[ANN] CannabisCoin [CANN][X11][Official] Unmoderated General Discussions.

[Skydog]

Its cool man. Market determines prices not hopes dreams thoughts or magical wishes. Regardless of who rubs the lamp.
Im a professional trader. Greed blinds people I've seen it a million times.
Real profits over phantom profits for me.
Everyone to their own.

Well i've been able to buy only 20k as i'm currently in really tought life situation and i've lost my job that had really low salary anyway.
So i hope that we could skyrocket and that it could help me and my gf move to our own flat...
That's why i'm bitching so mutch. And yep i've seen greed blind people alot of times too.

If you are in for fast profit you shouldn't invest in cann.

No, I believe in this coin and holding some. But there is still a high risk and it will take some time before price go up. Better go daytrading and get small profits on coins like ETHAN or HAL.

I'm not in for fast profit even thought i'm hoping i could get some profit in month or two but i'll def. not sell everything, max 1/2 of my holdings if i'll need fiat.
I've only described the situation why i get angry quite easy lately.
Also i'm not into daytrading.

What country are you from?

[paycum]

will there also be some kind of market places where you can sell cannabis related items anonymously?

I'm sure it's possible. Most if not all items that are cannabis related are legal to sell without licensing. It's only the substance that's controlled. Everyone sells bongs and pipes out here, completely legal.

true, but lets say i want to sell ecigs with thc then that will be illegal in most countries or at least it will be a grey area so i would rather do that anonymously...

[qratzpalatz]

I dont have many Cannabiscoin but i just donated 50 coins to help Charlotte Figi. I challenge the Cann community to match or beat me.. Lets show support and help  this little girl have a better life..
YES WE CANN

Charlotte Figi  Escrow Wallet :     CHRpGgAwiiFjm3RKKk1HgRpFTxbxtS9Joj

1k CANN sent  

Here is Peters Donation Address.  Let's make him feel welcomed!
CGdWNoXE3dAQomfQKkptAgJAPGVTNwskWi

~D9

Sent some coins...

[Skydog]

Am I the only one here wondering about the economics of this entire thing?

We have an maximum amount of 106,000,000 coins with currently 21873600 coins being mined. With a pegg of 1:1 and an assumed price of $10 a pegg the current coin supply would be worth $2187360000 worth of coins or in other words twohundredsevetysixmillion dollar or in other words more than all other altcoins together. However, the current price of the coinis $0.015 or 1/10000 of the given pegg. Now when people are coming to your business and starting exchanging CANN for candy are you going to sell them the price at a lose? Do you believe the price will rise this extreme until you start exchanging the CANN for candy? How are you planning this to happen with so many people holding and trading with the coin? How are you dealing with vortality?

[pineapples]

Am I the only one here wondering about the economics of this entire thing?

We have an maximum amount of 106,000,000 coins with currently 21873600 coins being mined. With a pegg of 1:1 and an assumed price of $10 a pegg the current coin supply would be worth $2187360000 worth of coins or in other words twohundredsevetysixmillion dollar or in other words more than all other altcoins together. However, the current price of the coinis $0.015 or 1/10000 of the given pegg. Now when people are coming to your business and starting exchanging CANN for candy are you going to sell them the price at a lose? Do you believe the price will rise this extreme until you start exchanging the CANN for candy? How are you planning this to happen with so many people holding and trading with the coin? How are you dealing with vortality?

this is a "classic" question.
basic answer is, if you accept them as payment, you dont' sell them at a loss. you hold.
this will reduce supply of available coins, increasing price. etc. the market will adapt, and then shop holders can sell them for a useful price.

volatility will still be an issue though. liquidity is the term that describes a currencies ability to maintain a constant price while being traded regularly.

how it all pans out is yet to be revealed

[Skydog]

Am I the only one here wondering about the economics of this entire thing?

We have an maximum amount of 106,000,000 coins with currently 21873600 coins being mined. With a pegg of 1:1 and an assumed price of $10 a pegg the current coin supply would be worth $2187360000 worth of coins or in other words twohundredsevetysixmillion dollar or in other words more than all other altcoins together. However, the current price of the coinis $0.015 or 1/10000 of the given pegg. Now when people are coming to your business and starting exchanging CANN for candy are you going to sell them the price at a lose? Do you believe the price will rise this extreme until you start exchanging the CANN for candy? How are you planning this to happen with so many people holding and trading with the coin? How are you dealing with vortality?

this is a "classic" question.
basic answer is, if you accept them as payment, you dont' sell them at a loss. you hold.
this will reduce supply of available coins, increasing price. etc. the market will adapt, and then shop holders can sell them for a useful price.

volatility will still be an issue though. liquidity is the term that describes a currencies ability to maintain a constant price while being traded regularly.

how it all pans out is yet to be revealed

But most people who have the coin have them aquired through trading and will use them to trade. Currently I am holding meger 10k which isn't even that much but would mean I am entitled to 10kg of candy - with that in mind how could they ever realistically exchange the coins on a 1:1 basis when most of the people got the coin for 1/10000 of the price. If they wanted to use that coin on 1:1 place why did they even sell it on the market place and didn't premine it all and then gave out on this basis? Sorry but the economics behind the coin don't look really thought through.

[GambleToWin]

Am I the only one here wondering about the economics of this entire thing?

We have an maximum amount of 106,000,000 coins with currently 21873600 coins being mined. With a pegg of 1:1 and an assumed price of $10 a pegg the current coin supply would be worth $2187360000 worth of coins or in other words twohundredsevetysixmillion dollar or in other words more than all other altcoins together. However, the current price of the coinis $0.015 or 1/10000 of the given pegg. Now when people are coming to your business and starting exchanging CANN for candy are you going to sell them the price at a lose? Do you believe the price will rise this extreme until you start exchanging the CANN for candy? How are you planning this to happen with so many people holding and trading with the coin? How are you dealing with vortality?

this is a "classic" question.
basic answer is, if you accept them as payment, you dont' sell them at a loss. you hold.
this will reduce supply of available coins, increasing price. etc. the market will adapt, and then shop holders can sell them for a useful price.

volatility will still be an issue though. liquidity is the term that describes a currencies ability to maintain a constant price while being traded regularly.

how it all pans out is yet to be revealed

But most people who have the coin have them aquired through trading and will use them to trade. Currently I am holding meger 10k which isn't even that much but would mean I am entitled to 10kg of candy - with that in mind how could they ever realistically exchange the coins on a 1:1 basis when most of the people got the coin for 1/10000 of the price. If they wanted to use that coin on 1:1 place why did they even sell it on the market place and didn't premine it all and then gave out on this basis? Sorry but the economics behind the coin don't look really thought through.

Yes your entitled to 10kg of canndy, but you can only get 3 grams a day. It would take you 30 years or so to get that many, and thats if you go everyday. Most people holding the coins live hundreds of miles away and will most likely be selling them. You dont have to sell your coins on the exchanges. You can sell them to people that live close to the stores on craigslist or ebay. As for the shops they wont sell back untill the price of the coin is atleast 10 dollars or more a coin. A gram of bud is 20 so i see this coin going to around 15 dollars atleast. The people that bought at the low price will be selling around 4 to 5 a coin probably at first. But why would you sell something less than its worth?

[Skydog]

>Yes your entitled to 10kg of canndy, but you can only get 3 grams a day. It would take you 30 years or so to get that many, and thats if you go everyday. Most people holding the coins live hundreds of miles away and will most likely be selling them. You dont have to sell your coins on the exchanges. You can sell them to people that live close to the stores on craigslist or ebay. As for the shops they wont sell back untill the price of the coin is atleast 10 dollars or more a coin. A gram of bud is 20 so i see this coin going to around 15 dollars atleast. The people that bought at the low price will be selling around 4 to 5 a coin probably at first. But why would you sell something less than its worth?

3 ngramm a day would be 90 gramm a month would be 1080 gramm a year or $10.000-$20.000 per year per costumer per year. Ten costumer on the first day would cost you a staggering $600 etc. pp. Are you telling me the stores will be selling this amount at a lose? This is completely unrealistic, I am out. Good luck folks.

[WarrEagle]

It will be interesting...since most patients at the dispensaries will not now about the coin. Add in the fact that the dispensary will be selling CANN for fiat...which could be simple paper wallets pre-loaded and offered at a discount. Or laminated ID cards with a CANN address printed on it.

Once people get hip to buying their own cann online and carrying a paper wallet ID with them, adoption rates increase....It CANN work...pulled off? That's what I am waiting to see!

There is also one thing that if you look at the CANN rich list https://chainz.cryptoid.info/cann/#!rich

The top 100 addresses own %85.9 of the existing 81M coins in circulation. Those 100 wallets are most likely tied to insiders and people that got in early and cheap. I know cause I'm one of them, I got in real early before trex, ccex and polo. My purchased were made on AllCrypt when they were the volume leader there.

This coin will take some time to achieve parity and something tells me those top 100 want to see this coin succeed. LiteCoin had a market cap in excess of a Billion, based on nothing buy hype. So it is possible.

[tokyopotato]

Am I the only one here wondering about the economics of this entire thing?

We have an maximum amount of 106,000,000 coins with currently 21873600 coins being mined. With a pegg of 1:1 and an assumed price of $10 a pegg the current coin supply would be worth $2187360000 worth of coins or in other words twohundredsevetysixmillion dollar or in other words more than all other altcoins together. However, the current price of the coinis $0.015 or 1/10000 of the given pegg. Now when people are coming to your business and starting exchanging CANN for candy are you going to sell them the price at a lose? Do you believe the price will rise this extreme until you start exchanging the CANN for candy? How are you planning this to happen with so many people holding and trading with the coin? How are you dealing with vortality?

Here's my frank opinion on the price pegging.  If this was the intention of the devs from the beginning, it would have been wiser to pre-mine the coin 100% or use the Ripple network and issue IOUs.  This way they could give away the coins to their clientele and to medical users of other states.  There would not be 22,000,000 on the market right now, there would be as many as they distributed based upon how much Cannabis they could sell at that price.

This is not to say it can't be done - it's just that using this method of coin distribution makes the logistics quite complicated in terms of getting businesses and growers to essentially take losses for an uncertain amount of time.  People have families to feed and mortgages to pay, they need USD, so I would think it will be difficult for them to do this.

I don't know, I have a degree in Economics so I think I'm a little biased.

I would be REALLY interested to see if there is an economist on the CANN team that can put together some type of 5-10 year plan on how they expect this to work.  Given the current legal situation regarding cryptocurrency and Cannabis, I imagine this project could take that long to get started.

Also, I would highly encourage people to get acquainted with the KYC/AML (anti-money laundering) laws if you plan on approaching business to take CANN: http://www.coindesk.com/bitcoin-law-what-us-businesses-need-to-know/

Disclaimer:  I am head of Public Relations and an Economic Analyst for the Cannacoin Dev team.

-Patrick

[tokyopotato]

Add in the fact that the dispensary will be selling CANN for fiat...

Under U.S. law, trading Fiat for Crypto would qualify them as money transmitters and puts them under the scrutiny of the federal government.

http://www.azdfi.gov/Licensing/Licensing-FinServ/MT/MT.html

The logistics of operating a dispensary and registering with FinCEN under current Federal Laws regarding Cannabis, is probably the most risky thing I can imagine doing as you are essentially inviting the Feds into your dispensary.

http://www.fincen.gov/

Now that Ross Ulbricht and Charlie Shrem are facing Federal drug trafficking and money laundering charges, I think the government is going to watch this sector very closely.

http://www.coindesk.com/ross-ulbricht-pleads-guilty-new-drug-charges/

I'm telling you guys this because I don't want anyone to get hurt or involved in something that could land them in prison.  My advice for CannabisCoin?  Take it slow and follow the laws.

[ChaseT]

my advice on cann: call the herbal wellness inc in phoenix arizona and receive some good news from them like: "yes, we will accept cannabiscoin as a form of payment"

[WarrEagle]

Add in the fact that the dispensary will be selling CANN for fiat...

Under U.S. law, trading Fiat for Crypto would qualify them as money transmitters and puts them under the scrutiny of the federal government.

http://www.azdfi.gov/Licensing/Licensing-FinServ/MT/MT.html

The logistics of operating a dispensary and registering with FinCEN under current Federal Laws regarding Cannabis, is probably the most risky thing I can imagine doing as you are essentially inviting the Feds into your dispensary.

http://www.fincen.gov/

Now that Ross Ulbricht and Charlie Shrem are facing Federal drug trafficking and money laundering charges, I think the government is going to watch this sector very closely.

http://www.coindesk.com/ross-ulbricht-pleads-guilty-new-drug-charges/

I'm telling you guys this because I don't want anyone to get hurt or involved in something that could land them in prison.  My advice for CannabisCoin?  Take it slow and follow the laws.

The feds fucked themselves by classifying digital coins as commodities and not a currency. They can be bought and sold without FinCEN concerns....that's just my take on what I have heard. I could be wrong.

http://gizmodo.com/irs-declares-bitcoin-is-property-and-must-be-taxed-as-s-1551321725

[SushiChef]

>Yes your entitled to 10kg of canndy, but you can only get 3 grams a day. It would take you 30 years or so to get that many, and thats if you go everyday. Most people holding the coins live hundreds of miles away and will most likely be selling them. You dont have to sell your coins on the exchanges. You can sell them to people that live close to the stores on craigslist or ebay. As for the shops they wont sell back untill the price of the coin is atleast 10 dollars or more a coin. A gram of bud is 20 so i see this coin going to around 15 dollars atleast. The people that bought at the low price will be selling around 4 to 5 a coin probably at first. But why would you sell something less than its worth?

3 ngramm a day would be 90 gramm a month would be 1080 gramm a year or $10.000-$20.000 per year per costumer per year. Ten costumer on the first day would cost you a staggering $600 etc. pp. Are you telling me the stores will be selling this amount at a lose? This is completely unrealistic, I am out. Good luck folks.

Questions are not really answered here! Have been following the thread since I was attacked here. Only thing that happend where more pics and buzzwords. Yeah a coin dev was found. That is great and should settle the technical coin side. But still the peg. is what makes this coin "special" and more then once there were questions raised about it. Never a clear answer is given and all criticism about it is labeled as FUD etc

[ChaseT]

i repeat it the last time because i'm tired:

i called the fucking herbal wellness center inc in phoenix, i asked them if they will accept cannabiscoin as a form of payment and they said: "YES."

YES YES YES YES YES, IT'S ALL TRUE PERIOD

[trolek1]

Nice coin ! I wanna invest some of btc's on this i think that will be go to the moon!

[corather]

So what stops joe blow from selling cannabis coin for say 8 dollars a coin on ebay? It's accepted for 1 gram of cann, that's all agreed to be worth between 10 and 15 dollars. People who aren't familiar or want to care about bittrex or any other crypto trading house can avoid that whole issue and still buy their coins at a discount. You can even offer to print a paper wallet for them and all of that "hard part" dissolves because you're providing a much needed service.

Don't give me poop about eBay's policies. It is within their policy to allow crypto currency sales you just have to CYA and make sure you follow a documented procedure that makes you not liable for people backing out and claiming they didn't receive their item. It simply involves documenting the blockchain trans number with the address assigned to them and documenting the whole process from start to finish. This way you can fight any charge back eBay might impose by fraudulent ebay users.

[DubFX]

i repeat it the last time because i'm tired:

i called the fucking herbal wellness center inc in phoenix, i asked them if they will accept cannabiscoin as a form of payment and they said: "YES."

YES YES YES YES YES, IT'S ALL TRUE PERIOD

Did you explain them what it is? Did they say yes and then you did hang or what?
E-mail this to devs with contact info and details and they could ask if it's truth.

[GambleToWin]

i repeat it the last time because i'm tired:

i called the fucking herbal wellness center inc in phoenix, i asked them if they will accept cannabiscoin as a form of payment and they said: "YES."

YES YES YES YES YES, IT'S ALL TRUE PERIOD

Did you explain them what it is? Did they say yes and then you did hang or what?
E-mail this to devs with contact info and details and they could ask if it's truth.

sorry but i know know what your trying to say?

[tokyopotato]

The feds fucked themselves by classifying digital coins as commodities and not a currency. They can be bought and sold without FinCEN concerns....that's just my take on what I have heard. I could be wrong.

http://gizmodo.com/irs-declares-bitcoin-is-property-and-must-be-taxed-as-s-1551321725

For purposes of the guidance, FinCEN refers to the participants in generic virtual
currency arrangements, using the terms “exchanger,” “administrator,” and “user.” An exchanger
is a person engaged as a business in the exchange of virtual currency for real currency, funds, or
other virtual currency. An administrator is a person engaged as a business in issuing (putting
into circulation) a virtual currency, and who has the authority to redeem (to withdraw from
circulation) such virtual currency. A user is a person that obtains virtual currency to purchase
goods or services on the user’s own behalf.
 
The guidance makes clear that an administrator or exchanger of convertible virtual
currencies that (1) accepts and transmits a convertible virtual currency or (2) buys or sells
convertible virtual currency in exchange for currency of legal tender or another convertible
virtual currency for any reason (including when intermediating between a user and a seller of
goods or services the user is purchasing on the user’s behalf) is a money transmitter under
FinCEN's regulations, unless a limitation to or exemption from the definition applies to the
person.7

 The guidance also makes clear that “a user who obtains convertible virtual currency
and uses it to purchase real or virtual goods or services is not an MSB under FinCEN's
regulations.”
 

http://www.fincen.gov/news_room/rp/rulings/pdf/FIN-2014-R001.pdf