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Denis Rodman - a Fan of Weed Cryptocurrency

FIVE WILD & CRAZY CANNABIS CRYPTOCURRENCIES

Denis Rodman - a Fan of Weed Cryptocurrency

Everybody has heard of Bitcoin, but did you know there is such a thing a Cannabis cryptocurrency?  Are weed cryptos legit or a scam?

Let's start with our conclusion.  Cannabis cryptocurrencies, in our opinion, are are not a scam, but are highly speculative.  We're not seeing real competitive advantages over the big cryptos such as Bitcoin. In fact, the names of the currencies are a handicap, who wants a currency that is niche?  When I go shopping I don't want a currency for beer, another for food, etc.

None the less, we would plunk a few dollars down on a currency to help out the biz, the local dispensary, but not a lot, a few hun.  Read on to learn about the basics of cryptocurrencies, why they became popular and why we're saying here what we said.

 

Cryptocurrencies make it easy to do business. Both the buyer and seller benefits.  There are no transaction fees, and transaction fraud is much less than regular banking or credit cards.  In the marijuana business especially, cryptocurrencies are playing a big role. The big banking system is still shying away from the legal marijuana business.  The reason is not an ethical one, for most of the major banks have been convicted of money laundering billions of drug dealer cash, time and again. It is the US Fed that still has a hard on for cannabis and hemp.   

 

"Most banks refuse to open accounts for cannabis-related businesses, even in states where pot is legal, citing federal laws that outlaw the drug and consider it on par with cocaine and heroin." - Washington Post

 

Since the 1930's cannabis and hemp became the enemy of the state.  At that time, a syndicate of big businesses, petroleum, pulp and paper, cotton and later, the pharmaceutical business conspired to wipe the competition, hemp and cannabis, off the face of earth, that is the legal earth.  

 

Today, it is largely the pharmaceutical and alcohol monopolies that are the force behind the Fed to keep cannabis illegal.  Jails are big business too, and simple cannabis possession resulted in $billions of dollars per year in "customers" for privately owned jails, with tens of thousands of extra officers employed to play cat and mouse.  

 

So, today, the Feds won't allow the banks to handle cannabis cash.  It may be that Donald Trump is the one blocking the Senile Senator, Jeff Sessions, for Trump has to play ball with the powers that be, but, in the case of cannabis, he may be playing 3-D chess and faking them out.


 

DONALD TO JEFF

 

Jeff: Donald, it is about time to enforce the Fed laws on marijuana.

Donald: Good idea Jeff, but later, I got to do some other stuff first.

Market follows billionaire Bitcoin play, value up 50% and more.

BITCOIN SURGES AGAIN - UNKNOWN TRADER BUYS $344 MILLION WORTH

 

OK, you get the picture.  Enter cryptocurrencies. So where is the bank for cryptocurrencies?  The isn't one. You don't need one. The records of each person's account are stored in millions of computers around the world.  The money is in a virtual wallet and the owner has a secret key, a combination of numbers and letters, that cannot be hacked.

 

There's more to it, but that's the basics, all you need to know.  If you keep your key info secure, basically, nobody can get your cash.  That means using a secure computer online. And when you're done shopping, best to unplug that computer from the internet.  When it's all said and done, cryptocurrency banking is much safer than traditional banking. Just don't lose your key, or you're screwed, your money is gone.


 

ENTER CRYPTOCURRENCIES

Why Bitcoin has become the preferred currency for buying and selling marijuana, how to get Bitcoin and use it, all in one lesson

WHY YOU WANT TO BUY MARIJUANA WITH BITCOIN    

 

By now, Bitcoin and several other cryptocurrencies are entering the mainstream, with Bitcoin credit cards.  People in the third world that never had a bank account have cryptocurrency accounts and access and transfer cash via their mobile phone.   The Chinese, billionaires are using Bitcoin to fly under the radar of their government, or at least factions of it that are not playing on their team.  

 

Bloggers, youtubers, nouveau IT use Bitcoin and others because they can accept payments of one cent, half a cent, or whatever, and there is no transaction fee.  The revolution is on and pay for play here. People will pay a few cents to their favorite content creator, like a tip without hesitation.

 

In an evening, a person can pay out a big $0.25 cents on the net via cryptocurrency for an assortment of services, that is in the near future.  Where this gets interesting is when you start to multiply numbers. If you have a video and there are are 50,000 hits and on average, you've paid one cent, when you do the math that is  $500 bucks in pocket right there. That means you need to make eight vids per month to earn your $40k. This also means you don't need to see jackass advertising. In this new paradigm, it will cost only $0.25 cents a day to say, hey, Fuck right Off to advertisement, while supporting those in the universe that you like or respect.  

 

WEED CRYPTOS


Are they bullshit?  Here is our run down.

PotCoin (POT)

 

"PotCoin (code: POT[2]) is a peer-to-peer cryptocurrency which exists with the aim of becoming the standard form of payment for the legalized cannabis industry. PotCoin is an open source software project released under the MIT-X11 license and was technically nearly identical to Litecoin until August 23, 2015, when Potcoin changed to POSV similar to Reddcoin. PotCoin is not managed by any central authority and provides a decentralised solution for the transfer of value." - Wiki

 

Market Cap - April 2018
$18,346,651 USD
Circulating Supply
219,698,794 POT
Max Supply
420,000,000 POT

 

Potcoin's integrity seems sound, as its security and creation is based on proven blockchain technology.  At about 40 seconds, Potcoin's transaction speed is faster than Bitcoin. This currency is highly speculative.  Dennis Rodman of NBA fame was in the News with a Potcoin shirt, which drove up prices drastically.

 

So it's a wild and crazy world out there.  At the end of the day, we don't smell bullshit here, and see no harm in throwing a few bucks down on Potcoin, and use them as the currency was supposedly intended... to buy pot.  If you want to consider dropping several grand on Potcoin, you better know something we don't know.
 

"The currency was looking to capitalize on Colorado’s legalization of marijuana and even installed a PotCoin ATM at a marijuana dispensary in Colorado."

 

CannabisCoin (CANN)
 

CannabisCoin is very similar to Potcoin in its aims and backup technology.  There is a kind of idea to back up the currency where one CannabisCoin can be exchanged for 1 gram of good weed or maybe $10 bucks.  We're not liking the trends here, there is nothing that we see that makes this currency stand out. Then again, if we knew all, we'd have bought 100k in bitcoins a few years and be completely retired now.

Market Cap - April 2018
$2,611,294 USD
Circulating Supply
77,231,176 CANN
Total Supply
91,859,176 CANN


DopeCoin (DOPE)

 

Yet another crypto startup out of 2014.  We like the name, which is in your face and meant to piss off the idiots of this world, like Jeff Sessions.   


Apparently DopeCoin was created for the completely illegal but highly successful black market 'Silk Road’ transactions in marijuana across the world.   DopeCoin supply is limited to 200 million DopeCoins with a little more than half in circulation as of press time. The currency supposedly supports a Proof-of-Stake currency, where 5% annual interest can be earned.

 

We're not seeing any real advantage to this currency over others.  

 

Market Cap April - 2018
$5,119,527 USD
Circulating Supply
116,845,228 DOPE

 


HempCoin (THC)
 

HempCoin was first minted in 2014, its focus is on the farming industry and medical/recreational dispensaries., to "facilitate transactions between marijuana farmers and the local dispensary shops" as well as purchasing gear and tools used for farming marijuana.  Basically, prices for HempCoin are double a year ago, but way down from the manic bounce during the Bitcoin buying craze of late 2017 and early 2018.
 

Market Cap  - April 2018
$10,011,606 USD
Circulating Supply
230,478,760 THC

 


CannaCoin (CCN)

 

CannaCoin runs on a decentralized blockchain using Peer2Peer tech like all the others, which means it is probably not a scam.  Nonetheless, this currency is highly speculative, where one insane millionaire could buy most of the existing coin in one shot and not blink.  This currency is going the way of the dinosaur, probably. But then again. we're smart, but not that smart. In any event, the market thinks this coin is a long, long shot in the crypto race.  

 

Market Cap  - April 2018
$248,349 USD
Circulating Supply
4,701,513 CCN

 


CONCLUSION

 

At the end of the day, these niche currencies have nothing to offer that the major cryptocurrencies don't.  In fact, the currency name implies use in only the cannabis sector. We see no advantages and only disadvantages, as compared to the major cryptocurrencies.  We also don't see any kind of ethical or special passion behind these innovations. In the background, there has to be some dodgy business going on to a point, at some level.  With that said, would we plunk a grand down on a weed crypto,. Ya, maybe. But we'd use it to buy some weed, and hopefully help the overall process, but as an investment it is a no way Hose situation.


 

420EVALUATIONSONLINE:  In California, medical marijuana patients pay up to $80 per ounce less than recreational users.  The reason? Cannabis Card holders don't pay the majority of the state tax, which can be 25% or more of the total purchase price.   Some counties are considering a 40% tax on cannabis, making a cannabis card a very valuable thing indeed.

 

The process of qualifying as a legal cannabis patient can be done completely online.  Just fill out the online application and a licensed doctor will complete a 420 evaluation, to determine if you listed conditions and symptoms might be helped by using cannabis based medicines. Patients don't pay until they are approved.  420EVALUATIONSONLINE documents are used instate at dispensaries, online delivery services, cannabis clubs, cooperatives, compassion clubs and other points of access for medical marijuana.




 

FURTHER READING

 

BITCOIN SURGES AGAIN - UNKNOWN TRADER BUYS $344 MILLION WORTH

 

The market follows an billionaire who believes in Bitcoin. Marijuana Companies set to adopt Bitcoin as a standard method of payment.  What has this got to do with marijuana? Bitcoin and other crypto currencies are set to take over internet commerce as a method of payment, and that includes the cannabis business.

Top cryptocurrency bitcoin recovered to $11,000 on Monday, which is double its previous low of $6,000 earlier in February, 2018.On Feb 18,  Bitcoin price rose above 11K $US following news that an unknown investor had grabbed $344 million worth of bitcoin last week. This purchase preceded a massive sell-off that hacked a whopping 50 percent offf the cryptocurrency market value amid nervous speculation and fear.  

 

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WHY YOU WANT TO BUY MARIJUANA WITH BITCOIN

 

Your Bitcoin operation takes only a few minutes to setup, but best your read this article in it's entirety.first.

Questions answered:  Why Bitcoin is exploding in value?  Why ii is the best way to purchase many products and especially marijuana?

How to get Bitcoin setup - in 10 minutes.  Why Bitcoin?

Using Bitcoin to buy marijuana (or anything else) is now a convenient, safe and  easy and accessible option. People are turning to cryptocurrencies, in mass and especially Bitcoin for a variety of very good reasons; the same reasons why humans invented currency in the first place.  

Currency was originally not invented for the purposes of fraud, manipulation and control of the populace.  As time went on money gradually evolved from barter to materials that represented goods, like gold, salt, to notes backed with gold, to fiat currencies created out of thin air. Bitcoin is created out of thin air too, but there are a great number of reasons why it is becoming widely preferred.

 

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CRYPTOCURRENCY - THE FUTURE IS NOW

 

As of March 1, 2018, there are about 400,000 cryptocurrency transactions per day, half of them Bitcoin.

"Bitcoin is an electronic cash system that uses a peer-to-peer network (called blockchain) to prevent double-spending. It’s completely decentralized with no server or central authority."  - Inventor Satoshi Nakamoto's earth shaking announcement, January 2009

Rather than speculate and gamble, how can you use cryptocurrency to buy things cheaply and safely without great risk?  

Anyone can purchase a few hundred dollars worth of bitcoin or another cryptocurrency to get the hang of it, like buying things, exchange to dollars, or rupees or to another cryptocurrency.  All can be done 100% online.

 

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BITCOIN MAKES MARIJUANA BUSINESS EASY

 

It is perfectly legal to buy and sell pot with Bitcoin and vendors don't need a bank.  And Bitcoin can be converted to cash on the net, Bitcoin Debit cards can be used where Visa is accepted!

The marijuana industry is an unstoppable force and investors have taken notice. Over the past year, most marijuana stocks have skyrocketed in value, leaving the broader market indexes in the dust.  Since the Federal government has banned marijuana companies from holding accounts, Bitcoin has gained popular use because of its ease of use, low charges and a bank account is not necessary.

Cannabis and Bitcoin have have had a somewhat dodgy image in the past, but that is changing now, as both Bitcoin and marijuana have gone mainstream; big business, banks and big alcohol manufacturers are jumping into both Bitcoin and weed big-time.

 

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Labels: LITECOIN CRYPTOCURRENCY BITCOIN

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