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Author Topic: The machine that bitcoin needs - another co making a grab on there own  (Read 1153 times)
Blackout
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September 02, 2011, 09:11:45 PM
 #1

http://www.coinstar.com/usecashonline

I guess the market here is people with NO bank accounts or debt cards at all (which is becoming bigger and bigger as people go broke)

you put cash into the machine and you can now buy stuff online with no fees


This is WHAT BITCOIN NEEDS to be doing.

This company partnered with retailers I don't think you can send person to person, if you can, then
they have it, this kills bitcoin because this simplicity is what normal people need who want to actually buy stuff.

Someone needs to make this for bitcoin... or it's doomed.


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Raoul Duke
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September 02, 2011, 09:28:36 PM
 #2

Some exchange needs to start a partnership with CoinStar to make it happen. Wink

onesalt
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September 02, 2011, 09:36:00 PM
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Coinstar runs a tight buisness (their machines are normally used only for counting small change and take a ~7% fee for doing so) so I doubt they'd want to partner with a currency that can have price changes of 20% in a a day, which would totally destroy any money they'd make from it.
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September 02, 2011, 09:38:30 PM
 #4

yea...
Quote
*Coin counting is free when you exchange your coins for a branded gift card or eCertificate. Brand selection varies by location.

†Fee for coin counting when exchanging for cash = 9.8 cents per dollar counted in USA; 11.9 cents per dollar counted in Canada. Fees may vary by location.

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Blackout
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September 02, 2011, 09:50:49 PM
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Yes I knew of the coin counting - but this branching out to feeless shopping on the net is entirely new and useful to regular peeps who don't want to get jacked on those prepaid visas - this will but a hurt into that market, and what bitcoin is supposed to be able to do.  Some of their marketing is even similar to the bitcoin slogans.


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sadpandatech
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September 02, 2011, 10:06:59 PM
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Yes I knew of the coin counting - but this branching out to feeless shopping on the net is entirely new and useful to regular peeps who don't want to get jacked on those prepaid visas - this will but a hurt into that market, and what bitcoin is supposed to be able to do.  Some of their marketing is even similar to the bitcoin slogans.




 Well, not entirely new. The machines here where I live have had atleast the Amazon option on them for over a year now. Maybe longer, thats just when I noticed it. And while a bitcoin option is certanly not without merit I wonder how much those companies pay coinstar for the service. Assuming they charge 5-10% USD for counting is it safe to assume the same from the merchants. What I am getting at is how would a bitcoin site cover such costs?


If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
Valalvax
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September 03, 2011, 01:13:05 AM
 #7

 I noticed our local credit union had one... um... 2008, I was looking into a new bank right after I got my job...
d'aniel
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September 03, 2011, 04:36:57 AM
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Yes I knew of the coin counting - but this branching out to feeless shopping on the net is entirely new and useful to regular peeps who don't want to get jacked on those prepaid visas - this will but a hurt into that market, and what bitcoin is supposed to be able to do.  Some of their marketing is even similar to the bitcoin slogans.




 Well, not entirely new. The machines here where I live have had atleast the Amazon option on them for over a year now. Maybe longer, thats just when I noticed it. And while a bitcoin option is certanly not without merit I wonder how much those companies pay coinstar for the service. Assuming they charge 5-10% USD for counting is it safe to assume the same from the merchants. What I am getting at is how would a bitcoin site cover such costs?


I'd expect the fees wouldn't be as high for handling paper as it is for coins.

Also, does the bitcoin ATM (https://bitcointalk.org/index.php?topic=5122.msg461848#msg461848) combined with bit-pay (bit-pay.com) achieve this purpose?
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September 03, 2011, 12:06:38 PM
 #9

http://www.consumerismcommentary.com/coinstar-is-a-rip-off/

not everything is as it appears.
sadpandatech
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September 03, 2011, 01:28:05 PM
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Did you even read that guys article? I assumed you were sending us to a cunsomer site where there was going to be some massive list of complaints. This guy here from that site summed it up best,

Juggler314
  "That’s not what I’d say – his two lead paragraphs espouse on not paying someone (coinstar) to count money for you…he then said as an addition that the machines are often off, so it could be even worse. Then he points out that coins are real money…not needing to be changed in, and if you want to do so, just go to the bank and get paper money in exchange."

  I do not know how you value your time but mine is sure worth a heck of a lot more than the % they charge for counting. I take between 50-100$ each time I go, about once every other month. It saves me atleast 4 hours of coin wrapping to take it to my bank, since they will not accept it unrolled. I have also not noticed any error in the counting. I generally have a fair idea of how much change I have because I track what I spend very carefully and their machines seem close enough, shrug.

I'd expect the fees wouldn't be as high for handling paper as it is for coins.

Also, does the bitcoin ATM (https://bitcointalk.org/index.php?topic=5122.msg461848#msg461848) combined with bit-pay (bit-pay.com) achieve this purpose?

 Yea, it would make since that they could cut a break to the merchant for deposits with bills. The trouble is that Coinstar machines are not currently configured to accept bills. They only accept change, atleast as far as I'm aware. I could see them eventually upgrading their machines to take bills if they can find enough demand for such a function in their research.

edit; I see thier newer machines generate some sort of card for your ecertificates and accept bills now. http://www.coinstar.com/HowToVideos/CoinsToCard
 We could probably find information directly from them via their website or a phone call about the process for a merchnat to get listed with them.

edit2; I sent them an email, "How would a prospective merchant go about getting added to the list of choices for e-certificate type deposits?"

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
cypherdoc
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September 03, 2011, 04:35:14 PM
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Did you even read that guys article? I assumed you were sending us to a cunsomer site where there was going to be some massive list of complaints. This guy here from that site summed it up best,

Juggler314
 Â "That’s not what I’d say – his two lead paragraphs espouse on not paying someone (coinstar) to count money for you…he then said as an addition that the machines are often off, so it could be even worse. Then he points out that coins are real money…not needing to be changed in, and if you want to do so, just go to the bank and get paper money in exchange."

 Â I do not know how you value your time but mine is sure worth a heck of a lot more than the % they charge for counting. I take between 50-100$ each time I go, about once every other month. It saves me atleast 4 hours of coin wrapping to take it to my bank, since they will not accept it unrolled. I have also not noticed any error in the counting. I generally have a fair idea of how much change I have because I track what I spend very carefully and their machines seem close enough, shrug.

I'd expect the fees wouldn't be as high for handling paper as it is for coins.

Also, does the bitcoin ATM (https://bitcointalk.org/index.php?topic=5122.msg461848#msg461848) combined with bit-pay (bit-pay.com) achieve this purpose?

 Yea, it would make since that they could cut a break to the merchant for deposits with bills. The trouble is that Coinstar machines are not currently configured to accept bills. They only accept change, atleast as far as I'm aware. I could see them eventually upgrading their machines to take bills if they can find enough demand for such a function in their research.

edit; I see thier newer machines generate some sort of card for your ecertificates and accept bills now. http://www.coinstar.com/HowToVideos/CoinsToCard
 We could probably find information directly from them via their website or a phone call about the process for a merchnat to get listed with them.

edit2; I sent them an email, "How would a prospective merchant go about getting added to the list of choices for e-certificate type deposits?"

the part that caught my eye was this:

"These partnering retailers agree to pay the fee on behalf of the customers."

this alone makes it much less affordable to all parties involved compared to a Bitcoin ATM.  traditional forms of money have costs that can't be avoided; or won't.
sadpandatech
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September 03, 2011, 05:39:17 PM
 #12


I'd expect the fees wouldn't be as high for handling paper as it is for coins.

Also, does the bitcoin ATM (https://bitcointalk.org/index.php?topic=5122.msg461848#msg461848) combined with bit-pay (bit-pay.com) achieve this purpose?

 Yea, it would make since that they could cut a break to the merchant for deposits with bills. The trouble is that Coinstar machines are not currently configured to accept bills. They only accept change, atleast as far as I'm aware. I could see them eventually upgrading their machines to take bills if they can find enough demand for such a function in their research.

edit; I see thier newer machines generate some sort of card for your ecertificates and accept bills now. http://www.coinstar.com/HowToVideos/CoinsToCard
 We could probably find information directly from them via their website or a phone call about the process for a merchnat to get listed with them.

edit2; I sent them an email, "How would a prospective merchant go about getting added to the list of choices for e-certificate type deposits?"


the part that caught my eye was this:

"These partnering retailers agree to pay the fee on behalf of the customers."

this alone makes it much less affordable to all parties involved compared to a Bitcoin ATM.  traditional forms of money have costs that can't be avoided; or won't.


 Sorry, missed that part in there. Yea, we pretty much agree then as it is my main concern about how a bitcoin merchant would cover the fees with coinstar. I sent them an email and will hopefully get back some info that will provide a more definitive idea about the costs to merchants.

  I'm willing to bet it will be too high as I know from previous experience working with Amazon that they allocate a fairly good chunk of their budget to advertising and customer retention costs. Having coinstar load a customers money to them in the manner they do just about garuntees a sale. I'd assume they're paying 10%+ for it.

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
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