Yes agree perfectly feasible. What about the risk of the machine accepting counterfeit notes and issuing counterfeit notes to the public?
Well that would be a whole different can of worms! Note reading systems can be quite sophisticated though. |
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Look you can play this game in your own bedroom. Put a pile of bitcoin (monopoly money) on your bed along with your spare change and pretend that is the ATM. Pick the current market price as the starting point. Then flip a coin and if it's heads increase the price of bitcoin by 10 USD and if tails reduce the price by 10 USD.
Every coin flip do an arbitrage trade against the machine (your bed). The machine plays catch up and sets it's new price to match the "market price" after the trade. You will quickly find that the machine (your bed) runs out of money OR bitcoin and becomes stranded on the wrong side of the market price unless you run a huge spread which makes it unprofitable to trade.
You're still not getting it. The ATMs don't JUST use the market price, it also uses the amount of cash it has left. Hence the 'closed loop' part. So the last $10 it has, might, for instance, cost you 200% market value. Add to that a 3% service charge there won't be much, if any, scope for arbitrage. Make up your mind. Is the ATM market linked or not? Only if it is market linked with a premium then yes it will work. If it is running off a pure internal demand and supply algorithm then it will fail. Market linked with a premium, which changes depending on the local supply/demand. It's not that hard to imagine. |
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Look you can play this game in your own bedroom. Put a pile of bitcoin (monopoly money) on your bed along with your spare change and pretend that is the ATM. Pick the current market price as the starting point. Then flip a coin and if it's heads increase the price of bitcoin by 10 USD and if tails reduce the price by 10 USD.
Every coin flip do an arbitrage trade against the machine (your bed). The machine plays catch up and sets it's new price to match the "market price" after the trade. You will quickly find that the machine (your bed) runs out of money OR bitcoin and becomes stranded on the wrong side of the market price unless you run a huge spread which makes it unprofitable to trade.
You're still not getting it. The ATMs don't JUST use the market price, it also uses the amount of cash it has left. Hence the 'closed loop' part. So the last $10 it has, might, for instance, cost you 200% market value. Add to that a 3% service charge there won't be much, if any, scope for arbitrage. |
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WHY do you want a NFC chip ... when BITCOIN can use camera to pay  !??? It's useless ! If you have a NFC chip, you must have a camera in your phone... QR codes hold too little data. |
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As someone mentioned elsewhere... it's unlikely that the FBI would create an account on MtGOX to sell them, they're more likely to auction them off somehow. That then probably wouldn't have much of a disastrous effect on the exchanges as it'll be independent of them. In fact, it may well help as it might involve parties who would otherwise not use exchanges.
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Well in to January now... Updates???
(Lets not turn this into another BFL!)
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so i've had some whiskey
actually on the bottle it's spelled whisky
w/e
sue me
(but only if it's payable in BTC)
Whisky and whiskey are different things right? One is Scottish and the latter Irish? One send u to sky, another give you a key (actually alcohol affect your LABIRINTUS inside your ears because thin your blood) ... in both case drink sensible  and HODL kind regards. Jesus, If you trade whisk for wine ... it's possible our Nano/PICO full mash network is ON http://www.youtube.com/watch?v=B_k_elbBz8cHave you been drinking? |
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Don't know what kind of GPU is still fairly profitable... Have some ASICs: BFL 60's.
All of em, probably by a large margin over your BTC equipment. It's a lot more heat and noise with GPUs though. (Partially sarcasm, 7900/r9 cards are on fire right now.) I think your girl is right. If bitcoin swigs up a few hundred as I imagine it will in the next three months resale value will appear from nowhere. Or I could be wrong, and difficulty will pillage whatever is left in value  Have you at least recovered your investment? If you've got several I'd consider leaving some, selling others... I have recovered my investment by a loooooong way. And I think I can sell the miners for what I paid... pretty much the price BFL are selling them for now (I'm in the UK btw) |
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BTCchina seems to have been removed from the links at the top of the screen, replaced by huobi.
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Don't know what kind of GPU is still fairly profitable... Have some ASICs: BFL 60's.
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Kinda weirded out by that.
We live in a small apartment so the only 'convenient' place I could put them is in the kitchen. Needles to say they make a lot of noise and heat.
They's sill fairly profitable, but don't want to miss out on their re-sale value totally.
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Agree, it's an embarrassment. Would rather the knowledge of these are restricted to in-jokes of the experienced bitcoiners.
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It's interesting to note that the reporter mentions there's an estimated $4B USD in circulation there.
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