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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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I feel like its 2005 and zerohedge is my local mortgage broker.
Were mortgages mathematically limited in supply back in 2005? Were they fungible? Instantly transferable to anyone in the world, without the permission of governments or banks? Divisible to 8 decimal places?
No? Then you don't have a point.
Bitcoin requires the permission of a blockchain processor. Otherwise the bitcoins are invalid.
Block chain processors will simply be bought out by banks and controlled by government.
Put in some other ways.
Please, please stop with the fucking "Bitcoin solves blah blah" idiocy. It doesn't.
7. Bitcoin is making people rich
8. Until it doesn't
"Bitcoin solves nothing"
I can send money instantly to people over the Internet with little to no fee without using the banksters debt based money.. I couldn't do that before .bitcoin.
Da fuq is a blockchain processor? You mean Miners? They'll have to pry my miner out of my cold dead hands. And yes, they are peer-to-peer distributed throughout the world: China, Russia, Europe, North and South America. There's 3,757,025 GH/s of mining hash power struggling against each other trying to solve the next block. More power than 4000 supercomputers and growing stronger each day.
Bitcoin *could* be fractionally reserved --there's no laws against it-- but the blockchain keeps track of each and every fraction of a bitcoin at all times and that info is distributed to all players. So who would play that game?
The banks and governments are going to buy out millions of people?
What are they going to pay me in? Their FRNs are no good here.
As someone who has not dived into Bitcoin, I feel that ZH is only being responsible for reporting on it frequently. It's exponential rise in value and total worth certainly make it newsworthy, and articles allow the Fight Club members to hash it out without going off topic. And besides, this was a Krieger post, not by the Tylers.
All the bitching ZH's should buy one bitcoin, and just sit on it for a few years. Better yet buy two bitcoins, sit on one and start playing with the other.
When you start using it, you will find that its potential is absolutely mindblowing.
Gold, silver, crypto, wealth and happiness
I googled the average atm withdrawal and found one wedsite claiming $60. Another website claims that Bitcoins first atm had 348 transaction, making the average withdrawal to around $287.00..........sshhhhsss....remeber DONT TALK ABOUT FIGHT CLUB!
Bitcoin was created by TPTB.
Most Bitcoin nerds haven't figured this out yet.
1. Do you have evidence of this?
2. Even if it was, how does this effect how bitcoin works or its security?
Safe:
http://rt.com/news/bitcoin-hacking-stolen-million-417/
Only as safe as the place you keep it. Same as gold, actually.
A bitcoin bank?!!! This kid is probably Jon Corzine's grandson. WTF. And what are those metallic "bitcoins" in the lead-in photo? What was that oft quoted comment of P.T. Barnum?
One of the features of bitcoin is being your own bank. If you are keeping any significant amount in someone else's hands you are doing it wrong.
Meanwhile...not all that far from Vancouver:
quote from:
A Parable of DisconnectednessJust an island...this time.
Thanks for the link. We holiday almost yearly on Orcas, and I have often thought it or any of the San Juans would be a good place to be if TSHTF, this gives me pause. It might actually be WORSE to be trapped on any of the islands unless of course one is totally off the grid. I do know there are some locals that are off the grid on Orcas, off the beaten path. These are places up off the main roads and unless you literally know what dirt road to take, you won't have a clue where these places are.
They don't open up to strangers but I had the chance to chat with one last year while riding the Elwah(one of the WSDOT ferries) from Anacortes to Orcas. Very nice fellow who basically told me he can ride out anything for 6 months or more if he had too, and did share with me he felt there were many others like him that know something is afoot.
Most worrisome of all, no 911 service on any of the islands.
Why is that worrisome? They have no highrise buildings there requiring "servicing."
Good point...What amazes me is that no one seems to be asking just what happened to that underwater cable.
There's your worrisome. My guess is that the earth is moving down there. What's that big plate called up in that area?
edit: Big Plate = Juan de Fuca
btw you're welcome quasimodo.
Am I just wacked or does anyone else think this whole damn thing is funded, supported, at least in part, by the same assholes that screw us daily elsewhere?
I have a hard time wrapping my brain around the fact that bitcoin is TOTALLY safe and secure. Nothing else is, so why the fuck would this be? What happens if that guy off the movie Airplane pulls the plug for the runway lights?
Or is that when one buries your head in the sand and self soothes with "it will never happen"
Gold in your house can be stolen. Someone could torture you for the password to your Bitcoin wallet.
Nothing is totally safe and secure.
Let's say you didn't make copies and put your Bitcoin wallet on a thumbdrive and you stick it into a computer with a faulty USB port, zap.
What happens to your Bitcoins?
A nasty virus erases your hard drive?
You drop your cell phone in a puddle?
I'm told you're supposed to keep copies of your wallet so if something like that happens, you're safe.
You get into major problems the more accepted Bitcoin becomes. Most people don't back up anything. Even more can't even remember their email password.
How hard would it be to write a friendly Bitcoin computer program that stored a person's key and uploaded to an enterprising hacker? Do you wish Bitmania to store your password? Keyloggers steal thousands of bank account passwords every day.
Yep, you have to be diligent to keep your BTC safe. Just like you wouldn't leave PMs on your front lawn, you have to take certain precautions.
Custom hardware wallets that are immune to viruses and keyloggers are in the works and soon to be released.
http://www.bitcointrezor.com/
I know, Clif High and the Webbot very rarely hit, and it's mostly crap, but... Bitcoin passing $320 (which happened yesterday), going up possibly as high as $349, then back down to $320, is his temporal marker for some sort of derivatives/bank collapse along with some major change relating to the silver market.
To those eager to blast me about mentioning this, just know that I think it's crap too... but if I'm being honest, I really wish it were true which is why I'm posting it, hah. Anyway, this video has a clip at the beginning which includes the prediction that I'm talking about:
http://www.youtube.com/watch?v=3ky9UMVyivc