2013-10-31 Forbes: Why Are People So Excited About A Bitcoin ATM?

[Arvicco]

http://www.forbes.com/sites/kashmirhill/2013/10/31/why-are-people-so-excited-about-a-bitcoin-atm/

[inform]

Nice News

[Mitchell]

Financial regulators have told him they’re not interested in his ATM as Canada doesn’t regard Bitcoin as a currency. The machine’s only nod toward the law is a palm scanner to ensure that no one palm exchanges more than $3,000 per day, per a federal requirement intended to prevent money laundering.

I did not know that. Great article!

[kjlimo]

Good article.  I'm sure there are plenty of miner who'd prefer to cash out cash & put it under their mattress rather than transfer $3k into their bank account.

Uncle Sam will understand why there's an easy extra 3% to be made facilitating this.

[hmmmstrange]

One problem i see is the printed wallet option. How long until someone sets up a camera to record printed tickets? I'm sure the wallet in the video has been swiped already.

[kjlimo]

One problem i see is the printed wallet option. How long until someone sets up a camera to record printed tickets? I'm sure the wallet in the video has been swiped already.

Hah, good call.  Any work arounds for that?  Can the paper be folded or printed 2 ply?

[TheButterZone]

One problem i see is the printed wallet option. How long until someone sets up a camera to record printed tickets? I'm sure the wallet in the video has been swiped already.

Print face down.

[TraderTimm]

They're excited because it means an escape from the crap systems they've been forced to use.

But of course, no one outside of us will actually say it.

[chriswilmer]

I am so excited. Seriously!

[LiteCoinGuy]

this first ATM makes alot of good press! cool.


" BTC machine went live, “Bitcoin” became the second most read article on Wikipedia, after “Halloween.” "

[kjlimo]

One problem i see is the printed wallet option. How long until someone sets up a camera to record printed tickets? I'm sure the wallet in the video has been swiped already.

Print face down.

Good call, cameras don't work pointing up.

[TheButterZone]

One problem i see is the printed wallet option. How long until someone sets up a camera to record printed tickets? I'm sure the wallet in the video has been swiped already.

Print face down.

Good call, cameras don't work pointing up.

Due to gravity, the camera would have to be inserted into the machine or very obviously attached on the front under the ticket dispenser, so that when the receipt comes out and droops vertically, it can snap it.

[kjlimo]

One problem i see is the printed wallet option. How long until someone sets up a camera to record printed tickets? I'm sure the wallet in the video has been swiped already.

Print face down.

Good call, cameras don't work pointing up.

Due to gravity, the camera would have to be inserted into the machine or very obviously attached on the front under the ticket dispenser, so that when the receipt comes out and droops vertically, it can snap it.

Right, are you saying that is not possible?

I'm thinking having it printe some sore of sealed envelope would be best. 

I'm even ok with charging extra for some sort of breakaway sealed envelope.  That way people who don't need that can simple input their bitcoin wallet address & have the bitcoins sent there which is cheaper.

[TheButterZone]

One problem i see is the printed wallet option. How long until someone sets up a camera to record printed tickets? I'm sure the wallet in the video has been swiped already.

Print face down.

Good call, cameras don't work pointing up.

Due to gravity, the camera would have to be inserted into the machine or very obviously attached on the front under the ticket dispenser, so that when the receipt comes out and droops vertically, it can snap it.

Right, are you saying that is not possible?

No, are you saying the only people using this machine will have such poor vision that they will be unable to see that THERE'S A CAMERA LENS/PINHOLE RIGHT THERE, and maybe, DON'T USE THE MACHINE, or COVER THE LENS!? Jesus, it's not like nanomachines are cameras yet!

[kjlimo]

One problem i see is the printed wallet option. How long until someone sets up a camera to record printed tickets? I'm sure the wallet in the video has been swiped already.

Print face down.

Good call, cameras don't work pointing up.

Due to gravity, the camera would have to be inserted into the machine or very obviously attached on the front under the ticket dispenser, so that when the receipt comes out and droops vertically, it can snap it.

Right, are you saying that is not possible?

No, are you saying the only people using this machine will have such poor vision that they will be unable to see that THERE'S A CAMERA LENS/PINHOLE RIGHT THERE, and maybe, DON'T USE THE MACHINE, or COVER THE LENS!? Jesus, it's not like nanomachines are cameras yet!

If it has value, markets will fine a way.

I don't pretend to be a camera expert, and I wouldn't be surprised if I'm on camera more often than I think, but perhaps you know more about cameras than I do (very likely).

You're saying we can't have nanomachine cameras yet?

[TheButterZone]

If we can have nanomachine cameras now, then the ATM's already fucked, because they've been sprayed in a fine mist in the machine and directed to align just above the print head, so all wallets have been/will be captured. A spot-printed then sealed envelope cannot defeat nanos!

[kjlimo]

If we can have nanomachine cameras now, then the ATM's already fucked, because they've been sprayed in a fine mist in the machine and directed to align just above the print head, so all wallets have been/will be captured. A spot-printed then sealed envelope cannot defeat nanos!

gotcha, I suppose similar things could be applied to traditional ATMs by harvesting peoples PIN numbers and card numbers via camera technology.

So if it happens to bitcoins, it would likely happen to traditional ATMs, too.

[foggyb]

One problem i see is the printed wallet option. How long until someone sets up a camera to record printed tickets? I'm sure the wallet in the video has been swiped already.

Print face down.

Good call, cameras don't work pointing up.

Due to gravity, the camera would have to be inserted into the machine or very obviously attached on the front under the ticket dispenser, so that when the receipt comes out and droops vertically, it can snap it.

Right, are you saying that is not possible?

No, are you saying the only people using this machine will have such poor vision that they will be unable to see that THERE'S A CAMERA LENS/PINHOLE RIGHT THERE, and maybe, DON'T USE THE MACHINE, or COVER THE LENS!? Jesus, it's not like nanomachines are cameras yet!

People will do amazing things to steal. Cash ATM's sometimes have compromised keypads placed overtop of the legit keypad to capture pins. So its not out of line to think that someone might try something along the same genre on a bitcoin ATM.

[TheButterZone]

Usually the stealing tools don't cost hundreds of millions of dollars, if not more, to attempt to invent, when the things to be stolen are worth only tens of thousands per day, and will likely be spent right out from under the thief if he plans the raid to avoid red flagging the machine at the wrong time.

[kjlimo]

Usually the stealing tools don't cost hundreds of millions of dollars, if not more, to attempt to invent, when the things to be stolen are worth only tens of thousands per day, and will likely be spent right out from under the thief if he plans the raid to avoid red flagging the machine at the wrong time.

When it comes to bitcoin, most waters are uncharted.