Topic: Bitcoin ATM - Jeff Berwick (Dollar Vigilante) official withdrawal - page 3. (Read 6788 times)

He supposedly had a "top" financial advisor of this caliber, yet signed on to a project without recognition of the complex rules surrounding money transmission? He sounds about as mature and grounded in reality as the 23-year olds he sought to do business with.

Hilarious stuff.

Those are two completely different projects, run by completely different groups of people.

The first one is more like a vending machine, and at least in New Hampshire where they are located, it is regulated like one. I used the Lamassu prototype machine myself, and have talked to the guys on many occasions and they seem to have a decent plan. Their prototype is definitely not what they will be building for production use - they are really upping the quality and security.

The second one is a more traditional ATM, and IMHO was only really viable with someone like Jeff Berwick backing it, who has the skills and experience to run a "real" business and deal with big banks and regulators. I know Jeff despises the regulators, but would know how to work with them while holding his nose in order to make it work.

http://www.businessinsider.com/bogus-cyprus-atm-story-2013-3

Wow, I'm so disheartened to see this.

Bloody government...

I mean seriously when less than 1 month after buying this:


It magically looks like this:


And they were just about ready to install one in Cyprus!

I mean LOL, just LOL

I'm sorry if you are capable of turning Pic 1 into Pic 2 in a month, you have no need to buy Pic 1 in the first place.

Except this "product" is something that can be hacked in two days by a  bunch of students with the right tools and hardware. BitcoinATM was never about the device itself, it was always about the business model and the regulatory aspects.

Nice try...I think you'll need to up your troll game though if you want to get any bites.


I really can't see much coming out of this specific bitcoin ATM project, it seems to be a classic bitcoin formula:

Step 1) Come up with a useful Bitcoin idea (or buy an idea)

Step 2) Photoshop up some pictures of what your product might look like

Step 3) Claim you pretty much already have it "done" and hype the crap out of it to any media outlet that will listen (make sure you get your face on TV as much as possible)

Step 4) Set extremely ambitious/unrealistic schedule of completion/shipping/unveiling etc..

Step 5) Pimp yourself out to any VC/investors that will listen (take all their money)

Step 6) Realize that you actually have no product, have no idea how the fuck to make the product, and basically no clue how to run a business

Step 7) Choose between options:
a) Try to drag out the situation as long as possible and milk your investors and customers until they are dry

b) Make up some excuses of why your product was thwarted by the evil Fed, SWAT team etc...

c) Go quiet/disappear...never heard of again

d) Distract everyone was a new even more ambitious project and rise/repeat the whole cycle.

On a side note I wonder who owns the bitcoinatm.com domain/site, as Jeff's face seems to be plastered all over it; I wonder if he owns it and will now be looking to flog it cheap? Would be a nice domain to have.

Something isn't quite right about what you're saying.

How did yoru friend withdraw BTC from your bitcoin wallet (to give the ATM in return for cash) if all he had was your public address?

The only way he could have sent the BTC is if he had full access to your wallet.

No I don't think you understand. All you need is the wallet address, the receiving address. Getting that is as simple as asking someone if you can send them free bitcoins.

My friend has already emptied out the ATM......

Flavius, if you gave him your wallet, you gave him your money.  There's no flaw there presuming it gave him money in exchange for your wallet (although it may have other flaws, we'll see...).

look on the bright side, the guy is opening his own exchange.

you're the one who gave him your [unencrypted] wallet.  sounds like youre the one who's flawed. the machine did exactly what it was supposed to do.

and no cash?

Actually a friend of mine is in San Diego and I had him test out the ATM. It's flawed, it lets you turn your bitcoin wallet into cash, so he entered a wallet of mine and 5 minutes later I had no bitcoins.

Looks like Jeff got a good deal too -- got plenty of media exposure out of it. TBH the bitcoin ATM website seemed to be more about him and his ventures than the ATM itself.

There were also several media articles where he was portrayed as the "founder" of Bitcoin ATM -- which clearly now is incorrect.

Anyway, the ATM is just a side-project. He is right that regulation presents an almost insurmountable obstacle. I don't see how this thing could ever end up in malls, etc. Perhaps it could be bought as an adjunct to a licensed exchange's business, for promotions or roadshows?

That's exactly what I thought. Those folks first thought hey we need this guy, then a few months passed and they realized that this guy it useless to them so they said him to f**k off.

IT is the fact that bitcoin is behind the ATM. Not gum or candy.

The powers that be dont want their monopoly on money to end.

This idea of an ATM basically succumbs their control over capital controls and money/value leaving the US borders.

It's like saying the hungry lion running after us is not our friend... we know that!

Anyone want to take a bet that Coinlab will NOT get its licences by Mid May 
They are so quiet..Fincen is not our friend!!

Just a guy kicked out of the project