Episode 1. POT
As promised Im here as a Cannabis cultivator/crypto-fiend, bringing you the most up to date info on my two favorite subjects Ganja-Ma and Crypto Currencies. I have been in the Cannabis Cultivating Industry for over 10 years in both Medical and most recently Recreation Cannabis production and processing.
As mentioned in my early post there are great returns in one or both. Specifically, in these upcoming Post I will share with you my professional opinion, not advice into the world of these two industries. As we as consumer/investors continue to contribute to coins and tokens, the question is which one should you get behind, which one do you support with your staking of coins. If you are smart you are doing your research into each company and understanding their purpose, and what they desire to accomplish by solving what issue? If they solve a great issue that plauges 75% of the majority they could represent a great investment!
Episode 1 presents to you-Pot Coin-POT
Yes I know, it seems like a coin which has had its 15 min of fame and now we are on to the next high coin with high ROI. I understand, and remember we as contributors are responsible for supporting these companies to be the best they can achieve with their team and resources available.
What does POT coin desire to achieve? Well first a little background into the first Cannabis coin to be created . It was created in April op 2014 , not sure of the day, but I would like to think the 20th. As stated on their website https://www.potcoin.com/about#history
"PotCoin is the first digital currency created to facilitate transactions within the legalized cannabis industry. PotCoin is a community based effort. A truly decentralized autonomous organization where the community members determine their level of involvement, commitment and development."
As I mentioned earlier I have experience in both the Medical/Recreational production and distribution of Cannabis. The one biggest hurdle any Cannabis company, whether a produce, processor, or a dispensary, the largest issue to overcome is banking. Banks do not want to hold or trade any money associated with Cannabis businesses. Therefore it leaves a great void in the swapping of assets for a commodity which is very volatile to begin with. For this reason, I am personally bullish on POT coin.
Next we look at the team behind POT coin. Team is important, you can have a great goal but your team and how they meet adversity, not just success, is the most important thing. Think of it as fantasy football, which I am not promoting nor do I participate in, players are switching teams in the Crypto world daily. Jumping from one great idea to the next and in some cases doing much better for themselves in the long run.
Team
Currently on their website there is no information on the Team that drives the company. This initially is a red flag to me as a contributor. Granted they have been around since 2014 and maybe the team is much larger, or smaller and diversified in its operations. We will see! I will contact them and follow up soon.
What issue does this Crypto currency solve?
The issue POT coin hopes to resolve is a massive one in the Cannabis industry. Banks do not want to accept deposits, cash checks, or even open an account for any business that deals directly with Cannabis. I can tell you from experience, this is very difficult. What if POT coin or any other coin of value did become the standard in trade for Cannabis? All traders involved could then trade the coins instead of Fiat. If demand for this coin could rise in direct reflection with is daily use then it could bolster the price of the coin and raise its worth. This is of course beneficial to all involved. You could then take your POT coin on a High trading day and purchase BTC while on the rise. Then take profits from BTC and purchase more POT coin as it is on a downward trend. Voila, you just made more POT, literally, for free!
POT coin also offers a staking option which pays out an annual interest rate of about 5%. Im personally not to bullish on staking this coin at this percentage, there are many other better opportunities as a small investor, but businesses in the Cannabis industry could come out good by staking their extra coins not being used for daily operations.
Is POT coin being used currently in the real world?
As I traveled over to Facebook to see if a directory was listed with Merchants accepting their coins, I find that the last post was dated Oct 6 2014. Another red flag for me. I did however find that their Twitter account was posted as recent as Dec 2017. Its been over 3 years without a post on Facebook. Are you peeps to stoned to post? They also advertise to have a large presence of ATM's in the EU Nation as well as the West and East coast states of the U.S.. In my opinion the ATM have a large cost associated with buying coins from them. Some ATM (not POT) I have paid as high as 12% of my purchase to finalize the transaction. Thats a bit HIGH!
In my conclusion, until I can see some better traction in the market and a better social media involvement, as much as I hate to say, I am going to stay away from this coin.
This is not financial advice, this is only my interpretation of the facts I have found while researching this Offering.