Bitcoin Forum

Bad news...

And then the 23 year old entrepreneur, Evan Rose, who was half-owner of the BitcoinATM notified me a few days ago that my participation was no longer necessary.

Specifically, in the US and Europe, there are an incredible amount of banking, money and even telecommunications rules and regulations that would have to be adhered to if the company had any hope of survival.  Not least of which was a $25 million "insurance bond" necessary as being deemed a "money transmitter" in the US.

Those who know me know that I despise all government regulation and taxation and see it as being economy destroying.

Fincen is not our friend!!

Well I don't quite see it like that.

Put money in machine, acquire bitcoins.

Put money in machine, acquire gums/toys/cards/whatever.

Somehow one is different? Is it the ability to sell back to the machine that's the problem for US laws?

Just a guy kicked out of the project

Actually a friend of mine is in San Diego and I had him test out the ATM. It's flawed, it lets you turn your bitcoin wallet into cash, so he entered a wallet of mine and 5 minutes later I had no bitcoins.

Actually a friend of mine is in San Diego and I had him test out the ATM. It's flawed, it lets you turn your bitcoin wallet into cash, so he entered a wallet of mine and 5 minutes later I had no bitcoins.

Bad news...

Actually a friend of mine is in San Diego and I had him test out the ATM. It's flawed, it lets you turn your bitcoin wallet into cash, so he entered a wallet of mine and 5 minutes later I had no bitcoins.

No I don't think you understand. All you need is the wallet address, the receiving address. Getting that is as simple as asking someone if you can send them free bitcoins.

My friend has already emptied out the ATM......

Step 6) Realize that you actually have no product, have no idea how the fuck to make the product, and basically no clue how to run a business

Wow, I'm so disheartened to see this.

Bloody government...

I mean seriously when less than 1 month after buying this:
http://i.i.com.com/cnwk.1d/i/tim/2013/02/23/bitcoin.atm_610x374.jpg

It magically looks like this:
https://bitcoinatm.com/images/flagship1-thumb.png

And they were just about ready to install one in Cyprus!

I mean LOL, just LOL

I'm sorry if you are capable of turning Pic 1 into Pic 2 in a month, you have no need to buy Pic 1 in the first place.

I then went to San Diego last week to nail down the final specifics with the two young entrepreneurs and flew in my top financial advisor, a past CFO of numerous billion dollar companies who has done business for decades worldwide, and what we uncovered was that this was not going to be as simple as we had hoped.

Those are two completely different projects, run by completely different groups of people.

The first one is more like a vending machine, and at least in New Hampshire where they are located, it is regulated like one. I used the Lamassu prototype machine myself, and have talked to the guys on many occasions and they seem to have a decent plan. Their prototype is definitely not what they will be building for production use - they are really upping the quality and security.

The second one is a more traditional ATM, and IMHO was only really viable with someone like Jeff Berwick backing it, who has the skills and experience to run a "real" business and deal with big banks and regulators. I know Jeff despises the regulators, but would know how to work with them while holding his nose in order to make it work.

It was only at the end of February 2013, that two entrepreneurs announced and presented the first Bitcoin ATM [...]

Only half a month later (during March 2013) it was all over the news that Cyprus’ banking system was under turmoil and that Cypriots were about to face major cash constraints. That’s when Jeff Berwick, founder of StockHouse.com and CEO of TDV Media, announced his intention to support Bitcoin ATM and launch the first machine in Cyprus

Update: Zach Harvey, the founder of Lamassu Bitcoin Ventures, isn’t sure why Berwick referred to his product as the world’s first operational Bitcoin ATM.

It appears you are correct, and the two are unrelated...although a lot of articles at the time made it appear that Jeff Berwick had purchased the Lamassu system, article such as this, I may even go so far as to say some of Jeff's statements were intentionally mislead (continually calling it the "first 'Bitcoin ATM'" despite a ton of news stories just the month before about the actual first bitcoin atm):

IT is the fact that bitcoin is behind the ATM. Not gum or candy.

The powers that be dont want their monopoly on money to end.

This idea of an ATM basically succumbs their control over capital controls and money/value leaving the US borders.

Go back and read my posts after posts on how this was speculation and had so many hurdles.  Read where you called me (up 1600%) an idiot.  This guy got rich by pushing the price up (hello Mr Manipulator  ;D) and is probably selling off huge or sold back over $200 like I did.  Use your brain not your heart.  Buy low, sell high.  FFS.

All of you who lost money on this bullshit were robbed by this man.  Get your pitchforks and sharpen them.

Flavius needs to lrn2publickeycryptography. It is mathematically impossible (with current computing systems) to generate the private key from the public key and therefore drain the wallet via the receiving address.

If the machine did that, it is not "flawed," it is "an advanced supercomputer far beyond the likes of which we have ever seen on Planet Earth and should be worshipped by everyone."

I must say that I am disappointed that Jeff did not look into the legalities of opening up an ATM within the US before going on the main stream media outlets and touting his plans to open BitcoinATM.

Now it makes him look stupid to the people who were watching his interview.

What is up with Bitcoin businesses and being half-assed?

BFL

Bitcoinica

MtGox

BitInstant

BitcoinATM

The Bitcoin Show

Bitcoin Magazine (early days)

All I know is the ATM is not functional and my friend has already stolen over 20k from the machine.

Yes, the fact that 20k was stolen out of a prototype locked in some lab clearly spells the end of this ATM folly. The fact that you heard it from "friend" is conclusive proof. You seem like a legit and upstanding guy.

apparently he's also figured out how to cash out using only the public key.. my friend told me there are aliens coming to this event disguised as humans

Just managed to skip livestream registration, the video is directly available here : http://vod7.livestream.com//events/00000000001fa8ae/4c39b98e-c935-4384-b807-1e880f63ab6c_225.mp4 (http://vod7.livestream.com//events/00000000001fa8ae/4c39b98e-c935-4384-b807-1e880f63ab6c_225.mp4)

+ Coinlab

Don't forget Coinbase and Zig Gap

what's wrong with coinbase?

Something isn't quite right about what you're saying.

How did yoru friend withdraw BTC from your bitcoin wallet (to give the ATM in return for cash) if all he had was your public address?

The only way he could have sent the BTC is if he had full access to your wallet.

false witness much?  i'll take facts over your conspiracy theory. i'd like to know just how many people invested just because of this "diabolical manipulator". Lulz

I let it trickle download while doing a few other things... Came back to see the dl stalled.  Actually it completed after downloading about 155 MB.  The time length however, compared to the stream does match up so maybe it's calling up a wrong file size?  Not sure.

http://youtu.be/ZqEdBCKFPAo

http://youtu.be/ZqEdBCKFPAo

did i hear that right? "1 dollar is worth about 100 bitcoins" lawl

lol ya!

1 cent / BTC 

BUY BUY BUY!

Anybody have any idea how much a franchise or a unit cost if I wanted to place one here in Sandwich, IL?

I'd be interested to know, especially as they mention both franchising and straight up sale of the units.

Alec Liu    
Apr 2


"I've replied to the founder's email earlier today. The questionnaire he attached was very vague and didn't tell you anything concrete. As an investor (which he is seeking) you dont know how much he is accepting or what your expected ROI will be, nor does he provide with even an approximated cost if you wanted to be a franchisee. I am ALL about supporting this frontier, but I think we need a little more substance from bitcoinATM to establish what the plan is. Are some places like Cyprus better to start than here in the USA? As much as I'd like to own a few in my area here in the USA, I think there are more areas in need. Who will manufacture the machine? What is the cost for leasing? My point: how are there 30 orders when all he did was send out a brief questionnaire gauging interests with no detail about anything else? Just trying to be a realist here."
- hide quoted text -


On Tue, Apr 2, 2013 at 12:04 PM, Alec Liu <alec...@gmail.com> wrote:
did you catch him?

claims to have orders from 30+ countries already: http://www.businessinsider.com/cyprus-bitcoin-atm-guy-responds-2013-4

and that a real product already exists lolol
BI — "The Bitcoin ATM page is extremely vague and says it's seeking investors/partners, which means there's no actual product yet.”
JB — Yes, the page is a work in progress but just because we are seeking investors/partners doesn’t mean there is no actual product.  We have the product ready and we may actually install one asap in Los Angeles (where our operations are) just to show the world it works.  We are seeking investors to help fund our expansion as we are completely swamped with orders and interest and need to hire many people to keep up with demand.  We will be closing a first round of investment, like somewhere between $1-3 million in the next few weeks and already have more than that ready from serious investors.

I'm not liking the shit I'm finding via Google: https://groups.google.com/forum/?fromgroups=#!topic/mbedit/kCLi2MD35YE


This guy comes across as a serious investor and has trouble ascertaining what it's all about.