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

[Maurizio]

STOP feeding Trolls with quoting them.
You make yourself part of trolling. Relax and watch how we climb to 20k Sat.

[moonchaser]

I am a full member so I guess my voice counts for more for some reason.  To the Feds there is no medical marihuana. Pot is pot. The states are breaking Federal law and Obama is choosing to not care. If Romney had won there would be no medical marajuana or legalization. This guy has interesting questions, the team should take time and answer them.

Lol man. As a full member I don't see you worrying so much about BTC being banned in Russia, and not being accepted in any shop across the World. And if the Feds decide that no decentralized currency will ever be legal in USA and its a threat to National Security
What then ?
So what exactly is your point about Crypto and especially about CANN ?

[minairia3]

Bitcoin wasn't specifically set-up to evade the law; they sure as hell shut down the Silk Road though.  Like no one wants to understand, there is no distinction between recreational and medicinal pot under Federal Law.  They're playing nice because the democrats are in charge. For now.

How are the Cannabiscoin devs going to deal w/ the fact that marajuana related transactions are illegal under Federal law?

At present if the government so decided they could shut down Cannabiscoin and seize all assets immediately.  Just because this is on the block chain means nothing. If some from the AGs office in DC calls up Bittrex and Crypsy that's the end of trading essentially killing the coin. They know who the dev is and he'd find himself on charges for money laundering, selling marajuana to kids (it just takes one teenager to buy one gram of pot with Cannabiscoin from a friend to send the dev away for 20 years, etc.)

The banks were given vague clearance to go ahead as long as they meet strict reporting requirements:

FinCEN's legal guidance creates two new categories for banks to report transactions with marijuana businesses. All transactions will be labeled as "suspicious" and banks will have to file so-called Suspicious Activity Reports. Those transactions that banks believe are legal marijuana business can be reported to FinCEN as "marijuana limited" transactions. Those that banks believe may be illegal would be filed as "marijuana priority" transactions and would generate further scrutiny from regulators.

Frank Keating, president and CEO of the American Bankers Association, said:

"While we appreciate the efforts by the Department of Justice and FinCEN, guidance or regulation doesn't alter the underlying challenge for banks," he said. "As it stands, possession or distribution of marijuana violates federal law, and banks that provide support for those activities face the risk of prosecution and assorted sanctions."

Cannabiscoin is a financial instrument specifically designed to facilitate marajuana transactions and as such flies directly in the face of the law.  Banks can hide under the figleaf that they "believe" a transaction involves pot but a cannabiscoin coin transaction will always definitely be for the purchase of pot giving no leeway re enforcement.  Furthermore banks are required to provide detailed transaction history to regulators. Does cannabiscoin have the accountants and regulatory staff to provide this data? Here are the rules:

Also, how does Cannabiscoin handle the post 9/11 Know Your Customer rules that all financial structures must follow? Altcoins fly under the radar because the government could care less about people buying beef jerky, USB cables, etc. Cannabiscoin will actively promote the wide spread distribution and sale of narcotics and so will be under a microscope. Here are the requirements:

Collection and analysis of basic identity information (referred to in US regulations and practice a "Customer Identification Program" or CIP)
Name matching against lists of known parties (such as "politically exposed person" or PEP)
Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
Creation of an expectation of a customer's transactional behavior
Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers

Of course since these are valid and uncomfortable people the hurry and buy a ticket for a train ride to the moon people will scream FUD in great big red letters. Let them. Real investors need answers ASAP.

this is expected, granting that the fed can do anything.  but what has the fed done to shut down bitcoin? it has gone up over 100 usd.

my take, do not worry about it.  let cann flourish.  if it doesn't, then it doesn't.

[rustynailer]

I am a full member so I guess my voice counts for more for some reason.  To the Feds there is no medical marihuana. Pot is pot. The states are breaking Federal law and Obama is choosing to not care. If Romney had won there would be no medical marajuana or legalization. This guy has interesting questions, the team should take time and answer them.

Yes but the direction the world is moving in is legalization and this is just the first step.

[Edraket31]

The amount of fud on here is crazy.  More than normal everyday fud lol

From the other side: i got accused for fudding, just asking some legit questions as I am interested in the case itself.
I am interested to see how this whole concept is going in the future, together with the limitations CANN has now (limit of buying p/day, only 1 selling point).

I bought my first CANN at 180sat as I saw a bright future for these plans and I am pretty sure that most posters here who scream "fud, fud, fud" are here for a quick buck.
After they made their profit, they will move on to the next coin and don't be surprised when they are cheerleading a musiccoin, e-sportscoins or whatever.

Apparently it is only allowed to be a cheerleader, otherwise you are called a fud'er

[tokeweed]

I am a full member so I guess my voice counts for more for some reason.  To the Feds there is no medical marihuana. Pot is pot. The states are breaking Federal law and Obama is choosing to not care. If Romney had won there would be no medical marajuana or legalization. This guy has interesting questions, the team should take time and answer them.

How are the Cannabiscoin devs going to deal w/ the fact that marajuana related transactions are illegal under Federal law?

At present if the government so decided they could shut down Cannabiscoin and seize all assets immediately.  Just because this is on the block chain means nothing. If some from the AGs office in DC calls up Bittrex and Crypsy that's the end of trading essentially killing the coin. They know who the dev is and he'd find himself on charges for money laundering, selling marajuana to kids (it just takes one teenager to buy one gram of pot with Cannabiscoin from a friend to send the dev away for 20 years, etc.)

The banks were given vague clearance to go ahead as long as they meet strict reporting requirements:

FinCEN's legal guidance creates two new categories for banks to report transactions with marijuana businesses. All transactions will be labeled as "suspicious" and banks will have to file so-called Suspicious Activity Reports. Those transactions that banks believe are legal marijuana business can be reported to FinCEN as "marijuana limited" transactions. Those that banks believe may be illegal would be filed as "marijuana priority" transactions and would generate further scrutiny from regulators.

Frank Keating, president and CEO of the American Bankers Association, said:

"While we appreciate the efforts by the Department of Justice and FinCEN, guidance or regulation doesn't alter the underlying challenge for banks," he said. "As it stands, possession or distribution of marijuana violates federal law, and banks that provide support for those activities face the risk of prosecution and assorted sanctions."

Cannabiscoin is a financial instrument specifically designed to facilitate marajuana transactions and as such flies directly in the face of the law.  Banks can hide under the figleaf that they "believe" a transaction involves pot but a cannabiscoin coin transaction will always definitely be for the purchase of pot giving no leeway re enforcement.  Furthermore banks are required to provide detailed transaction history to regulators. Does cannabiscoin have the accountants and regulatory staff to provide this data? Here are the rules:

Also, how does Cannabiscoin handle the post 9/11 Know Your Customer rules that all financial structures must follow? Altcoins fly under the radar because the government could care less about people buying beef jerky, USB cables, etc. Cannabiscoin will actively promote the wide spread distribution and sale of narcotics and so will be under a microscope. Here are the requirements:

Collection and analysis of basic identity information (referred to in US regulations and practice a "Customer Identification Program" or CIP)
Name matching against lists of known parties (such as "politically exposed person" or PEP)
Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
Creation of an expectation of a customer's transactional behavior
Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers

Of course since these are valid and uncomfortable people the hurry and buy a ticket for a train ride to the moon people will scream FUD in great big red letters. Let them. Real investors need answers ASAP.

Ahahaha! This is such a desperate try  This is medicinal Cannabis ...so get lost !!   

we will all get answers from the cann devs for sure.  but for people trying to bring this up, why now that cann is on the rise? of course it will look like fud. it looks like fud right now.

also, for a guy who supports crypto, some people are getting fussy on what cann is doing. i mean really, i'm pretty sure all the coins you support have some fudsters too.  and this has been happening over and over.

why not we just all get together and flourish. fuck the fed let's support all crypto and take the flow of value away from the banksters and straight to the people.

[mitchr4]

The Feds could technically shut down the entire industry. It's all operating in a grey area. I don't see it as anymore of a risk than the grow houses or dispensaries... Yea, the Feds could shut it down, but they can't fuck with state laws too much, the legalization of marijuana is something that's going to happen, and I'm willing to take the risk... It's no more of a risk than darkcoin.

[moonchaser]

Really ? What about the anonymous coins ? You just make me laugh. Actually I will : Hahahaha!

Bitcoin wasn't specifically set-up to evade the law; they sure as hell shut down the Silk Road though.  Like no one wants to understand, there is no distinction between recreational and medicinal pot under Federal Law.  They're playing nice because the democrats are in charge. For now.

[Whaler]

DISPENSARYS THAT TAKE CRYPTO

http://www.forbes.com/sites/kashmirhill/2014/02/10/irony-alert-major-bitcoin-processor-rejects-pot-shop-as-too-legally-dubious/

http://www.coindesk.com/washington-dispensary-now-takes-bitcoin-cannabis/

http://www.coindesk.com/new-colorado-marijuana-vending-machines-accept-bitcoin/

http://www.kxly.com/news/spokane-news/marijuana-dispensaries-adopt-bitcoin-currency/24277740

[tokeweed]

Bitcoin wasn't specifically set-up to evade the law; they sure as hell shut down the Silk Road though.  Like no one wants to understand, there is no distinction between recreational and medicinal pot under Federal Law.  They're playing nice because the democrats are in charge. For now.

How are the Cannabiscoin devs going to deal w/ the fact that marajuana related transactions are illegal under Federal law?

At present if the government so decided they could shut down Cannabiscoin and seize all assets immediately.  Just because this is on the block chain means nothing. If some from the AGs office in DC calls up Bittrex and Crypsy that's the end of trading essentially killing the coin. They know who the dev is and he'd find himself on charges for money laundering, selling marajuana to kids (it just takes one teenager to buy one gram of pot with Cannabiscoin from a friend to send the dev away for 20 years, etc.)

The banks were given vague clearance to go ahead as long as they meet strict reporting requirements:

FinCEN's legal guidance creates two new categories for banks to report transactions with marijuana businesses. All transactions will be labeled as "suspicious" and banks will have to file so-called Suspicious Activity Reports. Those transactions that banks believe are legal marijuana business can be reported to FinCEN as "marijuana limited" transactions. Those that banks believe may be illegal would be filed as "marijuana priority" transactions and would generate further scrutiny from regulators.

Frank Keating, president and CEO of the American Bankers Association, said:

"While we appreciate the efforts by the Department of Justice and FinCEN, guidance or regulation doesn't alter the underlying challenge for banks," he said. "As it stands, possession or distribution of marijuana violates federal law, and banks that provide support for those activities face the risk of prosecution and assorted sanctions."

Cannabiscoin is a financial instrument specifically designed to facilitate marajuana transactions and as such flies directly in the face of the law.  Banks can hide under the figleaf that they "believe" a transaction involves pot but a cannabiscoin coin transaction will always definitely be for the purchase of pot giving no leeway re enforcement.  Furthermore banks are required to provide detailed transaction history to regulators. Does cannabiscoin have the accountants and regulatory staff to provide this data? Here are the rules:

Also, how does Cannabiscoin handle the post 9/11 Know Your Customer rules that all financial structures must follow? Altcoins fly under the radar because the government could care less about people buying beef jerky, USB cables, etc. Cannabiscoin will actively promote the wide spread distribution and sale of narcotics and so will be under a microscope. Here are the requirements:

Collection and analysis of basic identity information (referred to in US regulations and practice a "Customer Identification Program" or CIP)
Name matching against lists of known parties (such as "politically exposed person" or PEP)
Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
Creation of an expectation of a customer's transactional behavior
Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers

Of course since these are valid and uncomfortable people the hurry and buy a ticket for a train ride to the moon people will scream FUD in great big red letters. Let them. Real investors need answers ASAP.

this is expected, granting that the fed can do anything.  but what has the fed done to shut down bitcoin? it has gone up over 100 usd.

my take, do not worry about it.  let cann flourish.  if it doesn't, then it doesn't.

just keep it cool. cann is a small operation after all. let's just all watch and see cann flourish.  if it doesn't, then it doesn't. what seems to be the problem? 

[rustynailer]

The amount of fud on here is crazy.  More than normal everyday fud lol

From the other side: i got accused for fudding, just asking some legit questions as I am interested in the case itself.
I am interested to see how this whole concept is going in the future, together with the limitations CANN has now (limit of buying p/day, only 1 selling point).

I bought my first CANN at 180sat as I saw a bright future for these plans and I am pretty sure that most posters here who scream "fud, fud, fud" are here for a quick buck.
After they made their profit, they will move on to the next coin and don't be surprised when they are cheerleading a musiccoin, e-sportscoins or whatever.

Apparently it is only allowed to be a cheerleader, otherwise you are called a fud'er

Sorry dude, I wasnt aiming anything at you in particular.  And for the record I welcome robust questions and debates, its the best way to sort things out.

[RockHound]

media attention would be cool too
VICE, WIRED?

Good popular-culture platforms, thanks for submission!

Added to CANN community Hit List:

https://docs.google.com/document/d/1eUhhvaOa0_Wk9CBE-vGBIfkwYBkzYxOuTDt6WySxTPI/edit

[samspaces]

DISPENSARYS THAT TAKE CRYPTO

http://www.forbes.com/sites/kashmirhill/2014/02/10/irony-alert-major-bitcoin-processor-rejects-pot-shop-as-too-legally-dubious/

http://www.coindesk.com/washington-dispensary-now-takes-bitcoin-cannabis/

http://www.coindesk.com/new-colorado-marijuana-vending-machines-accept-bitcoin/

The problem here is on the bitcoin-side, not the state or federal regulation laws. CANN is it's own bitcoin and can thus make it's own rules.

[unusualfacts30]

This will be awesome. CANN is bringing crypto to general population and this will be huge for every single cryptocoin that's out there. Don't hate on a coin that's a doing favor on all of us.

If CANN wasn't doing this. Pot, Hemp and other coins wouldn't hold any value today. Don't forget that. Everything is connected here..this is crypto.

Lets join hands together. Everyone will benefit from this.

[tokeweed]

The Feds could technically shut down the entire industry. It's all operating in a grey area. I don't see it as anymore of a risk than the grow houses or dispensaries... Yea, the Feds could shut it down, but they can't fuck with state laws too much, the legalization of marijuana is something that's going to happen, and I'm willing to take the risk... It's no more of a risk than darkcoin.

feds could try.  but no. there will be politicians who will support cannabis legalization. why?  cos it would give them more votes.

[Whaler]

DISPENSARYS THAT TAKE CRYPTO

http://www.forbes.com/sites/kashmirhill/2014/02/10/irony-alert-major-bitcoin-processor-rejects-pot-shop-as-too-legally-dubious/

http://www.coindesk.com/washington-dispensary-now-takes-bitcoin-cannabis/

http://www.coindesk.com/new-colorado-marijuana-vending-machines-accept-bitcoin/

http://www.kxly.com/news/spokane-news/marijuana-dispensaries-adopt-bitcoin-currency/24277740

Added more

[moonchaser]

Correct! And because of CANN world attention will be on Crypto.
CANN is doing as a big favor, no matter what coin are we in.

This will be awesome. CANN is bringing crypto to general population and this will be huge for every single cryptocoin that's out there. Don't hate on a coin that's a doing favor on all of us.

If CANN wasn't doing this. Pot, Hemp and other coins wouldn't hold any value today. Don't forget that. Everything is connected here..this is crypto.

Lets join hands together. Everyone will benefit from this.

[mrbigmugs]

DISPENSARYS THAT TAKE CRYPTO

http://www.forbes.com/sites/kashmirhill/2014/02/10/irony-alert-major-bitcoin-processor-rejects-pot-shop-as-too-legally-dubious/

http://www.coindesk.com/washington-dispensary-now-takes-bitcoin-cannabis/

http://www.coindesk.com/new-colorado-marijuana-vending-machines-accept-bitcoin/

http://www.kxly.com/news/spokane-news/marijuana-dispensaries-adopt-bitcoin-currency/24277740

Added more

Yes they take crytpo , but it is not BACKED by the actual commodity at 1 coin = 1 g   ....... THAT is the difference..

[tokeweed]

This will be awesome. CANN is bringing crypto to general population and this will be huge for every single cryptocoin that's out there. Don't hate on a coin that's a doing favor on all of us.

If CANN wasn't doing this. Pot, Hemp and other coins wouldn't hold any value today. Don't forget that. Everything is connected here..this is crypto.

Lets join hands together. Everyone will benefit from this.

[mitchr4]

I think it's just that questions of legality are hard to answer for all of crypto, so when everyone continues to ask... It's like, ok. Yes. These are good questions, but every coin has the same issue in that respect. It's a risky market. I think we all understand that, but CANN has a huge reward if it can pull this off, and the steps are there to make it happen at least logistically, and that's what I'm banking on. If the people want it enough then the law will find a way to suit it (and unfortunately tax it).