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

[Sardine]

The ideal solution (for dispensaries) is to legalize marijuana at the Federal level.
But since this is not happening, the dispensaries will continue to illegally operate.
Money laundering is a problem for legal entities to worry about.
The dispensaries don't care about the legalities of money laundering since they are already openly breaking Federal law.
Dispensary operators can already be sent to prison, a very long time.
If banks don't want to work with dispensaries, then the dispensaries will have to do their own money laundering.
Welcome potcoin and other cash substitutes.

[davidroux]

Do ppl know we made it onto Fox news?

http://t.co/sjbEKhCL0S

[MineP.it]

Hey guys

We've launched a new service called MinePit. It is a client application that allows you to monitor, and remotely control your miners from any web browser, and additionally is a collection of pools that can be mined with or without the software.

We've launched with 9 pools to start with and have chosen POT coin as one of those. Feel free to have a look and jump in with the mining at https://www.minep.it.

Our main thread is here:
https://bitcointalk.org/index.php?topic=523986.0

Many thanks,
MinePit Team

[zedicus]

Hey guys

We've launched a new service called MinePit. It is a client application that allows you to monitor, and remotely control your miners from any web browser, and additionally is a collection of pools that can be mined with or without the software.

We've launched with 9 pools to start with and have chosen POT coin as one of those. Feel free to have a look and jump in with the mining at https://www.minep.it.

Our main thread is here:
https://bitcointalk.org/index.php?topic=523986.0

Many thanks,
MinePit Team

Where is the source code?

[Viceroy]

Yep , no way around it.. Federally illegal and all that.

but wait, if whole states are ignoring the federal law .., with more states in route with the same road map.. then it looks like we have a grey area. I think they like the grey area so they can selectively apply the law or you know.. stop all the "money laundering" selectively.

Ahh now I understand what you are saying.  Unfortunately the country doesn't work that way.  All banking is done at the federal level where the fed controls the flow of money.  All banks (except ND State Bank) are insured by the FDIC, the Fed.  Even state chartered banks use the federal system. 

This is why it's so easy to deny banking to the industry and why it will not change anytime soon.  But still, Potcoin has found no solution to provide banking tool and substituting cash for potcoin changes nothing with regard to money laundering laws.

[Viceroy]

The ideal solution (for dispensaries) is to legalize marijuana at the Federal level.
But since this is not happening, the dispensaries will continue to illegally operate.
Money laundering is a problem for legal entities to worry about.
The dispensaries don't care about the legalities of money laundering since they are already openly breaking Federal law.
Dispensary operators can already be sent to prison, a very long time.
If banks don't want to work with dispensaries, then the dispensaries will have to do their own money laundering.
Welcome potcoin and other cash substitutes.

Why would they take a stable form of money (USD) and substitute an unstable form of money (potcoin)?  Everything you said is exactly correct until the last sentence where you make this disconnected statement that just doesn't follow in any way.  Potcoin solves no problem known to exist in the marijuana industry.

(I suggested how to use the coin but nobody seems to care about actually funding a legalization effort).


Don't get me wrong, there is a big problem that needs to be solved but as a person who is VERY active in the industry, I just don't see any way that Potcoin does or can do anything to solve the banking problem.

http://www.denverpost.com/marijuana/ci_25381126/congress-yawns-at-colorado-delegations-marijuana-banking-bill

[fairglu]

Launching a new beta blockchain explorer for Potcoin

http://chainz.cryptoid.info/pot/

Note that this is completely new tech, not based on ABE or other explorers.

[flipme]

The ideal solution (for dispensaries) is to legalize marijuana at the Federal level.
But since this is not happening, the dispensaries will continue to illegally operate.
Money laundering is a problem for legal entities to worry about.
The dispensaries don't care about the legalities of money laundering since they are already openly breaking Federal law.
Dispensary operators can already be sent to prison, a very long time.
If banks don't want to work with dispensaries, then the dispensaries will have to do their own money laundering.
Welcome potcoin and other cash substitutes.

Why would they take a stable form of money (USD) and substitute an unstable form of money (potcoin)?  Everything you said is exactly correct until the last sentence where you make this disconnected statement that just doesn't follow in any way.  Potcoin solves no problem known to exist in the marijuana industry.

(I suggested how to use the coin but nobody seems to care about actually funding a legalization effort).


Don't get me wrong, there is a big problem that needs to be solved but as a person who is VERY active in the industry, I just don't see any way that Potcoin does or can do anything to solve the banking problem.

http://www.denverpost.com/marijuana/ci_25381126/congress-yawns-at-colorado-delegations-marijuana-banking-bill

What about some private outlets?
How is that money laundering, if I sell some crypto currency to somebody?
How would a bank ever know for what I received the money?
Why would I tell them, if they were asking?
I'd be a seller of a digital service, thats about the explanation they would get.

Why are you arguing against it, the way you do?

[Sardine]

Why would they take a stable form of money (USD) and substitute an unstable form of money (potcoin)?

Why use bitcoins (or any other coin) to buy/sell anything, instead of cash?  USD value is more stable than bitcoin value.

Why use potcoins?
(1) easy to transport big money.  And we know there is big money in the marijuana industry.

(2) virtual money can be laundered in many places, in many countries, via various online methods.
With cash, in order to launder money, you must physically transport the cash to the destination.
No online way to launder cash.

I can not imagine paying all my bills with cash.  Don't know if it's even possible.
Storing thousands/millions of USD inside stores is risky.  I suppose they could build vaults and hire private security.

As long as banks don't want to work with dispensaries, then dispensaries must work without banks.

What is your solution?
Shutdown dispensaries until marijuana is legal at the federal level?
Shutdown dispensaries until banks accept dispensaries?
Stop selling marijuana until marijuana can legally function the same as any other legal industry?

Marijuana may never be 100% legal.
And even if it is 100% legalized, it could later be illegalized.

Potcoin is a workaround.  Potcoin is far from an ideal solution.

[nomad13666]

Why would they take a stable form of money (USD) and substitute an unstable form of money (potcoin)?

HAHAHAHAHAHA "a stable form of money"...you're a funny guy.

The Federal Reserve is a private banking cartel (not a government agency) that is hellbent to collapse the US dollar, and is well on its' way to success in doing so.

The Fed creates money out of thin air; dollars that are backed by nothing except the US war machine and their big shiny guns...It's only a matter of time before the rest of the world catches on to their scam and stops accepting their "funny-money" as being something of actual value.

So much for the US dollar being a primary world reserve currency; it's not worth the paper it's printed on. It's a joke. And it's not funny.

[pixskull]

Hey everyone,

Love the concept of this coin!  Just found out about it because of dopecoin seeing our custom engraved pipes.  And after the Fox news report came out, I def wanted to say congrats and check y'all out!  Check it out and let me know if we can help this community at all, and if there is a place for the business my girl and I have!  

http://www.reddit.com/r/potcoin/comments/20z95o/custom_engraved_hand_blown_glass_pipes/

Love the design, and the concept!  And hope we can help prosper this coin with you!

PGwpHfHW4XyGTzJ2gC5CXYopzMF6qZFE9V
First try to get some POT

Also any reason the wallet wouldn't sync on windows?

Just wanted to bump this, I got some response on reddit, so I just wanted to make sure people saw this post so that I could get your opinions, wants, and suggestions. 

Also is there an API already for merchant accounts?

[Chronikka]

Why would they take a stable form of money (USD) and substitute an unstable form of money (potcoin)?

The Federal Reserve is a private banking cartel (not a government agency) that is hellbent to collapse the US dollar, and is well on its' way to success in doing so.

The Fed creates money out of thin air; dollars that are backed by nothing except the US war machine and their big shiny guns...It's only a matter of time before the rest of the world catches on to their scam and stops accepting their "funny-money" as being something of actual value.

So much for the US dollar being a primary world reserve currency; it's not worth the paper it's printed on. It's a joke. And it's not funny.

Sorry but I did laugh at that a little bit. Worth is entirely subjective. A lot of people value the dollar, that's what makes it worth something. Same as bitcoin. You just don't like where the US dollar comes from and who regulates it.

Every currency gets used for war and every country regulates their own currency for their own benefit. Russia, China, they're all the same as the US. Every terrorist organisation on the planet it seems is supplied with russian weapons. but sure its our "war machine" thats the problem.

[DubFX]

I should have believed into potcoin from the start i think i made a mistake..

[flipme]

I should have believed into potcoin from the start i think i made a mistake..

It's just starting to get interesting.
I'm totally convinced it will hit big time.

Nobody needs to make a market for this coin, it's already there.
It must become easier to get the coin. More outlets, for pre-loaded wallets, and for a reasonable surcharge.


 

[drwoo]

 The bitcoin payment processors are black balling the marijuana industry just like banks.

Got a link for that?

http://www.cryptocoinsnews.com/2014/01/14/bitpay-says-legal-marijuana-dispensary-washington-unable-offer-services-businesses-sell-drugs/

[filipe3x]

https://twitter.com/BitEmber/status/447091513345183746

[mewhy]

I should have believed into potcoin from the start i think i made a mistake..

It's not too late to jump in on PotCoin. The coin is only a couple of months old and hasn't even taken off yet. It's growing slowly. This isn't your typical alt pump-and-dump coin.

[xxploasion123]

 The bitcoin payment processors are black balling the marijuana industry just like banks.

Got a link for that?

http://www.cryptocoinsnews.com/2014/01/14/bitpay-says-legal-marijuana-dispensary-washington-unable-offer-services-businesses-sell-drugs/

You may have misread.  This is not speaking about the whole bitcoin industry, rather just BitPay.

 "BitPay has a tenuous relationship with the banks that it works with due to their heavy involvement [heavier than any other company in the entire world] in Bitcoin and fiat.  In order for BitPay to maintain the contracts and relationships that they have developed [ties that got Tony Gallippi in front of the United States Senate Committees during Bitcoin's Capitol Hill debut] BitPay must play nice with banks."

[ainsey11]

Hi guys - Awesome pool here at https://chunkypools.com

https://i.imgur.com/Z3bCttx.jpg

give it a shot - it's worth it!

[CryptoCthulhu]

Potcoin @Cryptsy: https://www.cryptsy.com/markets/view/173