Cannabiscoin pegging 1 gram to 1 coin

[donkeypong]

It's just a matter of time before pot is legal everywhere. As long as it's illegal in most places, having a BitCannabis would be one more reason for regulators to take a tough stance on BitShares. You want to have gateways with banks and stuff, then this is something you don't do. Ain't worth it.

[luckybit]

Lets just forget about this.  We have more than enough markets to sell bitassets, there's no point going into a market that carries extra risk.

Why are you afraid of risk? If you're afraid of pissing a powerful person off why would you even download Bitshares X?

Choose your battles (and your timing) wisely.

Because you're an American who happens to be in a state which criminalized marijuana? So if you're not an American? If you're not from one of those states? I guess you'll be going straight to Counterparty which appeals to a global userbase without fear.

I think as a global blockchain you have to take these risks or the competitor will eat your lunch. If Bitshares X can do commodities better than any other technology and it ignores one of the biggest markets because someone in US congress may not like it then that is a sign of problems.

A benefit of being decentralized and global is that you can take these risks. If you're behind on cannabis then you're risking losing the critical millennial demographic in favor of a demographic which will never care about Bitshares or use it. I think this caution on cannabis appeals to the wrong audiences for the wrong reasons and fails to follow what the polls say.

The polls say this is what the millennials want: http://www.people-press.org/2013/04/04/marijuana-changing-attitudes/pp_13-04-03_ss_marijuana_05_age/

65% of millennials support marijuana legalization. Follow the statistics not your fear.

[onceuponatime]

Lets just forget about this.  We have more than enough markets to sell bitassets, there's no point going into a market that carries extra risk.

Why are you afraid of risk? If you're afraid of pissing a powerful person off why would you even download Bitshares X?

Choose your battles (and your timing) wisely.

[luckybit]

Lets just forget about this.  We have more than enough markets to sell bitassets, there's no point going into a market that carries extra risk.

Why are you afraid of risk? If you're afraid of pissing a powerful person off why would you even download Bitshares X?

[matt608]

Lets just forget about this.  We have more than enough markets to sell bitassets, there's no point going into a market that carries extra risk.

[onceuponatime]

Can someone explain why this community would want to voluntarily associate with controlled/illegal substances?

Juvenile thinking.

[oldman]

Can someone explain why this community would want to voluntarily associate with controlled/illegal substances?

[luckybit]

http://cointelegraph.com/news/112748/cannabiscoin-officially-redeemable-for-1-gram-starting-october-20-interview-with-founder

The possibilities...

This may have already been brought up.

Maybe it would be cool to have a cannabis asset on Bitshares we could trade pegged to the value of 1 gram? That would be brilliant really.

Where would price feeds come from? The value of 1 gram in the U.S. will be different than in Jamaca and every other country. Cool idea though. Similar to BitMac, tracking the value of a McDonalds BigMac.

That is the point. What is the real value of 1 gram of cannabis? We don't know because we haven't had a way to find out.

So no price feeds, just let it float naturally and the market will discover its true value. It would be absolutely fascinating to try that on a forked version of BTSX, with all major drugs issued as assets. (Note: not saying I endorse this or think it should be incorporated into BTSX. It would make for a fascinating experiment!)

There can be price feeds. One price feed could come from Cannabiscoin.
I don't think you can let it float particularly because BitAssets require price feeds to be market pegged.

But suppose Cannabiscoin is real? Use that as a price feed. I think right now the lack of price feeds is a problem but there are going to be a lot of cannabis vouchers out there which can be used as a price feed. Cannabiscoin is maybe just the first of many.

If we aren't going to use a decentralized exchange to find the price of cannabis because that is too controversial then what exactly is Bitshares X going to be used for? How will you market to millennial who smoke pot ? They will want to know what the true value of 1 gram of cannabis is and honestly just from an academic perspective it would be cool to say Bitshares X discovered that.

I think as long as you're not facilitating actual drug trades then there is nothing illegal about it. The vouchers would be redeemable when you go to Colorado or somewhere which can legally redeem it. If you're talking about cocaine that would be far more controversial.

We should predict that a lot of dispensaries will have their own coins on Bitshares X or Bitshares ME. We should have a market pegged asset to discover the true price of 1 gram of cannabis. Anything else would probably be too legally risky as you don't want to have Bitshares caught up in illegal transactions.

[luckybit]

The possibilities...

This may have already been brought up.

Maybe it would be cool to have a cannabis asset on Bitshares we could trade pegged to the value of 1 gram? That would be brilliant really.

Where would price feeds come from? The value of 1 gram in the U.S. will be different than in Jamaca and every other country. Cool idea though. Similar to BitMac, tracking the value of a McDonalds BigMac.

That is the point. What is the real value of 1 gram of cannabis? We don't know because we haven't had a way to find out.

So no price feeds, just let it float naturally and the market will discover its true value. It would be absolutely fascinating to try that on a forked version of BTSX, with all major drugs issued as assets. (Note: not saying I endorse this or think it should be incorporated into BTSX. It would make for a fascinating experiment!)

I agree that this would be an absolutely fascinating experiment. That being said, I feel that I agree more fully with OldMan that, at least in this early stage, that could lead to some bad publicity and harm the image of Bitshares, potentially deterring some possible investors.

Cannabis vouchers would not be illegal to trade. Possession might be illegal if you're in a state where it is illegal but trading vouchers is legal as far as I know. Bitshares X is global and not everyone using it is in a part of the country where the commodity is illegal or in a country where the commodity is illegal.

I think we should do it. It's bold enough to get attention, it's something which could probably only be done on Bitshares X, and cannabis is just another commodity really.  As long as you're not breaking any laws then do it and if you get bad publicity for trading vouchers which represent cannabis you'll get just as much good publicity as well.

For the record Colorado has legalized recreational marijuana. Most of the United States and millennial in particular support legalization. So I don't see how it goes against our core demographics to have this particular commodity on Bitshares X.  People who don't think cannabis should be legal aren't the sort of people who would use Bitshares X anyway.

Not to pee on anyone's parade...but this carries with it the same potential legal issues as "bitCocaine" which has already been discussed (largely as a joke) and thwarted before it even got close to Mick Jagger's nose.

Marijuana is legal in some states. Cocaine isn't legal in any states. So you can legally allow dispensaries to issue their tokens on Bitshares X and I don't see how it would affect Bitshares X.

Should service providers get sued if dispensaries set up a website? Just having cannabis vouchers doesn't mean you've committed a crime because the voucher isn't actual cannabis. If you redeem the voucher in a place where it's legal that at least isn't a crime on the state level. On the federal level it could be challenged in court.

Ultimately the idea is by doing stuff like this we'll either eventually see marijuana legalized on the federal level or more states will legalize it until it becomes another unenforceable federal law. In any case having the commodity on Bitshares X would make Bitshares X ahead of the political trend instead of behind it.

Here is a very important quote which you can spread:

The U.S. response to this tension has thusfar been to call for more "flexibility" in how countries interpret them. This policy was made explicit in recent remarks by Assistant Secretary of State William Brownfield, who last week at the United Nations said that "we have to be tolerant of different countries, in response to their own national circumstances and conditions, exploring and using different national drug control policies." He went on: "How could I, a representative of the Government of the United States of America, be intolerant of a government that permits any experimentation with legalization of marijuana if two of the 50 states of the United States of America have chosen to walk down that road?"

As far as policy stances go this is an aggressively pragmatic solution. The federal government lacks the resources and perhaps the political will to crack down on the legalization states, but it also likely doesn't want to openly admit that it's allowing regulation regimes that openly contradict the provisions of major treaties.

Bitshares X does not have to follow US drug policies. Bitshares X users from the United States have to follow US laws but Bitshares X DAC is not an American citizen.

http://www.washingtonpost.com/blogs/wonkblog/wp/2014/10/17/how-marijuana-legalization-in-colorado-and-washington-is-making-the-world-a-better-place/

[Method-X]

Hi.. I´m from Argentina and here we´re very concern about the soybeans price at Chicago Board of Trade (CBOT).

That´s the price we get when selling soya to our chinese customers.

After the last financial crisis (2008) Soya became a commodity chosse by big whales investors and the market became extremly volatile.

A BitSoya or SoyaCoin already exists?

I am FAR more aligned with this kind of stuff being on the decentralized exchange.  This was a similar reason to why I seriously agreed with JoeyD for suggesting bitCoke (as in coca cola)...because it would enable people to invoke the "cocain" memes, but more importantly...to enable citizens in different countries to know when they are being overcharged for their coca cola. 

For instance, in the philippines a litre of coca cola costs as much as a 2-liter does here in america--a 100% markup for people who are effectively 10% as wealthy.  This would help level the cost for everyone.

Issuing assets to allow for price discovery is definitely a fantastic idea. It doesn't have to be drugs of course but that idea really got me thinking.

[fuzzy]

Hi.. I´m from Argentina and here we´re very concern about the soybeans price at Chicago Board of Trade (CBOT).

That´s the price we get when selling soya to our chinese customers.

After the last financial crisis (2008) Soya became a commodity chosse by big whales investors and the market became extremly volatile.

A BitSoya or SoyaCoin already exists?

I am FAR more aligned with this kind of stuff being on the decentralized exchange.  This was a similar reason to why I seriously agreed with JoeyD for suggesting bitCoke (as in coca cola)...because it would enable people to invoke the "cocain" memes, but more importantly...to enable citizens in different countries to know when they are being overcharged for their coca cola. 

For instance, in the philippines a litre of coca cola costs as much as a 2-liter does here in america--a 100% markup for people who are effectively 10% as wealthy.  This would help level the cost for everyone. 

[forestalnet]

Hi.. I´m from Argentina and here we´re very concern about the soybeans price at Chicago Board of Trade (CBOT).

That´s the price we get when selling soya to our chinese customers.

After the last financial crisis (2008) Soya became a commodity chosse by big whales investors and the market became extremly volatile.

A BitSoya or SoyaCoin already exists?

[fuzzy]

Not to pee on anyone's parade...but this carries with it the same potential legal issues as "bitCocaine" which has already been discussed (largely as a joke) and thwarted before it even got close to Mick Jagger's nose.

[matador123]

The possibilities...

This may have already been brought up.

Maybe it would be cool to have a cannabis asset on Bitshares we could trade pegged to the value of 1 gram? That would be brilliant really.

Where would price feeds come from? The value of 1 gram in the U.S. will be different than in Jamaca and every other country. Cool idea though. Similar to BitMac, tracking the value of a McDonalds BigMac.

That is the point. What is the real value of 1 gram of cannabis? We don't know because we haven't had a way to find out.

So no price feeds, just let it float naturally and the market will discover its true value. It would be absolutely fascinating to try that on a forked version of BTSX, with all major drugs issued as assets. (Note: not saying I endorse this or think it should be incorporated into BTSX. It would make for a fascinating experiment!)

I agree that this would be an absolutely fascinating experiment. That being said, I feel that I agree more fully with OldMan that, at least in this early stage, that could lead to some bad publicity and harm the image of Bitshares, potentially deterring some possible investors.

[Method-X]

http://cointelegraph.com/news/112748/cannabiscoin-officially-redeemable-for-1-gram-starting-october-20-interview-with-founder

The possibilities...

This may have already been brought up.

Maybe it would be cool to have a cannabis asset on Bitshares we could trade pegged to the value of 1 gram? That would be brilliant really.

Where would price feeds come from? The value of 1 gram in the U.S. will be different than in Jamaca and every other country. Cool idea though. Similar to BitMac, tracking the value of a McDonalds BigMac.

That is the point. What is the real value of 1 gram of cannabis? We don't know because we haven't had a way to find out.

So no price feeds, just let it float naturally and the market will discover its true value. It would be absolutely fascinating to try that on a forked version of BTSX, with all major drugs issued as assets. (Note: not saying I endorse this or think it should be incorporated into BTSX. It would make for a fascinating experiment!)