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

[ny2cafuse]

Just a reminder:

FYI:

I will be taking Pot.CripToe.Com offline this weekend.

In an effort to consolidate my pools and servers, I have started a NOMP pool at CripToe.Com.  If you are mining on Pot.CripToe.Com, please move your miners over to CripToe.Com.

I will be shutting down the stratum instance shortly.  The pool front end will remain open until Saturday 12pm PST so that users can initiate a payout of their balance.  Any balances remaining after 12pm PST on Saturday will be sold off.  I will manually set payouts to 1POT for all accounts in the DB to help with this process.

If you have any questions, please send me a PM.

Thanks,

Fuse

Also, I am giving out free cake and hugs to miners mining on CripToe.com!

-Fuse

[sirsmokesalot]

What does this have to do with potcoin? There are forums to discuss marijuana and everything revolving around it. This isn't the one. That weirdo ViceRoy is just trying to kick up dust and ruin potcoin. Folks should stop responding to him and feeding him.

Feeding trolls is never good.

It is hard to not bite. One requires great self control. He is a master of his arts. The perfect blend of ignorance and stupidity. You can't help but wanna reach through the screen and slap him.

I do agree with you. Although the reddit and the actual potcoin forums, potcoinjoint.com are always open as well.

[Sardine]

I am sure almost everyone is sick of reading about legal issues.
But I still have one more important thing to say.

If marijuana is ever 100% legal, then there will be very little need for potcoin.
The main reason for marijuana vendors to use bitcoins or potcoins or another digital currency is because vendors have difficulty opening and maintaining a credit/debit card merchant account and because of issues handling large sums of cash.  I am sure someone can post stories about a few banks which openly process payments for marijuana, but that's the exception and not the rule.  If you have no experience maintaining a high-risk merchant account, then please don't even comment.  Keeping an account open is not easy.  There are plenty of legal industries which are considered high risk and thus are shunned by visa/mastercard and various banks.  Any bank which accepts high risk merchants is probably a bank which has issues/problems.  Banks which are very successful don't want/need to work with legally risky merchants.  The bad banks are often desperate (or poorly managed or have other serious problems) and therefore choose to work with risky merchants or otherwise they may go bankrupt.  I know because I sell high risk items on-line and only the worst payment processors and worst banks will accept me.

As long as the marijuana industry continues to have legal issues which make it difficult for marijuana vendors to process payments, there will be opportunities for alternative payment systems such as potcoin.  If you want potcoin to become popular and valuable, then don't hope/pray for 100% legal marijuana.  100% legal marijuana = no need for potcoin

[ny2cafuse]

I am sure almost everyone is sick of reading about legal issues.
But I still have one more important thing to say.

If marijuana is ever 100% legal, then there will be very little need for potcoin.
The main reason for marijuana vendors to use bitcoins or potcoins or another digital currency is because vendors have difficulty opening and maintaining a credit/debit card merchant account and because of issues handling large sums of cash.  I am sure someone can post stories about a few banks which openly process payments for marijuana, but that's the exception and not the rule.  If you have no experience maintaining a high-risk merchant account, then please don't even comment.  Keeping an account open is not easy.  There are plenty of legal industries which are considered high risk and thus are shunned by visa/mastercard and various banks.  Any bank which accepts high risk merchants is probably a bank which has issues/problems.  Banks which are very successful don't want/need to work with legally risky merchants.  The bad banks are often desperate (or poorly managed or have other serious problems) and therefore choose to work with risky merchants or otherwise they may go bankrupt.  I know because I sell high risk items on-line and only the worst payment processors and worst banks will accept me.

As long as the marijuana industry continues to have legal issues which make it difficult for marijuana vendors to process payments, there will be opportunities for alternative payment systems such as potcoin.  If you want potcoin to become popular and valuable, then don't hope/pray for 100% legal marijuana.  100% legal marijuana = no need for potcoin

I don't think that's necessarily true.

That's like saying without Silk Road, BTC is useless.  Potcoin will always have a place in the medical/recreational marijuana economy as long as people make sure it has a place.  Legal or not, Potcoin will have it's uses.

For instance... I can't buy MMJ with Potcoin yet, but I can sure as hell buy vapes and such.  Vapes aren't illegal, and yet I would use my coin to buy them.  I could use my credit card or cash when I order from places, but I'd rather use crypto.  I'm sure there are a lot of other people out there like me that think the same way.  As such, it's safe to assume that there are people out there that would rather pay for medical/recreational marijuana, and related goods, with Potcoin.  It's not just about banking, mate.  It's about a community coin that works for the community's wants and needs.

-Fuse

[Sardine]

That's like saying without Silk Road, BTC is useless.  Potcoin will always have a place in the medical/recreational marijuana economy as long as people make sure it has a place.  Legal or not, Potcoin will have it's uses.

For instance... I can't buy MMJ with Potcoin yet, but I can sure as hell buy vapes and such.  Vapes aren't illegal, and yet I would use my coin to buy them.  I could use my credit card or cash when I order from places, but I'd rather use crypto.  I'm sure there are a lot of other people out there like me that think the same way.  As such, it's safe to assume that there are people out there that would rather pay for medical/recreational marijuana, and related goods, with Potcoin.  It's not just about banking, mate.  It's about a community coin that works for the community's wants and needs.

Potcoin not only must compete against cash,credit cards,mobile payments etc., it also competes against other cryptocoins.  I think making analogies between potcoin and bitcoin is flawed because bitcoin has many more supporters than potcoin.  Non-miners need a strong reason to use a niche cryptocoin such as potcoin.  Miners will use whatever coin they mine.

For example, bitpay.com can be used to accept bitcoin payments on a website.  But maybe they don't permit marijuana sales?
Someone could make a potcoin version of bitpay which would be exclusively for the marijuana industry.
This is just an example of how potcoin can, in some instances, be more useful than bitcoin.

I run some websites which process credit card payments to sell stuff.  Few months ago, I added the option to pay with BTC/LTC but it's an off-site option.  The buyer must send BTC/LTC (via wallet) and then email me.  Even though, so far, no one has paid me by cryptocoin,  I still leave that payment option on my sites as a way to promote cryptocoins.  From my personal experience, most people still have little interest/experience in paying with cryptocoins.  This will hopefully change as people are more often exposed to cryptocoins.

Perhaps marijuana buyers are different than the average person.  Maybe they don't want a marijuana related purchase to be permanently recorded on their credit card statement which might embarrass them or negatively affect them in the future.  Currently, I am mining potcoin and of course, anyone who mines potcoin would like to be able to buy stuff with our potcoins.  Just keep promoting these coins and eventually buyers/sellers will often use them .... I hope.

In case some of you don't know, banks are important for almost every business because credit/debit card payments are all processed through banks.  Without a bank account, you can not put cash in a bank and you also cant process credit/debit cards either.  You can process credit/debit payments through someone else's bank account (for example: paypal), but you wont be able to open your own credit card merchant account.  Almost forgot to mention, having a bank account can make it much easier to convert cryptocoin into fiat money.

[notabot]

If marijuana is ever 100% legal, then there will be very little need for potcoin.

Actually the wording I prefer is decriminalized, not legalized. It changes the onus to more accurately portray the truth in some parts of the world.

The real crime going on is young adults getting a criminal record for a joint which stays with them and lessens their chances of landing a decent job, and could dampen their chances of immigration or international travel. If you are in this situation you are able to get a pardon once in your life in many countries.

The really bad drug is alcohol (not that I'm against having a drink) - but look at the alcohol related incidents - violence, drunkenness, social and relationship issues. But hey that's OK because it's allowed. How about cigarettes - how many die each year from that?  And not a good way to go either.  

Then you get what I would call the bad drugs, the ones that mess up society, and I don't have to name them.

At one time in the US farmers were required to grow hemp, and it has been used since Egyptian times and probably even farther back for ropes and sails for ships. Hemp clothing lasts just about forever. Even the US Constitution was written on hemp paper. Hemp seed oil has many health benefits. And the whole premise of medical cannabis is based on case studies where it has been proven to be beneficial either to reduce side effects of drugs such as chemo, or as an alternative therapy in its own right. Even smoking it recreationally, what difference is that compared to drinking, cigarettes, or anti-depressants? Life is tough and stressful sometimes, if someone wants to smoke and it relaxes them, then I'd call that medicinal use. In fact this plant's history is weaved through cultures and time. You might say that going against every symbiotic relationship that exists with this plant on so many levels goes against the holistic good of humanity.

[vesperwillow]

It is hard to not bite. One requires great self control. He is a master of his arts. The perfect blend of ignorance and stupidity. You can't help but wanna reach through the screen and slap him.

Oh I know that feeling, and I said my peace and blocked him, and moved on. Life is so much better that way. He clearly has some sort of anti-potcoin agenda, if not more. Even his name betrays him: Vice Roy. It could be taken as 'viceroy', but with how he's acting, it's like he's former narc/vice, and he got super mad when I mentioned that. Dude needs to chill and just move on.

If marijuana is ever 100% legal, then there will be very little need for potcoin.

Actually the wording I prefer is decriminalized, not legalized. It changes the onus to more accurately portray the truth in some parts of the world.

The real crime going on is young adults getting a criminal record for a joint which stays with them and lessens their chances of landing a decent job, and could dampen their chances of immigration or international travel. If you are in this situation you are able to get a pardon once in your life in many countries.

The really bad drug is alcohol (not that I'm against having a drink) - but look at the alcohol related incidents - violence, drunkenness, social and relationship issues. But hey that's OK because it's allowed. How about cigarettes - how many die each year from that?  And not a good way to go either.  

Absolutely agree with everything written by notabot, especially the quoted text.

Even when marijuana is wholly decriminalized in the US, potcoin can still have a use. There will still be folks using it.

Look at it this way, people still use checks.

[sirsmokesalot]

The thought often runs through my mind, about the functionality of potcoin in the future. That is what adds to the speculative nature of crypto in general. I think we will eventually be seeing a Visa coin and an AmEx coin. I think the major players will eventually swoop in as it could drastically lower the cost of doing business for them. Just a matter of figuring it all out, but that is a number of years away from here. Potcoin has a future. There are a lot of vendors accepting the coin, more and more each day. We also seem to get a decent amount of press coverage for a crypto that isn't btc. Will potcoin grow to btc status, i don't think 600 a coin is what anyone should expect.

Can we get the op updated with the new halving schedule, please 

[chunkypools]

Are you looking for consistent potcoin returns? Look no further than chunkypools!

We're an OG potcoin pool, and still the hosts & developers of the potcoin paperwallet. We will always support potcoin and its great community.

Don't mess up the rotation, join us for a wake n' bake at chunky!



Where's my bong?

[bonesoul]

http://pot.coinium.org/

updated to 0.8.6.4

[nwfella]

The thought often runs through my mind, about the functionality of potcoin in the future. That is what adds to the speculative nature of crypto in general. I think we will eventually be seeing a Visa coin and an AmEx coin. I think the major players will eventually swoop in as it could drastically lower the cost of doing business for them. Just a matter of figuring it all out, but that is a number of years away from here. Potcoin has a future. There are a lot of vendors accepting the coin, more and more each day. We also seem to get a decent amount of press coverage for a crypto that isn't btc. Will potcoin grow to btc status, i don't think 600 a coin is what anyone should expect.

Can we get the op updated with the new halving schedule, please 

Seriously doubt there will ever be any sort of officially sanctioned AmexCoin or VisaCoin ever and if there is it certainly won't be open-source.  So decentralization would be at the top of my list insofar as potcoin functionality not provided by either of those two unlikely candidates.  That being said, it would be nice to see some sort of privacy-centric based features incorporated into potcoin.

[sirsmokesalot]

The thought often runs through my mind, about the functionality of potcoin in the future. That is what adds to the speculative nature of crypto in general. I think we will eventually be seeing a Visa coin and an AmEx coin. I think the major players will eventually swoop in as it could drastically lower the cost of doing business for them. Just a matter of figuring it all out, but that is a number of years away from here. Potcoin has a future. There are a lot of vendors accepting the coin, more and more each day. We also seem to get a decent amount of press coverage for a crypto that isn't btc. Will potcoin grow to btc status, i don't think 600 a coin is what anyone should expect.

Can we get the op updated with the new halving schedule, please 

Seriously doubt there will ever be any sort of officially sanctioned AmexCoin or VisaCoin ever and if there is it certainly won't be open-source.  So decentralization would be at the top of my list insofar as potcoin functionality not provided by either of those two unlikely candidates.  That being said, it would be nice to see some sort of privacy-centric based features incorporated into potcoin.

Well it certainly wouldn't be open source. They have the systems in place, but perhaps you are correct. They wouldn't need a coin, they would just use what ever monetary systems that are already in place. They most likely aren't looking to run a currency. Proof of work might be what they would consider, but having a coin out for the public, i do think you are correct, most likely not going to happen.

What type of privacy based features would you be interested in? I wouldn't be too crazy for any type of centralized nodes approach, but maybe a simple mixing service? Which privacy-centric features are currently working the way they should and would not erode the stability of the coin? It is am important thing to consider. I don't care about the privacy aspect much at all, even less if it damages the coin.

[nwfella]

The thought often runs through my mind, about the functionality of potcoin in the future. That is what adds to the speculative nature of crypto in general. I think we will eventually be seeing a Visa coin and an AmEx coin. I think the major players will eventually swoop in as it could drastically lower the cost of doing business for them. Just a matter of figuring it all out, but that is a number of years away from here. Potcoin has a future. There are a lot of vendors accepting the coin, more and more each day. We also seem to get a decent amount of press coverage for a crypto that isn't btc. Will potcoin grow to btc status, i don't think 600 a coin is what anyone should expect.

Can we get the op updated with the new halving schedule, please 

Seriously doubt there will ever be any sort of officially sanctioned AmexCoin or VisaCoin ever and if there is it certainly won't be open-source.  So decentralization would be at the top of my list insofar as potcoin functionality not provided by either of those two unlikely candidates.  That being said, it would be nice to see some sort of privacy-centric based features incorporated into potcoin.

Well it certainly wouldn't be open source. They have the systems in place, but perhaps you are correct. They wouldn't need a coin, they would just use what ever monetary systems that are already in place. They most likely aren't looking to run a currency. Proof of work might be what they would consider, but having a coin out for the public, i do think you are correct, most likely not going to happen.

What type of privacy based features would you be interested in? I wouldn't be too crazy for any type of centralized nodes approach, but maybe a simple mixing service? Which privacy-centric features are currently working the way they should and would not erode the stability of the coin? It is am important thing to consider. I don't care about the privacy aspect much at all, even less if it damages the coin.

Agreed.  Insofar as privacy centric features, perhaps some sort of built-in coin-mixing tech. that's optional and perhaps charges a slightly higher transaction fee for maintaining anonymity.  Seems as though if privacy-centric options where desired all that much a nominal charge for the service wouldn't be all that unreasonable.  Additionally I suspect it would be less likely to hurt the coins long-term viability at all.

Bear in mind I'm just spit-balling a few ideas here and honestly not all that familiar with the inner-workings of potcoin atm (kinda lazy, but as I acquire a few more coins I suspect I'll get more and more likely to romance the inner workings of this coin for my own benefit if nothing else)

[Viceroy]

It is hard to not bite. One requires great self control. He is a master of his arts. The perfect blend of ignorance and stupidity. You can't help but wanna reach through the screen and slap him.

Oh I know that feeling, and I said my peace and blocked him, and moved on. Life is so much better that way. He clearly has some sort of anti-potcoin agenda, if not more. Even his name betrays him: Vice Roy. It could be taken as 'viceroy', but with how he's acting, it's like he's former narc/vice, and he got super mad when I mentioned that. Dude needs to chill and just move on.

This made me ROFL. 

* Viceroy is the opposite of the police

[PotCoin]

Joe Rogan talks about potcoin on episode 521 of the Joe Rogan Experience podcast at min 13:20


http://www.reddit.com/r/potcoin/comments/2avqci/joe_rogan_talks_about_potcoin_on_episode_521_of/


http://youtu.be/0W4I4wbD2Bg?t=13m21s

[PotCoin]

Potcoin @ American Glass Expo 2014 in Las Vegas

Summer of PotCoin Continues with Successful Beginning to American Glass Expo

http://www.potcoin.com/successful-first-day-at-american-glass-expo/

[dragonseer]

I bought up to 15K when it was 600 feel good about Potcoin yeah

[GambitBTC]

Experimenting with a new feature for Potcoin, i like to call it "The Stash".


More to come ;P

[PotCoin]

THE POTCOIN ONLINE STORE IS OFFICIALLY OPEN! GET YOUR SWAG NOW!

http://potcoin.com/shop/

[pics4crypto]

THE POTCOIN ONLINE STORE IS OFFICIALLY OPEN! GET YOUR SWAG NOW!

http://potcoin.com/shop/

Yay! Great!