[ANN] Inventor of the ICO Unveils UpToken: A Bitcoin ATM on every corner

[dacoinminster]

In 2010, bitcoins were worth 25 cents. I told everyone I knew that Bitcoin was going to be huge.

In 2012, I published a paper on this forum about how to raise funds to build a protocol layer on top of Bitcoin, an idea which later became known as the “Initial Coin Offering.” After 1.5 years, still no one had taken the action to develop the idea. To show that it could be done, I launched Mastercoin (now Omni), in 2013, also on this forum. Today, the Omni platform hosts assets worth half a billion dollars, including MaidSafe and Tether. Only Ethereum assets are worth more.

In 2014, I predicted other things like the hacks on overly complicated Ethereum contracts losing millions of dollars.

These predictions were largely ignored.

Now it’s 2017. For years I have been waiting for “the perfect token sale”, and I finally found it. It may sound bonkers, but I predict crypto ATMs are going to be a really big deal in the coming years, and I helped design a token, UpToken, which captures that opportunity. I’ve partnered with a crypto ATM company that I think is best positioned to make a big move in this space (Coinme), and helped them design a token for ATMs called UpToken (uptoken.org). The proceeds from the token sale will be used to deploy bitcoin ATMs all over the world. We want “a bitcoin ATM on every corner.”

Here’s why I think UpToken represents “The Perfect Token Sale”

• UpToken helps us all. Cryptocurrencies are changing the world, and a lot of people are getting left behind. Crypto ATMs can change that. Developing countries and the non-technical aren’t being reached. As ATM infrastructure improves, everyone can have access to fair money and financial services.
• UpToken doesn’t care who wins. Will Bitcoin win? Ethereum? Something else that hasn’t been invented yet? UpToken doesn’t care. In a gold rush, you’d rather be selling shovels than digging, and I think crypto ATMs represent the ultimate example of picks and shovels for the crypto economy.
• UpToken can help your favorite coin. Coinme ATMs currently buy and sell Bitcoin, and ethereum will be added shortly, but the owners of UpToken get to choose which coins are added to the ATMs after that. With UpToken, you can ensure there will be an ATM selling your favorite coin “on every corner!” (This is the main reason I am personally buying UpToken - I want to see “An Omni ATM on Every Corner”).
• UpToken already has traction. Most token sales are just an idea. Coinme has existing, operational hardware. Coinme wrote all the software, from the ATM firmware up to the web wallet. UpToken takes an existing functional technology and scales it up!
• Coinme continually buys UpToken. 1% of Coinme ATM fees in perpetuity are devoted to buying UpToken, which will be given to ATM customers as a rewards program. This “cash back” is locked from sale or transfer until the customer has done $10,000 worth of transactions at Coinme ATMs. In the meantime, UpToken can be used to pay Coinme ATM fees at a 30% discount. See the whitepaper for details.
• UpToken is scalable. In the ICO world, an idea that is worth only one million dollars might attract a hundred million dollars, which is grossly inefficient and wasteful. The perfect token sale should scale with the funds raised. If UpToken attracted a billion dollars, we’d use it all to build out our ATM network, each of which would use UpToken. In fact, the more funds UpToken attracts, the better, thanks to economies of scale.
• UpToken has no pre-sale. Most token sales give the best prices on tokens to rich insiders. UpToken gives everyone access to the best prices available. You can see on our signup spreadsheet (check out the millions of dollars pledged already!) that I am signed up alongside the rest of you, and my purchase will be treated the same as yours.

Can you see why I am so excited about this? I am posting about UpToken in various places, even though history suggests only a few visionary people will listen. But, if you are among them, you can learn more and sign up for the token sale at uptoken.org.

You can read more about me and see videos about my “crazy” predictions on my LinkedIn profile.

Laura Shin has a nice article about my story and UpToken on Forbes.com: https://www.forbes.com/sites/laurashin/2017/09/21/heres-the-man-who-created-icos-and-this-is-the-new-token-hes-backing/

TL;DR: I predicted Bitcoin would be big in 2010, invented the “ICO” in 2012 and tried to get someone to do the first one, but no one did. So I did. Now I have a new prediction: “UpToken is the perfect token sale.”

[1714194210]

1714194210

[superresistant]

 
You can hardly develop such business because of regulations. It's either illegal or a paperwork nightmare.
In France for example, all existing ATMs closed long ago. There is none nowadays and it's not gonna change any time soon.

[ideafounder]

Regulatory issues and costs are why you need a professional and well capitalized organization to do this. Mom and Pop operators definitely cannot.

[tuaddio]

Visionary it is, dont worry about the may or may nots, just do it.

[MrBitco.in]

You can hardly develop such business because of regulations. It's either illegal or a paperwork nightmare.
In France for example, all existing ATMs closed long ago. There is none nowadays and it's not gonna change any time soon.

That statement is not completely true, let me explain. You are spot-on that some older brands Bitcoin ATMs are notoriously bad at AML / KYC (not naming any brands here!) and yes, as such, identity had to be checked manually before allowing one to purchase bitcoin or even switch the ATM on. Of course, this is simply not doable and yes, those machines have been switched off as you would need a human to patrol the machine at all times... Hardly a profitable enterprise that way and yes, an administrative nightmare.

However..... You will find that other brands and models, like the BATM Bitcoin ATM range have extensive AML / KYC options built in and can even deny anonymous purchases altogether, forcing people to ID themselves at the ATM using phone, fingerprint, ID, email or any combination that satisfies local authorities. (Yes, even the French and US authorities!) Once a user has registered on an ATM, they will be able to use all the ATMs in that operator network in the future.

Many old ATMs just focussed on 'making it work' and ignored any legislation or AML / KYC issues. Nowadays, this really is no longer the case and having the BATM do the KYC / AML instead allows ATM operators to scale in places previously deemed off-limits. In my opinion this a far better approach to vending crypto and the settings are flexible so ATM operators can comply with any legislation in practically any jurisdiction.

so no matter how horrible oppressive the regime, you will be able to configure your BATM to comply with any ridiculous legislation they might come up with... (like checking no-fly lists, block burner phones or prevent sales to banned crypto addresses, all supported out of the box on the BATM platform) For a detailed configuration video have a look here: https://youtu.be/L3M1tvWESTY?t=1h16m15s

Hope this clears up the confusion a bit!

[superresistant]

You can hardly develop such business because of regulations. It's either illegal or a paperwork nightmare.
In France for example, all existing ATMs closed long ago. There is none nowadays and it's not gonna change any time soon.

That statement is not completely true, let me explain. You are spot-on that some older brands Bitcoin ATMs are notoriously bad at AML / KYC (not naming any brands here!) and yes, as such, identity had to be checked manually before allowing one to purchase bitcoin or even switch the ATM on. Of course, this is simply not doable and yes, those machines have been switched off as you would need a human to patrol the machine at all times... Hardly a profitable enterprise that way and yes, an administrative nightmare.
However..... You will find that other brands and models, like the BATM Bitcoin ATM range have extensive AML / KYC options built in and can even deny anonymous purchases altogether, forcing people to ID themselves at the ATM using phone, fingerprint, ID, email or any combination that satisfies local authorities. (Yes, even the French and US authorities!) Once a user has registered on an ATM, they will be able to use all the ATMs in that operator network in the future.
Many old ATMs just focussed on 'making it work' and ignored any legislation or AML / KYC issues. Nowadays, this really is no longer the case and having the BATM do the KYC / AML instead allows ATM operators to scale in places previously deemed off-limits. In my opinion this a far better approach to vending crypto and the settings are flexible so ATM operators can comply with any legislation in practically any jurisdiction.
so no matter how horrible oppressive the regime, you will be able to configure your BATM to comply with any ridiculous legislation they might come up with... (like checking no-fly lists, block burner phones or prevent sales to banned crypto addresses, all supported out of the box on the BATM platform) For a detailed configuration video have a look here: https://youtu.be/L3M1tvWESTY?t=1h16m15s
Hope this clears up the confusion a bit!

I knew about AML compliant ATM long ago but it's not enough. For example, no bank in France will support any business related to Bitcoin, none. It doesn't matter if it is legal and AML compliant. They do not care. So you won't be able to deposit FIAT, no cash flow, no ATM.

That is the dumb and suborn anti-bitcoin environment you will try to do business with. I gave up long ago.

[auroboros]

this is a good idea for bitcoin development in the future, but it will be risky at every regulation in every region, no one can guarantee the project will be successful or not

[cryptopharaon]

Hi there! I like the idea of crypto ATMs, but aren't people use smartphones to change currency or cryptocurrency? And what is the meaning of the uptoken, what is it and how is it connected with ATMs? I dont see any necessary connection in here between ATMs and uptoken.

[pure_happiness_inside]

This sounds like a great way to support the cause towards mass adoption of cryptocurrency, but I wonder about regulatory hurdles? It would be great if you can expand further in that respect.

[zecon]

Is there a particular reason why UpToken is an eth token instead of an OMNI asset?

Also, what's the ICO price in BTC? ETH?

[dacoinminster]

this is a good idea for bitcoin development in the future, but it will be risky at every regulation in every region, no one can guarantee the project will be successful or not

This sounds like a great way to support the cause towards mass adoption of cryptocurrency, but I wonder about regulatory hurdles? It would be great if you can expand further in that respect.

One thing we've learned in the ATM business is that there is usually a way through the regulatory hurdles. It requires persistence, creativity, and money to get past them. We've got the former two, and while we do have some venture capital money, we think a big bankroll from the UpToken sale will make a big difference!

Hi there! I like the idea of crypto ATMs, but aren't people use smartphones to change currency or cryptocurrency? And what is the meaning of the uptoken, what is it and how is it connected with ATMs? I dont see any necessary connection in here between ATMs and uptoken.

There are three problems with smartphone purchases:

• Smartphone purchases of crypto require integration with your bank account, which gives some people the willies.
  
• Online purchases usually require a waiting period for new customers (to avoid fraud)
• Most importantly, a lot of the world doesn't have a bank account. We want a crypto ATM to be their bank!!

Is there a particular reason why UpToken is an eth token instead of an OMNI asset?

Also, what's the ICO price in BTC? ETH?

My business partners insisted on an ERC-20 token, but I feel confident that UpToken will benefit Omni (that's why I'm involved - I want to see "An Omni ATM on every corner")

For the pricing details, I refer you to the terms of sale at UpToken.org - there's a lot of detail you need to know if you are thinking of participating.

[cryptopharaon]

Hi dev!

There are three problems with smartphone purchases:

    Smartphone purchases of crypto require integration with your bank account, which gives some people the willies. - Not all ot them are connected.
    Online purchases usually require a waiting period for new customers (to avoid fraud) - as soon as it's a blockchain you need to wait for the block with your transaction to be added to blockchain anyway.
    Most importantly, a lot of the world doesn't have a bank account. We want a crypto ATM to be their bank!! - ha ha, your ATM need internet connectoin, you think if they don't have banks, do they have enough internet for you ATMs?

I also like omni-asset idea, Ethereum needs a competitor and I like Tether so much

[dacoinminster]

Nice job CryptoCoinNews! ICO Inventor Shares Thoughts on Industry, Explains His $1 Million Bet on UpToken

[itsonlikedonkeykong]

Excellent!

When will you post your Bounty Campaign Program details?

[dacoinminster]

Excellent!

When will you post your Bounty Campaign Program details?

Unlikely we will need bounties for this project

[danspasiva]

Cool concept for your coin.  Will be following this thread and the ICO as well.  Hope to see this come to fruition would be wonderful to see bitcoin ATMs on every corner like your vision suggests.

[Moreleis]

Definitely a good way to mass adoption despite of legal, regional complications.
I have a few question regarding the actual Token sale:

Why not use a smart contract for the contribution process?
What is the actual process for gathering funds?
Are refunds to be handled in a manual fashion In the event you do not meet 10m?


Pretty intimidating Token-Sale-Terms paper:) Sounds like i might be signing my life away:)

Thank you,

[dacoinminster]

Definitely a good way to mass adoption despite of legal, regional complications.
I have a few question regarding the actual Token sale:

Why not use a smart contract for the contribution process?
What is the actual process for gathering funds?
Are refunds to be handled in a manual fashion In the event you do not meet 10m?


Pretty intimidating Token-Sale-Terms paper:) Sounds like i might be signing my life away:)

Thank you,

I am mistrustful of smart contract code. My goal was to use the simplest ERC20 code possible.

We are using a signup form to identify match up cryptocurrencies coming in against where UpToken needs to go out.

Yeah, refunds would be manual, but signups indicate we should blow way past $10M hopefully. Hard to tell since the signup form isn't binding.

Terms were written by lawyers - sorry - there's probably a clause in there that gives up your firstborn child too!

[Moreleis]

Thanks for the response.
Well, I guess I am out, firstborn child is my primary investment.

[wankle]

Hi,
How many tokens per ETH?