Ganja vs insane coin crypto
Jack Mallers: Well they had a premium. Jack Mallers: But yeah, clarify. So it was like 2x plus! So that was a huge, vomit worthy premium. Peter McCormack: How is it today in , back from say because I wasn't around them.
I don't know what the community was like, I don't know what it felt like. How does it feel different today? Bitcoin Mom: We've all felt on the same team definitely. You'll hear people say that over and over again. Especially if you are active on Twitter, the people that you got to know on Twitter, many of whom have become really good friends of ours.
I could always tell with someone, that if I really like someone's personality on Twitter, do you find this? If you really like someone's personality on Twitter, you find that actually they are the same in real life. Peter McCormack: Do you know what I find? People say to me that they find me very different from what I am on Twitter.
They find me much nicer! Bitcoin Mom: That's often the case! Peter McCormack: Yeah, what I tend to find in real life, most people I've had an argument with, if I meet them at a conference, we become friends straight away. There's only one time that's never happened. I met two people I've got blocked, at Bitcoin , absolute trolls.
We ended up hanging out and unblocking and just getting on! So I think most of the Twitter stuff's just nonsense. There's only one person when I was out in Berlin, this guy started trying to troll me in real life and I was just like, "what are you fucking doing? Peter McCormack: Just saying the same shit that he says to me on Twitter, "you're given a platform to frauds!
Bitcoin Mom: I think it's so interesting that you are trying to piece together the whole history of everything. We all have like battle scars and I can tell you after Yeah, starting around Mt. Gox, starting with those congressional hearings about the Silk Road thing, Bitcoin always felt like it was facing existential threat. There was always something. Things as mild as like the Blockchain, not Bitcoin stuff.
Jack Mallers: Well, I remember, I learned to code right after I dropped out and I would be working on the couch, just whatever. Then I'm going to have to go to college and introduce myself as a freshman that's going to be like Jack Mallers: Nothing! But you know what? I remember running up to my dad's room like, "hey, is this thing on?
Is it working? Falling all the way down there, I was like, "Dad, should I apply to college? I'm on Coinbase! I mean I've just really experienced mine. I was like, "oh whatever" and forgot about it. Peter McCormack: Contract for difference. You're not really buying Bitcoin, you're making a bet on the movement of Bitcoin. They're not legal here in the US, but we have them in the UK. So you can do leveraged plays and kind of leverage bet on what's going to happen.
So I made money on the way up and lost it on the way down and forgot about it. Then every now and again will see Bitcoin in the news and the price has dropped more and more. Then I got back in! Now I've just had my first kind of bear market and the first one is quite scary, when you really live for it is quite scary.
I think if you can come out the other end of it, which I have and I know some people haven't, but if you can come out the end of it, then you're in! Never invest more than you're willing to lose! I only put 32 grand in. I lost more winnings, than my emotions could take! But it doesn't matter. I've got this podcast now, we're here, it's fine. It's not a problem!
You talk about the battle scars. So what did I guess everyone is different Bill Mallers: Well I'll tell you. People from traditional finance, like "oh that stuff, that's casino. How about the currency markets during the 90s and how about the grain markets during the drought or the flood? Whoever thought the Midwest would flood? I was a risk manager during some really dangerous markets and crypto I don't think, is in character, any different than some of those financial markets.
Peter McCormack: What about you? What are the main battle scars? Bitcoin Mom: I personally don't have battle scars, but the civil war really got to me. I got really involved. I spent a lot of time trying to understand big blocks versus small blocks and we tried to We didn't line up ideologically in the beginning.
We were trying to wade through these waters to see what, and I don't think I understood everybody's motivations on both sides either, but yeah, that was a battle I felt like I am going to I normally am very, very non-contentious on Twitter, I'm like pretty nice and diplomatic and I don't promote companies and I don't take sides and I don't get into fights, but that one I felt was bad. Peter McCormack: I think if you are new into Bitcoin, I think you can see both sides, the big block argument and the small block argument at first touch and go, "oh they both make sense.
Just maybe over time, you learn a bit more and you get a bit more educated. But I can see how people then go off into a certain camp and then get indoctrinated into the cult of that camp and I think both can be cultist at times, but I think it's very easy to get drawn in. I certainly during it didn't fully understand, I kind of kept my Bitcoin and sold my Bitcoin Cash, because gut feel, based on who was supporting each project It kind of was like, "well, you've got Jameson Lopp over here, you've got various developers over here, you've got Andreas over here and then over there you've got Roger and a bunch of people I don't understand.
Bitcoin Mom: Oh yeah, absolutely and then you see what happened to that. Can I tell you a little irony? Peter McCormack: Yeah go on then. Bitcoin Mom: You might have to edit this out. Peter McCormack: No, definitely not! Loose lips, cookie! Bitcoin Mom: I'm not going to tell any of Jack's secrets, but because of that fork, we used the BCH airdrop to fund Jack's Zap company or whatever, your efforts. So we helped Jack basically not have to Jack Mallers: Bitcoin cash has funded difficulty swaps and derivatives, it's funded Lightning stuff, it's funding a Bitcoin core engineer at one point.
So Roger, no matter his intent, created money out of thin air and gave us the best money in the world for it and allowed us to fund and help Bitcoin a lot! Thank you Roger for supporting Bitcoin! Do you have any more of those monies? Can you create and pay me for it? Create a new one please, the purple one! Peter McCormack: That's actually hilarious! What price do you sell Bitcoin cash at? Bitcoin Mom: At first I didn't feel confident enough to split the coin, so I was just ignoring it.
Then I was like, "oh, I can't not do this. It was a pretty good trade. What, you think I did better? Jack's pointing upwards. Peter McCormack: Mine wasn't great. I sold it pretty quick. No, that was too late.
But I just love at that same time, "Lightning people keep saying it's going to take 18 months, it's vaporware. It's never going to happen. It was great. Peter McCormack: What was the normal job? Jack Mallers: I've had one normal job in my life. I was working at a startup in Chicago. I was hired to be an engineer, but then ended up evolving into like leading the product, so design, product and engineering. Bitcoin Mom: You have a patent don't you?
Jack Mallers: Yeah, there's a patent for it. So the company was, I wouldn't say struggling, but a little bit confused, like we all get and I built a solution on the weekend. I'm like the most competitive person, right? So if I do something, I do it all the way. So I built something on the weekend and I proposed it to them and it turns out it was really, really successful and they put a patent in my name for it.
Sorry, I'm like distracted, that was a fat wine pour! That was a lot of wine. Bitcoin Mom: Oh no, don't do Oh my goodness. Peter McCormack: No, we're going to do everything! Can you imagine having a whitey during the interview and just passing out? I just love that story that Roger Ver helped Jack Mallers: Yeah, it's the best thing ever! We even funded at one point a Bitcoin core engineer, so there are lines of code, thanks to Roger. It was really the craziest thing though. I used to describe to my friends, they're like, "what do you mean?
You got money for free? I thought that's not how it worked? I clip my toenails and I was like, "here, here's some new money" and you said, "well, no. I can't do anything with your toenails. I can't exchange it for any goods. I can't pass it on. I can't exchange it for a Dollar. So no thanks. I'll give you my toenails and then I'll buy them from you!
So it was like, "oh, thanks for this fresh batch of toenails Roger and you'll pay me in Bitcoin for it? How lovely! Thank you so much! I can't wait for next Christmas! That was really good! Peter McCormack: That's the second time you've used toenails though? It always comes back to toenails. Jack Mallers: When did I use it? Peter McCormack: You said it earlier. Jack Mallers: It's my go to financial instrument.
You're trading high, by the dip on my toenails! Bitcoin Mom: We just got back from San Francisco and we've just been talking about gross things for days! So we're driving on the, we'd call it in England, a dual carriageway. It's not a freeway, but it's two lanes. So we're coming under this bridge and he starts beeping. I look up, there's a woman just walking down the center of the road and she looks at him like he's an idiot for being in a car on the road and she's obviously messed up in some way.
That was kind of rare in LA, something that bad, but I was blown away by how bad San Francisco's got. I've been going to San Francisco now for 10 years. First time I went was like 11 years ago and I had the most amazing time. No problems, didn't see anything and every time I've come back it's got worse and worse. Isn't just seeing the rows of tents or seeing rows of people and it's really sad and depressing, but you could be outside Walgreens and there's a dude shouting at somebody who wasn't even there.
Then you get to the bottom of the street and there's somebody begging. We have a terrible homeless problem here in Boulder, but I feel like, you saw those guys, they're like, "love you Mom! But it's a huge problem. Peter McCormack: Would you say there's a difference though?
For me it felt like in San Francisco, there was a lot more people with mental health problems and probably a lot more people on drugs. Bitcoin Mom: Yeah, drugs. Peter McCormack: Well, it's definitely mental health as well. Why is there such a huge problem? What's happened? I can't understand it! Bitcoin Mom: Well, just in general guys, it's just Well in San Francisco people have said that it's gotten so expensive to live there, so you have some people who are homeless because they can't afford to live there anymore.
But there's a lot of mental health issues, insurance, the whole healthcare, don't get me started on how they treat mental health. We have six kids and I swear four of you guys have anxiety disorders, right? I mean, really.
Jack gets panic attacks, we have a daughter right now who is being treated for pretty severe chronic anxiety and so it might be something about this generation, but I don't know, don't ask me to talk macro on this, it's too hard. Peter McCormack: I had chronic anxiety and panic attacks back from The first one came from drugs.
So I told you I had a drug problem and then I went through two years of really bad anxiety and then panic attacks probably once a week, you think you're going to die, you know what I'm talking about? I've had ambulances out, I had it even once on the Tube in London where I collapsed on the Tube, I thought I was dying and then, it's so shit, so they end up taking me off the Tube. By the track, they take my shirt off and I haven't got a great body.
Then they bring the paramedics down and I'm getting an ECG in rush hour, London with everyone walking by! Bitcoin Mom: What spurred the panic attack? Peter McCormack: Nothing like that, just bang and it hit me. After my separation, my divorce, just everything changed. I tell you how I got rid of it, I don't know if you Do you run? Bitcoin Mom: You got rid of it? Bitcoin Mom: Really? Peter McCormack: Yeah, running. I went to the doctor and they wanted to prescribe me anti-depressants and my brother has them and he's never got off them.
Every time he's tried to wean himself off them, he's got the depressed again. So I got in the car afterwards and I just Google "alternatives to anti-depressants" and the three things that it came up with were; running, yoga and meditation. So I did all three. There's an app called Calm, which I used when I had really bad panic attacks, but I just got my trainers on and I ran.
I pretty much ran nearly everyday for a year and it all went. That's what worked for me. I don't know. Jack Mallers: Yeah, I run, I play basketball. Peter McCormack: Does it help? Jack Mallers: Are we talking about my panic attacks on a podcast? Peter McCormack: We don't have to!
We talked about mine. It might help people. Bitcoin Mom: Oh it does help people actually! Jack Mallers: Yeah, I've had panic attacks forever. Bitcoin Mom: What do you do? Peter McCormack: During the panic attacks or just in general, because anxiety is not binary, it always exists. I mean people that struggle with mental health, myself included, you have to just constantly maintain whatever it is, running or your diet, but you're always just taking care of yourself. Bitcoin Mom: And there are times of high stress.
We've been giving Jack CBD. I know it's helped Bill and me, that's a discovery we've made when we moved here to Colorado. We take it every day and buying this company here in Boulder was extremely stressful, it took a really long time and the CBD, I wish I'd had it raising all those kids, because it is so amazing how steady I am. I cope with stress a lot better and here's just a little tip everybody, CBD works best if it has a little bit of THC to activate it.
It has to do with the entourage effect of the whole plant and so we take everyday 20 CBD to 1 THC ratio and I think it has helped us so much. So anyway for you, I think the CBD is really helpful, but you have to take it every day. I don't have it. Peter McCormack: No, they just legalized marijuana and you can take the half based one that's legal?
Jack Mallers: Yeah, well I've gotten much better over the years for sure. It used to be much worse. I used to not be able to go to my first classes in school. So obviously the listeners know that my parents are divorced, so Brooke is my stepmother, we went over that story. So days where I would have to go from my dad's house to my mom's house, who I don't get along with too well, I physically couldn't leave his car and go into a class.
So I would go to a specific teacher and I would just have panic attacks for about an hour and a half straight. I didn't take history and what was it, English or something in seventh grade. Bitcoin Mom: You didn't go to class till noon. Jack Mallers: Yeah, so it used to be really bad in middle school, Now it's fine.
Now if I'm someone, well Stacey Herbert or someone calls me, "an autistic, 14 year old virgin", I'm okay, I'm much better! Bitcoin Mom: So someone said that in the comments when you were on the Kaiser Report? Jack Mallers: Oh, it's the best. So mind you, no one ever really cared about what I had to say until recently. Maybe that somehow gets forgotten, but this is all new to me.
The Magical Crypto conference was the first time I ever spoke at one of the big conferences and it was a derivatives talk. I was so proud of myself and I thought, "man, I don't know if I did well, but I know I didn't blow it. Jack Mallers: The audience was laughing and I was cursing up there.
I was like, "man, this is so cool" and I'm looking at the comments and I'm talking about So corn farmers traditionally hedge themselves through derivatives and that was a very Chicago thing; agriculture, hedging and derivatives. So I'm walking through how a corn farmer hedges and how Bitcoin miners need to hedge a lot.
There's a lot of things and an array of products that need to exist and in the comments, someone goes, "hey, I just sat down, I'm halfway through the presentation. What's this guy talking about? This is the first time I'd ever had any trolls or anything. Peter McCormack: That's quite funny trolling though.
You're damn right! Like I've had people laughing at my mum for being dead or telling me they want me to get cancer and die like my mum, with those ones I'm like, "ugh, whatever. Peter McCormack: But it doesn't because when's it's that shit, you just know they're just insane, there's something wrong with them. It's when somebody says something like, "oh, I listened to your show, it's rubbish. The soft ones, because you think, "oh, they really mean it.
Peter McCormack: She's a pretty cool mom! Bitcoin Mom: Yeah, the trolling. I've only had to block a couple of people and one of them was this account during the Bitcoin civil wars in , who was on the big block side.
But I've never blocked anybody else except the Bitcoin. Some of these people are just crazy. I have about 2, people blocked. Jack Mallers: Yeah, but you take it hard though. Bitcoin Mom: It makes me cringe the things people say to you! But yeah, some of these people just get a bit crazy. Bitcoin Mom: Everybody who's really nice in person, please don't! Peter McCormack: Well, you've invited me into your home now, you're going to have to let me stay now, as I've drunk too much and we're going to blaze this up!
So let's do the weed story, because that's half of the story. I already know the show is going to be called "Bitcoin and weed. We have to smoke first though! Bitcoin Mom: You guys, I don't get high! Peter McCormack: How can you tell Jack to get high? There's no psychoactive effects at that level. You know, the weed guy? He used to bring it in on the plane! You haven't seen the film? So this is legal? What we're about to do is legal? Bitcoin Mom: Oh yeah, in this state it is legal.
Peter McCormack: That's fucking great. Bitcoin Mom: I mean, cannabis is illegal in the US at the federal level, it is a schedule one drug. That whole history is so fraught with injustice and racism that just Anyway, but it's legal here in Colorado and I don't know How many states have at least medical marijuana?
It's like 47 states and the voters have recognized that they believe that it has some medicinal benefit. A schedule one drug at the federal level, means that has no medicinal benefits and it's up there with, what else is up there? It's worse than cocaine, it's worse than meth, which is ridiculous. So anyway, Jack's talking about the transformation. So we raised these six kids, who are all teenagers at the same time and our house was the house that everyone came too, because we had an open door policy.
Jack always had tons of friends around. Jack Mallers: Listen to this, so when I was in middle school, our house was just the best and the coolest dad in the world. So on Fridays, everyone It was a competition to get to the House first, because my dad would go on these notorious, historic Costco visits!
Because my parents were divorced, so some weekends I'm at Moms and then some weekends I'd go to Dad's. So at Dad's house, we'd load up at Costco, we had rope swings and my whole middle school class or high school class would come over. So in middle school it was a competition to get there because he would make so much food off his Costco runs and if you showed up too late, if you were the 50th kid, you weren't going to get any of the bourbon chicken.
So it became a competition That means unbanked cannabis businesses are forced to pay their taxes in cash —dropping it off in suitcases or garbage bags—and also invest in security to guard the heaps of it sitting at dispensaries. It also makes cryptocurrency a natural fit for the legal cannabis industry, providing it with banking services that need not navigate discrepancies between state and federal law the way Bitcoin has also facilitated the illegal drug trade.
And yet the cryptocurrency industry has not quite reached a standard of security and stability that would make it a suitable business currency even for cannabis companies walking that gray line of legality. That mainstreaming has opened the market to investors, with Tilray last summer becoming the first cannabis producer to go public on the Nasdaq, and also helped sway public opinion—resulting in laws steadily changing to reflect greater acceptance.
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LEGALITY OF CRYPTOCURRENCY IN INDIA
Over the years, the various coins have battled it out for cryptocurrency supremacy. Popular Forms of Traditional Cryptocurrency Ever since Bitcoin was first released in , there has been a steady stream of different forms of cryptocurrency, but only a few have been strong and long-lasting enough to rise to the top of the pack. Bitcoin is the most popular form of cryptocurrency accepted at cannabis establishments — from online seed stores to headshops.
After surviving countless attacks and never-ending controversy, Bitcoin has grown into the most reputable and resilient of the cryptocurrencies. When it comes to cannabis and cryptocurrency, Bitcoin is the payment option most frequently found in online marijuana seed shops, dispensaries, and other retailers who accept cryptocurrency.
For transactions in brick-and-mortar stores, Bitcoin ATMs allow users to buy bitcoins or exchange them for cash. Ethereum Based on a different blockchain technology than Bitcoin, Ethereum ticker symbol ETH was originally proposed by cryptocurrency programmer and researcher Vitalik Buterin and went live in July While Bitcoin was introduced as an alternative to traditional currency, Ethereum is dedicated to facilitating peer-to-peer contracts and applications.
Since its inception, Ethereum has become the largest cryptocurrency in the world next to Bitcoin. Developed to complement Bitcoin, Litecoin is also accepted at a variety of cannabis-related businesses. Litecoin Another popular form of cryptocurrency, Litecoin ticker symbol LTC is one of the oldest cryptocurrencies in circulation after Bitcoin.
Litecoin was designed as a complement to Bitcoin in hopes of correcting issues such as concentrated mining pools, as well as transaction fees and times. Out of this vision has come various cannabis cryptocurrencies — some with more staying power than others. The exact time of its release was no coincidence; the Canadian entrepreneurs who founded it operating under the nicknames Hasoshi, Mr.
Jones, and Smokemon intended Potcoin to become the marijuana cryptocurrency of choice across the globe. Since its inception, PotCoin has become one of the most popular marijuana cryptocurrencies. In June of , former basketball star Dennis Rodman caused a buzz when he showed up at a Singapore summit between U. CannabisCoin was created with a specific focus on making transactions easier within the medical marijuana industry.
This proposition has differentiated CannabisCoin from many other marijuana cryptocurrencies that are available. There are million DopeCoins in existence, with over million of them already in circulation. HempCoin HempCoin ticker code THC was created in as a payment solution for businesses in the legal cannabis, as well as the agriculture, hemp, and tobacco industries.
Challenges for Cryptocurrency in the Cannabis Industry Despite the potential benefits of shifting to Bitcoin or some type of marijuana coin for cannabis purchases, dispensaries have been slow to adopt cryptocurrency as a form of payment. Strangely, this is due in part to the rules of a banking system that has largely pushed dispensaries out. Lack of a Paper Trail Cannabis dispensaries find themselves in a legal gray area when it comes to state vs.
Even so, most of them try hard to abide by federal and state tax and regulatory reporting requirements. Some dispensaries that have limited banking relationships say that those relationships would be severed if they started utilizing any sort of a cashless currency. Especially given that financial regulators are unclear about how to classify cryptocurrency, dispensary owners worry that introducing it could invite federal scrutiny, as well as potentially muddy the waters of required seed-to-sale record keeping.
An Ever-Evolving Crypto Market Another factor that makes some businesses hesitant to adopt cryptocurrency — and especially lesser-known forms of it — is the rate of change within the crypto industry. One factor is cryptocurrency volatility; the value of any given cryptocurrency can fluctuate wildly throughout even a single day.
This causes online retailers to offer a limited window of time 10 minutes, for example in which a certain amount of Bitcoin, for example, must be transferred in order to pay for a shopping cart order. The tokens were announced in as cannabis crypto that would revolutionize the marijuana industry. Cryptocurrencies such as Coinye and BitConnect, among many others, have suffered similar fates. While Bitcoin, Litecoin, and others have had staying power, marijuana business owners are leery of lesser-known cryptocurrencies that may soon disappear.
Marijuana and Cryptocurrency: The Economy of the Future? On the surface, the cannabis and cryptocurrency markets look quite different. One operates in the sale of a long-prohibited plant, its concentrates, and the tools required to grow and consume it. Despite their differences, however, the marijuana and cryptocurrency markets also have quite a bit in common.
Both of them operate in regulatory gray areas and proponents of both are fighting for legitimacy. She then enlisted the help of rapper The Game. There were million PRG coins in circulation at that time. Also, every one of the 70 million that was available initially at the ICO was snapped up immediately.
However, the currency saw an almost immediate spike. Those who invested early probably thought they were onto a winner. Alas, it was a catastrophic investment. Its value was overinflated, and it looks destined to fail. You could say that it already has. It provided an intriguing new concept to the traditional canna coin system at the time. The Farm Bill became law one year after we wrote this guide. It seemed that HempCoin had the most significant long-term potential of all crypto coins.
You can guess what happened next! There are million THC coins in circulation, though we doubt many people will buy any. Similar to Bitcoin, it used peer-to-peer technology and ran on a decentralized blockchain platform. By January , there was a circulating supply of 4.
The writing was on the wall early when the company failed to announce any innovative ideas. Because a large number of dispensaries in the state already accepted and were familiar with CannaCoin. The lack of fiat banking systems in place for these stores meant CCN appeared to have a chance.
Final Thoughts on Crypto Cannabis Coins The five coins mentioned above were massively hyped two years ago. Within months, the values of each one plummeted and have never recovered. Countless investors had their fingers burned in the crypto crash of the last few years. DopeCoin, Tokes, and Cannation are others with support.
It is tough to recommend any cannabis-related digital currency at present. One may eventually arrive and win the day, but such an investment is a HUGE risk. It is your job as an investor to perform due diligence on each investment you make. This is especially the case with the crypto market, which often resembles the Wild West in terms of regulation. Our advice?
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TOP 10 ALTCOINS (BEST CRYPTO) set to EXPLODE!