My point is that these bitcoins and/or $$ won't just appear out of thin air when a user engages in a transaction. There's got to be preset funds stored in the machine or some database server.
I'm assuming this guy isn't a millionaire and doesn't own 10 TH of the total allocated hashing power this network holds, so he would most likely run out eventually unless he was adding more of his own funds constantly. The only other way I could see this working is if this was an exchange.
Imagine the guy who builds these puts $10,000 USD and 5000 bitcoins in the database to start. Let's say 1000 people suddenly withdraw 5 bitcoins each on the first day that these machines are setup and ready to go. There will be a message put in place stating that "We are currently mining more bitcoins for your transactions, come back later!" How disappointing would that be assuming the ATM ran out of either USD or BTC?
Topic: Bitcion ATM [video] - page 2. (Read 3392 times)
My biggest concern is will these ATM's be an exchange service (similar to MTGox, tradehill, etc.) or will the bitcoins be transacted instantaneously at a set price by the owner of them. Even if the price is set to reflect website exchanges prices, how does the end-user of the bitcoin ATM's plan on keeping up with the amount of withdrawals people may make?
If the ATM's plan to use one of the existing web exchanges, this questions is irrelevant.
If the ATM's plan to use one of the existing web exchanges, this questions is irrelevant.
Yeh, I'm sure the ATM will be connected to the Internet just like any other ATM that processes ATM withdrawals. I assume it will constantly update the going rate. Actually, I think it'd be nice if it went by a 7 or 14 day average as this would inherently stabilize the markets. In other words, the ATM would act as a counterbalance to market volatility, and the markets would act as a counterbalance to ATM volatility.
Otherwise, you'd hear a lot of "Shit! Remind me to NEVER AGAIN go to the Bitcoin ATM on the weekends!"
My biggest concern is will these ATM's be an exchange service (similar to MTGox, tradehill, etc.) or will the bitcoins be transacted instantaneously at a set price by the owner of them. Even if the price is set to reflect website exchanges prices, how does the end-user of the bitcoin ATM's plan on keeping up with the amount of withdrawals people may make?
If the ATM's plan to use one of the existing web exchanges, this questions is irrelevant.
If the ATM's plan to use one of the existing web exchanges, this questions is irrelevant.
Couldn't get the video to work but if it's what I think it is, the community strikes again! Bravo.
http://keepvid.com/?url=http%3A//www.youtube.com/watch%3Fv%3D1h42QUOugIQ&fromsearch=1Maybe we can get jobs servicing and getting them running in our areas.
It will probably work like a franchise.You pay money to have one in your area...but the users fund the machines.
As he states in the video "for the first 10-15 machines, the users will be putting the USD {etc} in"...not 100% quoted...but the idea.
Maybe we can get jobs servicing and getting them running in our areas. Chances are that guy reads the forums like everyone else.
Couldn't get the video to work but if it's what I think it is, the community strikes again! Bravo.
10-15 ATMs in 6 weeks, 250 or something worldwide in 6 months.
Um...promote?
so sweet so sweet! 
But I wanna see action!
Are there any details of the business plan behind this? Is this guy funding himself, or is this larger than that? Where will these be rolled out? There are a thousand questions... but this is undeniably awesome. I would be overloaded with joy to see one of these in a corner market in Manhattan.
Looks amazing.
Any more details? Can they just buy machines and put them anywhere? If the machines aren't properly secured the website hacks will come to real life...
this will change everything, imo
I wish I had some
I wish I had some
Haven't seen this posted yet. Pretty dam awesome. 2 short parts.
http://www.youtube.com/watch?v=1h42QUOugIQ
http://youtu.be/FqpSZDMu5jY
http://www.youtube.com/watch?v=1h42QUOugIQ
http://youtu.be/FqpSZDMu5jY
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