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Author Topic: 2013-04-02 Business Insider "Bitcoin ATM Founder: We Already Have Orders From...  (Read 2515 times)
DeathAndTaxes
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April 02, 2013, 04:03:35 PM
 #21

Great idea, but to the government, this looks like an Automated Money Laundering Machine (AMLM?) The issue is that someone could engage in an illegal economic activity, deposit the cash in the machine, and send the BTC to anyone, anywhere. There's got to be a human in the loop, which I assume is how Western Union does it, in order to take AML information.

Little secret here.  WU doesn't care if their tx are used for unlawful activity.  They only care about complying with the regulations.  No reason a machine cant' comply with regulations.  I mean WU uses min wage employees mostly at grocery and convince stores.  Until recently most of the logs were paper only.  Does that really sound like an AML taskforce? Smiley
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April 02, 2013, 04:09:55 PM
 #22

Great idea, but to the government, this looks like an Automated Money Laundering Machine (AMLM?) The issue is that someone could engage in an illegal economic activity, deposit the cash in the machine, and send the BTC to anyone, anywhere. There's got to be a human in the loop, which I assume is how Western Union does it, in order to take AML information.

Little secret here.  WU doesn't care if their tx are used for unlawful activity.  They only care about complying with the regulations.  No reason a machine cant' comply with regulations.  I mean WU uses min wage employees mostly at grocery and convince stores.  Until recently most of the logs were paper only.  Does that really sound like an AML taskforce? Smiley

LOL! Good points. But I bet WU would be the first to cry foul if it looked like a little Bitcoin machine was encroaching on it's territory.
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April 02, 2013, 04:10:25 PM
 #23

Understand that while FinCEN ruling don't apply just about any first world country has very similar KYC type laws.

I live in a first in a 1st world country (former 2nd world) and we do not have as many stupid AML and KYC laws. We have a lot of beaurocracy, more corruption and cronyism, but the financial sector is sector is not so heavily regulated and monopolized through government intervention and the country I live in is not obsessed with ''fighting terrorism'' (whatever that vague term may mean) so operating an exchange here to serve EU customers would not be such a pain in the ass (though as far as I heard UK might be a bit problematic) . OTOH corrupt officials, judges, prosecutors etc. can easily destroy any non-international company (and profit from doing so).
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April 02, 2013, 04:34:56 PM
 #24

The elephant in the room here is that the FinCEN ruling is pretty clear that the operator of a machine like this would require a money transmitter licence, which would in turn mean KYC compliance.  In reality if you walked up to this machine it would say "Please enter your username and password". The only way you could get an account would be by sending off all your identification documents for verification. The patriot act killed this invention before it was even born.  Please tell me I'm wrong, I so want to be wrong.

So how about if you have to insert your Bitcoin card first (like a bank card or visa card) rather than username/password.  Don't you already require documents to authenticate on Mt.Gox in order to trade?  (I don't use Gox personally, as I live in Canada and Virtex generally has a higher rate of exchange! Smiley  Would seem to be the same level of authentication.

Then in countries that require it, you use your "Bitcoin ID" card and enter a PIN, just like a normal bank machine.  Beauty is the card works in ANY Bitcoin ATM in ANY country in the world... so you can withdraw local funds from your bitcoin account when travelling, and deposit any remainder back into BTC before leaving the country.

Both cases (local or travelling) you are avoiding the banks and the hassles associated with it.  Me personally, I'm being all above board when it comes to BTC, so this would just be a huge time saver for me.  I'd love to have it when someone owes me $20 to deposit it directly to my bitcoin account!

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Discussion: https://bitcointalk.org/index.php?topic=907618.0
lonelyminer (Peter Šurda)
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April 02, 2013, 11:16:22 PM
 #25

Jeff, very well handled, short answers with full impact.
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April 03, 2013, 07:45:01 PM
 #26

https://www.youtube.com/watch?v=au5vVDZOubk "TDV: Jeff Berwick on CNBC The Santelli Exchange about BitcoinATM"
Here's what was mentioned in the bottom of the article. The video opens up with
Quote
Everyone is buzzing about Bitcoin as it's total value tops 1 Billion...

There may still be hope for the 1st decentralized cryptocurrency which is Bitcoin. How to approach different subjects is key to progress.
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April 03, 2013, 10:34:50 PM
 #27

Well the ATM company founder was awesome and collected.  Not sure about the analyst though.

Oh Loaded, who art up in Mt. Gox, hallowed be thy name!  Thy dollars rain, thy will be done, on BTCUSD.  Give us this day our daily 10% 30%, and forgive the bears, as we have bought their bitcoins.  And lead us into quadruple digits
wopwop
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April 03, 2013, 10:41:38 PM
 #28

reverse ATM
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April 04, 2013, 06:36:25 PM
 #29

Wow, that was a nice interview with someone who kept his cool, was straight to the point, calm and very secure.
Indeed a good job IMO

Dusty
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April 04, 2013, 07:21:59 PM
 #30

I can't wait to have one of those in my city!

Articoli bitcoin: Il portico dipinto
Piper67
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April 04, 2013, 07:40:54 PM
 #31

I can't wait to have one of those in my city!

I want one in my city, and another in the city where my dad lives. That way I can go to the one near me, deposit my fiat, transfer the coins to his wallet, then he can go to his and get his fiat out... and Western Union can kiss my sweet, multicoloured ass  Cheesy

Dusty
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April 04, 2013, 07:42:52 PM
 #32

I want one in my city, and another in the city where my dad lives. That way I can go to the one near me, deposit my fiat, transfer the coins to his wallet, then he can go to his and get his fiat out... and Western Union can kiss my sweet, multicoloured ass  Cheesy
Yes!

Anyway, this would be too good to be true, they will not be allowed be able to do it...

Articoli bitcoin: Il portico dipinto
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