Re: [ANN] CannabisCoin [CANN][X11][Official][420] Developments & Discussions.
I was thinking about the peg this morning and suddenly it came to me......I think I know how cann will go to parity!
The dev has said numerous times that customers will be able to buy cannabiscoins in their shop, right?
Ok, well think about it......
A customer comes in to buy marijuana, and Deltanine tells him, "you know you can either pay $15/gram for that marijuana, or you can buy cannabiscoins for 10 cents each (or whatever their market price is at the time) and then you can exchange those for cannabis at a ratio of 1 cann = 1 gram"
The guy says, "you mean to tell me that I can either give you $60 for 4 grams or I can give you 40 cents for four grams using cannabiscoins?"
At this point, the customer realizes that it's a no brainer and decides to purchase cannabiscoins. So then Deltanine asks him "how many cannabiscoins do you want.....right now they are going for 10 cents" and the customer says, "I'll take $200 worth"
BAM a $200 buy is put on Bittrex which raises the price and removes 2000 coins from the market.
Now repeat this several dozen times per day at several different Herbal Wellness Center locations and what do you think will happen?
Well, first the price will keep going up and up because now you have outside money coming in to the market from buyers willing to buy coins at any price as long as they are below $15/coin, and second most of the people who buy coins in the shop will never trade them and in fact many will probably lose them eventually meaning each customer that buys cann in store will essentially be removing thousands of coins from the market with each transaction.
If this is the plan (and I think it's safe to assume that it probably is), then this coin is going to parity people!
Up until now I have worried about all the dumpers on Bittrex, but when you start bringing thousands of outside dollars into the market from customers that will be willing to buy coins even at $5 each, then it won't really matter how much people dump because starting on Oct 20 the price will just keep going up and up.....
DAMN this is exciting as hell people!!!
The dev has said numerous times that customers will be able to buy cannabiscoins in their shop, right?
Ok, well think about it......
A customer comes in to buy marijuana, and Deltanine tells him, "you know you can either pay $15/gram for that marijuana, or you can buy cannabiscoins for 10 cents each (or whatever their market price is at the time) and then you can exchange those for cannabis at a ratio of 1 cann = 1 gram"
The guy says, "you mean to tell me that I can either give you $60 for 4 grams or I can give you 40 cents for four grams using cannabiscoins?"
At this point, the customer realizes that it's a no brainer and decides to purchase cannabiscoins. So then Deltanine asks him "how many cannabiscoins do you want.....right now they are going for 10 cents" and the customer says, "I'll take $200 worth"
BAM a $200 buy is put on Bittrex which raises the price and removes 2000 coins from the market.
Now repeat this several dozen times per day at several different Herbal Wellness Center locations and what do you think will happen?
Well, first the price will keep going up and up because now you have outside money coming in to the market from buyers willing to buy coins at any price as long as they are below $15/coin, and second most of the people who buy coins in the shop will never trade them and in fact many will probably lose them eventually meaning each customer that buys cann in store will essentially be removing thousands of coins from the market with each transaction.
If this is the plan (and I think it's safe to assume that it probably is), then this coin is going to parity people!
Up until now I have worried about all the dumpers on Bittrex, but when you start bringing thousands of outside dollars into the market from customers that will be willing to buy coins even at $5 each, then it won't really matter how much people dump because starting on Oct 20 the price will just keep going up and up.....
DAMN this is exciting as hell people!!!
Excellent points you make.
In an ideal world, this would happen.
But think about the real world. Have you approached some one who has no knowledge about bitcoin and tried to sell bitcoins to him!!
You made it sound very easy and I hope this would be the case in near future.
But the customer's first response will be " why are you exchanging 40 cents for 60$ worth" - Too good to be true is very very difficult to sell, especially to people who have never heard of it ever before.
I hope the dispensaries have already bought up enough btc ready on bittrex , in case the demand increases to 1000$ a day
) I haven't paid much attention to the announcements (my apologies)- but is it anywhere stated how the dispensaries are planning to buy the cannabiscoins for the customers if some on need cann over the counter!!. Will the dispensaries already have cann in their wallets which they already purchased or mined!!
Like in your example- every customer who goes for the cann option will have to wait 15-20 minutes until the dispensary makes the buy on bittrex then make a cann withdrawal to customers wallet and then sell them the cannabis. I see a big queue already- may b the word spreads in the local area and the next day people are sleeping outside the dispensary to be first in the queue- you know like when they have the apple product launch or something
In any case- there are for sure exciting times ahead.
Best of luck to Cann Team - yes we cann
)