PotCoin Sends Dennis Rodman to North Korea, Price Doubles

Yesterday, Dennis Rodman made another trip to North Korea. He had no problem thanking Potcoin for the opportunity (they apparently funded his trip), wearing a Potcoin.com shirt during his trip as he was besieged by reporters. Interest in the Proof-of-Stake Bitcoin alternative understandably grew in tandem, and the currency saw a doubling in price in 24 hours of trading:

Rodman has a history of visiting the North Korean leader Kim Jung Un, who is known to smoke marijuana in a dystopian, communist dictatorship which ironically has no laws against the plant. You may be dirt poor and starving half the time, you may not have the right to speak your mind, you may have less civil liberty than anywhere else in the world, but if you live in North Korea, you can already legally smoke marijuana.

Rodman said of the trip:

I’m really looking forward to spending time with the wonderful people of North Korea and of course, visiting with the Supreme Leader, Kim Jong Un. I want to thank the folks at PotCoin. They realized the importance of this trip and made it all possible for me.

PotCoin for North Korea?

That being the case, and with increasing legalization worldwide, is it possible that PotCoin and North Korea could get together for a little economic subterfuge? North Korea could grow the crop, after all, and surreptitiously export it in the same way it already is forced to smuggle in numerous goods, could smuggle it out. The North Korean government could then accept PotCoin, Bitcoin, and others.

Rodman wasn’t wearing a Bitcoin shirt, but it can be said that at this time, PotCoin doesn’t have a lot of value without Bitcoin. It’s one of the myriad cryptocurrencies that rely on Bitcoin for ultimate exchange into fiat value. However, North Korea could use the currencies for much more if it so chose, and could have a subsequent effect of raising the tide for all cryptocurrencies.

Establishing trade lines the world over by avoiding the banking blockades, demand for cryptocurrencies could increase a great deal just based on the commerce of one country. If other countries in similar circumstances began doing similar things, as cryptocurrencies mature and it becomes more feasible to find sellers all over the world who will accept Bitcoin and others, and the growth could be astronomical.

If the cost of transacting in Bitcoin continues to rise, people will continue to look for other ways to use the same technology without the cost, and so alternative cryptocurrencies will continue to grow and offer opportunities in the developing world. The problem of keeping funds secure in some parts of the world is already answered by virtually any tradeable, digital currency, and so those which can keep the cost of transacting down will be more attractive to certain parts of the world.

Featured image from Potcoin.

Last modified: May 21, 2020 9:45 AM UTC

June 14, 2017 5:00 PM UTC
Posted in: Archive
P. H. Madore @bitillionaire

P. H. Madore has written for CCN since 2014. Please send breaking news tips or requests for investigation to bitillionaire+phm@gmail.com. He lives in Maine, USA. A single father of four young children, he does not discourage financial donations, provided they do not come with strings attached.