Hello everyone! I am fairly new to PotCoin and Bitcoin. Recent news has me asking a few questions... I am a merchant looking into accepting PotCoin within my 3 dispensaries I own. I have had many 'cash' problems and I am tired of dealing with the banks. I read several articles online over the past week and have begun doing a lot of research on PotCoin.
Has there been any official PotCoin or CryptoRush statements regarding the PotCoin that was stolen? About 7.5% of the current circulated PotCoin were involved in this hack I think this needs to be addressed by someone...
Part of my research has been figuring out the stability of the coin...
* 18+million coins have been mined by a group called scryptominers who are notorious for just dumping coins
* 4+ million coins were hacked
As a merchant looking at PotCoin for future I see 40%+ of the current PotCoins as what you guys call 'dumpable' and is currently apparently being seen within the market... What kind of advantage is there to using PotCoin vs. BitCoin? How can there be ANY stability if 40%+ of the market is just waiting to dump their coins?
PLEASE correct me if I am wrong I am just trying to understand how PotCoin can be beneficial to my businesses under such volatility.
You will probably get more detail answers as the day goes on but I will provide you with what I know. As with any coin that has a very involved development team/community, you will have people holding coins just to sell them when the price goes up. Even though bitcoin is much older than potcoin there are still people doing this with bitcoin. They are kind of like the stock market. When price goes up people sell and when price is down people buy.
This hack was more than likely because of a shady exchange site. You don't get these kind of problems with mintpal or crytpsy. Bitcoin had the same issue with mt gox last month. I'm pretty sure that the potcoin dev team will be releasing tools that will help you as a dispensary owner be able to except and exchange pot more easily. I'm sure they will be contacting you as well to answer any and all of your questions. Potcoin is solely for the legitimate Marijuana business. Its not being geared for other uses and this is one of the reasons why it can be a very beneficial coin. Hope to have you as part of the community.