If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(10 News)   World's first Bitcoin ATM unveiled in San Diego to facilitate purchases, redemptions, trade for Chuck E. Cheese game tokens   (10news.com) divider line 35
    More: Strange, Bitcoin ATMs, San Diego, token coin, digital currency, Scripps  
•       •       •

837 clicks; posted to Business » on 06 May 2013 at 7:37 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



35 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

Archived thread
 
2013-05-06 06:58:10 AM
Will they take FunSpot? That is all I have left.
 
2013-05-06 08:05:56 AM
Yes, because Chuck E. Cheese tokens fluctuate in value between $5-260.
 
2013-05-06 08:08:54 AM
Does this really make Bitcoins any more practical?

Let's say that I want to buy $50 worth of pizza at a pizza shop that takes Bitcoins.  And I'm in luck, they have a Bitcoin ATM right in their lobby.  Now I need to get $50 in cash, put it into the Bitcoin ATM and get a receipt for 0.5 Bitcoins, which I can then give to the pimply-faced youth behind the counter at the pizza shop.

There's no advantage to that over just handing the guy a $50 bill.  And either way, it means that I have to carry the $50 in some form of bearer instrument.  If I drop the $50 or the receipt with the 0.5 Bitcoin confirmation number on it then I'm out $50.  If I drop my debit or credit card, I'm not responsible for all the charges somebody else racks up.

Also, FTA:

Users can walk up to the machine and make a deposit. The user then gets a receipt and that receipt has a confirmation number on it. That confirmation number can be given to anybody around the world and they can go up to a machine and make a withdrawal themselves.

 Any of the ONE machines around the world.  Which makes this thing a Bitcoin based savings account at a bank with one branch.
 
2013-05-06 08:16:53 AM

Parkanzky: Does this really make Bitcoins any more practical?

Let's say that I want to buy $50 worth of pizza at a pizza shop that takes Bitcoins.  And I'm in luck, they have a Bitcoin ATM right in their lobby.  Now I need to get $50 in cash, put it into the Bitcoin ATM and get a receipt for 0.5 Bitcoins, which I can then give to the pimply-faced youth behind the counter at the pizza shop.

There's no advantage to that over just handing the guy a $50 bill.  And either way, it means that I have to carry the $50 in some form of bearer instrument.  If I drop the $50 or the receipt with the 0.5 Bitcoin confirmation number on it then I'm out $50.  If I drop my debit or credit card, I'm not responsible for all the charges somebody else racks up.

Also, FTA:

Users can walk up to the machine and make a deposit. The user then gets a receipt and that receipt has a confirmation number on it. That confirmation number can be given to anybody around the world and they can go up to a machine and make a withdrawal themselves.

 Any of the ONE machines around the world.  Which makes this thing a Bitcoin based savings account at a bank with one branch.


they're for drugs / investments
 
2013-05-06 08:30:22 AM
Jon iz teh kewl: they're for drugs / investments tax evasion

FTFY.
 
2013-05-06 08:32:35 AM

Jon iz teh kewl: they're for drugs / investments


I get that, but does an ATM make them any better for either of those things?  If you want to invest in them, you're probably going to buy them on an exchange from the comfort of your parents' basement.  If you want to use them to buy drugs/guns/people locally, you can just use the cash you'd feed the machine, which is just as anonymous.  If you want to buy your drugs/guns/people mail-order, you'll probably need more Bitcoins than you'd want to purchase by feeding Benjies to a machine.
 
2013-05-06 08:33:36 AM
I'm waiting for the article where the 'president' of the Bitcoin bank closes up shop and absconds with the money sitting in the various Bitcoin accounts.  They're not FDIC insured so they'll be litlte recourse for the account holders.
 
2013-05-06 08:50:38 AM
Can I trade in my flooz or beanz for these?
 
2013-05-06 09:20:49 AM

Parkanzky: Jon iz teh kewl: they're for drugs / investments

I get that, but does an ATM make them any better for either of those things?  If you want to invest in them, you're probably going to buy them on an exchange from the comfort of your parents' basement.  If you want to use them to buy drugs/guns/people locally, you can just use the cash you'd feed the machine, which is just as anonymous.  If you want to buy your drugs/guns/people mail-order, you'll probably need more Bitcoins than you'd want to purchase by feeding Benjies to a machine.


buying bitcoins is a pain in the neck.  i'd say putting dollars in a machine would be far easier.
 
2013-05-06 09:21:24 AM
How long until it's covered in RON PAUL stickers?
 
2013-05-06 09:27:37 AM

Parkanzky: Any of the ONE machines around the world. Which makes this thing a Bitcoin based savings account at a bank with one branch.


And the "non-inflationary" "currency" advocates will soon learn that fractional reserve banking was originally invented by gold lenders.
 
2013-05-06 09:30:04 AM

Parkanzky: Let's say that I want to buy $50 worth of pizza at a pizza shop that takes Bitcoins.


The other thing is, if you're the pizza shop what is your incentive to take this?  The guy hands you the bitcoins to pay for a pizza and 5 hours later Bitcoins drop a 100 dollars in value.  The real reason to take Bitcoins is to avoid the money trail and/or having to deal with the IRS.  If you're a brick and mortar store selling a physical product, there isn't much reason to take bitcoins.  Better off taking gold coins or something as barter than the bitcoin.

What are they thinking here?  You hit up the ATM before you go buy your drugs from the guy at the corner?  All that means is that the cops will start camping the ATM.

aevorea: I'm waiting for the article where the 'president' of the Bitcoin bank closes up shop and absconds with the money sitting in the various Bitcoin accounts.  They're not FDIC insured so they'll be litlte recourse for the account holders.


Considering a lot of the account holders are supposedly criminal organizations, I'd imagine it's mob style car insurance "You whack our car, we whack you."
 
2013-05-06 09:32:58 AM

ha-ha-guy: Parkanzky: Let's say that I want to buy $50 worth of pizza at a pizza shop that takes Bitcoins.

The other thing is, if you're the pizza shop what is your incentive to take this?  The guy hands you the bitcoins to pay for a pizza and 5 hours later Bitcoins drop a 100 dollars in value.  The real reason to take Bitcoins is to avoid the money trail and/or having to deal with the IRS.  If you're a brick and mortar store selling a physical product, there isn't much reason to take bitcoins.  Better off taking gold coins or something as barter than the bitcoin.



bitcoins keep going up in value.  it's like teh NASDAQ
 
2013-05-06 09:52:32 AM
It's so convenient-  the IRS just has to post someone half-way up the block with a pair of binoculars to catch people laundering money and criminals can just swing by and pick up the whole ATM with a few helpers, a crowbar and a pickup truck.
 
2013-05-06 10:05:48 AM
Bitcoin: Babby's first stock investment
 
2013-05-06 10:19:42 AM
in 2140 after all 21 million bitcoins have been mined, they'll be worth like $10m a coin
 
2013-05-06 10:48:09 AM

ha-ha-guy: Parkanzky: Let's say that I want to buy $50 worth of pizza at a pizza shop that takes Bitcoins.

The other thing is, if you're the pizza shop what is your incentive to take this?  The guy hands you the bitcoins to pay for a pizza and 5 hours later Bitcoins drop a 100 dollars in value.  The real reason to take Bitcoins is to avoid the money trail and/or having to deal with the IRS.  If you're a brick and mortar store selling a physical product, there isn't much reason to take bitcoins.  Better off taking gold coins or something as barter than the bitcoin.

What are they thinking here?  You hit up the ATM before you go buy your drugs from the guy at the corner?  All that means is that the cops will start camping the ATM.

aevorea: I'm waiting for the article where the 'president' of the Bitcoin bank closes up shop and absconds with the money sitting in the various Bitcoin accounts.  They're not FDIC insured so they'll be litlte recourse for the account holders.

Considering a lot of the account holders are supposedly criminal organizations, I'd imagine it's mob style car insurance "You whack our car, we whack you."


That's the thing; there is zero incentive. Check out the girl on Forbes' blog trying to live a week on BTC. She couldn't find housing that accepted it and the only food places that took it were hipster artisan places that were way overpriced.

The process to accept BTC for small businesses is hilariously complicated and drawn out.

Of course, some BTC ;tards are now giving pieces of paper with BTC codes written on them as tips in restaurants. That's the BEST way to covert people to your Autism Kroners; tip servers with your useless internet play money.
 
2013-05-06 10:59:28 AM

aevorea: I'm waiting for the article where the 'president' of the Bitcoin bank closes up shop and absconds with the money sitting in the various Bitcoin accounts.  They're not FDIC insured so they'll be litlte recourse for the account holders.


FDIC does not cover theft or embezzlement, that would be covered by private insurance the bank may have purchased.


I also don't like paying for $250,000 of insurance for the whole country's savings accounts.
 
2013-05-06 12:02:54 PM

aevorea: I'm waiting for the article where the 'president' of the Bitcoin bank closes up shop and absconds with the money sitting in the various Bitcoin accounts.  They're not FDIC insured so they'll be litlte recourse for the account holders.


There isn't any single "Bitcoin bank". It's a distributed system and your main account is on your own computer (or off-line storage devices if you're worried about hackers). The risk you describe only applies to exchange services or to "investment" sites like this one.
 
2013-05-06 12:43:07 PM

trotsky: Autism Kroners


I'll be stealing that. Kudos.
 
2013-05-06 01:14:48 PM
Lots of people in this thread have a lack of imagination.

Suppose I'm a mid-level drug supplier in So Cal.  I have $15000 cash burning a hole in my pocket.  How am I going to launder this money?  I may not want to put it ALL into a bit-coin ATM, but I may want to put SOME of that cash into the ATM.

/not a mid-level drug supplier in So Cal, mr. gov't man.
 
2013-05-06 01:19:46 PM

Brokenseas: Lots of people in this thread have a lack of imagination.

Suppose I'm a mid-level drug supplier in So Cal. I have $15000 cash burning a hole in my pocket. How am I going to launder this money? I may not want to put it ALL into a bit-coin ATM, but I may want to put SOME of that cash into the ATM.

/not a mid-level drug supplier in So Cal, mr. gov't man.


That's not imagination; that's the whole point of this stuff.
 
2013-05-06 01:35:37 PM

WhoGAS: Brokenseas: Lots of people in this thread have a lack of imagination.

Suppose I'm a mid-level drug supplier in So Cal. I have $15000 cash burning a hole in my pocket. How am I going to launder this money? I may not want to put it ALL into a bit-coin ATM, but I may want to put SOME of that cash into the ATM.

/not a mid-level drug supplier in So Cal, mr. gov't man.

That's not imagination; that's the whole point of this stuff.


Of course.  The ATM and bitcoin have nothing to do with $50 pizza purchases.  So why are people getting hung up on how inconvenient it is for pizza purchases?
 
2013-05-06 02:07:53 PM

Parkanzky: Does this really make Bitcoins any more practical?


Yes, it provides another legitimate conversion source from which someone can use bitcoin to purchase real world goods and services.  

Let's say that I want to buy $50 worth of pizza at a pizza shop that takes Euros.  And I'm in luck, they have a Euro ATM right in their lobby.  Now I need to get $50 in cash, put it into the Euro ATM and get $50 worth of Euros , which I can then give to the pimply-faced youth behind the counter at the pizza shop.

There's no advantage to that over just handing the guy a $50 bill.


Your Right, and that's where your analogy falls apart.  Why would you be going to the extra effort to convert dollars to some other accepted form of currency if you already have dollars on hand?
This works best if you already have $50 worth of bitcoin or Euros and have found a Pizza joint that is willing to accept them as payment along with cash.

And either way, it means that I have to carry the $50 in some form of bearer instrument.  If I drop the $50 or the receipt with the 0.5 Bitcoin confirmation number on it then I'm out $50.  If I drop my debit or credit card, I'm not responsible for all the charges somebody else racks up.

So its the same as buying a gift card?  Or using your debit card to get cash out beforehand?


Also, FTA:

Users can walk up to the machine and make a deposit. The user then gets a receipt and that receipt has a confirmation number on it. That confirmation number can be given to anybody around the world and they can go up to a machine and make a withdrawal themselves.

 Any of the ONE machines around the world.  Which makes this thing a Bitcoin based savings account at a bank with one branch.


Until someone else sets up another ATM, unless you are assuming that the only purpose of this announcment was to have no other ATMs in the world capable of exchanging bitcoins or other methods of authorizing that confirmation number as a means of exchange.
 
2013-05-06 03:06:54 PM
With someone having an actual ATM I am starting to wonder if Bitcoins can be leveraged for international travel to avoid huge currency exchange fees.
 
2013-05-06 03:25:54 PM

Jon iz teh kewl: in 2140 after all 21 million bitcoins have been mined, they'll be worth like $10m a coin


Give or take about $10m.
 
2013-05-06 03:49:31 PM

Brokenseas: Lots of people in this thread have a lack of imagination.

Suppose I'm a mid-level drug supplier in So Cal.  I have $15000 cash burning a hole in my pocket.  How am I going to launder this money?  I may not want to put it ALL into a bit-coin ATM, but I may want to put SOME of that cash into the ATM.

/not a mid-level drug supplier in So Cal, mr. gov't man.


I have enough imagination to know the DEA will be standing right there with a camera as my midlevel drug supplying ass deposits it.  Eventually when you have too many ATMs for them to cover, sure it works, but how on earth do you get the consumer interest to support a whole network of them for drug transactions?

Plus even if you have 700 ATMs, if say 60% of their users are in the illegal drugs industry, the DEA will find a way to cover all 700 of them 24/7.
 
2013-05-06 04:37:44 PM

trotsky: The process to accept BTC for small businesses is hilariously complicated and drawn out.

Of course, some BTC ;tards are now giving pieces of paper with BTC codes written on them as tips in restaurants. That's the BEST way to covert people to your Autism Kroners; tip servers with your useless internet play money.


What IS the procedure for exchanging bitcoins?  I seem to remember reading something about being able to transfer bitcoins between two Android phones by having one phone scan a QR code on the other's display (which sounds a bit clunky but not overly complicated), but I haven't tried it myself and I'm not inclined to purchase a few bitcoins just to find out.

I'd agree that leaving tips at restaurants in the form of printed bitcoin codes is pretty dumb.
 
2013-05-06 05:36:03 PM

aevorea: I'm waiting for the article where the 'president' of the Bitcoin bank closes up shop and absconds with the money sitting in the various Bitcoin accounts.  They're not FDIC insured so they'll be litlte recourse for the account holders.


My question almost exactly, except I was planning to use the word "tits-up".
 
2013-05-06 05:40:24 PM

Jon iz teh kewl: in 2140 after all 21 million bitcoins have been mined, they'll be worth like $10m a coin


I need it to be about a billion each in 19 years, when my mining pool finally gives me my first coin.
 
2013-05-06 05:45:13 PM
There have been several examples of bitcoin exchanges going out of business suddenly and the bitcoiners being completely powerless to do anything about it except post about hiring hit men.

There was one that said he got hacked by a shady underworld yakuza relative and he was made to be a hero because he got most of everyone's money back. It's all really too funny.
 
2013-05-06 09:07:32 PM
Disclaimer:  I am an actual economist, and in fact do play one on TV.

Statement:  If you waste your time on Bitcoin, you are a very misguided person.
 
2013-05-06 11:50:33 PM

Parkanzky: Any of the ONE machines around the world.


Heh. This.

Discuss amongst yourselves: is an ATM without a network really an ATM?
 
2013-05-07 09:46:07 AM
I put in my money and....  hey! Where's my bitcoin?
 
2013-05-07 10:25:39 AM

Brokenseas: WhoGAS: Brokenseas: Lots of people in this thread have a lack of imagination.

Suppose I'm a mid-level drug supplier in So Cal. I have $15000 cash burning a hole in my pocket. How am I going to launder this money? I may not want to put it ALL into a bit-coin ATM, but I may want to put SOME of that cash into the ATM.

/not a mid-level drug supplier in So Cal, mr. gov't man.

That's not imagination; that's the whole point of this stuff.

Of course.  The ATM and bitcoin have nothing to do with $50 pizza purchases.  So why are people getting hung up on how inconvenient it is for pizza purchases?


Excellent, valid question.

And I do apologize if I came across more harshly than I meant to with my comment to you.

"So why are people getting hung up on how..."

My assumption as an observer of humanity (you'd chuckle if you knew me) is that they are simply covering the true purpose of the coins by attempting to legitimize it.  Similar to how we're trying to get pot legalized, we never sit going "I WANNA GET HIGH WITHOUT HASSLE!" because the general public would never accept that.

So, to get what you want, you begin with baby steps, social engineering if you will.  You begin to mention the "thing", you show how wonderful the "thing" could be and the general public, after much inundation from advertising, begins to believe what the news is saying.

All the while, however, the ones who were initially involved with the "thing" know the true purpose and now have a layer of legitimacy to cover their true intents.

I'm assuming, of course, and I could be completely wrong.
 
Displayed 35 of 35 comments

View Voting Results: Smartest and Funniest


This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »






Report