Bitcoin ATM ,25 mil insurance bond needed.

[vssa]

Jeff Berwick say that in order to operate in USA you need to be considered as money transmitter which for a 25 mil insurance bond is needed (watch this from 6:50 http://www.youtube.com/watch?list=UUpf2Lxgf10AjzBT4GIIgDJw&feature=player_detailpage&v=LSxxjg2kHGM )

I think that it is possible to structure this 25 mil bond with the help of this company -https://exante.eu/company/about/
that is also managing bitcoin-fund,if the bitcoin community will raise around 5 mil or less that will be used as equity investment and the other 20 mil will be raised from debt investors  in the form of interest paying bonds which would be sold at cryptostocks.com for example.

Please tell me what you think ...is it something worth doing ?

[1715495016]

1715495016

[btceic]

Where would it be located, what is the business plan?

[DeathAndTaxes]

People shouldn't take casual comments as exactly literal.  In the US each state has bonding requirements and they vary depending on the state, how well capitalized the company is, the transaction volume, the number of locations, etc.   There is no magical $25M "MT across America unlimited" bond.

Generally a surety company will provide (a well capitalized company) a bond for 3% to 6% a year prepaid (i.e a $1M bond would require ~$45K a year) but once again there are literally dozens of variables, how risky is this enterprise, how successful is the management team, how much experience do they have, what is the existing case law, how enthusiastic is government regulators, etc.  The application for a surety bond generally is a couple dozen pages and looks into the financial background, criminal records, and experience of not just the company but key employees too.

It would much lower cost and risk for a company (any company) to use a surety bond writter to cover the bonds and just pay the marginal annual fee.   That being said you are talking about two years and millions of dollars assuming your company has an excellent management team, years (hopefully decades) of experience, and advanced talks with regulators already complete.  We are talking about fifty different state regulators each with their own procedures, forms, processes and all of it moves at the speed of government.

There is a reason there are about a dozen companies in the entire WORLD (not Bitcoin companies but all companies) with MT licenses in every state and territory.

[vssa]

Is it worth it ? I think it can be worth it if it will be well financialized with the help of big institutions and the support of the community
by investing the minimum amount of bitcoins needed .

It is to soon to talk about business plan ,we need to establish infrastructure for capital flows first but the main concept off the  business plan is to distribute risk by issuing stocks for equity investors(dividend paying) and bonds for debt investors(interest paying).
Then use this money to pay management team and run foreword from their.

I understand that 25 mil is not some magic number, I just think that we need to centralize the efforts on this subject because it will benefit greatly for all of us and will move use one step foreword to mass adoption.
It will also pave the way for more cooperation between those(bitcoin community,big bitcoin financial institutions and government) who will be part of this project.

All this institutions have common interest on Bitcoin ATM they just need us the community to make it happen.
http://dollarvigilante.com/
https://www.havelockinvestments.com/
http://bitcoinfund.eu/we-are-different
http://libertycityventures.com/digital-currency-fund/
http://www.globalstandardbank.com/Global_Standard/Global_Standard_Bank_Main.html
http://www.flexcoin.com/
https://cryptostocks.com/
https://bitcoinstarter.com/

I understand that it is not much compared to the fiat world but that is what we have now and with that we will win.