BITCOIN ATM MACHINES - page 6. | Bitcointalksearch.org

davout

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1davout

Quote from: DeathAndTaxes on April 09, 2012, 03:02:09 PM

That being said I have to think a 0-confirm ATM is likely a bankrupt ATM.
Double spend = free money (literally).

Maybe it could be programmed to allow to have only X coins pending confirmation, it would greatly limit the incentive to attempt double-spends.
Or maybe you could send funds to the ATM while not being right in front of it, in advance, once the transaction is confirmed you get a receipt that is redeemable for cash at the ATM.

FreeMoney

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Strength in numbers

How awesome would it be to dynamically change the buy/sell spread on individual ATMs to ensure that you never HAD to go get cash from them. At some point if it got out of whack with market rates you would want to do the arb if no one else was of course. But in principle you could drop off a super duty cage somewhere and just let it churn money for you with no maintenance.

teflone

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You're fat, because you dont have any pics on FB

Quote from: benjamindees on April 09, 2012, 08:52:39 PM

I wonder whether there are machines capable of accepting bills, and then dispensing those same bills later. Cheesy

Yes.. those exist..

They are becoming more and more popular.. But they are expensive compared to their counter part for the banks to purchase..

You should see one soon I would suspect, there are many out in the wild already.

I for one have already had training on how to fix them, yet have not touched one in the wild yet.

benjamindees

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I wonder whether there are machines capable of accepting bills, and then dispensing those same bills later. Cheesy

schnell

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Quote from: Jeremy West spendbitcoins.com on April 09, 2012, 03:09:35 AM

Quote from: bitcon on April 09, 2012, 12:21:51 AM

a bitcoin atm machine would be cool.

Working on it.

I think this could be a good solution for people travelling through multiple countries with multiple currencies on a trip. Convert bitcoins to cash or debit card on arrival, convert back to bitcoins on departure. Rinse and repeat.

What about using a service like btcbuckets for it?

DeathAndTaxes

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Gerald Davis

Quote from: evoorhees on April 09, 2012, 02:57:56 PM

Send coins to the machine from your phone, get USD cash. Doesn't even need to wait for confirmations.

I am usually the one telling people that needing confirmations for all tx is silly. Especially low value reversible ones.

That being said I have to think a 0-confirm ATM is likely a bankrupt ATM.
Double spend = free money (literally).

The defense of a double spend comes from the cost and complexity necessary to achieve it. It likely isn't worth it to try and double spend a porn site or a McDonald's cheeseburger but I have think think double spending free cash is an attractive target. Likely the most attractive target.

evoorhees

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Quote from: Foxpup on April 09, 2012, 01:57:22 AM

A better idea is for the machine to display a QR Code, you scan it and send your bitcoins to that address (using your own device), then you get your cash. Putting your private key data on a public machine is kinda dumb. The problem is that an ATM can't afford to wait several minutes for confirmation (though there are solutions).

Exactly!!!

Send coins to the machine from your phone, get USD cash. Doesn't even need to wait for confirmations.

Jeremy West spendbitcoins.com

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Quote from: bitcon on April 09, 2012, 12:21:51 AM

a bitcoin atm machine would be cool.

Working on it.

I think this could be a good solution for people travelling through multiple countries with multiple currencies on a trip. Convert bitcoins to cash or debit card on arrival, convert back to bitcoins on departure. Rinse and repeat.

Foxpup

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Vile Vixen and Miss Bitcointalk 2021-2023

A better idea is for the machine to display a QR Code, you scan it and send your bitcoins to that address (using your own device), then you get your cash. Putting your private key data on a public machine is kinda dumb. The problem is that an ATM can't afford to wait several minutes for confirmation (though there are solutions).

Stephen Gornick

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I believe the concept was that it would accept cash and spit out a BitBill with the particular amount of bitcoins sent to the card's address:

- http://bitcoinatm.com

- http://www.youtube.com/watch?v=FqpSZDMu5jY

I don't know if it was also to spit out cash as well though. That type of transaction could only be done with either Green Transactions or by waiting until after waiting for multiple confirmations (e.g., more than 2 at least, probably at least 6 for any amount of size like $40 or more).

Now that we have OKPay and other debit card products that can be loaded with funds directly from bitcoin and withdrawn at ATMs, a specialized Bitcoin ATM might not be as badly needed.

mb300sd

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Drunk Posts

ATM would be cool, horrible implementation. Too easy for the ATM to record all wallet.dat files, then take people's bitcoins long after they've forgotten about the atm...

bitcon

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a bitcoin atm machine would be cool. plug in your USB stick that contains your wallet.dat, and withdrawal the amount of Cash you need.

Topic: BITCOIN ATM MACHINES - page 6. (Read 8044 times)