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A comment on Where Pot Entrepreneurs Go When the Banks Say No. Parent comment

Re:Where Pot Entrepreneurs Go When the Banks Say No by koolba on Thursday January 04, 2018 @06:58PM (#16075260)
That would only work if you can get the customers to pay you in the crypto coin. The retail side of the weed business is lots of small dollar transactions done in cash. Converting that to crypto requires a full scale cash-to-crypto operation that is effectively the definition of money laundering (or at least solving the same problem).
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Re:Where Pot Entrepreneurs Go When the Banks Say No by bufferoverflow on Friday January 05, 2018 @05:03AM (#16077683)
No, converting cash to crypto is NOT money laundering.

Money laundering is when you get dirty money and try to convert it into legal clean money.

I'm this case there's no dirty money, it's just banks are scared of the feds, so they refuse to take it.

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Re:Where Pot Entrepreneurs Go When the Banks Say No by vidarh on Friday January 05, 2018 @05:49AM (#16077844)
They're scared of the feds because the money was the result of a violation of federal law. It's dirty money to anyone that has to deal with the feds.
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Re:Where Pot Entrepreneurs Go When the Banks Say No by apple_touchbar on Thursday January 04, 2018 @07:30PM (#16075448)
Plus, would they want to wait 20+ hours for a transaction to process?
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Re:Where Pot Entrepreneurs Go When the Banks Say No by PretzelPirate on Thursday January 04, 2018 @09:35PM (#16076044)
There isn't any reason why they would need to accept Bitcoin instead of a token with faster confirmation time.
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