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World’s First Bitcoin ATM Processes $100k In Transactions In Its First 8 Days
Submitted by Michael Krieger of Liberty Blitzkrieg blog,
A little over a week ago, the world’s first Bitcoin ATM was launched to much fanfare in a Vancouver coffee shop called Waves Coffee. This particular machine is made by a company called Robocoin and they sell for $20,000 per unit. While I applaud the company for installing the world’s first Bitcoin ATM, I have been quite vocal in my opposition to their requirement that you use biometrics in order to access the machine (a palm scanner). I find this to be an unnecessary feature that will only serve to condition people to use biometrics for financial transactions and I view this as unacceptable.
Another company called Lamassu, Inc. is also building Bitcoin ATMs and their machines do no require biometrics, so I will be watching their rollout closely.
My strongly supportive public position on Bitcoin has been made clear for well over a year now. In fact, my first lengthy article on it was in August 2012, when it was still trading around $10/btc versus $300/btc today. The article was titled: Bitcoin: A Way to Fight Back Against the Financial Terrorists?
The rollout of Bitcoin ATMs is a huge positive for the network going forward. The difficulty of buying bitcoins has been a huge obstacle that has prevented more people from getting involved. These ATMs will change that paradigm entirely for the communities in which they are installed.
More from the Washington Post:
A new Bitcoin ATM in Vancouver is off to a fast start, conducting $100,000 (Canadian) worth of transactions in its first eight days of operation. That’s according to Robocoin, the firm that created the machine and hopes to see the equipment deployed in major cities around the world.
“Robocoin has finally made Bitcoin accessible,” says Jordan Kelley, the company’s CEO. Kelley says that so far approximately 80 percent of the machine’s business has been people buying Bitcoins, while the other 20 percent has been people who wanted to sell their Bitcoins for cash. Robocoin says its machine is the first Bitcoin ATM in the world.
Full article here.
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go Bitcoin...
When stock markets go down, and gold prices go up, one can only hope they can process a fuck sight more than US$12,000 a day otherwise no one will be able to get out.
So goes Bitcoin, so goes some crisis that requires shutting down the web.
you mean, like a war?
Egypt tried...and failed. http://www.coindesk.com/investors-bullish-bitcoin/ hmmm. Facebook stock or bitcoins...bitcoins or Facebook stock.
No, I think he means 'go' like the $1 million+ in bitcoins that just went 'poof' and dissapeared due to hackers, as revealed today at http://www.smh.com.au/it-pro/security-it/australian-bitcoin-bank-hacked-...
Fuck you Bernanke and fuck you gold, Lame bitchez
Here comes the PM vs digital currency debate~
Look ZH, I love how BC uses 256bit PKI with salted hash to regulate and restrict the number of coins mined. I love how buyers and sellers can agree on it as a medium of exchange to work together without 3rd party interference. I get it. But here's the thing that prevents me from biting: it ain't backed by anything. And what the fuck is Keiser talking about when he says there will never be a competitor to bitcoin? Here's a novel idea: Anonymous puts a little time into understanding as much about banking and finance as they understand about scientology. As this understanding spreads between their more entrepreneurial members, say an offshoot, sub group that happens to work in certificate / key store management, they develop a similar algorithm, only they say, "look, we developed a similar model called 'crypto coin' won't just allow this to denominate in fiat that the 'cryptocoin' marketplace will back, we will tie specifically to gold and silver. The algo will ultimately mine 15x more silver colored cryptocoins than th gold colored ones, to represent what exists naturally in the crust of the earth. They then correspondingly create their own exchange (even say a virtual exchange represented by members), collectively owned by all cryptocoin holders. The balance of actual metal in the exchange is verified on a quarterly basis by the top 100 cryptocoin holders to verify that they maintain the same amount of precious metals in the exchange, as there exists cryptocoins in circulation. The crypto coins can then be redeemed in gold and / or silver. The same concept could be applied to oil contracts, shares in organic beef farms, or stock at company xyz. Till I see the next evolution cryptographic digital currency, I will keep hitting the coin shop and stacking.
Intrinsic value is one thing. Tangible value is another. Combining the two is key
Observation: The bitcoin buyers / holders appear to be vitriolic toward those that prefer PM's. Understand that we are on the same side of this argument. Don't lose sight of the bigger picture; that we all now recognize how the monopolized private issuance of currency and credit has led us to this point
The bitcoin buyers / holders appear to be vitriolic toward those that prefer PM's.
Huh? It see 80-90% the opposite!
Anyway, yes, BTC is good, and PMs are good. We should all have both.
Intrinsic value is one thing. Tangible value is another. Combining the two is key.
PM's all the way!
I don't like to use the term intrinsic value because I think its a crock of shite, but one of Bitcoin's features is that it is intangible. It is weightless, you can exchange value with anyone (well, anyone with network connection) anywhere on the planet almost instantly. It doesn't show up on metal detectors and doesn't require a trip on down to the coin shop and back or fancy dancy acoustical wave propagation delay detectors. You don't have to dig any holes, but you do have to take necessary measures to keep it secure from theft.
What I want to see is what happens when one Bitcoin's valuation in USD equals the price of an ounce of gold.
If Bitcoin blows through that valuation solidly, it will become public enemy number one to TPTB.
I lost my bitcoins in a boating accident....literally
Don't worry, I have a copy of all your bitcoins right here on my computer. So does everybody else running a bitcoin client that has a copy of the blockchain. What you lost were your keys. Maybe you were smart and made a backup?
They didn't go poof, they got corzined. Someone else has them now.
Lesson: do not entrust bitcoin to a counterparty. Keep your own wallet on a dedicated, offline computer, and make backups.
But.. But Walkure above says people will somehow borrow huge amounts of Bitcoin to engage in leveraged speculation.
Try telling the former owners they didn't go poof. As admirable as bitcoin may be in its intentions, I'll take gold thanks. Playing hide and seek with intangible virtual currencies is all fun and games until it goes, well, poof. Poof.
Try telling the former owners they didn't go poof.
It's called theft, genius. Been going on for a long time on this planet.
CHQ...theft? Damn straight it is, shitlock.
What some of you bitcoiners fail to register is that cuntcoin is man-made and thus fallible.
There will always be someone or something that will manage to exploit its flaws...and then? Poof !
Nice Tungsten!
(counter-party risk cannot be evaded simply by picking the right commodity, know this)
If the bank loses your gold, would you blame the bank, or the gold?
Pls fix link.
http://www.smh.com.au/it-pro/security-it/australian-bitcoin-bank-hacked-...
Thank you for the link!
The reporter clearly does not know what he is writing about. The "hacking" occurred because "the bank" had not been set up properly. It's like questioning the viability of the currency system on the basis a bank robbery took place.
By the way, what kind of people feel the need to "deposit" Bitcoin in an online bank? I don't understand.
Good point! If you're a real space cadet, write down the key and stuff it into a book somewhere. If you don't have any books, an inocuous text file on a thumb drive would also be a good hiding place!
The fucking biometric requirement is because of CANADA's anti-money laundering laws. If they could get away with not having them, I'm quite sure they would. So, fuck the fucking conventional financial system up the fucking ass.
I guess you could have a clean-slate guy transact with the machine and then make a deal with the shady character standing right next to the machine for a nice profit. For everybody else, there's https://localbitcoins.com/
or just chop off a hand at the cemetery and put it on your keychain?
maybe keep 3 or 4 just in case
I guess you could have a clean-slate guy transact with the machine
Or pay a homeless guy five bucks, or...............
Throw your hands in the air and just learn to use a fucking computer already.
I still don't get this.
Which is why I still think it will be easy to make illegal by our central bank controlled governments. Not too many people get it, so not too many people will give a fuck when it becomes illegal to transact in bitcoins.
Another way to shear the sheeple moar.
Stack On
I think the weakest link will be exchanges where you convert fiat to bitcoin. I know this does not affect transactions in bitcoin, but at some point you will run out of bitcoin and will need to change some fiat into bitcoin as not everyone has a miner and not everyone will be able to find an employer that pays wages in bitcoin.
Not everyone will find an employer that pays wages in gold/silver, either. I don't see the point you're trying to make.
Hey folks, I'm selling AirCoins. They are made of 2 parts hydrogen and 1 part oxygen plus something very special but I can't tell you. No one will ever be able to figure it out and I'm only offering 21 million AirCoins and then I will issue no more forever.
You can buy an AirCoin from me for $50, much less than a BitCoin, and then buy shit from other suckers who are willing to part with their hard goods for some of my very limited issued AirCoins.
Please stay in line and be patient. The high demand for AirCoins may cause delays in their issuance.
My slogan: AirCoins, money of the future and the future is now!
I'd be happy to buy your Aircoins if you can show the following:
1. Open source code that has no backdoors and places a hard limit on the number of Aircoins that can possibly be produced.
2. A computer network that's 50 times more powerful than the top 500 supercomputers in the world, which contributes to security against a 51% attack.
3. A merchant and individual network that spans hundreds of thousands of users across the globe, many of which are wealthy entrepreneurs and computer scientists.
4. SHA256 encryption
Oh wait, you can't show any of that. Therefore your "Aircoins" are worthless and Bitcoins have value.
We already know the gov mandates and bribes the computer industry to accept its backdoors. Even tea kettles aren't immune to spyware.
http://www.dailymail.co.uk/news/article-2480900/China-spying-KETTLE-Bugs-scan-wi-fi-devices-imported-kitchen-gadgets.html
Gov got its sniffers on data transmissions. Gov putting cameras and mics in street lights. The gov wants it all.
The chief technology officer of the CIA, Gus Hunt, made the following shocking admission back in March: “We fundamentally try to collect everything and hang onto it forever.” He followed that statement up with this gem: “It is really very nearly within our grasp to be able to compute on all human-generated information.” In other words, they want it all, and they nearly have the capacity to gather it all already.
http://www.infowars.com/the-rest-of-the-world-is-absolutely-disgusted-wi...
omg they just backdoored into your safe of gold!! all gone!!! noooo
Are you dense?
You can have your Bitcoins but I'd rather have my Aircoins. Did you fail chemistry?
SHA-256 was invented by the NSA.
Doesn't matter if it's open source.
Please, LEARN.
Does the value of bitcoins lie in its "security"? If so, who needs another scam.
Authorities will try to find some way of making bitcoin to fiat and vice versa conversions difficult. Same goes for gold/silver btw.
Could be. But lately it has been getting easier. They could make it illegal, too, just like exchanging fiat for drugs is illegal.
Dupe
Already been said. localbitcoins.com
Then take the time to study it. Don't dismiss Bitcoin out of hand, like so many here do. Actually get to know how it works. Understand why gold has value to begin with, too.
Gold has value to begin with, because when you give it to girls to wear, they might have sex with you.
BitCoins carry counterparty risk.
Heh. Bitcoins aren't contracts or backed by debt. So they carry zero counterparty risk.
It's proof that you don't get PMs or why people stack PMs.
PMs have value, literally, for industrial purposes or production. It doesn't matter if at the end of the day no one accepts PMs as payment. It can still be sold for whatever current mode of exchange is being used as long as people still require them to produce goods.
Bitcoin on the other hand only has value when people give it value. If no one gives it value or no one accepts Bitcoin it ain't worth shit. You can't manufacture products with it and all you have left is a virtual encrypted data that can't be turned into goods.
have fun ignoring the people that DO give it value as it seems we are gaining more believers day by day
$300 and counting... how's that Silver to $200 doing?
Good point.
1 Bitcoin > 1 oz silver
1 Bitcoin = 9 x 1 oz silver
The above equations are all I need to see to know that Bitcoin is in a bubble. This bubble may grow much larger but eventually, it will be worth the paper it's printed on. That would be zero.
Spoken like Soros.
Bitcoin seems to be turning people into the people they hate.
"But you don't understand. I made a 300% return while waving middle finger at the banks."
Different medium, same story. Trying to lure more suckers into your investment so you profit handsomely.
If Bitcoin does make you rich, will you be so kind to loan Bitcoin for 18% APR?
And how much capital do the people who believe in Bitcoin possess?
The market is made up of bids/asks. The price of your Bitcoin is limited to the amount of capital you believers have and are willing to bid. The big boys with capital don't believe in it, so your "fiat currency" capital gains are limited if there is no capital to drive the bid prices up.
If you want a real hedge against a fiat collapse, you want to ensure a)Your alternative will be accepted as alternate payment, b)Your alternative is able to be turned into physical goods to hedge your downside risk in the event it doesn't meet a).
Your downside risk for Bitcoin is 100% of capital and you can't limit it either way. The fact that you talk about $300 Bitcoin or $200 Silver means you don't understand why people stack PMs again.
Fiat currency capital gains count for shit if you are betting on a fiat collapse in the first place.
On that note, I am in a Bitcoin position but only because I'm speculating in it for fiat capital appreciation and am fully prepared to lose my entire capital used in that position. No way I'm betting on it being an alternative currency though.
Industrial value is still due to people valuing the goods that silver & gold are used to manufacture, and that value is still subjective. All value is subjective.
Bitcoin's value comes from the fact it is the world's only global consensus protocol. That means it can be used to prove things happened at certain times, and prove that individuals signed off on things happening at certain times. No other protocol or computer program can do that. So even if Bitcoin were valued at $0, it would still have useful purposes for people making contracts and sharing information/proofs.
I understand and even support some of your arguments on Bitcoin as a competing currency.
What I don't get is your failure to understand gold and silver as money and a store of value. You guys fail horribly on that issue.
Many Bitcoiners own PMs as well. The fight is between Bitcoin and fiat. We all agree on ZH that fiat is a disaster. The problem is PM holders who attack Bitcoin "because it can't be touched". That's like saying that emails, music and film are worthless because they can't be touched. We are in a digital/information age now. At least 50% of the world economy is digital to some degree. Bitcoin is the right currency to replace fiat while PMs are the backup in case of systemic failure.
Yeah, just wait until they start printing bitcoins. You think a buncha computer geeks are outside the reach of the NWO?
That's the proposal on the table. That's what all the hype is about.
Yeah, just wait until they start printing bitcoins.
Ignorance on fucking steroids.
What happens in the event that systems go down, and you cant access online accounts. Where does that leave me. Fucked I say!
What happens is the semi-trucks stop rolling and the cities die.
Gold & Silver are at least the value the effort and energy it takes to take it out of the ground and turn it into a coin (is not zero)
Bitcoins are at least the value the effort and energy it takes to generate a bitcoin (is not zero)
Gold & Silver takes far more energy and effort to generate than Bitcoin, so in a normal world the price of gold & silver should be far higher than Bitcoin, but of course in this fantasy fiat world it is not. Conclusion is that or gold and silver are undervalued, or Bitcoin is in a bubble.
(Yes I stick with fundamentals no matter what)
+1
no +10
Things are valued for their utility, not their input costs. Just because something requires more energy and effort to make does not inherently make it more valuable.
A lawyer that does nothing but bills himself out for $1200 an hour is really worth more that a craftsman who can build things out of his own two hands who can't find work above $10 an hour?
That's why I wrote "at least"
Biometrics.....uh no.
WTF.
I have an idea, cash is anonymous, plastic totally traceable, let's add a thumbprint to "cash" transactions. Totally fucked.
It's possible to buy Bitcoins from individuals, anonymously. It's just like cash.
Well aware but the ATM implementation is horrible.
Send in the stooges. I have a few ' foolish friends' that would think that giving biometricshiznit would be cool. Or maybe if i give five bucks to that homeless guy over there he will buy me some bitcoin at the ATM. Go long on stooges if you can.
Do the ATMs want a bank account to transfer it to? If not now then mandated later. Do any ATMs now accept cash?
These ATMs are fiat to Btc and vice versa. No Banks.
"It's possible to buy Bitcoins from individuals, anonymously. It's just like cash."
Dream on, suckerz! 2Bit-coin is pseudononymous at most, meaning your activity remains undetected until you enter a transaction. Also, don't forget Snowden's leaks about what NSA thinks of your beloved cryptocurrency's security.
2Bit-coins are a good (though perfectly traceable) substitute for government issued toilet paper in case one refuses to feed the banking system and a great vehicle for avoiding capital controls, but it's a fact that the intrinsic value per se of a digital chain of 1's and 0's is no greater than the medium it's been written on.
I like physical Bitcoins, though.
Your "Snowden's leaks" link provides no evidence and therefore must be treated as a scam.
The last two links are pure garbage
Y U No like phyzz?
Change your avatar into this, hypocritical biyatch!
If there ever comes a time when you need to GTFO in a hurry, Bitcoin may be a nice portable option. I'm not a fan of the volatility, but utility is another story.
I am a fan of the "volatility", because it's primarily in one direction: up.
Gold and silver, by comparison, have an equal amount of volatility. And their volatility appears to be equally distributed between up and down.
You are a fan because your Bitcoins went up in USD terms. You also want more people to jump in Bitcoin because that will also cause the value of your Bitcoins to rise.
You've always come off as a dealer trying to talk up your drug of choice.
Do you actually buy things with your Bitcoin or do you just hold them and gloat like the guys on Yahoo finance talking about how much money their Tesla stock made them?
I would hope people at least get exposed to Bitcoin's ideas. ZH is a pretty good audience to do that and PMs and Bitcoin compliment each other nicely (Spyker notwithstanding). Do you find it curious Tyler keeps slamming this blog with Bitcoin articles day after day after day. It's only a nominal $4b market cap after all, does anything else like it get that kind of exposure?
Anyways, 10 nerds linking their tower PCs an internet doth not make. What good is a telephone if there's nobody else to call? Both of these are pyramid schemes wherein the more people that have it, the better it is for all. Bitcoin is like that, too. The more people get out of fiat and into PM and Bitcoin, the better it will be.
Look at bitcoin as a tool. Buy some coin. Watch it go up. Sell the bitcoin and buy silver. This helps you stack physical and it helps movement in the bitcoin market that contributes to its value. win win, right? ok, maybe not and I don't claim to be a pro or anything. But it has worked for me...
I don't know all that much about it all, but without question if you have to flee the US and go . . . wherever, there is no way in hell gold will escape the xrays at the airport.
If capital controls are in place that day per Cyprus norms, that gold will be confiscated and you can then go ahead and get on the airplane to start your new life somewhere with no money.
In contrast, this bitcoin stuff looks an awful lot like it will get on the airplane with you.
Aha! Now you're starting to see the major advantages of Bitcoin. I'm glad some ZeroHedgers are catching on. For the first time in human history, we have a fixed-supply money that we can take with us anywhere in the world, without confiscation by governments. That's HUGE. That's invention of gunpowder huge.
Is there an app for that? No, seriously is there a user friendly software or do I need to hire a robot to transact my receipts and payments? It is NOT for the common idiot like myself. That's not to say it won't work or won't be around. Maybe it is revolutionary and it will replace fiat because government and central bank manipulation seem to be outside the door trying to get in. It's not tangible as gold or silver and therefore, makes me a sceptic. But if it's exchangeable, tradeable, bookable just like any other fiat online then why not? It just might be the one tool that comes out smelling roses at the end of the long dark fiat shyte tunnel. Maybe the CBs are behind it and slowly fading the new currency into the system via bitcoin. Who knows?
For folks who are over 35 and who aren't used to computers and smartphones it'll definitely be a little bit of a learning curve. I'm confident you could learn how to use Bitcoin effectively in less than 1 hour, though. It involves learning how to use a smartphone wallet (for spending) and paper wallets (for saving).
Bitcoin is actually really simple to understand. It's just a shared ledger where every computer keeps track of which address is allowed to spend each Bitcoin unit. It relies on something called "proof of work". So in order to spend a Bitcoin, I have to use a mathematical proof that shows I have the right to spend it, and I got the Bitcoin legitimately from a previous address. This is done automatically by computers via the "blockchain".
But basically it makes it so you can't counterfeit them. At all. Your computer is forced to "show its work" in order to spend them, and the network will ignore your efforts to spend Bitcoins that don't exist or that you don't have rights to.
umm genx pretty much made this little party on the www ya know??
Sure folks over 35 are not used to computers. NOT. You have no clue do you. Uninformed youths going around thinking they know it ALL while they know NOTHING. You better stop underestimating your peers if you want to succeed boy. Also fuck your smartphone wallet. That shit is for sheering sheep (and youths). There is a reason people with a little life experience don't want to "learn" to use a smartphone wallet or a "smart"phone for that matter. You'll find out sooner or later. Happy sheering.
Bitcoin Wallets for the casual yet descerning user are Electrum or MultiBit.
Andreas Schildbach's wallet for Android is very simple, basic, convenient.
Coinbase.com
And they have a great app too.
right....i'm sure they won't look at the thumb drive cleverly inserted in your rectum
The Bitcoin ATM's are going to be just as non-operational as the regular ATM's in a crisis situation.
How much do you thik precious metals will be worth in a "crisis situation" where power is out and the Internet is shut down? Hint: not much.
Worth more than a blank screen.
You think I won't be able to offer a 1 oz. Silver to a shop keeper or farmer for eggs, milk, and bread?
They'll have product that will spoil, and if I have something tangible (Ag/Au) they'll take it.
When the crisis is past, they will have something tangible in exchange for moving their product, which cannot be said for Bitcoin.
Why would a farmer have product that would spoil? The corn ears may still be on the stalk. If he harvested and is shipping it, he isn't interested in your shiny metal silliness. Now, if you have something of real value like bullets in a box that you can hand over, then he'll sell you some bread.
But my God, man. If there is a situation where the breakdown is so severe that the locals are worried about food, he's not taking your silly metal.
And btw, the real problem with your thinking is the first phrase of your last paragraph.
I'm sure if I stare long enough I will find where ebworthen stated PMs - and BY GOD ONLY PMs - would be useful. I do believe he said something about tangible assets...? You're an idiot if you think only bullets will get you through what's coming.
Diversity of tangibles. Digital assets will be very useful, up to the point they can't be touched/accessed.
a whole lot of blood will change hands before PMs do in a real crisis
stackers think crisis = back to the 1900's
no.. it's mad fucking max and barter town didnt give much shit about pms
http://armstrongeconomics.com/2013/08/24/yes-in-a-mad-max-dark-age-not-e...
An oil peak doomer trashing the main metal used in production of solar panels. Doesn't make sense to me.
"and if I have something tangible (Ag/Au) they'll take it."
Yes, in a scenario where everyone is living hand-to-mouth and there's no electricity, people will be thrilled to finally receive a shiny disk of metal.
Sorry, but I just can't take that seriously. Ammunition would be a much better currency in that scenario than gold/silver.
"Ammunition would be a much better currency in that scenario than gold/silver."
Intelligence, Logic, and Leadership are going to be much better than Ammunition, Gold, Silver.
A refreshing perspective, frisbee! No one knows what the future holds, and as we all have varying quantities of those qualities- and commodities- you mention, I would add friends to the list. Two brains are better than one in a zombie apocolypse, or any apocolypse for that matter.
Regardless of what Gold or Silver or Bitcoin or Fiat are worth during a crisis is irrelevant. Use Rational thinking to derive logic so to make righteous decisions will be KEY. Who would exchange food or fresh water or any other valuable commodity for bitcoins? When it gets "real" people will rely on fundamentals. Hard assests will be everything. A lighter and a pack of cigarettes will be great for trade. If "getting out of dodge" is a concern for many, then they certainly must already have a prepared getaway destinantion. Fiat, Bitcoin, PMs, will be used temporarily after the great reset gets rolling.
You are among the many locked into a mindset of normalcy.
There is no Great Reset coming. There is Great Destruction coming. Nothing is ever going to happen to "get things started again". THE EASY OIL IS GONE. Nothing brings that back.
You don't reset civilization to 1800s levels and then restore modern society in some magical form that you think it monetarily should be. The forces at work have nothing to do with money.
They are automation destroying IQ sub 100 jobs. No Great Reset fixes that. Only Great Destruction fixes that. Civilization goes to a configuration of 2000s knowledge with 1800s transportation. The sub 100 IQ types then have jobs again because the ox carts hauling food to the local town before it spoils will have a driver job for them.
The easy oil is gone. Gold isn't going to do not the least thing to fix that. Nothing will fix that. 1800s transportation will be forever. And life will go on for the 900 million ppl on planet Earth.
So please, forget "Resets". When things smash up this next time, they will stay smashed forever.
That is a viable outcome yet your outlook into what is coming discredits the righteousness of mankind. You fail by correlating the attributes of evil fiat conmen, war mongers, and their cohorts to the masses. People are inherently good natured and very resilient. Step out of your own train of thought.
+1
It is all about the trade. If I see value in what you have to trade for my stuff and if you see value in what I want to trade for your stuff, then we have a deal.
A pack of smokes and a lighter for 10 pounds of meat might be a sweet deal some day.
Stack On
by the time you peeked at someone's stuff you got ganked by his friends and you are eating dirt and robbed
what part of CRISIS do you not compute?
you want to prepare for your beloved crisis?? go to jail for 5 years
Works in India and many parts of China and in centuries past just about everywhere. No internet, no power but PMs hold value.
you are not worthy of that avatar.
Now let me get this straight; WHEN the internet is SHUT DOWN; as you specify; you would like to have your worldly wealth in BITCOINS; is that right? Precious metals won't be worth much; well, how come they were the last 9889 times in a row? with or without an internet?
At the point where the internet is down, bitcoin transactions can be executed on a radio network. If the power is down, use solar/wind. If you can't do any of those things, you and everyone you know are almost certainly dead already.
The two are natural allies, PMs and BTC. PMs are insurance. BTC is investment.
What happens when these ATMs are hacked by .gov? If they let this take hold without a fight, then I'll be convinced that .gov is behind it all.
what happens when stackers finally wake up to the boat they missed??
oh no, stuck on stacker island!!!
SO SOME PEOPLE WOULD RATHER HAVE ONE BITCOIN RATHER THAN 20 SILVER DOLLARS....SEEMS VERY STUPID TO ME
Not if they have some opium for sale!
If that's the case then why do you have to shout?
Perhaps you don't understand how supply and demand works.
Don't wake the sheep...
Silver is expensive enough at it is, I ain't willing to spend more than 3 grand for 3kg worth a month.
this is blowing my mind; I still don't understand what a bitcoin is; exept that somehow they can be used to buy "illegal" (fun) drugs on a webnietwork I can't download; and now they have an ATM? Wow, that';s really insane. I was wondering idly the other day how you got your bitcoins in the first place; I guess that's how. I better look up this topic then I can get confused all over again. I know where the ON button is on this computer, but that's about it, I'm afraid. Just recently I realized that downloading and "installing" are two different things. I suppose I might as well give up.
focus dude focus. my mind is blown too. its good shit man. insane yah, i found the on button too but haven't found the off button yet. wtf is downloading? don't give up, dude. hang in there man
go back to the barber shop
Well SpykerSpeed, maybe some of your ZH comrades will reconsider when BTC hits $1000. I wouldn't put so much effort forth until then.
What happened to the gold bar ATM?
I guess people didn't find gold to be as-useful or interesting as Bitcoin.
The gold bar ATMs are in Germany, the Bitcoin ATMs in Canada.
I have heard IT majors salivate at the challenge that everything is hackable. They refer to the government created "Internet" as the wild west. Nothing is ever stable nor truly finished on the web, it is a mess that needs constant updates. It works simply because of the brilliance of the human race. Highly volatile and fragile indeed is the Internet. The machines that operate it need constant maintenance and upgrades too.
Now, Gold has been inert for millennia, very stable, and a FREE element. It stays in prime form always. No maintenance required, with no Human tinkering other than digging it up, separating it from "volatile" elements and Molding it by creative inspiration. However, it can not be updated or created by humans(at least cost effectively). That is the brilliance of Gold-it is not created by man. It is going to exist regardless of man and will be available for as long as the human race exists or does not exist..
Gold is like a fine, traditional woman and natural in every aspect. The eyes, the hair, the back, the legs, the bosoms, the glutes, the stomach, the hands, the feet, the teeth, the chin, the nose, and the lips are naturally perfect. Bitcoin is like a women who has used plastic surgery to obtain her beauty. She will be beautiful in the short run but without maintenance, the bitch is falling apart and your going to spend a fortune trying to keep her together while you slowly lose your sanity in the process.
P.S. Forgive my vulgarity.
funny thing this thing called life evolving and shit... bikinis werent allowed on beaches too ya know.. wrigley put up lights!!! oh no!!!
Wow more people use bitcoin than signed up for Obama Care.
The end of the U.S. Dollar is near.
Gold Silver Bitcoin Drugs is the currency of 2020.
Only two things I can say about bitcoinists, the bankers own it or they will squash it.
fight the good fight, dood.
U2 man
the bankers rape your pms daily
Aha, so that's why my rounds multiply every month!
Thanks for explaining how it works...
It's not about the Bitcoin. It's about the truly legimate threat to fractional-reserve banking that now exists.
Good point
They'll figure out a way to lease bitcoins, buy bitcoins on margin and rehypothecate bitcoin "collateral".
And as someone else posted, mine it. How about bitcoin derivatives.
Be my guest.
I dare you to lend your bitcoins to some guy on the net without having a CB to serve as the printer and lender of last resort.
Won't happen.
Bitcoins are a 100% reserve currency. Proof of Ownership and Transfer of Ownership are trivial to accomplish. There's no law saying you can't lease or create Bitcoin derivatives (Bitcoin is self-regulating only regards to its own protocol). It will probably be tried, but unlike paper gold will probably die quickly and painfully.
Maybe it is more than that. Maybe it is preparing the masses for total electronic currency (TEC). If TPTB wanted Bitcoin (or any other) shut down they would do it. TEC allows taxman to get his perceived share without your interference. TEC it is your big debut.
Hi Ho BitCoin
First hackers replace the central banking financial terrorists stranglehold on currencies then they replace the criminal politicians in Washington D.C. with constitutionally based open source software.
Its not the lone ranger any more.
Bitcoin ATMs are manufactured in Las Vegas.. Should that be a clue for something? Vegas, Vegas ... there was something about Vegas but I just can't put my manure soaked fingers on it...
I like your posts but you are off on this one walkure. I have gained a lot of respect for bitcoin, have used it and yes it works.
Anybody know the ticker for the bitcoin ETF?
TIA...
BIT. $15 million invested, $25k minimum. https://www.secondmarket.com/company/bitcoin-investment-trust
The margin on bitcoins bought/sold via ATM is probably 5-10% at least. Therefore, with 100K turnover, the owners probably covered half of the cost already. It pays to be the first.