Topic: do bitcoin ATMs really suck this much? (Read 6495 times)
They make it easy for the bad guys but they make it hard for the good guys...
And anonymous way of doing bitcoin gone...POOF
The devices are quite small and cheap and becoming moreso each day. Robocoin machines are enormous due to 
, but Skyhooks are quite small (and have open-source code). They could be built at home without express authorization of any exchanges (if you should want to use one), while all a shopkeep generally wants to know is how much you're willing to pay and average stats on foot traffic it generates. "I don't want a contract -- I'll just pre-pay $500/mo cash for you to leave it on your desk, here, I'll give you a sign to hang if you'd like, and if I fail to pre-pay next month, throw the damned thing out on the street." Great - boom - done. He has no reason to care whether or not your shit's together, legally. Unless there are major regulatory changes, I'm fairly sure ATMs are going to end up being mostly black market, while many operate in gray market status now.
Yeah, this video was pretty depressing and gives out bad press to Bitcoin. This needs to be fixed ASAP:
I used one once. I did not like the whole photo and palm scan thing. I really didn't. But then I ended up paying $50 over spot for the purchase too. So honestly, I don't see myself using the ATM again.
Before using it the first time I was really excited about the idea of changing anonymous cash into bitcoin. That does not happen!
Before using it the first time I was really excited about the idea of changing anonymous cash into bitcoin. That does not happen!
Bitcoin atms are trying to make themselves too much secure because Bitcoin can sometimes cannot combat legal issues after fraud, in many places.
That's why so much cautious.
That's why so much cautious.
Scannig hand 4 times and providing id info, this is just ridiculous. There should be an option to scan face automatically via the atm machine.
I think this will repel people.
It doesn't turn people off from wanting to use bitcoin ATMs. People do not seem to think that these requirements are that intrusive. For the most part, most bitcoin ATMs have been very successful. I think this will repel people.
And anonymous way of doing bitcoin gone...POOF
The devices are quite small and cheap and becoming moreso each day. Robocoin machines are enormous due to , but Skyhooks are quite small (and have open-source code). They could be built at home without express authorization of any exchanges (if you should want to use one), while all a shopkeep generally wants to know is how much you're willing to pay and average stats on foot traffic it generates. "I don't want a contract -- I'll just pre-pay $500/mo cash for you to leave it on your desk, here, I'll give you a sign to hang if you'd like, and if I fail to pre-pay next month, throw the damned thing out on the street." Great - boom - done. He has no reason to care whether or not your shit's together, legally. Unless there are major regulatory changes, I'm fairly sure ATMs are going to end up being mostly black market, while many operate in gray market status now.And anonymous way of doing bitcoin gone...POOF
The devices are quite small and cheap and becoming moreso each day. Robocoin machines are enormous due to , but Skyhooks are quite small (and have open-source code). They could be built at home without express authorization of any exchanges (if you should want to use one), while all a shopkeep generally wants to know is how much you're willing to pay and average stats on foot traffic it generates. "I don't want a contract -- I'll just pre-pay $500/mo cash for you to leave it on your desk, here, I'll give you a sign to hang if you'd like, and if I fail to pre-pay next month, throw the damned thing out on the street." Great - boom - done. He has no reason to care whether or not your shit's together, legally. Unless there are major regulatory changes, I'm fairly sure ATMs are going to end up being mostly black market, while many operate in gray market status now.And anonymous way of doing bitcoin gone...POOF
The devices are quite small and cheap and becoming moreso each day. Robocoin machines are enormous due to , but Skyhooks are quite small (and have open-source code). They could be built at home without express authorization of any exchanges (if you should want to use one), while all a shopkeep generally wants to know is how much you're willing to pay and average stats on foot traffic it generates. "I don't want a contract -- I'll just pre-pay $500/mo cash for you to leave it on your desk, here, I'll give you a sign to hang if you'd like, and if I fail to pre-pay next month, throw the damned thing out on the street." Great - boom - done. He has no reason to care whether or not your shit's together, legally. Unless there are major regulatory changes, I'm fairly sure ATMs are going to end up being mostly black market, while many operate in gray market status now. 
And anonymous way of doing bitcoin gone...POOF
One could borrow multiple IDs to do multiple transactions? I guess
The hand scanner does nothing to prevent the situation where mtultiple people collude to bypass the limit. They could also ask whoever they are getting the ID's from to scan their hand as well.
Its an analogy of bitcoin. Rules won't stop people from using it
I don't think BTC atms are of much use now, however its bringing public attention only, bringing BTC to mainstream 
I looked up Bitcoin dealers online while reading this thread. I only found one person with any reputation (and four others without rep) that was selling for physical cash.
It's a choice between the ATMs (which mark up) or an unknown cash dealer who marks up and then could just be a crook looking to mug somebody.
The IRS has proven that it was can levy retroactive taxes. They event sent a 100%+ bill to certain people due to declaring mining as self income, penalties for not paying the prior year and then capital gains on the difference.
The scary prospect about Bitcoin is your country may decide: "no wait you weren't suppose to pay capital gains.. you are supposed to pay the "digital currency tax" we just made up which is 80% on gains. Please pay up or else.."
wow these guys are annoying and wow they need to fix that with using a atm
to avoid any theft and scams.
While charging ludicrous fees.Avoiding scams by being a scam, Brilliant!
Looks like they are keeping the security pretty tight to avoid any theft and scams.
Nice initiative though.
Nice initiative though.
Scannig hand 4 times and providing id info, this is just ridiculous. There should be an option to scan face automatically via the atm machine.
I think this will repel people.
I think this will repel people.
This is a one (1) time only thing, to set up the AML/KYC documents. It is not part of any transaction.
One could borrow multiple IDs to do multiple transactions? I guess
The hand scanner does nothing to prevent the situation where mtultiple people collude to bypass the limit. They could also ask whoever they are getting the ID's from to scan their hand as well.
Yeah, pretty sketchy
Scannig hand 4 times and providing id info, this is just ridiculous. There should be an option to scan face automatically via the atm machine.
I think this will repel people.
I think this will repel people.
The IRS has proven that it was can levy retroactive taxes.
I can't help but think that you are misrepresenting the situation here. Can you provide a link to more info?
To my limited knowledge, the IRS cannot levy a retroactive tax. I cannot help but think that you are confusing this with the IRS clarifying that income from bitcoin is taxable. And that such clarification came after a tax year where such income should have been reported, but was not. Here is a clue - according to the IRS, _all_ income is taxable. Just because income comes from bitcoin, does not make it exempt from taxation.
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They event sent a 100%+ bill to certain people due to declaring mining as self income, penalties for not paying the prior year and then capital gains on the difference.
Again, a link to more info on this incident would be helpful. By law, they cannot tax income at a rate any greater than that legislated. I don't know all the details, but I am pretty sure the law does not provide for taxation at a rate greater than 'all of it'.
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The scary prospect about Bitcoin is your country may decide: "no wait you weren't suppose to pay capital gains.. you are supposed to pay the "digital currency tax" we just made up which is 80% on gains. Please pay up or else.."
In the USA, The Constitution bars the legislation of any ex post facto law. Yes, sometimes they get away with it, but I believe such laws, if fought, are typically overturned.
You wouod be surprised how many people stand in the que playing with their phone instead of counting thier change, sorting notes or retrieving their card from their wallet/ hanbag &purse.
a simple push of a few huttons can bring up a qr reader
a simple push of a few huttons can bring up a qr reader
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