any updates here? With all the states in USA seem to be jumping on board with legalizing seems the opportunities are endless with the right connections.
Sorry for the wall of text directed at your post, it is more a general post than a direct reply, some of it is related some isn't
Not really .
Bitcoin at the stage it is currently would have no chance of adoption by the cannabis industry on a whole.
the banks already treat them extremely badly with many extreme hurdles. Adding another medium that is also frowned upon by many banks just doesn't make sense at all, why go from 1 thing the banks dis like to another?
Liquidity is also another huge factor, the amount of money they make daily just in a single state would completely screw up the price and cause bitcoin to be much more volatile than it has been , even possibly causing downward pressure , especially with multiple states all store owners every month needing to pay employee's or every week, having to sell bitcoin to buy producs/stock , having to sell bitcoin to pay taxes , having to sell bitcoin whenever they intend on expanding, some of these expansions value in the multiple millions, being dumped on the market in 1 go most likely since they cant spend the next week slowly selling off millions of dollars worth of bitcoin when they need to pay a large assortment of people or many different jobs to get building their expansion plans.
This also creates the huge problem of selling millions of dollars worth of bitcoin to build or expand, which would directly affect the other funds they would be holding in bitcoin, they would literally be devaluing their holdings everytime they need to sell a large amount to pay for anything large enough in size.
Lets not forget with the constant fluctuations in bitcoins price without them even being involved in it, Mining companies and other companies had to shut down when bitcoin reached a certain price level, holding all your assets for a business that relies on paying many people so they can feed themselves and their families including the owners wanting to make a profit and expand, can't simply just "risk it all on holding in bitcoin" if the price drops they are seriously screwed , they have erased a large portion of their wealth doing nothing but sitting down doing nothing and there is nothing much they can do, expect maybe wait it out? which isn't the greatest idea for a business with continuous business expenses that need to be dealt with.
This in the future might be completely different, "when the circle completes itself" by this i mean that the transaction process is a complete circle that doesn't leave bitcoin , right now the options are : Stores accept bitcoin, they immediately turn it into dollars and use that.
but in the future when a store has the ability to easily, buy its stock with bitcoin, pay its employee's with bitcoin, can effective live their day to day life and business operations in bitcoin then that would make it much easier, from the store selling the Bud, to the store buying more product , to paying their customers change, paying their employee's wages, the price of bitcoin would be more stable, there would be less dumping and converting into USD if there was the ability to use it like an everyday currency .
thus it is a complete circle. Right now it aint a complete circle and will most likely just contribute to a downward trend in the price as thousands of shops in every state take bitcoin in and then sell it to get USD value so they are able to pay or everything they need which has to be USD.
At the moment , business owners dealing in cannabis , if they entered the bitcoin market aggressively would literally contribute towards a downward price to their own asset they have chosen to use. contributing to their own loss of value.
Now apply that to any alt coin in the crypto space with far less liquidity , far less reach, far less volume, far less everything else and it would be literally impossible at current for any decent sign of serious adoption for crypto by the cannabis industry
This is why i have an extreme opposition to advertising and trying to get celebrities "on board" because as of right now you have 2 choices
get someone like snopp dogg to mention your crypto coin , yes it will most likely see a price increase, but economically it is still exactly the same, none of the problems mentioned above are solved, you would get a hype and speculation around the coin or a week, if you are lucky maybe longer, then those people bag holding the coins will just dump at any sign of a decline , the price will keep dropping because celebs mentioning crypto coins does almost jack crap for the coin itselfs and we are again stuck in a shitty position , just the impatient people wanting a price increase so they can sell are now happy and no longer in the community.
This idea wont likely bring in new people to the coin, at best it will bring in a very small amount of people, many will not really stay too long, but will likely be pumped and dumped by those who are currently in the community looking to make profit on any coin that has some positive news with the expectation of growth in the next few weeks.
Or
You take the problem serious, serious steps and attempts at either, solving the problems that not even bitcoin can currently solve, or take the problem on from a different angle. promoting infrastructural growth , slowly building use cases, user base and a solid foundation with which to place your coin on, that when mentioned later on in the future by celebrities doesn't just cause a huge pump and dump but shows the community a real world value for what it has to offer.
This idea will likely bring in new people to the coin that will actually remain in the coin, use it for multiple reasons not just buying a little bit of weed.
Adam is currently taking step 2 , he is taking the problem on from a different angle, he is using his contacts to try to put into place a way to create a solid underlying value and use to the coin , It will take some time to fully realize said idea , It is an idea that no one else has tried before this is most likely why he attempting to be so hush hush about it, he doesn't want someone to attempt to copy the idea before he does it.
Remaining quiet now allows him to put many months of work down before anyone else tries to replicate if the idea is successful , this means when announcing the idea when it is almost ready or is ready to be fully announced , then anyone wishing to copy the idea has many months of ground work ahead before they see it reach anywhere near the level he is at, giving him first move advantage in an open source crypto currency environment where successful ideas are replicated and are usually indicators of success .
This isn't to say like some blind cult follower "OMFG this idea is amaze ballzzzz buy it alllllll's up cos its gonna explodezz" The success of the idea is still unknown because it hasn't been done before , it could not work as intended or might need to be tweaked a hell of a lot before it gets the optimum results or like any other project in the crypto space, it has a chance it might not work. any number of an endless amount of different factors could end up taking this in 1 direction or the other.
