Forgive my noobness, but I'm a bit confused by the landscape in the cryptocurrency/marijuana space. I get the whole crypto/blockchain business case, but where it applied to the marijuana business sector, not so much. There seems to be a large number of coins, but the talk I hear is that Bitcoin is good enough for this business. Is there an altcoin that works for the business more that others?
I think what you were asking is what coin best suits the cannabis/marijuana industry- There are quite a few cannabis-specific coins, as cryptoking710 mentioned - a few more are Hempcoin, CannaCoin, Tokes, CannabisCoin. There are more still. For the most part these are just "hey - I'm a marijuana token in a cool space looking for people to use me" - without much in terms of infrastructure. For example they have no bitshares-type functionality, no crowd funding, etc. All things that cannabis businesses need desperately. So, yes, there are a few coins that service the industry, but they don't provide much more than just a basic coin vehicle. So not really any advantage over just using Bitcoin... Hope this helps.
Nowadays the identity of bitcoin is known well only amongst people, who are pretty much into the computer technologies and crypto-world. Others, especially the elder generation (people from 40, for example), imagine bitcoin as something mysterious, fake and dangerous, though it is not. Its technological contents are more than real and very helpful for the modern world. So, in terms of this situation, I would highly appreciate your help with coming up with easy and understandable lines for changing peoples thoughts and points of view on bitcoin.
I think that might be a generalization. Certainly if you look at the rank and file, you're correct. However, there are people over 40 with money who pay people with knowledge of disruptive technologies. They sometimes get into the game big, and make a killing. Others will get into the game, but focus on ways of exploiting it in a nefarious way. Still others will try to control it by any means possible. That last group is the one that should worry us most.
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BoardAltcoin Discussion
Uphill battle for legit cannabis producers - only crypto can help
"The industry faces a raft of stiff regulatory and financial hurdles even where it's operating legally. U.S. federal prohibition makes it hard to get normal banking services and impossible to ship products across state lines. Big investment banks, large private equity and venture capital funds and major U.S. stock exchanges have all steered clear, making liquidity and credit lines hard to come by."
Despite that fact that there have been several endeavors to address this problem using blockchain/cryptocurrency solutions, successful or not as coins for building investor wealth, the real benefits have not trickled down to the legit players in the industry. Their needs are not yet being met. The need is for a complete blockchain/cryptocurrency ecosystem that is aimed specifically at legal and completely legitimate, yet under-banked and under-serviced businesses.
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Re: Blockchain Technology Could Be A Game Changer In Esports
Blockchain is the future. Every technology can be made simpler using blockchain and smart contracts. We'll be seeing a total decentralized transaction, hosting, cloud computing,etc.
Well I definitely agree that decentralized transactions are going to completely disrupt today's business transaction processing - when, I cannot say, but it will definitely happen. History is replete with examples of how more efficient technology wins out over time - even when strong opposition is offered from those making money from legacy processes (e.g. Uber, RIAA, etc). However, I'm not sure how blockchain technology is going to disrupt hosting and cloud computing, unless you're just talking about the contracts that support these services?
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Blockchain Technology Could Be A Game Changer In Esports
But here's my question to people that think we need a wholenother coin to be able to do what Bitcoin can, and probably has been doing without issue for years. Why do we need a coin to facilitate transcations between cannabis businesses and other people involved in the process? It's not like this coin will ever be able to gain enough traction to be a traded coin, let alone be stable enough for companies to want to accept and use it. Lets stick to Bitcoin with stuff like this.
The suggestion was not for a new coin, but rather a new blockchain-cryptocurrency solution - not the same thing. For the most part, banks are uncertain about the legality of providing banking services to legitimate and legal businesses cannabis businesses under federal or state laws, and therefore often will not offer these services to the cannabis sector. Even in the Blockchain sphere, many bitcoin exchanges do not want to serve or work with cannabis related businesses, for similar reasons. And that's a giant damper on doing business - even totally legitimate and legal business. For this reason, I think BitCoin itself isn't the solution. Rather, a complete end-to-end solution is needed to answer the special needs of this and similar businesses.
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BoardEconomics
Re: Banks in Canada slowly warming to cannabis biz - but crypto is the better answer
There is a strong opportunity for the right blockchain-cryptocurrency solution to solve this problem.
How? If the banks start opening up to the cannabis and medical marijuana industry then users can buy them legally with fiat and credit cards. Thats where BTC and other cryptocurrencies lose their notoriety as the preferred medium to use for buying and selling illegal drugs. Regulations and restrictions give more value to BTC than we know.
Great question. The answer is that legit businesses are disadvantaged, and there is a need for a dedicated solution for them. Here's why. In the US, the federal government says that if a state passes a law to decriminalize cannabis, it can do so, under the condition that rigorous rules and regulations are in place. Many states have already legalized recreational and medicinal marijuana, however, many cannabis businesses are unable to open bank accounts, or keep funds in a bank account because banks are not willing, due to US federal banking regulation restrictions. They're denied these services due to the banks uncertainty about providing them under federal or state laws. Even in the Blockchain sphere, many bitcoin exchanges do not want to serve or work with cannabis related businesses, for similar reasons. And that's a giant damper on doing business - even totally legitimate and legal business.
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BoardEconomics
Banks in Canada slowly warming to cannabis biz - but crypto is the better answer
by
Seedify
on 07/10/2017, 21:48:13 UTC
Article in the Globe and Mail, a leading newspaper in Canada: Canadas marijuana industry banks on BMO and TD (https://beta.theglobeandmail.com/report-on-business/canadas-marijuana-industry-banks-on-bmo-and-td/article36504415/). Seemingly upbeat article about how some banks are cautiously embracing the cannabis industry in Canada. But it is a slowwwwwww embrace, and they're being very selective. Like you'd expect banks to be. There is a long road ahead for legitimate businesses in this sector in the US and in Canada. There is a strong opportunity for the right blockchain-cryptocurrency solution to solve this problem.
Complete shutting down of Internet can destroy bitcoin...
That is certainly true, but shutting down the internet would also destroy non-cryptocurrency businesses, and seriously impair the ability of millions of people to make a living. Such an event would make 2008 look like a joke. It would be more like a 1929 event, or worse. Our whole society runs on the internet now...
That's a big red flag to me. I can only think of a few reasons why the main players in a business venture would not be found in LinkedIn. And none of those would shine a positive light on anything...
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Re: Where did you first heard about Bitcoins?
by
Seedify
on 05/10/2017, 01:52:49 UTC
Had to be some time before the big Mt. Gox fiasco in 2014. Pobably sometime in 2012.
Yes but they're not in your country and not affiliated with your government...they're totally third party nonetheless.
Which is the important part. KYC and other regulations are only applicable within the US. That third party is necessary for any US trader of cryptocurrencies.