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Author Topic: [POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦  (Read 883304 times)
cryptothreads
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November 28, 2015, 09:28:44 PM
 #5701

Hello potcoin!

Any Potcoin graphic designers here want to put together a cool t-shirt or two?

I started CryptoThreads.com and looking to add Potcoin and accept Potcoin for the shirts of course!

You can submit your designs here . And of course, get royalties back per sale. Thanks!

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
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smesmesme
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November 30, 2015, 04:20:47 PM
 #5702

Hello,
if anyone of you has POT on cex exchange and not paying attention,

Be Aware!!!

that they are delisting the POT trading pairs 15th of December, and from 15th January they will impose 0.00015btc/day fee on every wallet they removing to clear balances, so withdraw/sell your coins before the 15th January.

[Edit]

As on other thread people are questioning this, here is the link: https://support.cex.io/hc/en-us/articles/214379428

PKB PJxNxWYSBFdiqLi9LodY2M21QSmDhHDPRv
PanneKopp
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aka ...


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December 03, 2015, 01:23:44 PM
 #5703

Hi Folks,


i wonder when (ever) the "Down-Traders" will have earned enougth,
2 let this Coin survive.

... seems they do not care at all.


xD Pannekopp

... please make an educated guess !
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December 04, 2015, 04:42:03 PM
 #5704

I still can't make heads or tails out of this coin.  The ideas behind POT still seem solid, and really all a "dev" has to do is just stick around and say hi once in awhile to maintain enough interest to at least keep a few nodes alive and maintain a semi-stable price (considering it can't go much lower before a Pump n Dump group buys the whole market).  But all we have is silence here and at the reddit.  It just seems like such a wasted opportunity of a potentially good idea.  I guess the Crypto scene will never change will it?

As for the Down Traders, I think the situation is a little more complicated than the usual Pump-Dump-Die coin cycle.  Cryptsy is having major WD issues which I can attest to.  I'm not sure if they will survive or not, but the smell of Gox is all over them.  I had to painfully withdraw my entire coin collection from them over the last month, one tiny transaction at a time (as anything larger just got stuck or halved).  I won't touch them again for the foreseeable future.  The problem is POT is mainly traded at Cryptsy, with Bittrex only having around 10-20% of the POT volume that Cryptsy has.  I can't trade POT realistically at any exchange now, and will have to stake it indefinitely at this point.  Until the Cryptsy situation gets sorted out, one way or the other, POT will probably stay stuck in limbo.

It will be interesting to see what happens to POT if Cryptsy shuts down.  Yes, they are the major trading hub for the coin, but Bittrex could easily take that over.  And if they go down, all that POT that is sitting in their wallets could be removed from circulation for a very long time, maybe permanently.  Will it kill the coin, or increase the price due to lack of supply?  I still think what really needs to happen for a POT turnaround is the "dev" group needs to grace us with their presence, or a takeover occur, I don't care which.
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December 04, 2015, 05:30:11 PM
 #5705

I agree there needs to be a dev presence or a takeover for sure. I don't believe this coin will disappear into oblivion though. There are few major holders that (i think) will keep the staking and network going, me included. I have no problem buying at 130, keep it coming. Gotta gamble somewhere baby.
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December 04, 2015, 05:30:44 PM
 #5706

@JaFa

you're talking sense.

1.  pull any and all POT from Cryptsy
2.  if Cryptsy goes down likely faces massive lawsuit, those coins will be 'locked up' for years
3.  devs have created a nice product techwise, but have failed on communicating with the community, so mutiny Wink
4.  again the mining/distro/market exposure means POT is well equipped to survive
5.  best hope is that the website domain holders and community can work together, and a handful of code devs just keep an eye on the network/github ... POT will thrive

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December 04, 2015, 05:45:33 PM
 #5707

I get where you guys are coming from but I've been saying for awhile that the technology behind Potcoin has already far outpaced its niche market. An active code developer might be comforting for some bag holders but is it actually going to help with coin adoption? I doubt it.

If Potcoin is going to succeed it needs boots on the ground so to speak. People working with actual retailers to accept the coin.

The only thing I see a developer actually being able to contribute to Potcoin at this point in time, would be to create a mobile wallet and/or mobile payment processor.  That would also go hand in hand with my point above about working with retailers. Otherwise what is there for a developer to do?

"The true sign of intelligence is not knowledge but imagination"  -Albert Einstein
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December 04, 2015, 06:49:20 PM
 #5708

2 chime in again;

potcoin does not need boots on the ground.  the other 420 coins do.  POT is all things GREEN.  it is the leading point of a greater spear tip.

so it can be political, non specific, and i say this because the tech/distro/market is a level above.

the others can focus on specific markets, POT is an agenda, and the time is now.

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December 04, 2015, 06:55:08 PM
 #5709

I get where you guys are coming from but I've been saying for awhile that the technology behind Potcoin has already far outpaced its niche market. An active code developer might be comforting for some bag holders but is it actually going to help with coin adoption? I doubt it.

If Potcoin is going to succeed it needs boots on the ground so to speak. People working with actual retailers to accept the coin.

The only thing I see a developer actually being able to contribute to Potcoin at this point in time, would be to create a mobile wallet and/or mobile payment processor.  That would also go hand in hand with my point above about working with retailers. Otherwise what is there for a developer to do?

I agree 100%.  There is no demand for this coin, mostly due to the fact that it isn't desirable to use by merchants.  There aren't any benefits to using POT over any other MJ coin, or any coin for that matter right now.  And this isn't anything new.  This discussion of innovation vs use vs supply has been going on forever.  The accelerated halving, then the move to POSV... it's all been an attempt to hype price, most likely to pull off a pump and dump and move on.  We're left now with the failure of those attempts.

The economics of this coin aren't helping either for the diehard hold-outs.  If you were an early adopter, you probably mined a bunch.  Let's say you mined 200-300k or so and sat on it.  You were probably excited when it went into the accelerated halving because you thought the price would bump up.  When it didn't, you probably just sat on those coins again.  By this time it was already unprofitable to mine.  So you sat on it longer.  Then POSV came around and you were like "swell... I'll mint a ton".  But in reality, you're making pennies on your interest with today's prices.  Even if a merchant would take POT for MJ, you're going to end up dumping your entire holdings on an ounce(if you're lucky).

I really think this coin missed it's window of opportunity.  It's like the high school football star that has a full ride scholarship to Notre Dame, and ends up getting his 250lbs math tutor pregnant his senior year.

-Fuse

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BitcoinNational
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December 04, 2015, 07:25:46 PM
 #5710

@Fuse

lolz ... i giggled.

POW for +12months then shifts to POS.  In fact distro'd to +10k wallets.  This is more notable like a rated High School QB who some how is holding the most touchdowns in NFL hall of fame, getting his 250lbs math tutor pregnant his senior year was just a bump in the road.

your scale is off.

POT is one of many MJ sector coins and can store value.  The use as currency is null.  Only BTC and LTC have the volume to transmit $millions in a day.  But POT is perfect for building equity and retaining the raised capital for MJ focused projects.

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December 04, 2015, 07:41:13 PM
 #5711

I get where you guys are coming from but I've been saying for awhile that the technology behind Potcoin has already far outpaced its niche market. An active code developer might be comforting for some bag holders but is it actually going to help with coin adoption? I doubt it.

If Potcoin is going to succeed it needs boots on the ground so to speak. People working with actual retailers to accept the coin.

The only thing I see a developer actually being able to contribute to Potcoin at this point in time, would be to create a mobile wallet and/or mobile payment processor.  That would also go hand in hand with my point above about working with retailers. Otherwise what is there for a developer to do?

I agree 100%.  There is no demand for this coin, mostly due to the fact that it isn't desirable to use by merchants.  There aren't any benefits to using POT over any other MJ coin, or any coin for that matter right now.  And this isn't anything new.  This discussion of innovation vs use vs supply has been going on forever.  The accelerated halving, then the move to POSV... it's all been an attempt to hype price, most likely to pull off a pump and dump and move on.  We're left now with the failure of those attempts.

The economics of this coin aren't helping either for the diehard hold-outs.  If you were an early adopter, you probably mined a bunch.  Let's say you mined 200-300k or so and sat on it.  You were probably excited when it went into the accelerated halving because you thought the price would bump up.  When it didn't, you probably just sat on those coins again.  By this time it was already unprofitable to mine.  So you sat on it longer.  Then POSV came around and you were like "swell... I'll mint a ton".  But in reality, you're making pennies on your interest with today's prices.  Even if a merchant would take POT for MJ, you're going to end up dumping your entire holdings on an ounce(if you're lucky).

I really think this coin missed it's window of opportunity.  It's like the high school football star that has a full ride scholarship to Notre Dame, and ends up getting his 250lbs math tutor pregnant his senior year.

-Fuse

Yeah that's pretty much how I feel too. I mined a bunch in the first 2 weeks and have mostly sat on them since. During price upswings I sold in order to buy more at the dips, but after awhile that wasn't worth it either and now my coins just sit. But considering that my investment was 2 weeks of GPU mining time its not much of a loss if nothing ever happens with the coin.

I believe there are two movements that at this point in time are more or less unstoppable. The evolution of financial services moving toward digital currencies, and the legalization of MJ. In my mind Potcoin was supposed to be the bridge between the two but it just never happened. In reality I think Bitcoin will end up filling the role.

"The true sign of intelligence is not knowledge but imagination"  -Albert Einstein
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December 04, 2015, 07:52:00 PM
 #5712

"I think Bitcoin will end up filling the role."

ORLY?

and how is BTC specifically focused on MJ

Do you see the issue with sector focused potluck soup?

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December 04, 2015, 08:11:04 PM
 #5713

"I think Bitcoin will end up filling the role."

ORLY?

and how is BTC specifically focused on MJ

Do you see the issue with sector focused potluck soup?

Bitcoin is not specifically tailored for any market, except maybe for "online" purchases if you consider that to be a market. But then again how is Potcoin tailored to the MJ industry? Other than having Pot in the name...

Right now Bitcoin has infrastructure that other crypto currencies do not. I think a MJ focused currency would definitely have a leg up on Bitcoin, but I don't believe businesses will ultimately care what currency they're accepting, as long as it allows them to conduct business efficiently and turn a profit. If there are customers who want to pay in Bitcoin but not Potcoin, no retailer is going to say ok we'll accept Potcoin but not Bitcoin. That would be a good way to go out of business. So I think it still comes back to the same question...how do we get people to actually use Potcoin as a currency? This is where the developer questions become relevant, because I think an important (and unavoidable) step would be to create a mobile wallet and payment processor.

"The true sign of intelligence is not knowledge but imagination"  -Albert Einstein
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December 04, 2015, 10:10:52 PM
 #5714

Yeah that's pretty much how I feel too. I mined a bunch in the first 2 weeks and have mostly sat on them since. During price upswings I sold in order to buy more at the dips, but after awhile that wasn't worth it either and now my coins just sit. But considering that my investment was 2 weeks of GPU mining time its not much of a loss if nothing ever happens with the coin.

I believe there are two movements that at this point in time are more or less unstoppable. The evolution of financial services moving toward digital currencies, and the legalization of MJ. In my mind Potcoin was supposed to be the bridge between the two but it just never happened. In reality I think Bitcoin will end up filling the role.

@BitcoinNational, this sums it up right here.  I don't know if you were around for the 420 event, the Snoop promo, or any other hyped publicity that the original team pushed, but they never lived up to what they were supposed to bring to the coin.  The 420 event was the founder running around getting high and not pushing business... dressed like a stoner frat kid having fun with his stoner frat friends.  The Snoop shoutout was a total failure that ultimately resulted in someone getting some fuzzy Snoop slippers after all the hype.  There was the publicity over the potcoin ATM and the acceptance at a MMJ shop, but only for merch, not MMJ.  And so on, and so forth.

I'm not seeing a hall of fame career here.  I'm seeing this:



All this coin would need to get back on track is one dispensary saying that they would take POT for pot.  That's it.  But Chronikka is 100% correct- the infrastructure isn't there.  And at the moment, the name is the only thing that makes it relevant to merchants.  You would probably have an easier time just rebranding the BTC wallet and calling it POT.  Use the BTC blockchain and everything, just make it say POT instead of BTC.  You'd at least have the infrastructure to move forward.

So yes, a dev who can build merchant tools is what is needed, but it's not going to help unless there's someone waiting to use it on the merchant side.  That's what POT has always needed and still needs today.

-Fuse

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December 05, 2015, 01:14:29 AM
 #5715

I wonder why "pot shops" haven't started accepting bitcoin yet? Everything is there for them to do so.

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December 06, 2015, 07:22:49 AM
 #5716

 Bittrex: This market (Potcoin) is in danger of de-listing due to low trade volume and lack of user interest. It may be removed on Friday, December 11th 2015 unless the average daily trade volume for the last 7 days exceeds 0.2 BTC.
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December 06, 2015, 11:22:48 AM
 #5717



@ny2cafuse

POT has a new mascot ... even got "P" on the letterman jacket Smiley

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December 06, 2015, 03:03:33 PM
 #5718

I wonder why "pot shops" haven't started accepting bitcoin yet? Everything is there for them to do so.

I've wondered this as well. There are some people working in Colorado and Washington towards this but not as many as I would have thought. I think people are just hesitant to jump into a market that's still mostly illegal

"The true sign of intelligence is not knowledge but imagination"  -Albert Einstein
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December 09, 2015, 06:24:37 PM
 #5719

Bittrex: This market (Potcoin) is in danger of de-listing due to low trade volume and lack of user interest. It may be removed on Friday, December 11th 2015 unless the average daily trade volume for the last 7 days exceeds 0.2 BTC.

Fired up a copy of my arb bot. I have it arbing pot only with no lower limit for profit %, IE it will grab every trade it can. I will leave it running for a few days and see if that brings up the volume enough to keep it from being delisted.
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December 10, 2015, 12:14:48 AM
 #5720

Great effort to helping out, hope it works as you intend. Is that something others can do to boost activity
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