←back to thread

US drug control agency will move to reclassify marijuana

(apnews.com)
662 points JacobHenner | 5 comments | 30 Apr 24 17:32 UTC | HN request time: 1.046s | source
Show context
mannyv ◴[30 Apr 24 18:15 UTC] No.40214223[source]▶
One major effect of this is that weed stores will be able to use banks and payment processors legally once the regulators catch up.
replies(17): >>40214302 #>>40214371 #>>40214681 #>>40214723 #>>40214802 #>>40214840 #>>40215087 #>>40215094 #>>40215242 #>>40215259 #>>40215926 #>>40216092 #>>40216174 #>>40217047 #>>40217090 #>>40218919 #>>40227379 #
defiamazing ◴[30 Apr 24 19:00 UTC] No.40214840[source]▶
I don’t get why they don’t just use Bitcoin or Ethereum.
replies(5): >>40214998 #>>40215676 #>>40216913 #>>40218613 #>>40220353 #
kstrauser ◴[30 Apr 24 19:12 UTC] No.40214998[source]▶
Mainly because your employees, suppliers, and landlord have no desire to be paid in Bitcoin.
replies(1): >>40216607 #
AnthonyMouse ◴[30 Apr 24 21:30 UTC] No.40216607[source]▶
What does that matter? You can convert Bitcoin into cash. But then you can do that in an undisclosed location at your leisure instead of keeping a mountain of cash in your publicly advertised storefront location and becoming a huge robbery target.

Also, it doesn't seem like it would be that hard to find someone to accept it as payment, since they can convert it to cash too. And the sort of landlords/suppliers/employees willing to do business with a dispensary seem like exactly the sort who would accept Bitcoin.

replies(4): >>40216982 #>>40216983 #>>40217340 #>>40217503 #
1. buildsjets ◴[30 Apr 24 22:03 UTC] No.40216982[source]▶
No sane person uses Bitcoin as a currency because it is a fundamentally unsound ponzi scheme for suckers. I don't want my salary to be subject to the vagaries and manipulations of the Bitcoin exchange rate.
replies(3): >>40217387 #>>40217710 #>>40219876 #
2. AnthonyMouse ◴[30 Apr 24 22:47 UTC] No.40217387[source]▶
If you don't want to hold Bitcoin or be exposed to price changes, you can set your hourly rate in dollars, be paid at the current exchange rate and immediately convert it back into dollars. The advantage of this over being paid in physical cash is that it's electronic and then you're not carrying two weeks salary in physical cash on your person for somebody to mug you.
replies(1): >>40217838 #
3. anigbrowl ◴[30 Apr 24 23:44 UTC] No.40217838[source]▶
two weeks salary in physical cash

How expensive do you think weed is? You can get baked every day for two weeks for $50, probably less

replies(1): >>40221026 #
4. emptysongglass ◴[01 May 24 05:39 UTC] No.40219876[source]▶
There are plenty of sane people who use Bitcoin as a currency. Making blithe moral declarations like this doesn't spark curiosity and is incredibly tired after so many years (you're not the first).

"Unsound ponzi scheme" could just as well be applied to any fiat currency. It has all the same rules (early entrants are more privileged in "the game" and can invest to out-perform younger players). It is very odd to hear people applying such qualitative judgments like this when the alternative is a currency that is actively debased by its issuers. Or do you think the inflation we've all suffered under isn't a problem?

5. AnthonyMouse ◴[01 May 24 09:06 UTC] No.40221026{3}[source]▶
We're talking about their employees, not their customers. If you can't get a bank account, you can't pay employees with direct deposit.