Bitcoin Forum

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Knockout fees

According to Peter Klamka, CEO of Bitcoin Direct, the Mike Tyson ATM was installed on Tuesday and activated yesterday. The ATM’s exact location is within The LINQ Hotel & Casino’s Promenade, off the strip, on South Las Vegas Boulevard. It is a one-way Lamassu ATM, meaning it only takes money to convert into bitcoin and the fees are liable to score a knockout faster than Tyson is used to. It costs 10% over the current Bitstamp exchange rate price at the time of purchase to use.

The location while “off the strip” is centrally located behind the Mirage, Bellagio and Caesar’s Palace, and south of Wynn Las vegas across the street from Planet Hollywood.

Oddly, The LINQ does not accept bitcoin directly, so the placement could have been better, as there are a couple of bitcoin-friendly casinos in Las Vegas. The D and the Golden Gate Casino do accept bitcoin, but do not have a bitcoin ATM. Typically, a fee more in the 4-5% range is considered normal, but the rights to Tyson’s image and the location near high rollers at multiple top hotels may be inflating user prices, at least initially.

here is the full article : http://cointelegraph.com/news/115157/mike-tysons-bitcoin-atm-goes-live
But didn't they accused him of dealing with a SCAM company or something last time he announced that his ATM's are coming out ?

great. is a new product, with mike Tyson picture on atm macine,
i think this can be interesting, and make people interest too try.
all of they i'm sure want to feel use it, ignore how much the few they will should have to pay.

its nice to see that famous people invest in bitcoins, the more people get interested the better for bitcoin price

So it only takes money to convert to Bitcoin?  :-\ it does not seem very useful. Converting Bitcoins to more usable money would be better. Some people will be interested when they see it, but what is really needed is things to make spending Bitcoins easier.

Looks to me like he's just gotten a standard Lamassu ATM and then put his branding over it, oh well, celebrities do tend to get people to do stuff so meh.

all he needs to do is to resell the wrap and the firmware for $30 or license it to them and earn $10 per mike tyson branded version.  This  right now seems like one guy who spent the extra couple hundred on his own custom wrap and decided to tell mt about it.

I think I'd rather have a normal looking one and pay less than give away a 5% premium to look at Mike.

This is actually a good thing. Many people have issues trying to buy BTC if they do not have a bank account/CC, or if they do not want to share that information over the internet.

I think this is a good thing. Located in a place where people have too much money to spend, what more do you want? ;)

Just don't let your ear get to close to it.

I'd rather keep the mike wrapped one and knock out competition with a rate BELOW mkt - like maybe 1%, have ppl lining up all day to take photos w/ the machine too

Would be good if it was a two way machine dispensing cash as well as Bitcoin.  Give it a month or two and it would be interesting to see the stats on the machine to see how much it took.

exactly this, South Las Vegas Boulevard is a very good place for it, and dont forget that people will start to talk about it now, i mean all those who dont know about bitcoin yet, and this is a good way spread the word ;)

so things like that are a win/win, i like it so much, go go mike!!

really? I thought it was a scam. I believe that bitcoin has a great chance to go mainstream if things like that happen.

congratulation!!!
ignore how much of fee we should pay.
may be for the next mohammad Ali too can be the next bitcoin ATm..

Competitive says 1% though w/ rent and electricity costs, that is impossible.  Probably 5% would be fair market rate.  Going at 2x market rate is a ploy to sucker in the non-tech users to pickup bitcoin from this.  - hopefully its only this high in order to let the machine pay for itself and eventually the owner will turn around and list the exchange rate back down to 5% though I sense that is not the case.

i have read about that.
although they should get pay more, but for try it. who dont want it?
i think everyone want to try.
i hope dont just mike tyson, but for the next muhammad ali too..

This looks so pathetic, he will be bankrupt in no time from this haha

Hardly a new product. It's just a lamassu ATM with a crappy picture of Tyson on it. Just for branding purposes really but can't see how Tyson is a good promoter for bitcoin.

So you would lose money on every transaction?  You would eventually have to close the ATM when all your money was gone.

outstanding results. congratulations and we look forward to ATM bitcoin in other places. mike tyson ATM bitcoin welcome !!

Welcome to the bitcoin world. Btc well become more popular in the help of famous people not only bitcoin but also crypto world

Another well-known name for the unwinding of commodity :)

So did this really happen? I am glad to see it, since we need any help we can get to have this baby going mainstream.

I am curious though, wasn't the last that we heard that some big scam has played out with the company that was providing those ATMs and Mike Tyson?

Yeah, but i don't understand connection. What boxer have to do with bitcoin? Its person that would use it last from all people :D

WTF?, Mike Tyson and Bitcoin? This is very random.

It may or may not be.

Tyson is a big scary violent black criminal to many people.  As a stock photo, a picture of a crypto-currency ATM sporting Mr. Tyson's image could have certain psychological impact on a majority of sheeple who view it, and one which is of is useful for certain psychological operations.

If I were retained to devise psychological operations in support of those who are threatened by a possible rise in crypto-currencies and/or wished them not to be considered as a wealth protection method, this is the kind of thing I would do.

Good point.

I think it can only be advantageous to bitcoin having such a famous person promote bitcoin. The idea brought to the people is what matters. It doesn't matter so much how high the fees are.

So... a good thing for the bitcoin community. :)

Er, you know he stars in a cartoon with a talking pigeon these days?

10% is a lot!!!!!!! To become mainstream bitcoin need some giveaways and promo to buy it.
10% is a to much!

By charging so much fee, the business will not be good. I guess this is just like the Bitcoin ATM that we are already having, just re-branding with Mike's name.

Seriously, this ATM looks more like Condom vending machine than serious ATM. I would be embarrassed to be photographed in front of it.
They seriously need to rethink that naked picture of Mike at the front.

Give him a chance... It's a eye turner, and it will grab some interest and attention. If you put a normal lamassu ATM there, it would not pull in people... Mike has a huge following from

his boxing career and also lately from the pigeon community. The guy has a bit of a reputation, just like Bitcoin has, so we have something in common.  ::)

It would have been nice, if it was on the strip... but it's close enough.  ;)

I agree, let's give him a shot. Every time somebody in the public eye tries to get involved in bitcoin it's a chance for us to get some much needed exposure.

Go go Iron Mike.

Im curious about the demographic the ATM operator is targeting.
First and foremost, any new ATM going live is a good thing as a whole.

But im wondering if it would have been better to use Floyd Mayweather or Justin Beiber or maybe even LeBron.
Certainly 2 out of 3 of those guys are vain enough that they would love to see there faces on an ATM.....

10% fee?
The slogan should be "A fee that hurts more than a punch from Tyson"