Seed depot closing

[Steele Savage]

ECG, thanks for your support. Not.too active anywhere, just feel the need to contribute to this thread. Alotta info to be gleaned and posted, in what happened over there @ the thief's site. Hoping something posted can help by cross referencing the lies...



One Love,
Steele

 

[Jellyfish]

Using CC's, blank MO's and cash all have risks, but PayPaL?!?! That was really suggested?

 

[Skip]

Re: CCs & M.O.s....

Here's some common knowledge among businesses that most people don't know concerning the ability to process credit card orders. Anyone thinking of opening any cannabiz anywhere should heed this otherwise you may end up like JB.

I can't say this was the situation in JB's case, but it could be...

Several years ago a new regulation came into effect that requires an audit of websites that use CCs. These audits are very thorough, and the owner of the website must pay a hefty sum to be audited by an independent party. They review the CC process on the website to ensure it meets new security standards. At that time if they find any problems the owner or webmaster are informed of the issues that they have a narrow time frame to correct.

If they find any kind of fishy business with the website, it will be reported to the banks.

If they find the website in anyway violates the conditions of processing CCs, that too can result in the loss of CC processing ability.

But finally if the website is deemed to deal with objectionable content, including marijuana or pornography, the website's bank can decide to reject any more biz from them due to "morality" issues. (yes, I see the irony of banks dictating morality!)

Apparently once the bank takes this move, it may also reject any US M.O.s from that biz. That seems to be what happened to both Gypsy and JB. Good job copying Gypsy's biz model, JB! So if JB had a lot of money being processed when the cut off occurred, he might've lost a lot. Possibly half his cash flow may have dried up, but the bills kept piling up. If that was indeed the case, he should've admitted it, instead of doing what he did. He could've saved face, vendors may have cut him slack, and maybe he could recover. But not having been capitalized properly from the start, meant he couldn't last long without the full cash flow.

These audits that trigger action by banks occur after a website and CC facility has already been established for awhile. Then they have a certain window of time to complete the audit.

Of course enough CC chargebacks will trigger a different investigation into a company. That could also have been the case, esp. if JB started sending bogus seeds out to people. Some may have tried to get their money back. Get enough chargebacks and the banks will cut you off.

This is why cannabis needs to be legal on the federal level as banks still want nothing to do with cannabizes.

Every cannabiz in the US has this same problem with banks. So all such businesses are either cash only or have another way around the system.

I read the other day about a new company in Colorado that will process CCs for the cannabizes there (their stock just shot up thanks to the long lines at Colorado pot shops).

So that's a start!

 

[yortbogey]

Bank of America Will Accept Washington State Marijuana Revenue

Bank of America Will Accept Washington State Marijuana Revenue

One of the biggest hurdles that companies generating revenue in the marijuana industry have to face is finding a financial institution willing to accept them as customers. The Liquor Control Board in the state of Washington was in the same situation until the Bank of America agreed to permit them to deposit anticipated marijuana related profits in their vaults.

Most banks are leery of dealing with marijuana businesses simply for the fact that under federal policy, the government views money from marijuana transactions as money laundering.

Bank of America declares it is willing to accommodate new marijuana related businesses, according to Jim McIntire, Treasurer for the state of Washington. "I mean, in fact, we're already taking some tax revenues, I believe, for medical marijuana. So it's not a real issue in terms of their perception."

The Liquor Control Board will begin taking in revenue this fall via applications for different types of marijuana licenses and will need a place to deposit those funds. McIntire pronounced that his office has conducted numerous discussions with Bank of America and that "Bank of America is fine with that," and he goes on to say that "they assure us that's not a problem for them."


http://www.huffingtonpost.com/the-/bank-of-america-will-acce_b_3993219.html

 

[aridbud]

Again, thanks Skip for invaluable info regarding MO and CC payment!!! I've been privy to such practices....bank, audits and web sites, hence the reason to remain under the radar or not wanting to dip a toe into those tepid waters.

As long as it is not intercepted, cold hard cash of any sort...USD, EU, Pound, Rupees and the like....is the best way to do business. JMHO.

 

[CrashPad]

Bitcoin.

J.B. was also looking for alternative payment scheme's, for someone dealing in this arena after Gypsy, bitcoin looked like a good hiding spot. As the price rocketed, it was a way out of his money issues. Hence his 40% off bitcoin deal. Then bitcoin dropped 50%.

It's rebounded yes but is he went all in the last few months, he lost big.

 

[CrashPad]

and look for bitcoin to take another massive hit soon.


" Given this dynamic, theres a potentially massive disruption in bitcoin’s near- to mid-term future: The FBI liquidating its stash of nearly 174,000 bitcoins, which is valued at $130.3 million at today’s exchange rate of $749.

The feds acquired these bitcoins during their raid and shuttering of online black market Silk Road and currently hold them in the first- and thirty-seventh-largest bitcoin wallet accounts in the world. Silk Road’s alleged founder Ross Ulbricht is thought to have pocketed 600,000 bitcoins over the three-year life of his business, many of which are thought to be hidden in unknown wallet accounts. This means that the FBI’s bitcoin stash could conceivably grow even larger, should it uncover these hidden assets."

" In other words, there is a strong chance that the FBI will at some point look to unload in the neighborhood of two days worth of trading volume for this one asset, or measured another way, nearly 1.5 percent of all bitcoins in existence. For a basis of comparison, we can look to trading activity in Apple stock. Over the last three months, Apple has averaged 11.2 million shares traded per day. If someone were to rapidly unload twice that daily volume, or 2.4 percent of all Apple shares outstanding (valued at$12.5 billion), it would send shockwaves through the market. The same is true for bitcoin."

 

[Harry Gypsna]

and look for bitcoin to take another massive hit soon.


" Given this dynamic, theres a potentially massive disruption in bitcoin’s near- to mid-term future: The FBI liquidating its stash of nearly 174,000 bitcoins, which is valued at $130.3 million at today’s exchange rate of $749.

The feds acquired these bitcoins during their raid and shuttering of online black market Silk Road and currently hold them in the first- and thirty-seventh-largest bitcoin wallet accounts in the world. Silk Road’s alleged founder Ross Ulbricht is thought to have pocketed 600,000 bitcoins over the three-year life of his business, many of which are thought to be hidden in unknown wallet accounts. This means that the FBI’s bitcoin stash could conceivably grow even larger, should it uncover these hidden assets."

" In other words, there is a strong chance that the FBI will at some point look to unload in the neighborhood of two days worth of trading volume for this one asset, or measured another way, nearly 1.5 percent of all bitcoins in existence. For a basis of comparison, we can look to trading activity in Apple stock. Over the last three months, Apple has averaged 11.2 million shares traded per day. If someone were to rapidly unload twice that daily volume, or 2.4 percent of all Apple shares outstanding (valued at$12.5 billion), it would send shockwaves through the market. The same is true for bitcoin."

It rises and falls, but the overall trend is up. Either buy it and use it immediately (if receiving, then sell immediately, 10 percent id the usual fee you can charge, but some go lower to attract custom--selling in person for cash people are charging 30 percent plus) , or if you've got balls of steel, hold on to it for a couple of years.
It is expected to reach 10,000 dollars a btc by the end of 2014.

 

[lost in a sea]

^^ if that's for real crashpad and he did go all in in bitcoin when it rocketed then he's fucked and no wonder he's disappeared..

bitcoin is totally wild,, if you hold on to it for a few hours you could lose 50%..

no way will it hit 10,000 imo,, that is like max keisers highest estimation,, or dream.. only the guys that got in at the beginning actually "believe" it might happen and even they say it's hazardous to not be very well hedged if putting any money in bitcoins because you may easily lose all....

instant transactions great, investment no.. only my 2cents..

 

[johnnybravo]

One could invest in a bitcoin miner...

 

[tokinblackguy]

I know everyone thinks this is just the end of the world and that we stoners never forget but dare I remind you of others who have pulled off unscrupulous acts against us. Some we forgave, some we didn't.

Remember BC Bud Depot and all the coin they pocketed, remember Attitude with the fake DJ gear, remember Rez back in the day bidding up his own auctions, remember Reeferman and the beans that just wouldn't, remember Matt Riot and the less than standup way he came upon his genetics, remember the Alien auctions and the disappearing act when real reports started pouring in, remember Logic banning everyone that had payments come up missing? I could go on but I think we all get the idea.

The point is we as a community WILL move on. The "business" of MJ and it's worldwide reach is a tricky lady to navigate from top to bottom, country to country. This is just another black eye on our community, a community that has yet to separate itself from it's "street" mentality. We've made progress but still have a long way to go and being that as it may, I'm afraid to say that we haven't seen the last of folks like this. Stay vigilant my brothers, remember what brought us all together in the first place, and accept the fact that where there's a dollar to be made, there's someone waiting in the shadows plotting to take advantage.

 

[umbralindigo]

Hey all, went to SD after finding a large collection of Classic seeds there, been there since they had a forum and all, it was a no-brainer for me at the time, and saw this all unfold quickly... had no idea that this was a thing.. eerie really. I bought six packs of classic over there and they all seem to live up to name and quality. Whew!

Classic, I see your offerings at the boutique and am wondering if you are considering bringing over some of what was at the depot? Figure I could PM, but maybe others are interested?

 

[ladera]

all bitcoin transactions can be traced online using blockchain.org....... anyone buy seeds from JB/TSD and still have record of TSD bitcoin deposit address they deposited to...

 

[tokinblackguy]

Yeah, Classics gear was next on my list, the Romulan, the Afghooey, and one other I think. I NEVER got the "strange" vibe over there that many speak of but to each his own. When I first signed up, I was treated very well by the members there, made a few friends and just hung out and shot the shit. As with any site, there were a few things I didn't like about the place, but hey, I'm a visitor and it's not my forum so I lived with it like I do on every other board. I did voice my opinion on things like how the auction was run and to my surprise, i wasn't banned or shunned for doing so. I enjoyed the time I was there and the friends I made, truly genuine folks. I'm sorry for the way things turned out, we all know one bad apple can spoil the bunch.

I've been able to stay connected to most that I befriended, some are here now, so not all is lost. A couple I haven't been able to locate on the web yet but I know they're still out there. If anyone has seen 9thChamber or know if he went to another board, please pm me, 9th is a great guy from what I know of him and I'd like to stay in touch. And GaGrown too...lol that's my brother from another mother, first guy to extend an olive branch when I joined, super cool redneck! Cannivore, I hadn't had the chance to get to know while I was there, but seemed like a pretty decent guy as well so maybe we'll touch bases here.

 

[umbralindigo]

I think that sort of sentiment can surely be shared, I mean, the comforting factor.
The calm before the storm, it's like little red riding hood... come on in, chat about herb, and step a little closer, a little closer, a little closer.... Snarf. And there went ya money and humility.
I did a google search for seed depot closing, and sure enough ICMAG had a thread already going.
Really, I'm happy to see you breeders talking straight talk. Vindication aside, the info is greatly appreciated. It's none of our damned business really, but sure is reassuring.
Everyone needs closure, lol, even in the sometimes uber-emotional cyber universe.
Loving you all, Umbral

 

[Bxgrower81]

Right now I can't get on R--.c-m myself either

 

[Hammerhead]

Everyone got Scammed there, breeders, Customers, Closet chucker's, many others. Some got there orders many did not or got unknown seeds. It is your business. If the breeders had not said something this chump could still be up and running.

 

[Harry Gypsna]

^^ if that's for real crashpad and he did go all in in bitcoin when it rocketed then he's fucked and no wonder he's disappeared..

bitcoin is totally wild,, if you hold on to it for a few hours you could lose 50%..

no way will it hit 10,000 imo,, that is like max keisers highest estimation,, or dream.. only the guys that got in at the beginning actually "believe" it might happen and even they say it's hazardous to not be very well hedged if putting any money in bitcoins because you may easily lose all....

instant transactions great, investment no.. only my 2cents..

Someone I know bought one btc for 38 pounds last year. It's around 480 right now. It's up and down, but overall it's up, and it's only going one way. As more and more people and services adopt it the value goes up. I wouldn't hang on to it in the short term, but if you've got the nerve , it is only going one way, long term.
I just buy em and spend em. I lose about 15 pounds per 200 between the commission and the fog fee. All the crashes have been manipulation by large holders, selling them off, causing a price slump, then buying up even more than they sold, at a much lower price, and after not so long, the price is back where it was or even higher. We aren't at the high before the recent price drop, but it won't be long.

 

[lost in a sea]

but the breeders did the business with the guy, with no decent track record and that they had no particular reason to trust in the first place, and it was that misplaced trust that led to every customer going there basically because he would have been nothing being another GHS/Barneys/dutch passion etc etc seller..

And some breeders directly asked members from IC and i'm sure other forums to use TSD which is even worse really..

Harry i really seriously wouldn't bet on it.. i'm not sure how you think you can see into the future on that when it is inherently volatile and only backed by the concept that they can all be mined one day, what happens between now and then is in the hands of billionaires and private corporations that have a big stake in fucking normal investors.. but i don't believe in investing in stocks, precious metals or online currencies.

and saying "overall it's up" about something only a few years old seems odd to me,, i have no confidence in it.. gold seems dumb but a digital investment seems insane..

i prefer to invest in things that enrich my life and make money at the same time.

 

[Hammerhead]

that's true, I know that many tried to get there products out to more banks when we lost the CC option. I'm sure this hurt everyone's bottom line. To keep there heads up and not sink they had to vend where they might not have if CC where still working.. Unfortunately we don't really have many places we can trust 100%. The bou has been in my life for a very long time. I want to say 25 years. When I was on OG I bought all my seeds from the Bou at that time.


Now that we are seeing things change here in the states any chance the banks might change there minds in the UK about taking CC again??. If the seed banks can get that back up it will defiantly help the business.. I used my CC 99% of the time when purchasing seeds.