2013-05-17 IEEE Spectrum: Bitcoin ATM Robocoin Makes Money Laundering Easy

[miln40]

http://spectrum.ieee.org/tech-talk/computing/networks/bitcoin-atm-robocoin-makes-money-laundering-easy/

It talks about some BTC atm developments.

(Date fixed, due to urgent request, hope it's okay now )

[aigeezer]

Bizarre piece. Once upon a time all IEEE stuff, including Spectrum, was deadpan academic. This reads like a National Enquirer offering.

The highlight(?) is the ATM developer (Russell) doing a hit-job on his own product!

"Although, they've chosen a heroic name for the machine, Robocoin will likely not be fighting on the side of law enforcement. According to Russell, it's equipped to receive and dispense as much as 60 000 dollars in a single transaction.

"It's basically like a money laundering person's dream," says Russell. "That's why we're not operating it.""

I'm baffled. Who is doing what to whom and why?

[prophetx]

Really, how hard would it be for the machine to take an account number linked to verified info for large withdrawals or deposits?

Sometime I wonder how people are incapable of reading regulations ... this isnt rocket science!

[kiba]

FIX YOUR DATE!

FIX YOUR DATE!

FIX YOUR DATE!