Post
Topic
Board Announcements (Altcoins)
Re: [ANN][POT] PotCoin Launches Today 01/21 @ 4:20
by
vleroybrown
on 27/03/2014, 23:09:11 UTC
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.

Hello welcome to the distributed world of p2p financial banking tools.  Yes bitcoin serves a huge role in the adoption of efficient and improved banking.   But don't just focus on the exchange value of a unit, close the loop, help start the cycle of money in relation to expanded settlement and higher velocity by circular sustainability in the specific economies that can benefit most from the increased power politically and otherwise.  In specific marketplaces 50+% of purchases are driven by word of mouth. If a particular region or economy is experiencing a significant change in trade it will only affect other regions if a global currency is being used. We saw the results of this in the financial crisis which started specifically in New York but then spread across the globe. Had a big basket of regional/economic specific currencies been floating in value against each as efficiently as p2p currencies do, the changes are absorbed in more of a centralized way, causing minimal effect outside of a given region. Also this entices stronger currencies to capture the inefficiency of that region/economic market(s), stabilizing it much faster. P2P currencies full potential cannot be obtained with a winner takes all monopoly on trade efficiency as many think, nor is it even remotely possible that 7 billion people on this planet given the choice, are all going to willing accept some global monetary system whether it is centrally controlled or not.  

I have a cooperative business model that I have seed funding for, and am raising investment from Kiva, etc. as it quickly shapes up requiring traditional financial support in the intern.  But in the long run it can be a market that adds sustainability and acts as a voting system to better shape policy and popular support far more efficiently than we could ever hope to globally using any other model.