Topic: Would you invest in a bitcoin startup who places ATM BTC machines in US cities? (Read 5177 times)
September 16, 2013, 04:34:48 PM
Have you thought about putting ATMs in other countries with less stable currencies? BTCs could be a good alternative if you educated the people.
September 14, 2013, 10:01:27 PM
We are currently 10% of the way toward our goal.
Please come join us! https://btcjam.com/listings/6769
Please come join us! https://btcjam.com/listings/6769
September 14, 2013, 09:41:08 PM
Regulation is an issue but I think it will be resolved shortly, Great Idea!
I would invest!
I would invest!
September 14, 2013, 04:05:37 PM
I hope you find investors, as I find the idea of BTC ATMs to be magical. But I'd be scared of the federales.
September 13, 2013, 02:42:44 AM
We have a commitment from an investor, thank you swordv2!
Come join us: https://btcjam.com/listings/6769
Come join us: https://btcjam.com/listings/6769
September 09, 2013, 04:45:48 PM
You lucky bastard! (being in Georgia).
590-4-2-.08 Invest Georgia Exemption.
http://rules.sos.state.ga.us/docs/590/4/2/08.pdf
590-4-2-.08 Invest Georgia Exemption.
http://rules.sos.state.ga.us/docs/590/4/2/08.pdf
September 09, 2013, 04:10:14 PM
Coin ATM. We should talk. I will be operating a Lamassu and be fully compliant in Atlanta, GA in October.
atlantabitcoin.com
atlantabitcoin.com
September 08, 2013, 03:45:44 AM
Actually I'd say I am quite aware of the requirements. Kindly read this post and it's replies.. I welcome followup questions there:
https://bitcointalksearch.org/topic/loan-to-a-startup-business-high-risk-36-annual-interest-rate-289952
Okay I see now you are talking about biometric scanning and such. Okay, i'll move dicussion to the other thread. https://bitcointalksearch.org/topic/loan-to-a-startup-business-high-risk-36-annual-interest-rate-289952
September 08, 2013, 03:44:02 AM
Comply with the Bank Secrecy Act. At a minimum know your customers, collect identitifcation, record transactions, report suspicious transactions to FinCEN and develop an AML program.
If Walmart doesn't need to check ID when selling prepaid visa's, surely a machine can do the same, right?
Can't I just adopt the same policy Walmart uses where they don't check ID up to $300 per day per person?
You are making horribly inaccurate assumptions!
September 08, 2013, 03:34:42 AM
Actually I'd say I am quite aware of the requirements. Kindly read this post and it's replies.. I welcome followup questions there:
https://bitcointalksearch.org/topic/loan-to-a-startup-business-high-risk-36-annual-interest-rate-289952
https://bitcointalksearch.org/topic/loan-to-a-startup-business-high-risk-36-annual-interest-rate-289952
September 08, 2013, 03:27:55 AM
How do you plan on dealing with the regulatory issues? How do you plan on identifying and verifying customer identities. The tech is trivial, the laws/regulations not so much. If you intend to just operate above the law, well consider how incredibly easy it is to seized an expensive public fixed asset like an ATM.
First, we don't intend to operate outside the law. I am unaware of any law that requires a "seller of bitcoin" to do anything special. I am aware of MSB laws but I am not sure they apply unless I am selling bitcoin that I mine or buying and selling like an exchange.
As only a seller of "numeric codes" I'm not sure what regulations specifically apply. FWIW these are the kind of questions we need to address before we launch so I really appreciate you asking.
I agree the tech is trivial. In my mind it's no different than an automatic movie ticket vending machine I see at Fandango theaters, except we won't accept credit cards ;-)
Why would bitcoin need to be distributed through a kiosk/machine?
It does not, obviously since you and I have bitcoin and we have never used such a machine. My poll in the newbie section, however, demonstrates people are interested in using such a device.
Luckily since you're only initially looking at one state, that may make things slightly easier, but seeing as there are KYC requirements from dollar number one, you would have to know who every customer using your machine is before they could use it (forget people walking up and buying bitcoins with cash without proving their identity first and setting up an account with you).
Good luck.
September 07, 2013, 04:43:05 PM
I've placed an initial loan request on BTCJam:
https://btcjam.com/listings/6769
If you have any interest in this project, please consider lending.
https://btcjam.com/listings/6769
If you have any interest in this project, please consider lending.
September 06, 2013, 06:49:42 PM
Bitcoin ATM already exists.
get MSB license and buy one; place in that store this fall:
https://lamassu.is/
get MSB license and buy one; place in that store this fall:
https://lamassu.is/
I don't know, maybe I need glasses but I see "pre-order now" and not "on stock".
We all know that businesses scare competitors by announcing products just around the corner. BFL anybody?
I sense a difference here
September 06, 2013, 06:44:04 PM
Bitcoin ATM already exists.
get MSB license and buy one; place in that store this fall:
https://lamassu.is/
get MSB license and buy one; place in that store this fall:
https://lamassu.is/
I don't know, maybe I need glasses but I see "pre-order now" and not "on stock".
We all know that businesses scare competitors by announcing products just around the corner. BFL anybody?
September 06, 2013, 05:00:16 PM
Bitcoin ATM already exists.
get MSB license and buy one; place in that store this fall:
https://lamassu.is/
get MSB license and buy one; place in that store this fall:
https://lamassu.is/
September 04, 2013, 03:59:26 AM
the idea is great. i think personally i would use it. if installed in shopping centre it could draw attention for new potential users. though you might have issues with authorities when they find out that bunch of drug dealers dumping their dollars into your atm. i would also recommend you to seek professional advise. ohh and btw... good luck with the project!
September 03, 2013, 08:27:44 PM
I would invest if you
a) had 1 working prototype (hence they don't sell premade, fully functional Bitcoin ATMs, yet
)
b) could get this arms-length agreement to multiple retail locations, in writing
c) had a rock solid plan to tackle the legal issues
d) you could prove you had some other type of collateral to recoup my investment, if the "ATM as collateral" idea goes south
d) elaborated further on you and your partner's backgrounds/experiences
Robocoin and Lamassu seem to be moving right along with this same concept. If you're serious about it, I'd get started on it ASAP
Good luck!
a) had 1 working prototype (hence they don't sell premade, fully functional Bitcoin ATMs, yet
) b) could get this arms-length agreement to multiple retail locations, in writing
c) had a rock solid plan to tackle the legal issues
d) you could prove you had some other type of collateral to recoup my investment, if the "ATM as collateral" idea goes south
d) elaborated further on you and your partner's backgrounds/experiences
Robocoin and Lamassu seem to be moving right along with this same concept. If you're serious about it, I'd get started on it ASAP
Good luck!
September 03, 2013, 04:20:37 PM
As pointed out, you'll definitely have to register with FinCen, but the nice thing about an ATM is that you won't have to deal with 50 state MSB licensure all at once. If you start in Colorado you'll likely only need the federal registration and a Colorado MSB license (if required). Anyway, you should definitely obtain legal advice from an experienced MSB attorney because this isn't like selling any old widget. Check out the legal forum, as at lease one attorney posts there regularly.
Also, you might want to check out this project, which I believe has now started manufacturing.
https://lamassu.is/
Also, you might want to check out this project, which I believe has now started manufacturing.
https://lamassu.is/
September 03, 2013, 12:45:07 PM
Sorry one and all (Vod) the admins moved this back to the lending section. I'll try again....
You can edit the first post. At first glance it still appears you are looking for a loan rather than looking for information. Cleaning up the OP will likely prevent future (mis)moderation.
September 03, 2013, 12:42:14 PM
Sorry one and all (Vod) the admins moved this back to the lending section. I'll try again....
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