2013-04-02 Business Insider "Bitcoin ATM Founder: We Already Have Orders From... - page 2.

BTC Books

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Quote from: Gabi on April 02, 2013, 10:04:58 AM

Quote from: kiko on April 02, 2013, 10:00:14 AM

The elephant in the room here is that the FinCEN ruling is pretty clear that the operator of a machine like this would require a money transmitter licence, which would in turn mean KYC compliance. In reality if you walked up to this machine it would say "Please enter your username and password". The only way you could get an account would be by sending off all your identification documents for verification. The patriot act killed this invention before it was even born. Please tell me I'm wrong, I so want to be wrong.

It is a problem only for you americans Cheesy

I'm thinking it's more of a problem for anyone using a machine located in the US.

Would there be a VAT, or some other reason to obtain identities, in the EuroZone?

kiko

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The company operating the machines is american, and required to know its customers wherever they may reside.

As the treasury secretary said when Nixon took America off the gold standard:

Quote

"It may be our currency, but it's your problem."

deathcode

copper member

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Quote from: kiko on April 02, 2013, 10:00:14 AM

The elephant in the room here is that the FinCEN ruling is pretty clear that the operator of a machine like this would require a money transmitter licence, which would in turn mean KYC compliance. In reality if you walked up to this machine it would say "Please enter your username and password". The only way you could get an account would be by sending off all your identification documents for verification. The patriot act killed this invention before it was even born. Please tell me I'm wrong, I so want to be wrong.

In the US? Sure... in anywhere else in the world whatever the FinCen says is as valid as me signing a check for U$S 1,000,000 Tongue

Gabi

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If you want to walk on water, get out of the boat

Quote from: kiko on April 02, 2013, 10:00:14 AM

The elephant in the room here is that the FinCEN ruling is pretty clear that the operator of a machine like this would require a money transmitter licence, which would in turn mean KYC compliance. In reality if you walked up to this machine it would say "Please enter your username and password". The only way you could get an account would be by sending off all your identification documents for verification. The patriot act killed this invention before it was even born. Please tell me I'm wrong, I so want to be wrong.

It is a problem only for you americans Cheesy

kiko

sr. member

Activity: 453

Merit: 250

The elephant in the room here is that the FinCEN ruling is pretty clear that the operator of a machine like this would require a money transmitter licence, which would in turn mean KYC compliance. In reality if you walked up to this machine it would say "Please enter your username and password". The only way you could get an account would be by sending off all your identification documents for verification. The patriot act killed this invention before it was even born. Please tell me I'm wrong, I so want to be wrong.

mccorvic

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Activity: 518

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Quote from: Rincewind on April 02, 2013, 09:37:25 AM

I could walk up to a terminal, scan your QR code from my phone, and deposit my cash as BTC to your address. And, of course, I could deposit one currency to myself, cross a border, and withdraw it as another currency at my destination.

This is a delicious idea.

Piper67

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Quote from: Rincewind on April 02, 2013, 09:37:25 AM

That mock-up really puts into perspective how powerful an ATM would be, because I had the preconceived (and misguided) notion of how an ATM is supposed to work with fiat money. This is not an ATM in the traditional sense. It is a currency exchange and a payment center, and I don't even need an account to use it. It's a Western Union and PayPal killer.

I could walk up to a terminal, scan your QR code from my phone, and deposit my cash as BTC to your address. And, of course, I could deposit one currency to myself, cross a border, and withdraw it as another currency at my destination.

This, exactly. Put one of these machines in every other corner, and Western Union, Paypal and a whole bunch of other existing business will soon find themselves out of a job.

Rincewind

newbie

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That mock-up really puts into perspective how powerful an ATM would be, because I had the preconceived (and misguided) notion of how an ATM is supposed to work with fiat money. This is not an ATM in the traditional sense. It is a currency exchange and a payment center, and I don't even need an account to use it. It's a Western Union and PayPal killer.

I could walk up to a terminal, scan your QR code from my phone, and deposit my cash as BTC to your address. And, of course, I could deposit one currency to myself, cross a border, and withdraw it as another currency at my destination.

xcsler

full member

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As much as I want this story to be true with huge numbers of orders for BTC ATMs put me down in the skeptical category. Please prove me wrong Mr. Berwick.

kiko

sr. member

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Quote

Berwick will appear on CNBC at 11:35 am today.

*Grabs popcorn

mccorvic

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http://www.businessinsider.com/cyprus-bitcoin-atm-guy-responds-2013-4

Topic: 2013-04-02 Business Insider "Bitcoin ATM Founder: We Already Have Orders From... - page 2. (Read 2713 times)