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

[DubFX]

I would be cool if CANN had physical backup like dollars and shit, I mean instead of pile of gold bars, then a massive house full of weed, and then 1 gram = 1 cann, awesome shit 

Did you read this topic? It is backuped by cannabis that's currently in growth stage.

and dollar isn't backed by gold bars

Yep, since around 1960 i think, but from these names it seems that you are just spamming this tread with nonsense to get you post count/activity up.
Srsly gtfo.

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[BrianM]

I would be cool if CANN had physical backup like dollars and shit, I mean instead of pile of gold bars, then a massive house full of weed, and then 1 gram = 1 cann, awesome shit 

Did you read this topic? It is backuped by cannabis that's currently in growth stage.

and dollar isn't backed by gold bars

Yep, since around 1960 i think, but from these names it seems that you are just spamming this tread with nonsense to get you post count/activity up.
Srsly gtfo.

Next thing will be that man never been on the moon 

[WarrEagle]

I would be cool if CANN had physical backup like dollars and shit, I mean instead of pile of gold bars, then a massive house full of weed, and then 1 gram = 1 cann, awesome shit 

Did you read this topic? It is backuped by cannabis that's currently in growth stage.

and dollar isn't backed by gold bars

Yep, since around 1960 i think, but from these names it seems that you are just spamming this tread with nonsense to get you post count/activity up.
Srsly gtfo.

Next thing will be that man never been on the moon 

FACT: In 1943 the Federal Reserve stopped backing the dollar with gold. Google it and quit talking out of your ass.

[tokyopotato]

I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue.  The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis.  Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.

You've been going fine, but now you've stepped into the realm of the blatantly not true.

There's nothing about accepting crypto as a merchant that makes your a money transmitter.

I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.

*edit*  You are right, I mispoke.  I meant that if you exchange USD for Crypto you can be considered a money transmitter.

[tokyopotato]

To be honest... I'm not surprised you guys are annoyed that people bring up the difficult issues surrounding crypto.

These are real issues that should be addressed.  These are issues that our team discussed with CANN to address together.  It's what we take into account while we build CannaPay.  The issue of money transmitting licenses and FinCEN regulations.

You guys think you can just go sell CANN for cash in a retail business?  I highly recommend you contact Coinbase, ProjectSkyhook ATMs, or any other business that is involved in USD <---> BTC transactions

http://www.theverge.com/2014/2/7/5390782/three-bitcoin-traders-arrested-in-florida-on-money-laundering-charges

Read what I write and stop reacting emotionally.

[Bitcycle]

I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue.  The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis.  Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.

You've been going fine, but now you've stepped into the realm of the blatantly not true.

There's nothing about accepting crypto as a merchant that makes your a money transmitter.

I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.

Dude.

I quoted what you said directly.

"Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter"

And that's just not true.

You're all over the place.

I'm gonna have to put you in the category of "Has no idea what he's talking about."

[Bitcycle]

To be honest... I'm not surprised you guys are annoyed that people bring up the difficult issues surrounding crypto.

These are real issues that should be addressed.  These are issues that our team discussed with CANN to address together.  It's what we take into account while we build CannaPay.  The issue of money transmitting licenses and FinCEN regulations.

You guys think you can just go sell CANN for cash in a retail business?  I highly recommend you contact Coinbase, ProjectSkyhook ATMs, or any other business that is involved in USD <---> BTC transactions

http://www.theverge.com/2014/2/7/5390782/three-bitcoin-traders-arrested-in-florida-on-money-laundering-charges

Read what I write and stop reacting emotionally.

I read what you wrote.

You wrote that *accepting* (not selling, accepting) crypto in a retail business means you need a money transmitter license.

And that's flat out wrong.  No other way to put it.

[tokyopotato]

I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue.  The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis.  Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.

You've been going fine, but now you've stepped into the realm of the blatantly not true.

There's nothing about accepting crypto as a merchant that makes your a money transmitter.

I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.

Dude.

I quoted what you said directly.

"Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter"

And that's just not true.

You're all over the place.

I'm gonna have to put you in the category of "Has no idea what he's talking about."

Yeah I mispoke.  

[GambleToWin]

I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue.  The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis.  Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.

You've been going fine, but now you've stepped into the realm of the blatantly not true.

There's nothing about accepting crypto as a merchant that makes your a money transmitter.

I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.

But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a special strain you can buy with it. Besides the ones they already have that aren't Canndy!

[tokyopotato]

I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue.  The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis.  Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.

You've been going fine, but now you've stepped into the realm of the blatantly not true.

There's nothing about accepting crypto as a merchant that makes your a money transmitter.

I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.

But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a current type of strain you can buy with it. Besides the ones they already have that aren't Canndy!

No, that's not how it works.  Selling USD for Crypto or vice versa is considered money transmitting... and it's completely legal provided that you have a money transmitter license and you follow KYC/AML guidelines.

[GambleToWin]

I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue.  The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis.  Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.

You've been going fine, but now you've stepped into the realm of the blatantly not true.

There's nothing about accepting crypto as a merchant that makes your a money transmitter.

I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.

But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a current type of strain you can buy with it. Besides the ones they already have that aren't Canndy!

No, that's not how it works.  Selling USD for Crypto or vice versa is considered money transmitting... and it's completely legal provided that you have a money transmitter license and you follow KYC/AML guidelines.

Okay then, why not just follow the guidelines then. I mean if there are 1000+ shops that accept bitcoin and can follow the laws. Why can't Cann do the same?

[tokyopotato]

I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue.  The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis.  Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.

There are already tons of shops in America that accept crypto as payment.

http://www.bitcoinvalues.net/who-accepts-bitcoins-payment-companies-stores-take-bitcoins.html

Call me paranoid, but your posts are sounding a little bit negative toward cannabiscoin lately.  

Am I wrong here?

I agree, it will be the exact same thing as bitcoin. So this should be the same way for Cann. Why would cann be a money transmitter when bitcoin is not, unless your taking about the exchanges that have fiat to btc. I really dont see a problem here.

Anyone that operates a Bitcoin ATM is supposed to follow AML/KYC guidelines and should register as a money transmitter or they could end up in hot water.

Let me ask you a question, why do you think that Coinbase needs your Photo ID and other personal information to make an account?

[tokyopotato]

I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue.  The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis.  Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.

You've been going fine, but now you've stepped into the realm of the blatantly not true.

There's nothing about accepting crypto as a merchant that makes your a money transmitter.

I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.

But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a current type of strain you can buy with it. Besides the ones they already have that aren't Canndy!

No, that's not how it works.  Selling USD for Crypto or vice versa is considered money transmitting... and it's completely legal provided that you have a money transmitter license and you follow KYC/AML guidelines.

Okay then, why not just follow the guidelines then. I mean if there are 1000+ shops that accept bitcoin and can follow the laws. Why can't Cann do the same?

Yes they accept Bitcoin, but they do not sell Bitcoin. 

We are talking about two different things here.

[GambleToWin]

I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue.  The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis.  Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.

You've been going fine, but now you've stepped into the realm of the blatantly not true.

There's nothing about accepting crypto as a merchant that makes your a money transmitter.

I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.

But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a current type of strain you can buy with it. Besides the ones they already have that aren't Canndy!

No, that's not how it works.  Selling USD for Crypto or vice versa is considered money transmitting... and it's completely legal provided that you have a money transmitter license and you follow KYC/AML guidelines.

Okay then, why not just follow the guidelines then. I mean if there are 1000+ shops that accept bitcoin and can follow the laws. Why can't Cann do the same?

Yes they accept Bitcoin, but they do not sell Bitcoin.  

We are talking about two different things here.

So your telling me the shops that get millions of dollars worth of BTCs keep them in BTCs? You don't think they sell them for cash on the exchanges!!?

[tokyopotato]

I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue.  The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis.  Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.

You've been going fine, but now you've stepped into the realm of the blatantly not true.

There's nothing about accepting crypto as a merchant that makes your a money transmitter.

I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.

But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a current type of strain you can buy with it. Besides the ones they already have that aren't Canndy!

No, that's not how it works.  Selling USD for Crypto or vice versa is considered money transmitting... and it's completely legal provided that you have a money transmitter license and you follow KYC/AML guidelines.

Okay then, why not just follow the guidelines then. I mean if there are 1000+ shops that accept bitcoin and can follow the laws. Why can't Cann do the same?

Yes they accept Bitcoin, but they do not sell Bitcoin. 

We are talking about two different things here.

So your telling me the shops that get millions of days worth of BTC keep them in BTC? You don't think they sell them for cash on the exchanges!!?

You are completely missing the point.  The point is that if you want to sell CANN, or BTC, or any crypto in exchange for USD, you can be considered a money transmitter. 

I was incorrect when I said you need a license to accept crypto.  Obviously that's not true.  Anyone can accept crypto for payments. 

Where it gets tricky is how do you sell CANN to regular people that don't know how to acquire Bitcoin?  This is where you need to be careful.

[GambleToWin]

I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue.  The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis.  Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.

You've been going fine, but now you've stepped into the realm of the blatantly not true.

There's nothing about accepting crypto as a merchant that makes your a money transmitter.

I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.

But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a current type of strain you can buy with it. Besides the ones they already have that aren't Canndy!

No, that's not how it works.  Selling USD for Crypto or vice versa is considered money transmitting... and it's completely legal provided that you have a money transmitter license and you follow KYC/AML guidelines.

Okay then, why not just follow the guidelines then. I mean if there are 1000+ shops that accept bitcoin and can follow the laws. Why can't Cann do the same?

Yes they accept Bitcoin, but they do not sell Bitcoin.  

We are talking about two different things here.

So your telling me the shops that get millions of days worth of BTC keep them in BTC? You don't think they sell them for cash on the exchanges!!?

You are completely missing the point.  The point is that if you want to sell CANN, or BTC, or any crypto in exchange for USD, you can be considered a money transmitter.  

I was incorrect when I said you need a license to accept crypto.  Obviously that's not true.  Anyone can accept crypto for payments.  

Where it gets tricky is how do you sell CANN to regular people that don't know how to acquire Bitcoin?  This is where you need to be careful.

We'll is just selling a "paper wallet" then after sending that person " Free "coins against any rules!? They are paying for a piece of paper, not the actual coins.I mean they aren't considered money right but more of a Commodity?

[tokyopotato]

I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue.  The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis.  Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.

You've been going fine, but now you've stepped into the realm of the blatantly not true.

There's nothing about accepting crypto as a merchant that makes your a money transmitter.

I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.

Dude.

I quoted what you said directly.

"Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter"

And that's just not true.

You're all over the place.

I'm gonna have to put you in the category of "Has no idea what he's talking about."

Bitcycle,
You are completely correct that it's not illegal to accept cryptocurrency and you don't need a money transmitter license.  I don't know how I messed that up.  What I meant was if you want to sell CANN in a retail store, you are operating as a money transmitter and this can bring the Feds eyes upon you.

It's not just CannabisCoin that is dealing with this... every altcoin and Bitcoin exchange company is dealing with this... getting a money transmitter license is not cheap, especially as regulations become more cumbersome.

I was going to buy a Project Skyhook Bitcoin ATM a few months back but I decided to wait because there wasn't much point if you didn't have a money transmitter license.  Since then I've been looking to partner with someone or a company that does have this license in order to work together.

[tokyopotato]

I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue.  The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis.  Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.

You've been going fine, but now you've stepped into the realm of the blatantly not true.

There's nothing about accepting crypto as a merchant that makes your a money transmitter.

I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.

But they won't be exchanging USD for crypto, they will be selling their crypto for USD!! Lol plus isnt this bud delta9 and the teams bud and the shops are selling them for him and paying him a fee to exchange there!? If so he'll be dealing with the coins from there. If that's what I understand from him growing a current type of strain you can buy with it. Besides the ones they already have that aren't Canndy!

No, that's not how it works.  Selling USD for Crypto or vice versa is considered money transmitting... and it's completely legal provided that you have a money transmitter license and you follow KYC/AML guidelines.

Okay then, why not just follow the guidelines then. I mean if there are 1000+ shops that accept bitcoin and can follow the laws. Why can't Cann do the same?

Yes they accept Bitcoin, but they do not sell Bitcoin.  

We are talking about two different things here.

So your telling me the shops that get millions of days worth of BTC keep them in BTC? You don't think they sell them for cash on the exchanges!!?

You are completely missing the point.  The point is that if you want to sell CANN, or BTC, or any crypto in exchange for USD, you can be considered a money transmitter.  

I was incorrect when I said you need a license to accept crypto.  Obviously that's not true.  Anyone can accept crypto for payments.  

Where it gets tricky is how do you sell CANN to regular people that don't know how to acquire Bitcoin?  This is where you need to be careful.

We'll is just selling a "paper wallet" then after sending that person " Free "coins against any rules!?they are paying for piece of paper, not the actual coins. I mean they aren't considered money right but more of a Commodity?

They were classified by the IRS as a commodity for tax purposes... but the legal system seems to be clear...

http://www.dw.de/bitcoin-promoter-shrem-pleads-guilty-to-unlicensed-currency-use/a-17902990

[FredDag]

I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue.  The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis.  Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.

Sounds like what is needed is a 3rd Party 'Gift Card' provider specifically for the dispensaries.
They could accept crypto (CANN,POT etc) in exchange for Gift Cards.
Once the Dispensary accepts the Gift Card, they 'Cash In' with the provider for Fiat.

[tokyopotato]

I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue.  The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis.  Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.

Sounds like what is needed is a 3rd Party 'Gift Card' provider specifically for the dispensaries.
They could accept crypto (CANN,POT etc) in exchange for Gift Cards.
Once the Dispensary accepts the Gift Card, they 'Cash In' with the provider for Fiat.

Hey,
Now we are talking about solutions!  That is a great idea.