That's a great idea, but you would still need the 20 million USD MSB and KYC AML compliance to handle only a small amount of loose change. A savings account doesn't need any more than a local SEC license.
I guess you don't like the idea that Bitcoin savings can be more profitable than saving your money in a bank.
If the saving account was guaranteed by a contract, yes. However that is not what happens with BTC. Anyone holding BTC do not have any guarantee to receive interest over the amount hold. BTC holders rely on a forever optimistic market to increase their capital. Think about my idea. Perhaps a company could create their own electronic cash (Airportcoins?) and use as unit of account to keep track of the deposited loose change. Them they could use that electronic cash to speculate in the exchange markets. That would be possible because there would be always people depositing loose change here and there around the world. People would only redeem the amount deposited after some time, providing the company with funds enough to leverage in the exchange markets. That could generate a margin of profit to allow the company pay back the same amount deposited by a customer. That's a good idea. But now you are not even talking about Bitcoin. This would literally be a penny stock machine? |
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When we speak about 1 bitcoin costing $560 dollars many people are immediately turned away from the idea of investing in it simply due to "I have to pay 560 bucks just to own 1!!! wow I can't afford that" type of scenario. To attract more investors I propose that when we speak about bitcoins or when we put a price tag on goods/services that we talk about milibits (0.001 bitcoins). Each milibit right now would currently be worth $0.56 (56 cents) and thus people could buy into bitcoin and own 170+ milibits for $100. On the flip side people don't want to spend $100 on 0.17 bitcoins (talking to the general population I've even come to find that people didn't even know that a person could own fractions of a bitcoin). I know it's just a psychological game, but I think it has some merit when it comes to the general public. I'd like to hear what everyone else thinks about the topic. Feel free to leave comments/suggestions below  I have been saying it forever: it's psychology 101. People will buy much more happily whole things rather than small fractions. If you've ever raised children you know you can get them to eat or drink several small portions rather than one large. Simple folks may more easily buy nice round numbers of small units. |
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If Bitcoin ever hits 50k per coin, which it probably will, then 648 bitcoins would be worth...
648x50k = 32.4 million
Not too shabby...
1k, 50k, not much of a jump. Same as 24 to 1200, somewhat.  Madmadmax posted a chart meme before anyone posted a chart. Take a shot. |
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The current "ATMs" that work more like exchanges or two-way vending machines are better in my opinion. Why would you want to pay for a service where you let a major target that's always connected to the internet hold on to your bitcoins instead of you?
Actually nobody would hold your bitcoins. They would be locked in escrow. I had thought this would be a way to get around money laundering provisions as the customer would only be able to deposit and withdraw cash, but still benefit from Bitcoin market performance. It's not an exchange because the ATM operator would not hold the bitcoins either, only a part of a multisig key set. This is just a new concept that hasn't been explored. Someone like Coinbase would have the liquidity to operate this through market fluctuations. I'm the first to admit this isn't a useful idea except from a regulatory perspective as there is almost no risk of using the bitcoins for transmitting money. A useful idea for this is if the nLockTime feature was used, it could be an simple, easy to use self-serve trust fund. OK, look like you are in lack of ideas. Let me give you one similar to an ATM machine. Every airport should have a machine to people exchange their coins (the real ones, fiat money coins) for something like BTC. That could be very useful for people which do not want to carry coins from a currency to a place where that currency is not accepted. I know traditional money exchangers do not accept coins, so those people only have that expensive groceries machine to spend the coins. But sometimes people is already full of groceries when they reach the machines, so they do not want to buy more groceries. So there could be a machine which would buy their coins and sell something like BTC. That's a great idea, but you would still need the 20 million USD MSB and KYC AML compliance to handle only a small amount of loose change. A savings account doesn't need any more than a local SEC license. I guess you don't like the idea that Bitcoin savings can be more profitable than saving your money in a bank. |
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Bitcoin is a liquid commodity like water. America still uses gallons, quarts, cups, ounces, etc. for a reason. We don't like your easily divisible units of liters. We need arbitrary amounts that make no sense.
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so now that you are homeless, i have a couch you can crash on, 1btc/night
Not a bad idea. 1. Sell your house. 2. Couchsurf around the world. 3. Wait for Bitcoin to spike. 4. Buy a bigger house. |
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The current "ATMs" that work more like exchanges or two-way vending machines are better in my opinion. Why would you want to pay for a service where you let a major target that's always connected to the internet hold on to your bitcoins instead of you?
Actually nobody would hold your bitcoins. They would be locked in escrow. I had thought this would be a way to get around money laundering provisions as the customer would only be able to deposit and withdraw cash, but still benefit from Bitcoin market performance. It's not an exchange because the ATM operator would not hold the bitcoins either, only a part of a multisig key set. This is just a new concept that hasn't been explored. Someone like Coinbase would have the liquidity to operate this through market fluctuations. I'm the first to admit this isn't a useful idea except from a regulatory perspective as there is almost no risk of using the bitcoins for transmitting money. A useful idea for this is if the nLockTime feature was used, it could be an simple, easy to use self-serve trust fund. |
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I was just thinking of a way someone could invest in bitcoin without actually owning any. Capital gains and losses from withdrawals would be reported on a yearly statement, just like a bank, but there wouldn't be a way to transmit the transaction outside the jurisdiction of the ATMs license.
Like DeathandTaxes said though, it would probably be treated like a security and highly regulated.
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Yeah, I think Texas has a lot to lose if the dollar tanks. The global elitist banksters are catching on that their days are numbered and they think they can stop it by regulating Bitcoin. Or at least stall it long enough to get the totalitarian dictatorship police state locked in. I think Texas is a main hub of that action. Unless they secede.
US government is not afraid of bitcoin at all. They could crash this tiny market to sub-decimal levels on a whim. Yeah, like Afghanistan. |
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Both the OP and Dorian occasionally walk with a limp. Just saying.
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I hope you are correct, but I doubt it. Weekends are usually tough on BTC and right now the black hats seem to have a bead on a lot of exchanges and other BTC infrastructure sites. Without some good news, BTC can easily crack 600 short term, though I'm still positive on the long term, I like that second market exchange idea they are working on.
Second Market is planning to put "hundreds of millions" into Bitcoin. That small amount will be play right into the bot traders. |
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I think by creating a Bitcoin savings account only, people can use an ATM to invest in Bitcoins without being able to spend them.
1. Customer uses a smartphone to setup an account and password based on cryptography with a special app that also sends a copy of account information to email and 2FA verification.
2. Customer puts local currency into ATM
3. Customer uses app to set up a multisig transaction (optional) with a nLockTime set for 1 year like a Certificate of Deposit.
4. Customer receives an encrypted signature key electronically and a hardcopy as a receipt.
5. Customer may withdraw whatever that Bitcoin amount is worth minus a small fee by inserting the hardcopy (or a oopy) or use the app.
Note: The customer may wish for the price of Bitcoin to be higher than when secured.
Obviously the ATM company would not even be in the Bitcoin business except by collecting fees and reinvesting like a bank.
edit:
I think the option of an nLockTime that sends the Bitcoins to the account holder would help ensure that if the ATM business folds, the transactions are not lost. The accounts cannot be transmitted any farther that the ATM business allows. They would probably also require ID to set up an account for AML conformity.
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Block splits.  |
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Apple isn't secure and they know they would be liable for Bitcoin thefts. That's why they only want reversible payment systems. However, they should support escrow payment apps if they are ever created.
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I was thinking of having people write down their public address and private key manually on carbonless copy paper so they have a backup copy. Hopefully they can borrow a trusted friend's smartphone if they don't have one. I like deterministic mnemonic seeds, but there is no standardization yet between wallets.
Incidentally, I sent a friend a small amount of bitcoin a couple years ago. She used blockchain.info and I talked her through it. She forgot the password but found the seed and was pleasantly surprised at the balance.
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Just out of wondering if we paid for our tickets already i take it there will be a list or something at the door to get it?
The registration & payment web site told me to print out my ticket (or quit being a Luddite & download it to my to be acquired smartphone) Surprised there isn't a blockchain based ticket app by now. |
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OP, I think U genius! This visual aid might help the less perceptive among us to understand U:  Now I see the number 23. |
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