POT

[aleks]

for the uneducated and in a technical sense what does it offer can't be done with bitcoin?

 

[yennus]

I suppose it's just another method of payment. Another competing alt-currency in the marketplace.

E.g. What does the YEN/RMB/AUD offer that can't be done with USD?

 

[MaC]

for the uneducated and in a technical sense what does it offer can't be done with bitcoin?

Nothing in a technical sense yet... Its just another Litecoin clone.

The only difference is that unlike Litecoin or shitcoins developers are flocking to Potcoin because the can clearly see its actually going somewhere.

 

[aleks]

I suppose it's just another method of payment. Another competing alt-currency in the marketplace.

E.g. What does the YEN/RMB/AUD offer that can't be done with USD?

I don't buy your argument, to compare sovereign countries with financial systems structured around a singular centrally controlled currency to small merchants to who can setup crypto currency payment processing in same time it takes to go the the toilet........ So to me it makes sense to ask if it offers anything in a technical aspect over bitcoin? Does it ? I genuinely don't know.

 

[MaC]

Bitcoin and ALL the other crypto's out there look like a wild ride.

Potcoin on the other hand...

WoW

Much Stable

WoW

Very DOGE killer

WoW

 

[trew]

So it's fluctuated up and down between 150 and 4000 and you call that stable ?

 

[MaC]

So it's fluctuated up and down between 150 and 4000 and you call that stable ?

In the world of cryptocurrency yes.

Its all speculation...

Personally I wouldn't put and $$$$ into the market that I wasn't prepared to loose.

 

[aleks]

stable crypto-currency theres an oxymoron for you

 

[MaC]

Think about it like this...

How much money has your silver made you over the years?

I'm up 189% in 10 days with potcoin.

Crypto's are high risk.

The reward is also high...


Edit; 169% rather

 

[MaC]

If you bought Potcoin at market around this time yesterday you are now up 26%

Congratulations

 

[aleks]

Sigh...

That Y axis for the order book is the in the thousands right ?

Don't take this the wrong way because I'm not arguing against you ideologically but rather highlighting the fact what your saying carries as much weight as "because crypto currency = 1000 % increase" granted if that happens tomorrow night comming back here saying i told you so won't change anything

 

[MaC]

Sigh...

That Y axis for the order book is the in the thousands right ?

Don't take this the wrong way because I'm not arguing against you ideologically but rather highlighting the fact what your saying carries as much weight as "because crypto currency = 1000 % increase" granted if that happens tomorrow night comming back here saying i told you so won't change anything

No offence taken...

All i'm doing is putting the idea of Potcoin out there for the silver stackers.

What everyone decides to do from here I leave to you.

If you bought Potcoin at market around this time yesterday you are now up 26%

Congratulations

+ 3.01 in bitcoin value...

Compounding interest on the crypto level

 

[aleks]

How but framing some sort of debate around:

Financial institutions withdrawing there services to legalized pot dealers in Colorado

Blockchain technology and anonymity, the repercussions this will have in future and where this is going and the potential for altcoins to fill this gap

The silk road and the dark market drug trade took bitcoin off the ground and arguably made bitcon what it is today

Instead of

Potcoin, WOW Cryptocurrency WOW , such new, very speculation, many thousand percent

 

[southerncross]

No more or less stable than Bitcoin in a real sense but it does have the potential to become stable in the dedicated industry it was built and intended to be used in. IE it serves as a secure replacement for U.S Dollars for dispensary's and their customers so should become no more volatile than U.S $ .

March 27, 2014



Imagine traveling back to your parents' or grandparents' young adult years and telling them that in the near future, marijuana would be legal for recreational or medical use in nearly half of the U.S., and that pot smokers would have the option of buying it with a virtual marijuana-themed currency in lieu of traditional money.

They'd likely be a little stunned. But that's what's starting to happen.

Americans are getting around the heinous impositions of the Drug War in increasingly innovative ways. First, states have taken matters into their own hands, passing ballot initiatives to legalize marijuana for recreational or medical use in spite of the federal government's steadfastly prohibitionist stance. Now, in response to legal marijuana's biggest challenge burdensome federal regulations that inhibit legal marijuana shops from doing business with banks a small group of developers has created an alternative currency called PotCoin.

Legal Marijuana's Biggest Challenge

Due to a provision in the Controlled Substances Act, banks that do business with legal marijuana sellers are at risk of losing their deposit insurance or federal charter. In an attempt to mitigate the problem, the Obama administration released a new set of guidelines in February giving banks a tentative go-ahead. Unfortunately the new rules don't actually offer banks immunity from prosecution.

"Guidance or regulation don't alter the underlying challenge for banks," Frank Keating, president and CEO of the American Bankers Association, said. "As it stands, banks that provide support for those activities face the risk of prosecution and assorted sanctions."

So, marijuana dispensaries are forced to operate on a cash-only basis. For many businesses, this means making themselves vulnerable to robbery. They store hundreds of thousands of dollars in personal safes, and in order to pay taxes, they must carry sacks full of hundreds to the nearest state Department of Revenue. Lack of credit necessitates looking for unusual sources of start-up revenue. For some businesses, the added burdens have forced them to close shop.

Enter PotCoin.

What is PotCoin?

PotCoin is a cryptocurrency, similar to its more well-known sister Bitcoin, that is designed to facilitate exchange between legal pot sellers and their customers in the absence of traditional financial institutions.

Like Bitcoin, users can obtain PotCoins by purchasing them on an exchange or by "mining" new ones. They're then stored on an online "wallet." For many shop owners, these virtual wallets could be preferable to holding cash, since they effectively eliminate the risk of a violent in-store or in-home robbery.

Developed by three unknown characters who go by the pseudonyms Hasoshi, MrJones and Smokemon 514 ("Gotta smoke 'em all"), PotCoin launched in January of this year and has been generating some fanfare. The /r/potcoin subreddit has, as of Thursday morning, accumulated more than 1,500 subscribers. Several online retailers have reportedly started accepting the cryptocurrency, including Smoke Cartel, Bitcoin Seedstore and Chronic Star Medical.

One of PotCoin's founders, MrJones, told Mother Jones that the idea was a no-brainer: "I guess anyone with an MBA and a love for crypto could have seen the opportunity."

Would PotCoin actually help?

Although PotCoin intends to help resolve marijuana sellers' problem of dealing with a risky, unreliable money flow, it may not be particularly low-risk or reliable itself, for several reasons.

Volatility: Cryptocurrency expert Jerry Brito, a senior research fellow specializing in technology at George Mason University's Mercatus Center, cautions that, while PotCoin is "a smart idea," it has risks. Since it isn't widely used yet, its value will be highly volatile. PotCoin is going to be even less stable than Bitcoin, he said.

http://www.policymic.com/articles/8...olve-the-marijuana-industry-s-biggest-problem

DENVER Morgan Carr, co-owner of Wellspring Collective pot shop in Denver, recently told the Wall Street Journal that after losing his seventh bank account, he hired a security firm to transport his cash to a vault in a undisclosed location.

The security company Brinks refuses to provide armored cars to legal marijuana businesses in Denver to transfer the massive amounts of cash on hand at their medical and recreational dispensaries.

Thieves have already burglarized Colorado pot shops using guns, bear mace, axes and a circular saw.

Denver District Attorney Mitch Morrissey summed it up sufficiently.

"You hit a 7-Eleven, you'll get 20 bucks," he said. "You hit a dispensary, you'll get $300,000. It's only a matter of time before someone gets shot."

But what if there was a way that pot shops could head such a pending incident off at the pass by bypassing the banks that still seem tepid about coming to their aid?

Enter PotCoin, the marijuana world's answer to Bitcoin. Its founders envision a day when the necessary cash-on-hand at any and all Mile High pot shops could be as insignificant as that of a 7-Eleven.

Launched on Jan. 24 at 4:20 p.m., the cryptocurrency is already being accepted by several online marijuana vendors, including Smoke Cartel, which sells marijuana paraphernalia, Bitcoin Seedstore, which sells marijuana seeds, and Chronic Star Medical, an online store that sells edible pot.

At first, PotCoin's three developers were reluctant to relinquish their identities, going simply by Hashoshi, MrJones and Smokemon514. That changed on April 9 at the CryptoCurrency Convention in New York City. Nick Iverson identified himself as Smokemon514 and Joel Yaffe as MrJones.

Both have experienced success as entrepreneurs and developers. And now they want to help you get rich in PotCoins.

It starts by downloading an online "wallet." You can then fill that wallet in one of three ways: 1) You can get paid with the currency by another PotCoin owner, 2) you can purchase the currency on an exchange like AllCoin.com using Bitcoin or U.S. dollars or 3) you can "mine" PotCoins.

"Mining" for cryptocurrency is a complex process that requires users to solve complex math problems through via digital programming software. A success mining effort creates these digital tokens. Here is how you mine PotCoins.

If you were to successfully mine or acquire 420 PotCoins, your cryptocurrency would be worth about $2.48 as of Thursday, according to PotCointoUSD.com.

But in order for PotCoins to attain that suggested value or any value for that matter pot shops would have to start accepting the cryptocurrency in exchange for marijuana. So far, it appears none of Colorado dispensaries recreational or otherwise are doing that.

Still, Jerry Brito, a senior research fellow who specializes in technology and cryptocurrency at George Mason University, called the idea behind PotCoin "smart." He told MotherJones.com that "if the customers are savvy enough," PotCoin could be attractive to Colorado's marijuana industry that is desperately seeking to find ways to alleviate the headaches that come with boatloads of cash.

Though PotCoins' Canadian-based developers did not return requests for comment, the Reddit sub-community started by those developers seems to confirm that there aren't any Colorado pot shops currently accepting PotCoins. In fact, one Reddit community member, who claimed to be a dispensary owner, went so far as to say he "would never accept PotCoin."

And despite PotCoins effort to become more visible, including setting up PotCoin ATMs at Denver's 4/20 festival in Civic Center Park last weekend and efforts to donate PotCoins to local dispensary owners to hand out dedicated customers like "frequent flyer miles," prominent dispensary owner Tim Cullen shrugged when asked about the cryptocurrency.

"I've never even heard of PotCoin," he said.

There are also issues with volatility when it comes to any cryptocurrency, as proven by Bitcoin, which filed for bankruptcy earlier this year. A quick glance at the Bitcoin Price Index on CoinDesk.com shows just how volatile the digital currency is, as its perceived value has changed by hundreds of U.S. dollars this year depending on the month.

And for as many security issues as Colorado's marijuana industry has experienced due to its wads of cash, cryptocurrency doesn't exactly offer its users complete peace of mind. Last month, $400 million worth of Bitcoins were stolen from an online exchange center known at Mt. Gox.

Efforts being made on a federal level to ease the concerns for banks about getting into the pot industry could also eventually deal a blow to PotCoin.

The "Cole Memo" issued by Deputy Attorney General James M. Cole late last year, suggests that banks will not be prosecuted if they do not violate any of the eight priorities set forth in a prior Department of Justice memo. Three of the biggest priorities in that memo are 1) preventing the distribution of marijuana to minors, 2) the sale of marijuana across state lines, and 3) the delivery of proceeds from the sale of marijuana going to criminal enterprises.

The Financial Crime Enforcement Network, an arm of the U.S. Treasury, also issued a seven-page note in February asking banks to use "due diligence" in monitoring marijuana customers. That means reviewing those customers' applications for state licenses and understanding their "normal and expected activity" i.e. the types of products they sell and whether they have medical or recreational customers.

To be sure, despite what seems to be some measure of relaxation at the federal level regarding financial institutions' ability to deal with pot shops, banks remain hesitant. And that will likely continue until there are sweeping changes to federal laws and regulations, according to Anita Ramasastry, a professor of law in Washington, the only other state that has legalized recreational marijuana.

The question, in Ramasastry's mind? If banks will beat PotCoin or other cryptocurrencies to the punch before the marijuana industry's cash issues reach a tipping point.

"There is a legitimate void right now that PotCoin is trying to fill," Ramasastry said. "But recent changes show that the federal government is slowly relaxing its stance to allow for state licensing and regulation of marijuana. If that trend continues, expect banks to make an effort to recapture the business they are currently losing."

http://kdvr.com/2014/04/24/potcoin-cryptocurrency-aiming-to-aid-colorados-cash-only-pot-shops/

MONTREAL, May 20, 2014 - PotCoin () (CRYPTSY, MINTPAL: POT) a crypto-currency, released January 21, 2014 by PotCoin Systems, a Montreal based software and web development firm is today announcing the installation of the world's first "PotCoinATMs" in two (2) Denver, Colorado locations. In a strategic move PotCoin has secured the enthusiastic support and backing of River Rock Wellness. River Rock has actively contributed to the development of Colorado's medical marijuana regulatory framework. The company holds a seat on the Colorado Department of Revenue's Medical Marijuana Advisory Committee, and is a founding member of the non-profit trade association the Medical Marijuana Industry Group.

Joel Yaffe and Nick Iversen, PotCoin Co-Founders: "The goal of the ATM installations is consumer awareness of PotCoin, ultimately driving merchant adoption. Merchants showcasing the ATM's will benefit from accepting PotCoin through sponsored distribution of PotCoin to consumers, thus incentivizing customer retention and PotCoin adoption," adding "merchants really appreciate the simplicity, security and the fee-less environment that we have complied for them and their clients. PotCoin is now implementing merchant services to coincide with the ATMs, resulting in a jump in consumer demand of PotCoin in the Colorado, the largest U.S. market for legalized & recreational marijuana sales.

Tony Verzura, River Rock Chief Operations Officer "we strongly feel there is a future for crypto-currency within our specialized industry. Our business requires 100% transparency and accountably - exactly like a regulated casino so this presents operations and security problems as we deal with lots of cash. PotCoin has developed a secure way for us to deal with our unique situation. We are excited to be working on this new joint venture and we will start accepting Potcoins Tuesday may 27th 2014!"

- The state of Colorado has issued 136 licenses for dispensaries to be opened in 2014, 74% or 101 of those stores being in Denver, with an addition number of new licenses being issued on October 1, 2014.

- Retail marijuana sales revenue in Colorado is consistently trending upward which is shown from 14 million dollars in sales in January and 19 million dollars in March, half of that revenue coming from Denver.

About PotCoin - www.potcoin.com - PotCoin is making its mark on the industry by introducing merchants to the world of digital crypto-currency. PotCoin was successfully launched on Jan 24th 2014 and has developed real world business and financial partnerships with some of the leading experts in the newly legalized Cannabis industry. PotCoin is a secure and reliable payment network that can be utilized by any business in the legalized Cannabis industry.

About RiverRock Wellness http://www.riverrockcolorado.com - RiverRock manufactures the highest quality - lab tested - all organic medical cannabis products, formulates effective treatment plans for patients, and sets the standard for legal compliance and operational transparency in the State of Colorado. RiverRock is dedicated to producing world-class organic medical cannabis products. Our team uses sustainable growing techniques to bring out the best qualities of the plant. We oversee the production of our medicine from seed to sale; this allows us to offer more affordable prices to our patients across-the-board. Artisan growing methods combined with cutting edge technology ensure the consistency, value, and potency of all RiverRock products.

http://potcoin.info/index.php/blog/83-potcoin-atm-installed-in-river-rock-welllness

 

[aleks]

again there needs to be some sort of value in the utility of it. Is this is just going be like bitcoin where the majority of coins sit dormant and only very small percentage circulate in day to day business because people are speculating on it and have very little interest in actually using it. For buyers at pot shops there is no added utility over cash, its less anonymous and liquid. For sellers it there is more value in accepting bitcoin for the liquidity

 

[iluvbeanz]

Looking at all the crypto's the one most likely to succeed is obviously potcoin. Its even more likely to succeed than bitcoin.

Can you tell me what's so revolutionary about potcoin other than just another pump n dump?

Its the only coin targeted at a specific demographic. The world wide cannabis community numbering in the hundreds of millions. 99% of them have never even heard of bitcoin let alone potcoin. If they get behind it then Potcoin will grow faster than bitcoin.

If you look at all the shitcoins the pump mostly happens on bitcointalk before the coin is even released then its over in a day or two.

Potcoin on the other hand has been going along nice and steady for 5 months.

The gains you have seen in Potcoin over the last few weeks isn't because of "pump" its because they recently launched a new website, forum, and crowd funding website.

Potcoin is the real deal...

So you're saying potcoin will be more successful than bitcoin because it's targeted at pot users. Are you serious?? There's absolutely nothing innovative about it. Targeted demographics is not a "feature", because anyone can still use potcoin, including non-pot users as well as pot heads. Likewise, all pot heads can still use bitcoin or any other alt coin to deal with pot. So tell me again, why is this coin so unique? So if we renamed Bitcoin to Potcoin, is it going to shoot to the moon?

You're quite contradicting yourself here. You're putting more emphasis on the recent profit that it's bringing rather than its ideologies, which is basically admitting that it's being used more as an speculative vehicle rather than a currency that it was designed for. Lets not kid ourselves here. It's just another pump n dump shitcoin disguised as something much greater. Speculators are more likely to be interested in this coin than stoners will.

 

[MaC]

http://www.potcoin.com/presenting-potcard/

 

[aleks]

Can I interest you in some Iraqi dinar? If Suddam Hussein can be resurrected he will take back control of iraq, the currency will be reinstated and will appreciate many times over....

 

[MaC]

http://www.potfunder.com/campaigns/charity-support-cannabis-fragile-x-syndrome/

 

[MaC]

Looking into my crystal ball right now!

The impact of the feds silk road auction on BTC and crypto's in general is an unknown variable but...

If your looking to make a few % over the weekend POT is a good bet.
Personally i'm looking to get in RIGHT NOW below 0.00002000 and get out Monday or Tuesday UP somewhere between 0-25%

Write it down! Carve it in stone!