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  • In the second in our series, we continue our look at bridging the gap between Cryptocurrency and Cannabis: The Cannabis business is preparing to enter into high gear as more and more states legalize recreational use in addition to medical. It’s speculated that this new industry will make millions, if not billions of dollars in the United States and with it a whole new crop of millionaries. The problem is, Cannabis (aka Marijuana) is still federally illegal and this has caused the issue of potential theft to be a front and center concern for business owners. This is where Cryptocurrency can come in to play as both a means of purchasing Cannabis for the user and as a means of doing financial transactions for businesses. As stated in my post: Cannabis, Taxes and Stablecoins In a recent Twitter post, I put the following question to Michael Wagner @bchaineconomics Founder and CEO of Tokes Platform: “There is a proposed law in CA that would allow a cannabis biz to pay their taxes in Stablecoins, they haven’t said which coin but do you think this will help with adoption of #crypto and do you think dispensaries will accept crypto as payment?” Michael Wagner responded via a post: This post is in response to a question posed by Jason Nelson (@dragonwolftech) on Twitter. “There is a proposed law in CA that would allow a cannabis biz to pay their taxes in Stablecoins, they haven’t said which coin but do you think this will help with the adoption of #crypto and do you think dispensaries will accept crypto as payment?” -Jason Nelson In response, I believe we can unequivocally declare that the legitimization of tokenized payment solutions (cryptocurrency) by state and local governments, for any purpose, is of great long-term benefit to businesses operating in the digital currency space and will undoubtedly lead to increased adoption by the mainstream consumer. Coupling this validation with the cannabis industry, which is in desperate need of an electronic payment solution and alternatives to banking, magnifies the impact of these laws. Speaking first-hand, in countless conversations with cannabis operators about the integration of the Tokes Platform point-of-sale software — enabling the acceptance of a range of digital currencies — and general advantages associated with a transition to blockchain, the desire to adopt is presently lacking. This is partially a result of lack of understanding, lack of explicit government approval, and in part due to the somewhat nefarious beginnings of bitcoin (which I do believe helped demonstrate the utility of crypto at a pivotal time), leaving these operators skeptical of its legitimate use. The referenced California law is just one of many recently proposed by state governments creating a pathway for businesses to adopt the technology. Nevada, home of Tokes Platform, has been championing this movement for several years, starting with SB398 (Senate Bill), passed in 2017, which prohibits the taxation and certain regulation of blockchain-based businesses. In the 2019 legislative session, there are at least 4 additional bills related to blockchain use and adoption, and a committee bill we have been supporting since initial discussions in 2018 — AB466 ( Ohio recently passed a law enabling the payment of state taxes in cryptocurrency as well. AB466 is most directly related to the CA bill in question. It would introduce a pilot program for alternative payment solutions, like cryptocurrency, to be used as a cashless digital payment option for cannabis consumers in dispensaries, and subsequently for tax remittances to the state. Given the federal government’s sluggish pace at passing appropriate regulation for cannabis, state governments are finding the technology behind blockchain to be a suitable immediate solution. To summarize, state validation of blockchain and cryptocurrency will unquestionably improve adoption of the technology in both businesses and at the consumer level. We’re just seeing the first phase of these legislative efforts. These laws will result in improved visibility for cryptocurrencies of all types, and a positive impact on the perception of the industry. For more information on Tokes Platform please visit: Tokes Platform I want to thank Michael Wagner and the team at Tokes Platform for the response. As we progress in the series, I hope to include similar indepth answers to the question of Crypto and Cannabis. Take Care Jason Nelson @dragonwolftech

  • Originally published at Today is 4/20/19 when people around the world celebrated Cannabis, Hemp and Marijuana. For a long time, the question of mass adoption has made the rounds in the Cryptocurrency community. Hopes that corporations and investment institutions would see the value of getting involved with crypto has yet to pan out. But other avenues have emerged that just might drive that adoption. The Cannabis Industry. Several states across the United States have legalized recreational marijuana use, those states include Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon & Vermont. But while states have begun to legalize recreational marijuana use, it still remains federally illegal which puts both the states and the Cannabis Industry in a precarious position. If the federal government should enforce its laws against marijuana use, what could that mean for the states who have legalized it and more importantly what would that mean for the industry and those who have come to enjoy its product. Because of its current legal status, the Cannabis Industry is a cash only industry, which not only is dangerous for business owners who would have to have large sums of cash on hand at all time but has potential to allow money laundering from illegal producers. California is proposing allowing Cannabis businesses to use Stablecoins to pay taxes instead of transacting in cash. There are two aspects to this that the crypto community should find of interest: 1. Government accepting Stablecoins will help legitimize Cryptocurrency for financial uses as well as make Cryptocurrency more mainstream. 2. It will put Cryptocurrency front and center in the minds of the general populace as a means of doing business. Not only would companies be able to pay taxes in Stablecoins, but the customer could also buy their products with Stablecoins, removing the need to cash. A quick note on Stablecoins: A Stablecoin is not a coin in and of itself. A Stablecoin is a term used to describe Cryptocurrencies pegged to real-world asserts, usually the local currency. For example, True USD (TUSD) is pegged to the US dollar meaning one TUSD would equal one USD and be more stable than cryptos like Bitcoin and Ethereum, hence the term Stablecoin. So in accepting Stablescoins, the state would need to identify which Stablecoin it would accept, TUSD, USDT, etc. and more importantly plainly state that these Stablecoins are currency and not securities, they are funds to be used for commerce and not investment products. Despite these hurdles, it does appear to be a step in the right direction. Some on Crypto Twitter (the name given to the various Cryptocurrency supports, investors and advocates that call Twitter their home) appears to be in favor of using cryptocurrency for the Cannabis Industry. Kenn Bosak @kennethbosak of the Kenn Bosak Podcast said via Twitter when asked: Jason Nelson @dragonwolftech “There is a proposed law in CA that would allow a cannabis biz to pay their taxes in Stablecoins, they haven’t said which coin but do you think this will help with adoption of crypto and do you think dispensaries will accept crypto as payment?” Kenn Bosak @kennethbosak “Dispensaries don’t like being cash Honeypots. Plus paying taxes in cash has added fees. They would use visa if they let them, they would use banks if they let them, and if they let them, they will use crypto”. We will have to see if the law, dubbed AB-953, passes and if the Cannabis Industry turns to crypto for their tax needs. Stay Tuned… Jason Nelson @dragonwolftech AB-953 Text. (n.d.). Retrieved February 21, 2019, from “Guide to Stablecoin: Types of Stablecoins & Its Importance.” Master The Crypto, 29 Dec. 2018, Alexandre, A. (2019, March 02). California Bill Would Legalize Crypto for Tax Payments From Cannabis-Related Businesses. Retrieved from

  • Will US Presidential Candidates Start Making Bitcoin a Priority? It’s no secret that over the past several decades politics in the United States have become increasingly about appealing to voter blocks, and regardless of whether or not this is good or bad, this trend may ultimately prove beneficial for Bitcoin. WATCH & SUBSCRIBE @ BitBlockBoom! - Take a look at the REAL Bitcoin Conference coming to Dallas, Texas at Enable & listen to future episodes on your ALEXA @ #BTC #bitcoin #crypto #virtualcurrency #cryptocurrency

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