A Cannabis Currency - Cannabis Business News - International Cannagraphic Magazine Forums

OG savatage · 02-17-2014, 02:49 AM

Potcoin! You've heard of Bitcoin, now there is Potcoin. Read all about it!

Official website: https://potcoin.info/

Subreddit: https://www.reddit.com/r/potcoin/

Come join the fun, the more the merrier! It's just getting "rolling." You can grow it (mine it) like Bitcoin (with a decent vid card), trade it, buy it and spend it. Check it out.

P.S. A great site for further info and some guidance: HighonPotcoin.info

Dilbert Do · 02-18-2014, 07:21 AM

Isn't trading weed for sex the original cannabis currency?

SourSmoke · 02-18-2014, 08:11 AM

Quote:

Originally Posted by Dilbert Do

Isn't trading weed for sex the original cannabis currency?

Yeah, weed is already its own currency - why the need for a virtual version?

Skoosh · 02-18-2014, 08:45 AM

I just saw something online about btc's crash being more involved than just motgox's problem. (lol)
Let me see if I can find the link...

Sk
;-)_~~

Skoosh · 02-18-2014, 08:49 AM

https://www.latimes.com/business/hilt...#axzz2tephzQwD

By Michael Hiltzik

February 10, 2014, 10:07 a.m.

The bitcoin faithful would like you to believe that the virtual currency's recent price swings result solely from the crisis at Mt. Gox, a leading bitcoin exchange firm headquartered in Tokyo.

Don't believe it: The Mt. Gox affair is a symptom, not a cause, of deep-seated problems in the bitcoin system. It's a sign that bitcoins aren't ready to serve as anything but pieces in a very risky, speculative game.

Or as Boston University finance expert Mark T. Williams told state regulators in New York last month, "Bitcoin is an experiment that needs to remain in the laboratory until it can meet the basic standards required to become a beneficial transaction currency."

To recap, Mt. Gox, which at one time was the world's largest bitcoin exchange, announced last week that it was suspending all bitcoin withdrawals for "technical" reasons. That meant if you had an account, or "wallet," at Mt. Gox, your money in bitcoins was frozen--you couldn't transfer them to a bitcoin account elsewhere. In an update Monday, the firm said it would resume withdrawals once the technical issue has been "properly addressed." But it didn't offer a time frame.

The Mt. Gox freeze sent bitcoin prices on a dizzying plunge of 13% to 30%, depending on which service you follow for price quotes. On Bitstamp, bitcoins were quoted at $790 just before the Mt. Gox announcement and $619 just after, a fall of more than 20%. As I type these words, the quote is $674. Back in December, bitcoins were quoted as high as $1,200, a price bitcoin fanciers used as evidence that their pet currency was here to stay.

As we've written before, bitcoins could be a useful device, in principle, for a variety of financial transactions, including exchanges of funds between traditional currencies, the movement of financial assets from one country to another, and other transactions for which traditional banks charge unreasonably high fees.

But they haven't reached that stage yet, and the Mt. Gox crisis shows why in several ways. For one thing, any financial instrument that experiences such wide swings in price over a short period is clearly not something you want to use as a transactional tool. If you're a business with money in, say, Greece, and you want to cash it out as dollars in the U.S., you don't want to use a device that could cost you 20% of your money if you oversleep by an hour.

For another, any system that can be so rattled by the problems of a single dealer, no matter how important -- and Mt. Gox has a much smaller share of the bitcoin exchange business now than it did in mid-2013 -- has a serious flaw. Yes, the world financial system was seriously rattled in 2008 by the failures of several investment banks in the U.S., but governments worldwide have been working hard to ensure that it doesn't happen again.

Finally, as the rumors of problems at Mt. Gox surfaced, the price for bitcoins quoted by the firm diverged sharply from that elsewhere in the market -- Mt. Gox had to offer a higher rate to attract customers. In a well-functioning market, that would give traders an arbitrage opportunity -- buy bitcoins in one place and sell them at Mt. Gox for an instant 20% profit. But no rational market offers arbitrage spreads that wide, and of course the roach-motel aspect of the trade is that once you bought in at Mt. Gox, you couldn't sell out.

Bitcoin doesn't have the centralized rule-making that could keep another Mt. Gox from blowing up. Some bitcoin fans say that's a virtue, but it's not. "Bitcoin is built on a flawed doctrine of self-regulation," Williams told me by email, "and the cracks are starting to show."

He calls bitcoins a "highly speculative virtual commodity" that should be regulated by commodities regulators in the U.S. and elsewhere. Ownership is highly concentrated -- by one estimate, fewer than 800 accounts control half of all bitcoins, which gives them enormous influence over the price. Williams said that means that the price is already inflated.

The real problem is the lack of regulation of a business in which most trading is handed by firms located in places such as China, Slovenia and Bulgaria. That's why many would-be market-makers are urging government regulators in the U.S. to license bitcoin exchange firms.

The Winklevoss twins, who were made famous by their role in the history of Facebook and are hoping to start a bitcoin investment fund, say regulators should impose disclosure and minimum capital requirements, along with other consumer protection rules, on the marketplace.

They know that without these, bitcoins can't survive. But the more regulation you have, the more bitcoins just look like another conventional currency or investment vehicle, and that cuts against the libertarian streak in much of the bitcoin community.

The Bitcoin Foundation, which functions as an informal overseer of the bitcoin flame but has no real authority, issued a statement Monday acknowledging that Mt. Gox serves as a "good reminder that Bitcoin is still young and experimental." No kidding. The baby has potential, but it still has a long, long way to go before it can stand on its own two feet, and it's not at all clear that it will even make it to adolescence.

Reach me at @hiltzikm on Twitter, Facebook, Google+ or by email.

Sk
;-)_~~
(Let's see if I edited that right.)

SourSmoke · 02-18-2014, 08:51 AM

The problem I see with Bitcoin is that it is still susceptible to such large swings. I don't want to spend time earning it and have the floor drop out. But then again I thought the same thing when it was worth $25 - should have earned some.

Quote:

Originally Posted by Skoosh

I just saw something online about btc's crash being more involved than just motgox's problem. (lol)
Let me see if I can find the link...

Sk
;-)_~~

TheCleanGame · 02-18-2014, 10:35 AM

LOL...

It's still brand spanking new and it'll continue to rise again. There happen to be a large number of people that have millions invested in hardware... they'll keep it going.

Loving the panic! People are such cattle.

Keep it Clean!

Tonygreen · 02-18-2014, 03:43 PM

^^^^^^^ Everyone wants get rich quick scheme, they rarely are legit.

StayHigh149 · 02-19-2014, 07:16 AM

I think it iz all very confuzing to alot of people....like me. I went to the page that zaid "ztart mining" & wow....it would take me half a day to zet up an account or my computet or ....juzt wow.

Good idea tho, guezz i"m juzt unzavy to do all that zetting up.

...zorry for the zzzzz but my "other button" iz ztuck

TheCleanGame · 02-19-2014, 03:14 PM

Anyone good at coding?

Would love to start up a p2pool with merged mining for Doge and Pot or Doge and OrgCoin... it's like wasting cycles if you're not.

The thing with all these alternate currencies is that they're mostly not viable. They ARE good for profiting from during their launch, when they're easy to mine and sell, until they crash and you switch to something else.

Keep it Clean!

02-17-2014, 02:49 AM	#1
OG savatage Member Join Date: Feb 2006 Location: Sonora Desert Posts: 55	A Cannabis Currency Potcoin! You've heard of Bitcoin, now there is Potcoin. Read all about it! Official website: https://potcoin.info/ Subreddit: https://www.reddit.com/r/potcoin/ Come join the fun, the more the merrier! It's just getting "rolling." You can grow it (mine it) like Bitcoin (with a decent vid card), trade it, buy it and spend it. Check it out. P.S. A great site for further info and some guidance: HighonPotcoin.info __________________ Overgrow GrowFAQ Last edited by OG savatage; 02-17-2014 at 02:53 AM.. Reason: added a link
	Quote

02-18-2014, 07:21 AM	#2
Dilbert Do Member Join Date: Sep 2012 Posts: 80	Isn't trading weed for sex the original cannabis currency?
	Quote 2 members found this post helpful.

02-18-2014, 08:45 AM	#4
Skoosh Banned Join Date: Feb 2006 Location: Denver CO U.S.A. Posts: 37	I just saw something online about btc's crash being more involved than just motgox's problem. (lol) Let me see if I can find the link... Sk ;-)_~~
	Quote 1 members found this post helpful.

02-18-2014, 10:35 AM	#7
TheCleanGame Banned Join Date: Oct 2013 Location: South Park Colorado Posts: 979	LOL... It's still brand spanking new and it'll continue to rise again. There happen to be a large number of people that have millions invested in hardware... they'll keep it going. Loving the panic! People are such cattle. Keep it Clean!
	Quote 1 members found this post helpful.

02-18-2014, 03:43 PM	#8
Tonygreen IC Mag Supporter Join Date: Apr 2012 Location: dark side of the moon Posts: 8,224	^^^^^^^ Everyone wants get rich quick scheme, they rarely are legit. __________________ When The Green Drops The Bullshit Stops KNOWN BUBBLE HEAD
	Quote

02-18-2014, 08:49 AM	#5
Skoosh Banned Join Date: Feb 2006 Location: Denver CO U.S.A. Posts: 37	https://www.latimes.com/business/hilt...#axzz2tephzQwD By Michael Hiltzik February 10, 2014, 10:07 a.m. The bitcoin faithful would like you to believe that the virtual currency's recent price swings result solely from the crisis at Mt. Gox, a leading bitcoin exchange firm headquartered in Tokyo. Don't believe it: The Mt. Gox affair is a symptom, not a cause, of deep-seated problems in the bitcoin system. It's a sign that bitcoins aren't ready to serve as anything but pieces in a very risky, speculative game. Or as Boston University finance expert Mark T. Williams told state regulators in New York last month, "Bitcoin is an experiment that needs to remain in the laboratory until it can meet the basic standards required to become a beneficial transaction currency." To recap, Mt. Gox, which at one time was the world's largest bitcoin exchange, announced last week that it was suspending all bitcoin withdrawals for "technical" reasons. That meant if you had an account, or "wallet," at Mt. Gox, your money in bitcoins was frozen--you couldn't transfer them to a bitcoin account elsewhere. In an update Monday, the firm said it would resume withdrawals once the technical issue has been "properly addressed." But it didn't offer a time frame. The Mt. Gox freeze sent bitcoin prices on a dizzying plunge of 13% to 30%, depending on which service you follow for price quotes. On Bitstamp, bitcoins were quoted at $790 just before the Mt. Gox announcement and $619 just after, a fall of more than 20%. As I type these words, the quote is $674. Back in December, bitcoins were quoted as high as $1,200, a price bitcoin fanciers used as evidence that their pet currency was here to stay. As we've written before, bitcoins could be a useful device, in principle, for a variety of financial transactions, including exchanges of funds between traditional currencies, the movement of financial assets from one country to another, and other transactions for which traditional banks charge unreasonably high fees. But they haven't reached that stage yet, and the Mt. Gox crisis shows why in several ways. For one thing, any financial instrument that experiences such wide swings in price over a short period is clearly not something you want to use as a transactional tool. If you're a business with money in, say, Greece, and you want to cash it out as dollars in the U.S., you don't want to use a device that could cost you 20% of your money if you oversleep by an hour. For another, any system that can be so rattled by the problems of a single dealer, no matter how important -- and Mt. Gox has a much smaller share of the bitcoin exchange business now than it did in mid-2013 -- has a serious flaw. Yes, the world financial system was seriously rattled in 2008 by the failures of several investment banks in the U.S., but governments worldwide have been working hard to ensure that it doesn't happen again. Finally, as the rumors of problems at Mt. Gox surfaced, the price for bitcoins quoted by the firm diverged sharply from that elsewhere in the market -- Mt. Gox had to offer a higher rate to attract customers. In a well-functioning market, that would give traders an arbitrage opportunity -- buy bitcoins in one place and sell them at Mt. Gox for an instant 20% profit. But no rational market offers arbitrage spreads that wide, and of course the roach-motel aspect of the trade is that once you bought in at Mt. Gox, you couldn't sell out. Bitcoin doesn't have the centralized rule-making that could keep another Mt. Gox from blowing up. Some bitcoin fans say that's a virtue, but it's not. "Bitcoin is built on a flawed doctrine of self-regulation," Williams told me by email, "and the cracks are starting to show." He calls bitcoins a "highly speculative virtual commodity" that should be regulated by commodities regulators in the U.S. and elsewhere. Ownership is highly concentrated -- by one estimate, fewer than 800 accounts control half of all bitcoins, which gives them enormous influence over the price. Williams said that means that the price is already inflated. The real problem is the lack of regulation of a business in which most trading is handed by firms located in places such as China, Slovenia and Bulgaria. That's why many would-be market-makers are urging government regulators in the U.S. to license bitcoin exchange firms. The Winklevoss twins, who were made famous by their role in the history of Facebook and are hoping to start a bitcoin investment fund, say regulators should impose disclosure and minimum capital requirements, along with other consumer protection rules, on the marketplace. They know that without these, bitcoins can't survive. But the more regulation you have, the more bitcoins just look like another conventional currency or investment vehicle, and that cuts against the libertarian streak in much of the bitcoin community. The Bitcoin Foundation, which functions as an informal overseer of the bitcoin flame but has no real authority, issued a statement Monday acknowledging that Mt. Gox serves as a "good reminder that Bitcoin is still young and experimental." No kidding. The baby has potential, but it still has a long, long way to go before it can stand on its own two feet, and it's not at all clear that it will even make it to adolescence. Reach me at @hiltzikm on Twitter, Facebook, Google+ or by email. Sk ;-)_~~ (Let's see if I edited that right.)
	Quote

02-19-2014, 07:16 AM	#9
StayHigh149 Member Join Date: Sep 2006 Location: 34N, not where I wanna b Posts: 640	I think it iz all very confuzing to alot of people....like me. I went to the page that zaid "ztart mining" & wow....it would take me half a day to zet up an account or my computet or ....juzt wow. Good idea tho, guezz i"m juzt unzavy to do all that zetting up. ...zorry for the zzzzz but my "other button" iz ztuck __________________ STAY HIGH since forever til forever... I always knew I could make $$ with weed, just never thought it would b thru the stock market!!! FREE THE WEED & GYPSY TOO!!!!!
	Quote

02-19-2014, 03:14 PM	#10
TheCleanGame Banned Join Date: Oct 2013 Location: South Park Colorado Posts: 979	Anyone good at coding? Would love to start up a p2pool with merged mining for Doge and Pot or Doge and OrgCoin... it's like wasting cycles if you're not. The thing with all these alternate currencies is that they're mostly not viable. They ARE good for profiting from during their launch, when they're easy to mine and sell, until they crash and you switch to something else. Keep it Clean!
	Quote