DopeCoin is up 10% in the past 24 hours ahead of US elections in which cannabis could be legalized and regulated in all the states where it appears on the ballot.
Dopecoin wants to peg your stash to cryptocurrency. This open source peer-to-peer crypto-currency is designed for a billion dollar marketplace, according to press materials. The currency proclaims:
“We are safer. We are Green (Proof of Stake). We are faster than Bitcoin. We are well-established. We are profitable (10% yearly). We are anonymous transactions
We are so DOPE!”
Dopecoin also launched DopeMarket, where it hopes to create an eBay of cannabis products based on DopeCoin.
“We are also creating a network of ‘grow spots’ which will harvest and we will attempt to peg crops to the crypto at some point,” a Dope Coin representative said in an emailed statement. DopeCoin launched its first farm in Canada in September 2015.
“As we’ve seen with a recent competitors cryptocoin spike in price on recent news of California legalization and Canada broadening their reach, I think there is huge potential to find a value add of crypto and the marijuana industry,” the rep said. Like Bitcoin and other crypto-currencies, Dopecoin could be traded for speculative purposes. Currently, there have not been major price swings in the currency betokening of speculative trades.
Dopecoin is currently “revamping” its team and adopting a new roadmap “to make DopeCoin the #1 or #2 cryptocurrency.”
“5,000 DopeCoins could equal one gram and as price rises that amount shrinks,” the DopeCoin representative said. “I don’t want to give the impression that 1 gram would ever equal 1 DopeCoin – my guess is it will get to 1,000 per gram but at that time it would have to be in top 25 by market cap but that won’t be for a while.”
In order to increase the value of individual DopeCoins, the team wants to start artificially increasing its value with what we call pegging.
“You can think of it as reverse quantitative easing, as you would base the price on the DopeCoins being worth more while DopeCoin covers the difference so the grow op isn’t in the red when it sells, say to a dispensary or to the public (if they choose to),” he said. “With each additional grow we repeat the process as each grow will have different terms.” DopeCoin’s are available on popular digital currency exchange Bittrex. Despite being traded on Bittrex, DopeCoin has the 268th biggest crypto-currency market cap, according to CoinMarketCap, a popular alt-coin chart website. Here is a graph of DopeCoin’s all-time prices:
Within the last 24 hours, there was a considerable price bump before the currency decreased.
DopeCoin says its building a in-house anonymous messaging system to feature in the wallet. “This would allow Cannabis clients to safely speak to Medical Dispensary for delivery of the medicine,” the representative said. “They could pay for it with Dopecoin. We are the only coin developing such a system/marketplace within the client.” Dopecoin is using the technology ShadowCash developed for this project. This might allow a dispensary to better communicate with its patients for deliveries or otherwise.
“We are also actively going to create some educational materials how to do use Dopecoin for their medicinal needs. We think we can create a easy-quick starter guide for this,” the rep said. “We would love to peg Dopecoin to your stash.” Why wouldn’t crypto-currency enthused cannabis users opt for Bitcoin?
“We are faster than Bitcoins,” the representative said. “Instantly sent. We are also “greener” since Bitcoin uses a lot electricity and our proof-of-stake algorithm is much more efficient. We are a staking coin so you earn interest on your DopeCoin stash.”