Pot Industry Debacle – Blockchain vs Fiat Currency



Too much weed: Canadian cannabis producers are sitting on a mountain of inventory
‘I suspect it’ll be a race to the bottom with price because everyone now has more than enough supply’
Canadian cannabis producers and extractors are sitting on a massive stash of unfinished inventory that is growing so quickly that some analysts are concerned it could precipitate a price crash in the burgeoning industry.

Since January of 2019, the amount of unfinished inventory of dried cannabis has nearly tripled, reaching a staggering 328,000 kilograms at the end of August. That compares to roughly 118,000 kilograms eight months earlier, according to Health Canada data.

What ails Canada’s legal cannabis industry? Lack of stores, mostly

Weed Me’s growing facility in Pickering, Ont., is so crammed with cannabis plants that a row of pots have to be cranked out of the way before people can walk between them.

The growing rooms are perfectly clean and brilliantly lit, and of course, the building is filled with the overwhelming smell of weed.

Are there people in Pickering, east of Toronto, who might want to buy legal cannabis grown in their community by their neighbours? Well, so far, Weed Me hasn’t had the chance to find out.

Bank of Canada exploring digital currency that would replace cash, track how people spend money

An internal Bank of Canada presentation says benefits of a digital currency include the sharing of personal information with police or tax authorities

he Bank of Canada is considering launching a digital currency that would help it combat the “direct threat” of cryptocurrencies and collect more information on how people spend their money, The Logic has learned.

An internal Bank of Canada presentation, prepared for Governor Stephen Poloz and the bank’s board of directors, offers the most detailed public insight yet into the bank’s thinking on a proprietary digital coin. According to the presentation, the currency would be widely available. It would initially coexist with coins and paper money, eventually replacing them completely.

Fiat Currency: Using the Past to See into the Future

Fiat Money -Toilet Paper Money

The history of fiat money, to put it kindly, has been one of failure. In fact, EVERY fiat currency since the Romans first began the practice in the first century has ended in devaluation and eventual collapse, of not only the currency, but of the economy that housed the fiat currency as well.

https://dailyreckoning.com/fiat-currency/

The cashless society is a con – and big finance is behind it

Banks are closing ATMs and branches in an attempt to ‘nudge’ users towards digital services – and it’s all for their own benefit

There is a feedback loop going on here. In closing down their branches, or withdrawing their cash machines, they make it harder for me to use those services. I am much more likely to “choose” a digital option if the banks deliberately make it harder for me to choose a non-digital option.

https://www.theguardian.com/commentisfree/2018/jul/19/cashless-society-con-big-finance-banks-closing-atms

A cashless society poses threats to freedom

Observers who warn about the link between technology and Big Brother are often dismissed as dinosaurs or Luddites hovering like doomed insects on the highway of progress. What’s the big deal if individuals sacrifice a little privacy for convenience?
Hong Kong residents typically use a smart card that they simply wave over a sensor to pay for mass transit, parking or retail purchases. During the protests, however, most agitators left their cards at home. “The risk,” Ms. O’Sullivan writes, “was that a government could view the central database … to unmask these democratic ne’er-do-wells.”

Instead, the protesters turned to cash when taking public transporation to the demonstrations. “It was instant anonymity,” Ms. O’Sullivan observes. “Sure it was less convenient. … But the tradeoff of avoiding persecution and jail time was well worth it.”

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