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

[vesperwillow]

someone has an idea why the price is falling down?

This has been covered many times over the past few months, since April 20th particularly. Essentially, like many altcoins, there's no market use for the coin. Yes, you can use potcoin to buy some merchant stuff with it.. but it was designed as the currency for pot. It is not the currency for pot.

The long and short of it is that it has no commercial/marketable use, and the major updates over the past few months are all just announcements of hype with no tangible value. Maybe one day this will change.

Also, the price right now is about a quarter of what it would've been if folks hadn't demanded halving schedules be shifted up--so they shot themselves in the foot there also.

See the below quotes, these were relating to community members freaking out about price drops and calling for coin blocks to halve quickly, because they thought they had a clue about economics and basic math (which they didn't). Bold = relevant text.

I'm not really sure why people are upset about a halving...increasing scarcity is important for the value of a coin. If it never becomes harder to obtain, it'll never really gain significant value. I'm assuming there's a healthy split here between people who are speculating and want the value to go up, and people who want the coin to achieve widespread use in the medicinal marijuana community. Both should want the value to increase. Overabundance of supply and lack of demand will cause the value to slide downward.

When less new coin is mined and dumped on the markets, there will be less available to trade and the value of what IS being traded will rise, IF demand increases beyond the new supply. That demand is largely up to users to create. I see a lot of folks in this thread talking about how the developer needs to do this or that. No...it's up to you to request it and promote it. Ask your dispensaries if they'd consider taking it as payment. Educate them about it. Don't leave it all up to the devs...they have enough on their plate.

Right, except of focusing on increasing use, we're saying let's limit supply.  Without use, there is no demand.  Reducing supply when there is no demand is pointless.

Again... backwards thinking.

-Fuse

Tell me why its a bad idea.  

They are halving the coin because it needs to be done. All 420 million coins mined in a year of existence is too fast.

With respect, can you scientifically and mathematically prove 'why it needs to be done'. Use references from the past 2 year's worth of currency data, and especially cross-reference coins which have changed rewards, including the ones which survived and the ones which didn't, and show correlation as to their end result.

Because it doesn't "need" to be done. Whether you're at maturity now, next week, or 5 years from now, there's one constant: no use for the coin.

[pics4crypto]

The comment about no use for the coin is definitely not true.

- POTcoin is one of the few coins that can be used to buy anything where Bitcoin is accepted through https://www.coingateway.net/  , including Newegg, Dell, Overstock, etc.

- there are several merchants on POTcoin's website that accepts POTcoin for POT related purchases (and getting 10% discount for paying with POT!): http://www.potcoin.com/accept-potcoin/merchant-directory/

- you can use POTcoin to pay at any merchant that accepts https://www.coinpayments.net/  gateway (including our own lil' humble naughty website  )

we have to realize that crypto payments are in their baby steps and that Pot legalizations are in their baby steps. If you combine the two , you get the idea...it takes time to mass adoption.

 imho POT developers did a good job of IRL adoption, setting up IRL ATMs, doing crowd founding and trying to build a brand

- they set up ,  https://localpot.com/  which (as far as I know) no other coin has
- https://potwallet.com/ set up, fast and great web wallet
- sport bet site: http://potbetz.com/
- crowdfounding site http://www.potfunder.com/ which raised money to donate $2000 to support research for Fragile X Treatment using Cannabis: http://www.potcoin.com/potfunder-fragile-x/

and the list goes on and on...

the coin has uses, devs working hard to deal with legislative obstacles for mass adoption , it is not easy and not a fast process. Devs have a vision

this article is great : http://cointelegraph.com/news/112364/we-realize-that-the-combination-of-cryptocurrency-and-cannabis-puts-the-target-dead-center-on-our-backs-russell-thomas-cio-potcoin-systems

[DubFX]

I've got the potcoin t-shirt and gift card today, thank you

[ironhammer5]

I've got the potcoin t-shirt and gift card today, thank you

Awesome news, glad it made it to you in the end. Apologies again that it was delayed.

[l8nit3]

New Potcoin pool just built, looking for a few miners for an open beta.
pot.latenightminers.ca.
Running on MPOS and stratum, 3% fees for now ( untill we hit 50 miners and then fees will drop)
COME AND HASH AWAY

[PotCoin]

Big news! Potcoin officially listed on cex.io and ghash.io nice to the big P in the list of other coins.

https://twitter.com/PotCoin/status/514979301029322752/photo/1

[GambitBTC]

Any plans to announce asset backing like CANN?

[LemonHaze420]

nice !
i'm together with you.
and accepting donations PTrBogvBXozZNVh8rpCgpSmee5nY5tHojC

[vesperwillow]

The comment about no use for the coin is definitely not true.

You're missing the big picture

- POTcoin is one of the few coins that can be used to buy anything where Bitcoin is accepted through https://www.coingateway.net/  , including Newegg, Dell, Overstock, etc.

I can do that using Bitcoin or Litecoin at Gyft.com or another place I frequent, and get a discount. You know, the cryptos designed for everyday use, not something designed for a niche.

- there are several merchants on POTcoin's website that accepts POTcoin for POT related purchases (and getting 10% discount for paying with POT!): http://www.potcoin.com/accept-potcoin/merchant-directory/

- you can use POTcoin to pay at any merchant that accepts https://www.coinpayments.net/  gateway (including our own lil' humble naughty website   )

Can you buy pot with it legally? Going back to the big picture. The other coins have heavy buy-in and much more broad use, therefore have buy pressure and stable value. While potcoin may be used for various things, so are other coins. I like potcoin, don't get me wrong, but the context is value over time. Potcoin's trend has always been downward, and twice now there have been synthetic attempts to raise the value--which have failed. Why? Going back to the bigger picture ... you're missing it.

It's not to say that in the future, with adoption, the value won't rise. I'm framing my comment based on past-present.

[Normandoyle]

Any plans to announce asset backing like CANN?

This.

Where are the devs?
They need to give us some sort of daily update like the amazing CANN dev.

Is PotCoin just a capitalist move? Is it actually going to be used in the MMJ industry?


ATTENTION POTCOIN DEVS:

Take a note from CannabisCoin(CANN) developers.
Take advantage of the MMJ industry!
Since CANN is backed by 1 Gram of the CANNdy strain of MMJ...
MAKE POT BACKED BY 1 QUARTER OUNCE OF MEDICAL MARIJUANA!

4 POT = 1 OUNCE!

Do it, devs.
We can make this work!

CANN + CCN are already making huge milestones in the Medical Marijuana Cryptocurrency World.
HISTORY IS IN THE MAKING!!!!!

Join CANN and CCN and try to become a PREMIUM coin!
Join Cannapay. Contact the CCN devs.
Join CANN and start selling CANNdy buds!

We can do this!
#YesWeCANN

[PotCoin]

i would like to know what growers are going to sell 1 gram of pot under 1 penny.

cann is backed by this candy strain... who is selling this and loosing all the money?

it costs a few dollars to produce marijuana so i don't see this works in the real world and yo have to pay tax on it also. 

this all sound great in principle, someone please explain to me how you see this working exactly.

[cookiemonster7]

i would like to know what growers are going to sell 1 gram of pot under 1 penny.

cann is backed by this candy strain... who is selling this and loosing all the money?

it costs a few dollars to produce marijuana so i don't see this works in the real world and yo have to pay tax on it also. 

this all sound great in principle, someone please explain to me how you see this working exactly.

They are the "Capitalist Move". Nothing more than blatant hype and a monstrous scam.

[nil8tor]

i would like to know what growers are going to sell 1 gram of pot under 1 penny.

cann is backed by this candy strain... who is selling this and loosing all the money?

it costs a few dollars to produce marijuana so i don't see this works in the real world and yo have to pay tax on it also. 

this all sound great in principle, someone please explain to me how you see this working exactly.

They are the "Capitalist Move". Nothing more than blatant hype and a monstrous scam.

Let's spend a minute to get the facts straight on this subject please.

You cannot back a cryptocurrency without a contract for the asset in writing and you certainly cannot back an international currency/property with a product that is illegal in all but a handful of places around the world, medical or not.

PotCoin Systems is the company behind the coin that supports an open community of developers around the world. We are not a pure development team like other coins. Yes, we have developers on staff such as myself, but the company is here to provide support the coin and community through centralized marketing, shared computing resources, team organization, project management, and support to the amazing independent community devs who have made PotCoin what it is today in any way that we can. (See today's post: http://www.potcoin.com/potcoin-community/)

Lastly, this is no scam nor blatant hype. We have many people that work daily to support the coin and the community. Many of them have given up their careers to support this noble cause and what will ultimately be a lucrative investment for all those that remain involved. I personally have done just that and will continue to support medical cannabis and PotCoin. We have already given thousands of dollars to charity and community developments in support of medical cannabis, legalization, and cryptocurrency and see no end in sight.

Do not believe the FUD, it's a tactic used by the insecure.

 - Russell Thomas
 - CIO, PotCoin Systems

[ironhammer5]

PotCoin community is on fire! New page launched on site showing off all of the community's creations, as well as a map of all current ambassador locations:http://www.potcoin.com/potcoin-developer-community/

[jheaton]

...."4 POT = 1 OUNCE!"..... LOL

[darkist]

...."4 POT = 1 OUNCE!"..... LOL

Yeah can i buy a tonne pls.

[PotCoin]

So now that you have made these claims that you are asset backed, i would like to see some evidence of this. 

where can i buy 1 gram of cannabis for 1 cannabiscoin...   

[cookiemonster7]

i would like to know what growers are going to sell 1 gram of pot under 1 penny.

cann is backed by this candy strain... who is selling this and loosing all the money?

it costs a few dollars to produce marijuana so i don't see this works in the real world and yo have to pay tax on it also. 

this all sound great in principle, someone please explain to me how you see this working exactly.

They are the "Capitalist Move". Nothing more than blatant hype and a monstrous scam.

Let's spend a minute to get the facts straight on this subject please.

You cannot back a cryptocurrency without a contract for the asset in writing and you certainly cannot back an international currency/property with a product that is illegal in all but a handful of places around the world, medical or not.

PotCoin Systems is the company behind the coin that supports an open community of developers around the world. We are not a pure development team like other coins. Yes, we have developers on staff such as myself, but the company is here to provide support the coin and community through centralized marketing, shared computing resources, team organization, project management, and support to the amazing independent community devs who have made PotCoin what it is today in any way that we can. (See today's post: http://www.potcoin.com/potcoin-community/)

Lastly, this is no scam nor blatant hype. We have many people that work daily to support the coin and the community. Many of them have given up their careers to support this noble cause and what will ultimately be a lucrative investment for all those that remain involved. I personally have done just that and will continue to support medical cannabis and PotCoin. We have already given thousands of dollars to charity and community developments in support of medical cannabis, legalization, and cryptocurrency and see no end in sight.

Do not believe the FUD, it's a tactic used by the insecure.

 - Russell Thomas
 - CIO, PotCoin Systems

Scam and blatant hype was in reference to CANN, sorry for the poor English, Potcoin is maturing.

[PotCoin]

THIS IS HUGE!!!!!!  Coin Gateway new feature!!  Convert Potcoin to FIAT ( virtual visa card )  minimum of 150$


https://www.coingateway.net/

[raskill]

As long as someone is willing to keep purchasing potcoin.