were issues which setup a system where only federal reserve notes could be used as a currency to deal with dispensaries and the product/growers/etc, because banks and credit systems weren't allowed to be involved due to standing regulation. This is because though it was legal at the state level to buy/sell/trade/grow and use cash for it, the banks were held to federal limits and regulations.

The AG later adjusted regulations somewhat, and Colorado instituted a special banking system.

Cryptocurrency in the US is defined at the federal level as a physical asset, and falls under IRS regulation--federal regulation. The federal code hasn't (as of when I last checked) made allowance for physical assets such as Cryptocurrency to be allowed in the marijuana regulations within Colorado. Because Colorado hasn't specifically made clarification on cryptocurrency, law defaults to federal regulation. This is one of the reasons I keep suggesting political activism..

There was an entire forum thread on this very topic, and the PotCoin team even (up through Summer) also admitted the same issue. This was the last time this issue came up. You should remember.. your account posted on the topic several times.

If there is revision, posting clarification on this would be beneficial to all.

Mmmm....PotCoin, you're really going to have to do far better if you want to engender any sort of confidence.

Look at the postings vesperwillow is making. Candid questions, concise comments, well articulated arguments and you're coming back with gems like this:

The main questions was in the united states why is it illegal for dispensaries to accept crypto's and whats your source.

....poorly worded, terrible grammar. Come on! If you're going to have half a chance of seriously attracting good people here you need to be able to respond articulately to people like vesper and demonstrate you're across the key issues, you're interested and you're "ahead of the game". At the moment you're coming across as....well.....little more than a pothead (maybe that's the issue!)

I lost money on this silly coin; I won't be doing so again. I'm certainly not getting any sense there's much of a future.

If you're even remotely serious you should be posting regularly, have a good deal more awareness of the history of what you (or your BCT account) has posted previously and be seriously engaged with someone like vesper who's taking considerable time and effort to articulate what he or she believes the major issues and stumbling blocks are. This is "stakeholder engagement 101" and you're failing terribly.

[vesperwillow]

Renegade makes a valuable point, it's very important to keep the community here at BCT up to date with everything, as well as other outlets. I remember there being a strong push for info-packets and media dispersal, but it died out here (visibly). Maybe it's still going on elsewhere?

And like I said, if the laws have changed or there is a lot of potcoin being used for actual marijuana purchases, by all means let us know. I'm happy to be wrong provided it's factual. It's important to provide the facts and truth, without candying it up.

[ny2cafuse]

Wasn't there a guy that was going to work on PR, and specifically forum communication here?  I think his name was Russ or something.  I would have to go back and look, but he was supposed to be the liaison to the forums.  That went nowhere, fast.

If POT is doing things, and not the "we paid this guy X amount of bitcoin to say potcoin was cool" type things, then you need to announce it here as well.  90% of your miners, new and old, are going to come from these forums.  You lost a ton of them when you took Reddit user opinions over that of veteran miners.  If you want to win back miners, and help the coin in the long run, don't just blow smoke up our ass here.

-Fuse

[deanpreese66]

You know, its kind of bizarre. I have been both a massive critic and supporter of this coin.

It seems that over the past 60 days or so, the chatter has died and all communication with this board and even Reddit have fizzled out.  I am disheartened with the lack of effort displayed by the group running POT to engage with this board and Reddit on productive dialogue and do what is needed to maintain and grow the overall community. No coin will survive without a grassroots group of supporters that maintain and grow the critical mass of adoption necessary to bring the coin more mainstream.

In my mind there are some simple questions that are a starting point:

Where are the POT developers?   
What are they doing?

and more importantly .....

is this coin dead or not?

[IMJim]

Pot will be legal someday, may take 10 years but when it is this coin will be golden. Anyone that thinks that pot will never be legalized in the entire US within a period of time is an idiot.

mining since (last) January.  

After legalizing for recreational use recently in Washington DC, I bet it will be fully legal in the US inside of 2 years.....happy days are coming:-)

[PotCoin]

Hey dean 

This Coins is not dead, there are a few main things we need to address to make this coin work for the mainstream and we have been trying to figure this out with legal before we go ahead and make the next big step. We are trying to solidify a plan that will allow us to work much easier with legal and medical industry by become fully compliant (KYC and AML) allowing us to get funding to accomplish our original goal.  Merchants need to be able to get paid easily and user need to be able to purchase coins simply for PotCoin to succeed, it needs to be like Paypal where you can link your bank account or credit card.
 The only way to do this is become compliant and register with Fincen and Fintrack and become an MSB and these are no small tasks. This was not how we originally foresaw this happening but it this has become the only way to do business in the United states and Canada. We are still in the process of putting all the moving parts together and we will keep you updated as they start fitting together.  If we want to play with the big boys we need to play by the rules for this to work in an industry that is run by regulations and controlled by Government, We need to create Potcoin 2.0

SMoKeMoN

[vesperwillow]

If it's not already on the website/announcement thread here, why don't you put all of that up there in official writing? The main goals you need to achieve, estimated completion date, what it will take to get there, who's in charge of each goal, how far they are in their progress/etc. Basically, a simple visual project plan so everyone can see the efforts which they're supporting.

Without achievements/goals, a plan to get there, and the ability to show your efforts, it's all very nebulous.

[kattekop]

wholesale Bob Marley lighters for POTcoin wanted

[vleroybrown]

wholesale Bob Marley lighters for POTcoin wanted

Jamaica POtCOIN Trip Anyone?

[0bert]

wholesale Bob Marley lighters for POTcoin wanted

Jamaica POtCOIN Trip Anyone?

Just 4 da vibe! 

[Conqueror]

If only POT forked into nescrypt 

[hcf27]

Hey this was posted just before Bitcointalk went down, I think it got deleted:

Happy Birthday PotCoin!
A few of us on the inside have been working with a prominent cannabis attorney in Colorado, by the name of Rachel K. Gillette, as well as Sean Kelly P.C. from Oregon. She has addressed the M.E.D. before successfully and we will be employing her to write an official Request for a Statement of Position on behalf of PotCoin.
Per the M.E.D., "In accordance with MED Rules M 104A and R 104 A, any person may petition the Division for a Statement of Position concerning the applicability to the petitioner of any provision of the Medical/Retail Code or any Regulation of the State Licensing Authority."
We do not expect the M.E.D. to officially approve, nor deny the use of cryptocurrencies in the sale of medical and recreational Marijuana. Rather, we expect them to have no position on the subject as there are currently no laws in which to have a position... exactly what we need.
With an official Statement of Position from the M.E.D. in hand, even if that position is of no position, validates that the use of cryptocurrency for the purchase of marijuana in the state of Colorado should not introduce additional risk to the dispensary owner. With such a statement in hand our battles with skepticism and fear of impacting their coveted licenses should be reduced significantly and allow PotCoin to pursue use for retail sales of marijuana in Colorado.
You can view other Statements of Position and applicable laws here: Colorado MED
Once complete we plan on targeting individual dispensaries initially, but we are also working with Point-of-Sale software developers to get PotCoin into the core of PoS software to allow for the easiest method to accept PotCoin while instantly enabling the solution for tens, if not hundreds of dispensaries that utilize the software.
To the Moon in 2015!
Nil

Source: http://www.reddit.com/r/potcoin/comments/2t7n1b/potcoin_to_address_the_medical_marijuana/

[vesperwillow]

That's good news to hear. I'm curious, is there any disadvantage to them making a positive statement vs a neutral one?

[wreckingball]

If the reward is supposed to halve at 4.2 years, why has it halved twice?  you haven't been around for 4 years...

[ny2cafuse]

If the reward is supposed to halve at 4.2 years, why has it halved twice?  you haven't been around for 4 years...

They decided it would be a smart idea to halve the blocks more aggressively, so they changed the halving schedule.  There's a lot of info in the last 20-30 pages of this thread about it.

-Fuse

[wreckingball]

ah ha, thank you very much fuse.  I was wondering about that.  They were probably right unfortunately lol.  I was hoping to be able to solo mine 420 of them.

[PotCoin]

That's good news to hear. I'm curious, is there any disadvantage to them making a positive statement vs a neutral one?

A neutral one would mean there is no ruling on it and that dispensaries could accept crypto currency as payment.