4 ms·

The GP is saying that after you have the cash in hand from your customers, how do you transfer it into a digital currency like btc or monero or anything else?

The GP is saying that after you have the cash in hand from your customers, how do you transfer it into a digital currency like btc or monero or anything else? You need to physically have an armored transport take it to whoever is selling you the cryptocurrency. Edit: I guess that's a potentially profitable but unfulfilled niche. Create a company that can take cash in big amounts and sell cryptocurrency. Not sure how feasible is it but that is the missing link as I see it.

jlarocco 9y ago
> Edit: I guess that's a potentially profitable but unfulfilled niche. Create a company that can take cash in big amounts and sell cryptocurrency. Not sure how feasible is it but that is the missing link as I see it. That just pushes the problem down the road to somebody else, though. At the end of the day somebody's going to have a huge pile of cash, and no bank will accept it without knowing where it came from.
- saganus 9y ago
  You have a point. I guess this really does boil down to a federal vs state legality then? So if it's legal in a federal level then banks should be able to accept the cash right? or would they have a "right to refuse the business because we don't like it even if it's legal at the federal and the state level"?
jonknee 9y ago
> Create a company that can take cash in big amounts and sell cryptocurrency. Not sure how feasible is it but that is the missing link as I see it. The problem is they would fall under the same money laundering rules that banks are and would probably not want to take dispensary cash. Even if they do take the cash, where would they deposit it?
TheSpiceIsLife 9y ago
> Create a company that can take cash in big amounts and sell cryptocurrency. I believe this is commonly referred to as an exchange. I believe there are quite a few in existence already.
- saganus 9y ago
  I meant physical cash in large quantities.
  - TheSpiceIsLife 9y ago
    Oh right. I believe this is commonly referred to as organised crime.
    - saganus 9y ago
      Is it organised crime having piles of cash from otherwise legal activity? Let's assume there is no federal vs state legality issues and instead it's just "legal". If selling X product generates large quantities of cash, is that organised crime? I would think not, but then again I'm not a lawyer so I could be wrong. If I am wrong then yeah, the idea is definitely not sound.
      - TheSpiceIsLife 9y ago
        If the activity is wholly legal then there isn't a problem looking for a solution: existing cash handling services will gladly do business with you. Taking in large sums of cash and swapping it over for some cryptocurrency or another is bound to attract at least a few people who have need to launder cash. Thus, the service is likely to run afoul of Know Your Customer regulations etc etc. As others have pointed out elsewhere in the comments, we ought, in my opinion, fully legalise and regulate the industry.
      - dragonwriter 9y ago
        > Is it organised crime having piles of cash from otherwise legal activity? Selling marijuana in the United States is not a legal activity. It's a federally prohibited activity that if you are really successful at it (simply by amount of money made) can be charged as a felony with a mandatory life sentence (in the no-parole federal system, where a life sentence actually means life.)
  - nasredin 9y ago

jlarocco 9y ago

> Edit: I guess that's a potentially profitable but unfulfilled niche. Create a company that can take cash in big amounts and sell cryptocurrency. Not sure how feasible is it but that is the missing link as I see it. That just pushes the problem down the road to somebody else, though. At the end of the day somebody's going to have a huge pile of cash, and no bank will accept it without knowing where it came from.

saganus 9y ago
You have a point. I guess this really does boil down to a federal vs state legality then? So if it's legal in a federal level then banks should be able to accept the cash right? or would they have a "right to refuse the business because we don't like it even if it's legal at the federal and the state level"?

jonknee 9y ago

> Create a company that can take cash in big amounts and sell cryptocurrency. Not sure how feasible is it but that is the missing link as I see it. The problem is they would fall under the same money laundering rules that banks are and would probably not want to take dispensary cash. Even if they do take the cash, where would they deposit it?

TheSpiceIsLife 9y ago

> Create a company that can take cash in big amounts and sell cryptocurrency. I believe this is commonly referred to as an exchange. I believe there are quite a few in existence already.

saganus 9y ago
I meant physical cash in large quantities.
- TheSpiceIsLife 9y ago
  Oh right. I believe this is commonly referred to as organised crime.
  - saganus 9y ago
    Is it organised crime having piles of cash from otherwise legal activity? Let's assume there is no federal vs state legality issues and instead it's just "legal". If selling X product generates large quantities of cash, is that organised crime? I would think not, but then again I'm not a lawyer so I could be wrong. If I am wrong then yeah, the idea is definitely not sound.
    - TheSpiceIsLife 9y ago
      If the activity is wholly legal then there isn't a problem looking for a solution: existing cash handling services will gladly do business with you. Taking in large sums of cash and swapping it over for some cryptocurrency or another is bound to attract at least a few people who have need to launder cash. Thus, the service is likely to run afoul of Know Your Customer regulations etc etc. As others have pointed out elsewhere in the comments, we ought, in my opinion, fully legalise and regulate the industry.
    - dragonwriter 9y ago
      > Is it organised crime having piles of cash from otherwise legal activity? Selling marijuana in the United States is not a legal activity. It's a federally prohibited activity that if you are really successful at it (simply by amount of money made) can be charged as a felony with a mandatory life sentence (in the no-parole federal system, where a life sentence actually means life.)
- nasredin 9y ago