Other Bets Props and Futures Some other fun bets that can be made on basketball include prop bets and futures. How To Bet News. Handicapping Your Basketball Bets When oddsmakers set the lines, they take many factors into consideration. If you have even one loss, you lose the entire bet. On the other hand the Magic must either win outright or lose by 3 or fewer points for a Magic spread bet to payout.
Though crypto is certainly no cure-all, many in the cannabis industry have found it to be a useful tool. Before being shut down by the FBI in , the Silk Road allowed people to use bitcoin to buy and sell marijuana, which was at the time criminalized in many states. Story continues It has been almost a decade since Ulbricht was apprehended and the Silk Road shut down, and during that time, the cannabis industry and the Web3 sector have made significant strides in becoming more normalized.
The Farm Bill removed hemp from the definition of marijuana in the Controlled Substances Act , and several states have legalized cannabis. The days when crypto wasn't on the radar of national governments are long over as heads of states are sanctioning protocols and formulating their own strategy to launch their own digital currencies. The dramatic changes that have normalized both industries have shifted the crypto-cannabis culture since the Silk Road days. Hunter, who once built a acre cannabis farm, indicated that the vision for the Crypto Cannabis Club was to create a community that covers both virtual and real-life experiences.
For instance, on the digital side, the cannabis NFT social club has a virtual dispensary in the Voxels metaverse , and on the real-world side of the ledger, Crypto Cannabis Club has formed partnerships with more than 30 different cannabis products and accessory providers to establish a utility program that offers discounts to their community members.
More than ever, both industries are connected at the hip. Small street dealers on the black market are even becoming increasingly open to accepting crypto. One individual from New York City told CoinDesk he was open to creating a wallet to accept crypto if there was a demand, albeit there would be an increased fee for paying in crypto rather than in dollars.
And another from California, who stopped distributing marijuana but not other substances, indicated that he routinely accepted crypto as payment. Cannabis and crypto have now reached a point where it is impossible not to recognize the substantial changes in the culture of the overlapping industries.
Bob Solomon, a professor of law at the University of California, Irvine and co-chairman of the UCI Center for the Study of Cannabis, told CoinDesk that the tax burden, not banking, is the top issue facing the cannabis industry. Because cannabis is still illegal federally, the industry is subject to Section E of the tax code, which means cannabis businesses must pay taxes without deducting the usual business expenses, making profit margins very small.
Solomon told CoinDesk that taxes pile up at every level, including local surcharges, which makes it difficult for legal dispensaries to compete with the black market. With tight profit margins and cash-flow issues, the volatility of crypto is an even bigger risk to cannabis companies.
Khurshid Khoja, co-chairman for policy at the National Cannabis Industry Association, told CoinDesk that even crypto-savvy retailers are concerned about the volatility of crypto markets and potential tax implications of accepting crypto payments. One individual from New York City told CoinDesk he was open to creating a wallet to accept crypto if there was a demand, albeit there would be an increased fee for paying in crypto rather than in dollars.
And another from California, who stopped distributing marijuana but not other substances, indicated that he routinely accepted crypto as payment. Cannabis and crypto have now reached a point where it is impossible not to recognize the substantial changes in the culture of the overlapping industries. Bob Solomon, a professor of law at the University of California, Irvine and co-chairman of the UCI Center for the Study of Cannabis, told CoinDesk that the tax burden, not banking, is the top issue facing the cannabis industry.
Because cannabis is still illegal federally, the industry is subject to Section E of the tax code, which means cannabis businesses must pay taxes without deducting the usual business expenses, making profit margins very small. Solomon told CoinDesk that taxes pile up at every level, including local surcharges, which makes it difficult for legal dispensaries to compete with the black market.
With tight profit margins and cash-flow issues, the volatility of crypto is an even bigger risk to cannabis companies. Khurshid Khoja, co-chairman for policy at the National Cannabis Industry Association, told CoinDesk that even crypto-savvy retailers are concerned about the volatility of crypto markets and potential tax implications of accepting crypto payments. In addition to taxes, access to commercial lending is a serious difficulty for cannabis companies. Would-be dispensary owners and growers struggle to find loans with reasonable interest rates.
Some experts, including Baskerville, have also suggested that because both the cannabis and crypto industries exist in a regulatory gray area, there is a potential that working together could be stigmatized. The bill has broad bipartisan support, It has been passed several times by the House but has repeatedly failed in the Senate, most recently in July.
A regulator expressed to Seefried that crypto and cannabis could be a good match because blockchain technology provides a good traceability factor for funds derived from cannabis plants, she said. Safe Harbor now relies on a couple of different sources to track the cannabis plants, which increases the risk that something won't be properly accounted for. Ben Bartlett, a member of the city council of Berkeley, Calif. Blockchain technology can help cannabis companies have compliant supply chains by proving provenance and tracking ownership.
That's a problem, and through the use of blockchain technology, everything is transparent. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups.
First, dispensaries must handle large amounts of cash on a daily basis — sometimes tens of thousands of dollars. This makes dispensaries potential targets of thieves hoping to hit an easy and lucrative target. Only being able to deal in cash also creates problems around tax time. Until federal law changes, a large amount of this money will be paid in cash. Convenience Cash-only transactions at U. Because the majority of people prefer debit and credit cards, this can cause problems when first-time marijuana dispensary customers are caught unaware.
Privacy Concerns Besides banking restrictions, privacy is most-cited argument for bringing marijuana and cryptocurrency together. Many people fear that such information could be obtained by insurance companies, used by U. Proponents of bringing marijuana and cryptocurrency together cite protection of privacy as one of the biggest benefits. Over the years, the various coins have battled it out for cryptocurrency supremacy. Popular Forms of Traditional Cryptocurrency Ever since Bitcoin was first released in , there has been a steady stream of different forms of cryptocurrency, but only a few have been strong and long-lasting enough to rise to the top of the pack.
Bitcoin is the most popular form of cryptocurrency accepted at cannabis establishments — from online seed stores to headshops. After surviving countless attacks and never-ending controversy, Bitcoin has grown into the most reputable and resilient of the cryptocurrencies. When it comes to cannabis and cryptocurrency, Bitcoin is the payment option most frequently found in online marijuana seed shops, dispensaries, and other retailers who accept cryptocurrency.
For transactions in brick-and-mortar stores, Bitcoin ATMs allow users to buy bitcoins or exchange them for cash. Ethereum Based on a different blockchain technology than Bitcoin, Ethereum ticker symbol ETH was originally proposed by cryptocurrency programmer and researcher Vitalik Buterin and went live in July While Bitcoin was introduced as an alternative to traditional currency, Ethereum is dedicated to facilitating peer-to-peer contracts and applications.
Since its inception, Ethereum has become the largest cryptocurrency in the world next to Bitcoin. Developed to complement Bitcoin, Litecoin is also accepted at a variety of cannabis-related businesses. Litecoin Another popular form of cryptocurrency, Litecoin ticker symbol LTC is one of the oldest cryptocurrencies in circulation after Bitcoin. Litecoin was designed as a complement to Bitcoin in hopes of correcting issues such as concentrated mining pools, as well as transaction fees and times.
Out of this vision has come various cannabis cryptocurrencies — some with more staying power than others. The exact time of its release was no coincidence; the Canadian entrepreneurs who founded it operating under the nicknames Hasoshi, Mr. Jones, and Smokemon intended Potcoin to become the marijuana cryptocurrency of choice across the globe.
Since its inception, PotCoin has become one of the most popular marijuana cryptocurrencies. In June of , former basketball star Dennis Rodman caused a buzz when he showed up at a Singapore summit between U. CannabisCoin was created with a specific focus on making transactions easier within the medical marijuana industry. This proposition has differentiated CannabisCoin from many other marijuana cryptocurrencies that are available.
There are million DopeCoins in existence, with over million of them already in circulation. HempCoin HempCoin ticker code THC was created in as a payment solution for businesses in the legal cannabis, as well as the agriculture, hemp, and tobacco industries. Challenges for Cryptocurrency in the Cannabis Industry Despite the potential benefits of shifting to Bitcoin or some type of marijuana coin for cannabis purchases, dispensaries have been slow to adopt cryptocurrency as a form of payment.
Strangely, this is due in part to the rules of a banking system that has largely pushed dispensaries out. Lack of a Paper Trail Cannabis dispensaries find themselves in a legal gray area when it comes to state vs. Even so, most of them try hard to abide by federal and state tax and regulatory reporting requirements. Some dispensaries that have limited banking relationships say that those relationships would be severed if they started utilizing any sort of a cashless currency.
Especially given that financial regulators are unclear about how to classify cryptocurrency, dispensary owners worry that introducing it could invite federal scrutiny, as well as potentially muddy the waters of required seed-to-sale record keeping. An Ever-Evolving Crypto Market Another factor that makes some businesses hesitant to adopt cryptocurrency — and especially lesser-known forms of it — is the rate of change within the crypto industry.
One factor is cryptocurrency volatility; the value of any given cryptocurrency can fluctuate wildly throughout even a single day. After the formal independence of the Kingdom of Cambodia in , the government was overthrown multiple times, notably with the Khmer Rouge communist regime from to , the — Vietnam occupation, and the UN takeover from to China has been the largest foreign aid donor to Cambodia since It was not until , when Hun Sen became the Prime Minister, that the political situation in Cambodia became more stable.
Hun Sen used "democracy" as a cover to start moving towards a developmental authoritarian state, where one-party dominance and Hun Sen's family patronage network provide an umbrella for corruption. In terms of international relations, China has been the largest foreign aid donor to Cambodia since , and the Sino-Cambodian alliance has gradually become a shield for Cambodia in the face of international democratic forces.
During the UN takeover, the West hoped that foreign aid would be used to boost Cambodia's economic growth, thereby achieving social stability and, by doing so, promote Cambodia's political democratization. But with the development of China's Belt and Road Initiative and continued investment from Beijing, Cambodia's dependence on the West has gradually diminished, providing a backstop to Hun Sen's authoritarian rule.
Belt and Road black market The Belt and Road Initiative has not only brought Chinese capital to Cambodia, but also unsavory industries such as prostitution, gambling and drugs. Although naturally not planned developments under the initiative, they have attracted countless Chinese investors and speculators who have taken advantage of the opportunity to head overseas.
Under China's harsh policies against such industries in the last decade, the organizers have been moving to Southeast Asia, such as Manila in the Philippines, Sihanoukville in Cambodia, and Myawaddy in Myanmar. In , there were 91 casinos with legal licenses in Sihanoukville, most run by Chinese.
In addition, clubs in the city offer sex and drug services with the help of Cambodian officials. These establishments are sheltered by Cambodian officials in the form of shares, and they employ armed Cambodian gendarmes as security personnel. With Cambodia's only deep-water port, Sihanoukville is also a key development target of China's Belt and Road project. Led by Cambodia's pursuit for rapid economic growth and Chinese investment, Sihanoukville has grown from a small fishing village in a seaside port to become the third largest city in the country.
From the end of to mid, Sihanoukville got the reputation of "gambling town" with a rumored ", online gamblers," and the sector relying on local protection forces to spread across Cambodia. In fact, the popular real estate investment, casino and online fraud industries have been developing in parallel. But problems mushroomed after the " Gambling Ban," which required online gambling companies to leave Cambodia.
Following the ban, a large number of online gambling companies began to move to places such as Myanmar, Dubai and Georgia. The gambling ban not only caused a mass exodus of legal online gambling companies, but also brought about another serious evil. The real estate investments, casinos, clubs, supermarkets and restaurants that grew up around the industry were all devastated, leaving countless investors broke and workers in Sihanoukville out of a job.
Many from Hong Kong and Taiwan came to Cambodia, trapped in cyber fraud activities. Internet gamblers fled, investors lost money, businesses closed, casinos laid off staff — Sihanoukville's economy came to a standstill overnight. This was the beginning of Sihanoukville's descent into a Wild West. The city is home to many gangsters who rely on gamblers for their livelihood and have expert kidnapping techniques, so they formed professional gangs to kidnap Chinese people inside Cambodia and sell them to online fraud outlets.
As for business, due to China's ongoing operations against illegal industries, anti-fraud propaganda and other policies, online gambling companies' profits in mainland China were limited. As the online gambling and fraud industry is dominated by the Chinese population, China's measures to restrict external mobilization have deprived them of a large part of their labor pool.
Coupled with the rise of international fraud, they began to look for labor from other countries and to attract overseas workers with high pay. This is how so many people from Hong Kong and Taiwan wound up coming to Cambodia, trapped in cyber fraud activities. A difficult issue to tackle Countries and regions where online gambling companies congregate, such as the Philippines and Cambodia, are among the poorest regions in the world and attract desperate speculators.
The nations themselves are eager to develop their economies and tackle poverty, and therefore accumulate national wealth by extracting domestic resources whatever ways possible.
But the currency failed to make a huge mark, remaining in the shadows until June 12, The supply of PotCoin is limited with, you guessed it, million coins. More than million are in circulation. It trades on three markets and also transitioned to proof-of-stake , which allows people to mine or validate block transactions according to the number of coins they hold. An important caveat is that PotCoin claims transaction speeds of 40 seconds, which are pretty impressive compared to those of Bitcoin.
The cryptocurrency announced some new features at the beginning of , including HD Wallets, a reduction in synch times, and faster network synchronization to help boost the user experience. It also celebrated the holiday with the launch of PotCoin Rewards, a revamped website, and the announcement of the PotCoin Foundation. Chart courtesy: worldcoinindex. It is a proof-of-work , peer-to-peer open-source currency and, like Potcoin, was aimed at easing transactions for medical marijuana dispensaries.
While it initially gained popularity, it has failed to deliver for investors. So how does it work? CannabisCoin promises to convert cryptocurrency directly into marijuana. Under the name CANNdy, there is a line of medicines and marijuana strains grown for the specific purpose of exchange at the rate of 1 CannabisCoin to 1 gram of medication.
Marijuana-specific cryptocurrencies also use digital wallets to hold and store coins, just like regular cryptocurrencies. The total supply of CannabisCoin is set at Little is known about the specific markets the currency serves except that its "mission is to provide marijuana enthusiasts with a modern and secure way of doing business for the 21st century. Started with a vision of creating a Silk Road for transactions in marijuana across the world, DopeCoin supply is limited with about million in circulation.
HempCoin THC HempCoin also came into existence in , although its focus is less on individuals using it to buy weed. Even with all the risks and shortfalls, cash is still king. But roadblocks remain. Here in Spokane, Washington, where the recreational sale and use of cannabis is legal, many businesses have recently turned to crypto payments.
One entrepreneur, Sean Green, owns three pot shops in the city. Unable to accept credit cards for payments, he saw Bitcoin as an ideal alternative. This plan failed, however, as he was not approved by crypto payment processor Coinbase. They cited the fact that cannabis was still illegal under federal law. Green is still able to accept Bitcoin for transactions but will have to forego quick conversions to fiat currency.
That can be dangerous given the volatility of crypto assets. Still, he has had numerous customers happy to use crypto to purchase cannabis legally. And I think this trend will likely grow in the future regardless of regulatory uncertainty. A bill with broad bipartisan support, called the Safe Banking Act, has been passed several times by the House.
Unfortunately, each time it has gone to the Senate it has been rejected — most recently in July. That will be great for the cannabis industry as it will allow banks and other institutions to provide services to legal cannabis businesses without fear of federal reprisal.