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Topic: [2014-05-01] The World's First Bitcoin Bank Will Open This Summer - page 2. (Read 4232 times)

legendary
Activity: 3766
Merit: 1217
Jesus. I honestly don't know how people can make their money back on these ATMs at such prices unless people start charging extortionate fees, but then that just kinda defeats the whole process if you're having to pay a massive premium to get your coins. All the faff with ID and verification and AML laws etc seems even more off putting as well.

Most of the traders in Localbitcoins.com charge around 5% commission. So going at that rate, the ROI for a Robocoin ATM might be a total trade volume of $400,000. Might take more than a year. Add the taxes, and it can take even more time.
global moderator
Activity: 3990
Merit: 2713
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The headline is a bit misleading. Isn't this just the rebranding of the ATMs which was posted here: https://bitcointalksearch.org/topic/2014-05-01-cd-robocoin-to-rebrand-bitcoin-atms-as-online-bank-branches-592195

Thanks for posting. And here is a reply which caught my attention:

At the prices they charge it looks like an appropriate step...

They charge $20,000 for each of their ATMs, while their competitors charge about 20% of that amount.  Grin

Jesus. I honestly don't know how people can make their money back on these ATMs at such prices unless people start charging extortionate fees, but then that just kinda defeats the whole process if you're having to pay a massive premium to get your coins. All the faff with ID and verification and AML laws etc seems even more off putting as well.
legendary
Activity: 3766
Merit: 1217
The headline is a bit misleading. Isn't this just the rebranding of the ATMs which was posted here: https://bitcointalksearch.org/topic/2014-05-01-cd-robocoin-to-rebrand-bitcoin-atms-as-online-bank-branches-592195

Thanks for posting. And here is a reply which caught my attention:

At the prices they charge it looks like an appropriate step...

They charge $20,000 for each of their ATMs, while their competitors charge about 20% of that amount.  Grin
global moderator
Activity: 3990
Merit: 2713
Join the world-leading crypto sportsbook NOW!
Bitcoin don't need a bank anyways and if there's believers depositing into such a thing they will likely be robbed like the SecondLife banking frauds. Once you transfer your coins you basically lose any control and rights over it. Only idiots would do such a thing, sadly there are plenty of those.

Read the article. I'm not sure if it's really is a 'bank' at all. It's seems like just a company renaming their ATM terminals as 'bitcoin banks' and giving you the option to store your coins online with them, but I don't see what the difference between that and a blockchain.info account will be.
legendary
Activity: 1960
Merit: 1010
Bitcoin don't need a bank anyways and if there's believers depositing into such a thing they will likely be robbed like the SecondLife banking frauds. Once you transfer your coins you basically lose any control and rights over it. Only idiots would do such a thing, sadly there are plenty of those.
full member
Activity: 163
Merit: 100
you keep posting only shitty news imo, please double check what u post, and post serious stuff

Ok, and I thought this "spot the troll" competition was going to be harder than this  Grin
legendary
Activity: 1974
Merit: 1003
you keep posting only shitty news imo, please double check what u post, and post serious stuff
hero member
Activity: 756
Merit: 500
The headline is a bit misleading. Isn't this just the rebranding of the ATMs which was posted here: https://bitcointalksearch.org/topic/2014-05-01-cd-robocoin-to-rebrand-bitcoin-atms-as-online-bank-branches-592195
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