Bitcoin Forum

So, who still thinks Bitcoin is secure, fast and convenient currency: https://www.youtube.com/watch?v=vnm4xFC2xNo (https://www.youtube.com/watch?v=vnm4xFC2xNo)

Bitcoin is a fast , secure and super convenient currency.


However american AML laws are not fast or convenient...

There are better and faster coins than bitcoin now, bitcoin is dying and only thing keeping it afloat is the fact that it was the first. Open your eyes, come to reality, wake up from your slumber

bitcoin is all them things
robocoin ATM... not so much

but it does show a good demonstration of how average joe will see bitcoin, if they wanted to get in. because they dont understand that bitcoin (the protocol) is a separate thing from an ATM

things need to change and make the layers above bitcoin (ATM, merchants, spot prices) a little more user friendly

whats that has to do with bitcoin ?

I guess I see your point...  After all what cash has to do with ATM? I'm one huge fan of simplicity and efficiency and when I watched that video it made my blood boil... I only hope this "experience" is unique to that particular ATM vendor.

 What kind of moronic ATM is that?  ???  Bitcoin has no fault in its incompetence

any ATM is a machine run by a business of some sort. Comparing money to atm currently in practice is not fair at all. Its has strict regulatory practices business have to comply to.

 This is the daftest exploit of misinformation by bitcoin haters. This atm won't last long anyway...

If you say so... You do realise that if any of the coins which has ridiculous < 1 minute were ever to be accepted enough to have their own ATM's that the process and thus the time would be the same.

Believe me, I'm very far from being a bitcoin hater... Just one concerned citizen.

yeah, Litecoin is coming!  :P

+1

"Bitcoin is fucking hell" -- We're going to turn the internet off now.

Cheers

Edit:

Just in case they do you might need something like this.

http://www.sundialbrowser.com/

http://en.wikipedia.org/wiki/Alternative_DNS_root

There are swifter less complicated machines than that. Some are instant or as quick as you can print a paper receipt off with your coins on.

best idea i have seen for an ATM is where people sign up and give ID details to the service provider beforehand. they are then given a PUBLIC key which is linked to that identity.

then on any day they please the person can get that key scanned by the ATM to prove who he is, and then deposit funds onto that key and the ATM then gives him cash.

all because he used a key owned by the ATM.

as for buying bitcoins. he scans the public key that is registered to him. he puts his cash in. and the btc is put onto that public address.. he can then tell the ATM where h wants the funds moved to.

the benefits.
1. when cashing out. the customer already knows the address to deposit coins into before even approaching the ATM
2. because incoming and outgoing funds can be linked to a public key, which is linked to an identity
3. not requiring to scan 3 forms of ID at every visit
4. when cashing out, BTC can be deposited early, the confirms are pre-done before walking to an ATM. making getting cash take only a few seconds.
5. when buying in. the customer is not forced have to also have a destination address right that second to move btc away from the ATM. the system can be developed to have an "account management" website/app to move the funds later at th customers leisure.
6. the ATM service provider can trace each persons use of the service, simply by viewing the transaction history of th linked address as all transactions go through that address

Those guys are just retarded. 3 confirmations take from 30 min up to an hour.
They just encountered a stupid error and got pissed off, and now hate bitcoin.
Retards.

I've sold Robocoin at least BTC1, no ID, no hand scanning, no probing. Then one day a bankster ATM showed up and Robocoin's cash dispenser was mysteriously malfunctioning. So I got the bankster ATM card from the exchange and use their armour plated machines to withdraw fiat for a higher fee. They are convenient.  

To be honest, it's not exactly a straight forward process, especially when all you want to do is get your hands quickly on some Bitcoin, so I can understand their frustration. Somebody needs to take them to one that is as simple as putting money in and getting coins out, but I guess a lot of the mainstream ones in the States wont be able to work like this due to AML laws and shit.

Yeah. And then people complain about why it is so complicated, it's a crappy ATM and such. Look at the comments.
It's not our fault, it's not a scam, it's the government's fault.

Is AML required if Bitcoin is considered by US Government to be property and not currency?

Yes, because a "property" has a value.

Both guys are noobs, they should have tried to send bitcoins to someone on a fucking bank holiday.
Then they should have understood the value of bitcoins.

It's neither Bitcoin's fault or ATM's fault. This is because of AML/KYC policies that ATM manufacturers need to follow.

The same applies to every other item that a person can buy, but AML does not apply universally

And who made these absurd laws?

The US government. They just see Bitcoin as a competitor to the US dollar and want to make the public think that it's a stupid thing.

And people also need to understand that Bitcoin is a worldwide currency and there are several countries and currencies in this world USA, USD are not alone

What a stupid ATM. What is the goal of an ATM:
1. It should get faster.
2. Anonymity.

This shown ATM meets non of this 2 goals, so why should I use this?

And this transaction costs are insane. They sold at 620 and they got 560$ back. This is 10% fee.

Not really. Bitcoin should have the most nodes, therefore it is the fastest! (and most secure because of the hashrate). Confirmation time doesn't matter at the POS. Imagine buying at Waltmart and paying with Bitcoin. So with 2.5min avergage confirmation time you wait 2.5min? Or 1min? Or 30sec(I think every 10th trasnaction take longer than 1min)?

It is simple. There are two solutions:
1. Zero-confonfirmation attacks to a well connected node (trusted node) are every costly or nearly impossible. So they would only happen on high volume transactions. And I am talking about many 1000$. So if you buy car it is worth waiting 10min. Or even better: You don't buy a car anonymously and make a contract of sale. So the car seller knows your identity and can sue you if he don't gets your money. So there is not even a need to wait 10min.
2. Transactions can come from trusted (centralized) services. Imagine you pay a coffee and pay from your coinbase account. So coinbase is trusted so the transaction is safe.

In my opinion this is a nightmare to exploit the 10min confirmation time. Except you have the 50%+ network power, of course.  

Look at this one. Sold and bought within 2min. South Korea:
https://www.youtube.com/watch?v=erVehAHDueI

Add the high fees to to this too.

and 1-2 weeks processing time for an International Bank wire.

This shows how broken US regulations are. It's insane that you can't just exchange money without getting an anal probe. Use localbitcoins.com instead.

Mintcoin. faster, energy efficient.

Which ones exactly?

Probably the one he's trying to promote (but it's probably not faster like they say they are).

Probably none. And they will get wiped out if the Bitcoin exchange rate dips further. These stupid altcoins are like tape-worms. They need a host (Bitcoin) to survive, but at the same time they weaken the host. And when the host weakens beyond a point, the altcoins will get blown away.

This video is awesome thanks for posting it. I thought it might be a parody or something at first because of how ridiculous it is. I mean jesus christ. Compare this to a regular atm which can be a literally 20 second process. Bitcoin is so so so inconvenient. Why would an average person EVER use this atm? Why would anyone ever buy bitcoins from this atm? Why not just get some cash...? Or why not just pay with your credit card? Is it because bitcoin is anonymous and cooler? This machine takes your phone number, verifies it, takes your hand print four times, takes your picture, and takes a copy of your government ID. Is this supposed to be anonymous? Is bitcoin cooler than cash? Have you ever held stacks of 20 dollar bills, have you ever smelled mad cash? What's cooler some numbers on a screen or crisp clean dollars right in the palm of your hand. You want to talk about truly anonymous, what's more truly anonymous than cash?

Bitcoin has two or three legitimate uses:
1. Buying illegal things online
2. Gambling online
3. Paying for porn online

Now some people might say what about sending money overseas? Why the fuck would any poor person take the risk of buying bitcoin and sending it to their poor family in some poor country when one day bitcoin can be worth $600 each and literally two days later be worth $450 each? People sending money overseas are not trying to speculate AT ALL. They are just trying to send some money.

I bought into the hype myself when this whole bitcoin thing started and I made some money by investing in it. But recently my eyes have been opened. Bitcoin is a joke. Don't be a lemming. Don't speculate with your hard-earned money. Use your hard-earned cash to build some sort of online business or offline business venture, don't just dump it all into bitcoin. This is called crossing your fingers and praying for the best. It's like hoping you win the lottery.

This ATM is a freaking Joke McJoke. I can't stop laughing at how ridiculous and STUPID it is.

4 posts eh, figures.

Yeah, hello asics.

This is the ATM service that makes the system longer, not Bitcoin. remember they still have to interact with the US financial system

i can order how ever much i want on a website and ether bank transfer or cash deposit into someones personal acc and get btc in under 5 mins flat.. no ones getting my identity! :L

Now the real question: why isn't the average Joe seeing these benefits?

Have you seen this video (https://vine.co/v/MeWAtVZutKK) of Quarks android wallet.

Now that is super fast! I am really impressed by this. Now I can see businesses adopting to this with ease.

One of the biggest problems and frustrations I face when talking to friends about Bitcoin is the confirmation times. We all remember the 1st time buying bitcoin and waiting for transers to exchanges. Its just not practical.

Bitcoin needs to improve its confirmation times. What do you guys think?

Page isn't loading, but Bitcoin is sent instantly, it's just the confirmation times that take a while. Exchanges being slow isn't Bitcoins fault. How long does Quark take to fully confirm?

Which would you recommend? and why?