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Author Topic: [ANN] CannabisCoin [CANN][X11][Official] Unmoderated General Discussions.  (Read 492257 times)
az420
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October 17, 2014, 11:59:56 PM
 #4261

@az420 - good try manipulating the text :    3) The United States government recently changed certain regulations to categorize Bitcoins and other forms of digital currency as a form of legally recognized currency in the United States that IS subject to US forfeiture and money laundering laws.

The proper one must be :  

In some environments, virtual currency operates like “real” currency -- i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance -- but it does not have legal tender status in any jurisdiction.

The notice provides that virtual currency is treated as property for U.S. federal tax purposes.  General tax principles that apply to property transactions apply to transactions using virtual currency


 Grin

source : http://www.irs.gov/uac/Newsroom/IRS-Virtual-Currency-Guidance




Thanks for the comment!



The Department of Treasury's Financial Crimes Enforcement Network (FinCEN) added "other value that substitutes for currency" to its definition of money services businesses.

The U.S. Government Accountability Office reviewed virtual currencies upon the request of the Senate Finance Committee and in May 2013 recommended that the IRS formulate tax guidance for bitcoin businesses. On 25 March 2014, in time for 2013 tax filing, the IRS issued a guidance that virtual currency is treated as property for U.S. federal tax purposes and that "an individual who 'mines' virtual currency as a trade or business [is] subject to self-employment tax".


I think you might be right, but my argument is simply that the US Government and the State of Arizona will consider Cannabis Coin to be currency, and as such, it will be subject to taxation. Again, remember that there are reporting requirements for dispensaries in Arizona.


A dispensary accepting "property" instead of USD in exchange for medical marijuana won't sit well with the money hungry State of Arizona.



An Arizona dispensary could never accept Cannabis Coin without paying the State of Arizona their tax money on any income that they receive. To suggest that HWC could accept CANN and not pay taxes is ridiculous. Even paying LESS taxes than would be paid from a USD sale will result in the State/IRS going after the dispensary for money laundering and tax evasion. When I say paying taxes, I mean USD. The state doesn't want your Cannabis Coins.


If your arguing that the State of Arizona or the IRS is going to allow a NON-PROFIT medical marijuana dispensary to launder virtual currency income rather than pay tax on its USD equivalent, you might be a little nutty.


The State of Arizona wants its money. The IRS also wants its money.


The state of Arizona isn't going to stand by and let a dispensary evade taxes by way of a clever payment arrangement. Arizona is run by crooks. Our state is required by law to maintain 99% prison occupancy. Arizona throws you in jail if your Mexican or suntanned. This is THAT state.



Thanks for reading!


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monkeydong1
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October 18, 2014, 12:00:32 AM
 #4262

    SO THAT WE REACH OUR GOAL PLEASE....
    • PROMOTE PROMOTE PROMOTE! SPREAD THE WORD!
    BUY BUY BUY!
    • DO NOT REPLY TO ANY FUD!

    BAGHOLDER !


    ps: I still wanna get more coins.[/list]

    darylluke
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    October 18, 2014, 12:02:28 AM
     #4263

    I think this coin is the best way for MMJ shops to operate. shit even illegal drug dealers will start to accept cannabiscoin for weed... its so much better than dollars. i actually think this Coin will revolutionize the whole weed industry in america, maybe even the world in the near future. Can't wait until Holland jumps on board this then I can drive up there n get some free weed Grin

    I just wish i would've known about this coin earlier and had a better mining rig to support the hashing.


    YES WE CANN!

    the dutch already here , hello


    Thats great! I was actually talking about getting Cannabiscoin into Dutch Coffee Shops. I'm currently in Belgium so maybe I can take the drive up there and get some people interested!

    +1
    natmccoy
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    October 18, 2014, 12:04:42 AM
     #4264

    Maybe they don't have to pay taxes on it until they convert crypto>USD?

    RockHound
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    October 18, 2014, 12:04:48 AM
     #4265

    I think this coin is the best way for MMJ shops to operate. shit even illegal drug dealers will start to accept cannabiscoin for weed... its so much better than dollars. i actually think this Coin will revolutionize the whole weed industry in america, maybe even the world in the near future. Can't wait until Holland jumps on board this then I can drive up there n get some free weed Grin

    I just wish i would've known about this coin earlier and had a better mining rig to support the hashing.


    YES WE CANN!

    the dutch already here , hello


    Thats great! I was actually talking about getting Cannabiscoin into Dutch Coffee Shops. I'm currently in Belgium so maybe I can take the drive up there and get some people interested!

    +1


    Welcome Amsterdam  Cool
    monkeydong1
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    October 18, 2014, 12:05:04 AM
     #4266

    @az420 - good try manipulating the text :    3) The United States government recently changed certain regulations to categorize Bitcoins and other forms of digital currency as a form of legally recognized currency in the United States that IS subject to US forfeiture and money laundering laws.

    The proper one must be :  

    In some environments, virtual currency operates like “real” currency -- i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance -- but it does not have legal tender status in any jurisdiction.

    The notice provides that virtual currency is treated as property for U.S. federal tax purposes.  General tax principles that apply to property transactions apply to transactions using virtual currency


     Grin

    source : http://www.irs.gov/uac/Newsroom/IRS-Virtual-Currency-Guidance






    Thanks for the comment!



    The Department of Treasury's Financial Crimes Enforcement Network (FinCEN) added "other value that substitutes for currency" to its definition of money services businesses.

    The U.S. Government Accountability Office reviewed virtual currencies upon the request of the Senate Finance Committee and in May 2013 recommended that the IRS formulate tax guidance for bitcoin businesses. On 25 March 2014, in time for 2013 tax filing, the IRS issued a guidance that virtual currency is treated as property for U.S. federal tax purposes and that "an individual who 'mines' virtual currency as a trade or business [is] subject to self-employment tax".


    I think you might be right, but my argument is simply that the US Government and the State of Arizona will consider Cannabis Coin to be currency, and as such, it will be subject to taxation. Again, remember that there are reporting requirements for dispensaries in Arizona.


    A dispensary accepting "property" instead of USD in exchange for medical marijuana won't sit well with the money hungry State of Arizona.



    An Arizona dispensary could never accept Cannabis Coin without paying the State of Arizona their tax money on any income that they receive. To suggest that HWC could accept CANN and not pay taxes is ridiculous. Even paying LESS taxes than would be paid from a USD sale will result in the State/IRS going after the dispensary for money laundering and tax evasion. When I say paying taxes, I mean USD. The state doesn't want your Cannabis Coins.


    If your arguing that the State of Arizona or the IRS is going to allow a NON-PROFIT medical marijuana dispensary to launder virtual currency income rather than pay tax on its USD equivalent, you might be a little nutty.


    The State of Arizona wants its money. The IRS also wants its money.


    The state of Arizona isn't going to stand by and let a dispensary evade taxes by way of a clever payment arrangement. Arizona is run by crooks. Our state is required by law to maintain 99% prison occupancy. Arizona throws you in jail if your Mexican or suntanned. This is THAT state.



    Thanks for reading!





    Dude, am I wrong or this was already adressed and you forgot to learn to read ?

    If they sell weed for one cann coin, and that cann coin is worth 5 cents, then they will put a 5 cents coins in the ledger with a proof.

    So what you say seems completely irrelevant.

    NOW BUY BUY BUY BEFORE IT'S TOO LATE !

    ps: But don't buy too fast, I need coins too.

    darylluke
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    October 18, 2014, 12:07:46 AM
     #4267

    A dollar is very realistic in the short term. Dark and Bitshares both hovered in the 80 million and up market cap and achieved them in just a matter of weeks, hell even Doge got close to hitting the 100 million cap, no reason CANN cannot do the same.

    If it will go higher than a dollar all depends on whether Delta 9 can boost confidence to the market and show a pathway for sustainable business development, luckily I am positive he can!

    +1
    Coinasaur
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    October 18, 2014, 12:08:53 AM
     #4268

    I accidentally sent my coins to the wrong wallet ( a completely different coin wallet, CannaCoin) by mistake.

    This is the wallet it went to, as you can see, its not even a cannabiscoin wallet address but they still left my wallet and it appears they were confirmed
    CP4NK8Eavx1QZd7ijnH3WrwSaiu414nzUR

    Is there a way to get them back at all?

    transaction ID is 19c51797f20205922f7b3eacfc4812db00621d719e8312fec324e520c76d03be

    it was a LONG time ago but I want them back! lol


    EDIT when i put it into block explorer it says the transaction was in 1969?!?!?!

    complete transaction details:

    Status: 53748 confirmations
    Date: 6/26/2014 00:59
    To: CP4NK8Eavx1QZd7ijnH3WrwSaiu414nzUR
    Debit: -7779.00 420
    Transaction fee: -0.01 420
    Net amount: -7779.01 420
    Transaction ID: 19c51797f20205922f7b3eacfc4812db00621d719e8312fec324e520c76d03be

    Yes, if you have the private key that corresponds to the CCN address you sent the CANN to.  open the CCN wallet and in the console type "dumpprivkey CP4NK8Eavx1QZd7ijnH3WrwSaiu414nzUR" (with out the quotes) and it will return a private key.  Now copy that string of characters and then open your CANN wallet.
    Again help->Debug Window-> Console this time type importprivkey (paste private key extracted from CCN wallet)

    this should import that address into your CANN wallet

    The wallet I sent it to was an exchange wallet so I dont have the private key. Am I boned?

    If you still have the account open with the exchange you were trying to seed the CANN to you can ask if they can dump the private key for you.  I don't know if its possible.  but you can open a support ticket and explain the situation to them, hopefully they could help.

    Thanks for the tips. It was Mintpal so I may be fucked lol
    darylluke
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    October 18, 2014, 12:12:53 AM
     #4269

    jesus...King Ared and Dennis Binnekade are attacking twitter right now...#CANN to every big name, crypto and celebrities alike.

    +1
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    October 18, 2014, 12:14:34 AM
     #4270

    Feeling like this

    https://www.youtube.com/watch?v=fU7hZ3smj0g
    YESWECANN
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    October 18, 2014, 12:18:54 AM
     #4271

    FYI,

    I am NOT an Empoyee of HWC nor an Owner.  Obvious wearing a visitor badge in first meetings with staff.  Also I'm never seen in any photos with staff except with recent adoption of CannabisCoin.  You have also been confirmed from staff.

    Yes, dispensaries just like any merchant must continue to maintain tracking and bookkeeping of products.

    All legal guidelines and restrictions are being met.

    CannabisCoin & the "Yes We CANNN movement"  starts at HWC.

    The team and I have steady meetings with local and other state industry leaders regarding the adoption of CannabisCoin.

    AZ420- If you'd like to meet in person to discuss let me know.

    Appreciate the questions and now they have been answered.  See you on 10/20!

    ~DeltaNine


    Official CannabisCoin [CANN] Forum Moderator
    az420
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    October 18, 2014, 12:19:45 AM
     #4272

    I think this coin is the best way for MMJ shops to operate. shit even illegal drug dealers will start to accept cannabiscoin for weed... its so much better than dollars. i actually think this Coin will revolutionize the whole weed industry in america, maybe even the world in the near future. Can't wait until Holland jumps on board this then I can drive up there n get some free weed Grin

    I just wish i would've known about this coin earlier and had a better mining rig to support the hashing.


    YES WE CANN!



    Damadegyptian,



    I also think it could be ideal for MMJ shops outside of Arizona (particularly California!!), but my concern is specifically related to Arizona Dispensaries.


    The Arizona Department of Health Services Medical Marijuana Regulations have requirements for accounting principals that dispensaries must follow, amongst other requirements. The regulations aren't clear as to whether an Arizona dispensary CAN accept Cannabis Coin and then exchange it for USD.


    Remember, Arizona dispensaries are also required to pay TAXES to the State of Arizona in addition to any taxes implemented by the county and city.


    Dispensaries are also required to track and report each and every transaction with every patient to the AZDHS, including what strain the person bought, how much marijuana was purchased, and how much money was exchanged. (So that the State can electronically keep track of how much marijuana you buy, so that you can't possibly buy more than 2 1/2 Ounces every 14 days) So the idea of an Arizona Dispensary holding on to their Cannabis Coins would likely not be possible as the Dispensary is required to report the value at the time of the electronic transaction inside the dispensary.


    Arizona Department of Health Services Medical Marijuana Regulations: http://azsos.gov/public_services/Title_09/9-17.htm


    The fundamental problem is that Arizona's Medical Marijuana regulations we're written by an agency that didn't want medical marijuana in the first place. The Arizona Department of Health Services actually lobbied AGAINST the Arizona Medical Marijuana Act prior to it's passage. And let me remind you all that the Arizona Medical Marijuana Act was approved by a vote of 50.2% of Arizonans. No, that isn't a typo. The regulations were NOT written for the patients' best interest. It is generally accepted in the Arizona medical marijuana industry that our medical marijuana is awful.


    Also, I wanted to know is there an incentive for an independent dealer to accept only Cannabis Coin and not just accept ANY form of crypto-currency like Bitcoin AND Cannabis Coin? (Or whatever coin the person happens to have for that matter)


    Thanks and lots of love to you all!

    I think some of your questions have more to do with you not fully understanding how cryptocurriency works.  As far as accounting, utilizing the block chain to analyze transactions answers almost all of your concerns.  Every transaction is received and verifies by other CANN holders and as a result is 100% transparent and auditable.  If correctly integrated into a pos system it could easily be the "database" that records and address all of your accounting concerns.

    I would invite you to explore more about the fundamentals of how crypto works before you make blanket assumptions. 

    From your experience it sounds like you are frustrated with the way mmj has progressed in AZ.  Why would you not welcome, or at least be open minded to a fundament revamping of the way mmj is dispensed.  I live in a state where it is still 100% illegal, but I hope as we come to our senses, maybe someday I will be able to open a CANN franchise here.  D9 and his team have done some great work so far and I have no doubt with their help and my CANN holdings I could easily open shop here some day.

    To see the bigger picture will require some time and research, but if you are legitamatly interested in the CANN movement I would encourage it.  We can never have to many well spoken, calm community members.

    And dispensaries can accept any payment they want, the reason they don't is because there was no payment platform that was industry specific.  It can be difficult to use bitcoin because transaction can take 15-90 mins to confirm.  Cannabis coin is more like 90 seconds... 

    I apologize in advance for spelling/grammer. I'm sending from my S4.  Fell free to PM me if you you have any specifoc questions I could help with.

    DJ




    TheCoinMonster,


    Thanks for a logical response!


    You are likely right that my lack of knowledge with regard to cryptocurrency has left me handicapped. That's why I thought it would be wise to ASK these questions on the forum.. I'm baffled that everyone is so upset that I'm asking these questions.. I find it to be incredibly bizarre to be honest...


    Perhaps the accounting issue will be no issue at all. I stated what I did know about what the AZDHS requires dispensaries to report when selling marijuana to a patient. Provided that the dispensary can report a USD value to AZDHS, it may be no problem at all. My concern was that dispensaries may not be able to hold on to the coin to allow it to gain value. (Because then the dispensary wouldnt be paying the full tax of the actual value of the coin)


    For the record, I do welcome a new and innovative way to pay for medical marijuana. But I put the patients first. Right now, we can't encourage seriously ill medical marijuana patients to convert their USD to Cannabis Coin when only 1 dispensary accepts Cannabis Coin. So my point is simply that in order for the Cannabis Coin to be good for patients, it needs universal acceptance.


    It is the COMPETING DISPENSARIES that will not welcome a form of currency that is created by one of their competitors. It is the fear for loss of business and revenue that will prevent dispensaries from uniting to accept this form of payment.


    It isn't I who rejects the idea, it is the Arizona Medical Marijuana Industry that rejects the idea.
    ohmightcryptosensie
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    October 18, 2014, 12:21:58 AM
     #4273

    • DO NOT REPLY TO NEGATIVE COMMENTS!
      • DO NOT REPLY TO FUD!
      • KEEP PROMOTING! KEEP BUYING!!
      • TO THE MOON!
    drizzle2405
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    October 18, 2014, 12:23:18 AM
     #4274

    FYI,

    I am NOT an Empoyee of HWC nor an Owner.  Obvious wearing a visitor badge in first meetings with staff.  Also I'm never seen in any photos with staff except with recent adoption of CannabisCoin.  You have also been confirmed from staff.

    Yes, dispensaries just like any merchant must continue to maintain tracking and bookkeeping of products.

    All legal guidelines and restrictions are being met.

    CannabisCoin & the "Yes We CANNN movement"  starts at HWC.

    The team and I have steady meetings with local and other state industry leaders regarding the adoption of CannabisCoin.

    Appreciate the questions and now they have been answered.  See you on 10/20!

    ~DeltaNine



    Finally!!!  Now az420 can smoke in peace...

    Bitcycle
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    October 18, 2014, 12:24:11 AM
     #4275


    It is the COMPETING DISPENSARIES that will not welcome a form of currency that is created by one of their competitors


    It wasn't created by one of their competitors.  That has been stated and confirmed. 

    You know it's not true, and yet you keep repeating it?

    Why? 


    Every time you repeat this lie, I'm going to point out you know it to be a lie.
    socosavvy
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    October 18, 2014, 12:27:29 AM
     #4276

    FYI,

    I am NOT an Empoyee of HWC nor an Owner.  Obvious wearing a visitor badge in first meetings with staff.  Also I'm never seen in any photos with staff except with recent adoption of CannabisCoin.  You have also been confirmed from staff.

    Yes, dispensaries just like any merchant must continue to maintain tracking and bookkeeping of products.

    All legal guidelines and restrictions are being met.

    CannabisCoin & the "Yes We CANNN movement"  starts at HWC.

    The team and I have steady meetings with local and other state industry leaders regarding the adoption of CannabisCoin.

    AZ420- If you'd like to meet in person to discuss let me know.

    Appreciate the questions and now they have been answered.  See you on 10/20!

    ~DeltaNine



    +1
    mitchr4
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    October 18, 2014, 12:27:56 AM
     #4277

    az420,

    a dollar buys you almost 20 cann...dont you think its work the risk if that even has a 50/50 chance to get you 20 grams? its not like anyone has to waste thousands. The rumor is the dev has multiple dispensaries line up in CO. This fucking coin is moon bound baby.

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    iePlay Nowei
    [/cente
    YESWECANN
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    October 18, 2014, 12:29:00 AM
     #4278

    FYI,

    I am NOT an Empoyee of HWC nor an Owner.  Obvious wearing a visitor badge in first meetings with staff.  Also I'm never seen in any photos with staff except with recent adoption of CannabisCoin.  You have also been confirmed from staff.

    Yes, dispensaries just like any merchant must continue to maintain tracking and bookkeeping of products.

    All legal guidelines and restrictions are being met.

    CannabisCoin & the "Yes We CANNN movement"  starts at HWC.

    The team and I have steady meetings with local and other state industry leaders regarding the adoption of CannabisCoin.

    AZ420- If you'd like to meet in person to discuss let me know.

    Appreciate the questions and now they have been answered.  See you on 10/20!

    ~DeltaNine



    AZ420 - Willing to meet you or talk if you have any questions contact me.

    ~D9

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    October 18, 2014, 12:30:30 AM
     #4279

    Guide to Getting CannabisCoin to $1+

    I love big ideas, it's one of the reasons I'm drawn to CannabisCoin. With that being said, if we want to shoot 'to the moon', each one of us individually need to start taking immediate action to develop and execute the plan. If you want a high value coin, help me provide high value.

    1. If you find yourself saying "It would be great if we could.." be the catalyst. Make the contact and then post to the forum "I thought it would be great to do X, I did Y. Can I get some help doing Z".

    2. Review the Cannabis[Suspicious link removed]gle Doc each day and CONTRIBUTE to it as you find new resources
    https://docs.google.com/document/d/1eUhhvaOa0_Wk9CBE-vGBIfkwYBkzYxOuTDt6WySxTPI/edit#

    3. Create a twitter account if you don't have one already.  If you say "I don't do twitter", I ask you to rethink that strategy from a marketing standpoint. I'm not asking you to tweet about your favorite celeb like a 12 year old tween, I'm asking you to please join us in marketing efforts.

    4. Create a Facebook account. If you 'don't do Facebook', please see #3

    5. Create a Reddit account

    6. Start tweeting. If you don't know where to start, look at the list provided in #2.  You can do searches, find twitter accounts that would be sympathetic to our cause. If you find some good ones, add them to the Google doc.

    7. Retweet great posts from @CannabisCoins

    8. Do the same for Facebook and Reddit.

    9. There was a great interview done on CoinTelegraph, share it with EVERYONE! It's also a great way to make introductions to traditional media outlets like Wired, Business Insider
    http://cointelegraph.com/news/112748/cannabiscoin-officially-redeemable-for-1-gram-starting-october-20-interview-with-founder

    9.5 While you're at it, go ahead and write a solid post supporting the article and respectfully reply to FUD:
    http://cointelegraph.com/news/112748/cannabiscoin-officially-redeemable-for-1-gram-starting-october-20-interview-with-founder

    10. In the Google Doc (#2), there's a listing of great local media. If you're not sure what to say, point them to the article and let them know a big event is happening on Oct 20th (quick summary)

    11. Hit up Google for keywords like 'Cannabis' 'Marijuana' 'News Outs' etc..   email THOSE people, use the interview as an introduction

    12. If you make a post about people you've contacted, make sure to add it to the Google Doc. If you noticed someone else posted a useful list of contacts, make sure YOU add it to the Google Doc.

    13. Private message others in this thread that you feel are on the same page. Create your own mini campaigns.  "Hey x, I noticed you did y, maybe we could work together on x"

    14. The celeb tweets for money was a great idea, anyone looking to lead that initiative?

    15. Every time you are about to hit refresh on Bittrex or CoinMarketCap, consider using that time to do 1-14.

    16. Help coordinate a grassroots project on how we're going to report:

    - 24 hours before the event
    - During the event
    - After the event

    Boots on the ground? Who is bring the cameras? How often are updates coming back to the community? etc


    Don't wait for Snoop, don't wait for Nelson... that's a hail mary...make the contacts, do the work. If we want it bad enough, we'll let as many people know as possible. I personally don't trust we'll just end up on the moon, I believe in this community to do our part.  It's fun to talk about it, let's be about doing it.

    Anyone doing the steps above? Thanks to everyone that's right in the middle of it with me.

    Str8 Up !!     Networking with Arizona based Universities now



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    October 18, 2014, 12:31:14 AM
     #4280

    Waiting to see AZ420 respond to ~D9...  This ought to be good...  Let's see if he actually responds since he is online right now...  He's been pretty quick to respond earlier...

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