Quote from: mewhy on March 21, 2014, 03:19:19 AM

Quote from: drwoo on March 21, 2014, 02:12:48 AM

Quote from: bronco on March 19, 2014, 02:50:06 AM

Can somebody tell me what problem potcoin solves?

Why does it even have to solve a problem? They are attempting to solve a problem, but that doesn't mean they will. The bitcoin payment processors are black balling the marijuana industry just like banks. Potcoin wants to solve this issue, the investors know this in advanced. It may happen. I like to use potcoin as my tipping coin of choice. Its way more fun to smoke someone out with some POT than too toss some doge for btc someone's way.

They have KYC in place and have to do so. The processors turn bitcoin into fiat on the fly. They can't deal with these marijuana places due to federal law. The problem is the government puts it on financial institutions to KYC and be the first line of defense against money laundering. Institutions would rather play it safe than risk the wrath of the federal government.

It's going to be interesting how this plays out, but it definitely leaves a big market for Potcoin. Larger operations won't want to risk messing up a bitcoin account, a smaller operation might risk dealing with Potcoin. Bitcoin processors aren't going to deal with the marijuana industry. So who will? Enter Potcoin. Once everything gets figured out, Potcoin will be huge. This coin came around at the right time to be huge.

A standardized crypto currency for the industry that can alleviate security issues such as large amounts of cash that banks are declining to take because of not only the stance on Marijuana by the federal government but because the cash smells like weed and makes the entire bank smell like weed too!!! Thats what potcoins is for!!

Not so circumvent KYC laws that institutions abide by so that they can remain legal.

If your thinking about it any other way you are in for a rude awakening!