Bitcoin ATMs and fake money problem?

[CryptoPanda]

I was thinking, if someone runs a bitcoin ATM and it's not Robocoin  (Which is the only one that does user verification) don't they risk of becoming the perfect place for people to launder counterfeited money?
I suppose the note taking mechanism can't recognize them. Especially since most seem to be programmable to work with any currency...

So how do we solve that?
Camera at the spot won't really stop the determined ones.

[malevolent]

As far as I know Lamassu has some mechanisms enabling it to discern counterfeit money from real money, not sure about other alternatives.

[guybrushthreepwood]

I'm sure they work just like regular ATMs in that regard.

[exstasie]

As far as I know Lamassu has some mechanisms enabling it to discern counterfeit money from real money, not sure about other alternatives.

I'm guessing that most machines should have this mechanisms...but i'm sure all machines have mechanisms to identify the type of bill, and wether or not its counterfeit.

[guybrushthreepwood]

As far as I know Lamassu has some mechanisms enabling it to discern counterfeit money from real money, not sure about other alternatives.

I'm guessing that most machines should have this mechanisms...but i'm sure all machines have mechanisms to identify the type of bill, and wether or not its counterfeit.

Yeah, they do. Although I'm sure they can slip up, especially if not tested properly. I'm sure they'd soon find out if the machines was accepting fake bills once they collected the money.

[Armis]

I was thinking, if someone runs a bitcoin ATM and it's not Robocoin  (Which is the only one that does user verification) don't they risk of becoming the perfect place for people to launder counterfeited money?
I suppose the note taking mechanism can't recognize them. Especially since most seem to be programmable to work with any currency...

So how do we solve that?
Camera at the spot won't really stop the determined ones.

Is it possible to 'launder counterfeit money'?





 

[stompix]

I was thinking, if someone runs a bitcoin ATM and it's not Robocoin  (Which is the only one that does user verification) don't they risk of becoming the perfect place for people to launder counterfeited money?
I suppose the note taking mechanism can't recognize them. Especially since most seem to be programmable to work with any currency...

So how do we solve that?
Camera at the spot won't really stop the determined ones.

I really can't believe there is an ATM that has been launched and installed and can't verify the bills it gets.
That would be a huge error and i doubt it wouldn't have been exploited yet.

[guybrushthreepwood]

I was thinking, if someone runs a bitcoin ATM and it's not Robocoin  (Which is the only one that does user verification) don't they risk of becoming the perfect place for people to launder counterfeited money?
I suppose the note taking mechanism can't recognize them. Especially since most seem to be programmable to work with any currency...

So how do we solve that?
Camera at the spot won't really stop the determined ones.

Is it possible to 'launder counterfeit money'?





 

Sure if you can find a way to swap it for legit money without them noticing.

[stompix]

I was thinking, if someone runs a bitcoin ATM and it's not Robocoin  (Which is the only one that does user verification) don't they risk of becoming the perfect place for people to launder counterfeited money?
I suppose the note taking mechanism can't recognize them. Especially since most seem to be programmable to work with any currency...

So how do we solve that?
Camera at the spot won't really stop the determined ones.

Is it possible to 'launder counterfeit money'?





 

Sure if you can find a way to swap it for legit money without them noticing.

I;m sure he was talking about how it's a bit impossible to "launder counterfeit" money .
But the whole point it's about semantics.

[CryptoPanda]

I was thinking, if someone runs a bitcoin ATM and it's not Robocoin  (Which is the only one that does user verification) don't they risk of becoming the perfect place for people to launder counterfeited money?
I suppose the note taking mechanism can't recognize them. Especially since most seem to be programmable to work with any currency...

So how do we solve that?
Camera at the spot won't really stop the determined ones.

I really can't believe there is an ATM that has been launched and installed and can't verify the bills it gets.
That would be a huge error and i doubt it wouldn't have been exploited yet.

Well conventional ATMs just give cash, don't take it.
So, I guess if a Bitcoin ATM owner is not careful, he could end up with pile of fake money.
At least that would be my first concern if I'm considering to order a bitcoin ATM.

What makes me wonder is, they claim to accept all kinds of currencies. Well I find it hard to believe they can recognize the fakes of all of them?

[stompix]

I was thinking, if someone runs a bitcoin ATM and it's not Robocoin  (Which is the only one that does user verification) don't they risk of becoming the perfect place for people to launder counterfeited money?
I suppose the note taking mechanism can't recognize them. Especially since most seem to be programmable to work with any currency...

So how do we solve that?
Camera at the spot won't really stop the determined ones.

I really can't believe there is an ATM that has been launched and installed and can't verify the bills it gets.
That would be a huge error and i doubt it wouldn't have been exploited yet.

Well conventional ATMs just give cash, don't take it.
So, I guess if a Bitcoin ATM owner is not careful, he could end up with pile of fake money.
At least that would be my first concern if I'm considering to order a bitcoin ATM.

What makes me wonder is, they claim to accept all kinds of currencies. Well I find it hard to believe they can recognize the fakes of all of them?

I think that they do have to met some standards before installing such machines all over the world. They couldn't be that stupid to go live with something so insecure that might send them on the path to bankruptcy.
Also , I think it's harder to have an ATM recognize a foreign bill than add the program to scan it for fake.

[guybrushthreepwood]

I was thinking, if someone runs a bitcoin ATM and it's not Robocoin  (Which is the only one that does user verification) don't they risk of becoming the perfect place for people to launder counterfeited money?
I suppose the note taking mechanism can't recognize them. Especially since most seem to be programmable to work with any currency...

So how do we solve that?
Camera at the spot won't really stop the determined ones.

Is it possible to 'launder counterfeit money'?





 

Sure if you can find a way to swap it for legit money without them noticing.

I;m sure he was talking about how it's a bit impossible to "launder counterfeit" money .
But the whole point it's about semantics.

Except its not impossible. Some people launder counterfeit money through businesses.

[CryptoPanda]

i can't believe this thread was hijacked because of semantics....
yeah, i'm not a native speaker, kill me because of it..

[stompix]

I was thinking, if someone runs a bitcoin ATM and it's not Robocoin  (Which is the only one that does user verification) don't they risk of becoming the perfect place for people to launder counterfeited money?
I suppose the note taking mechanism can't recognize them. Especially since most seem to be programmable to work with any currency...

So how do we solve that?
Camera at the spot won't really stop the determined ones.

Is it possible to 'launder counterfeit money'?





 

Sure if you can find a way to swap it for legit money without them noticing.

I;m sure he was talking about how it's a bit impossible to "launder counterfeit" money .
But the whole point it's about semantics.

Except its not impossible. Some people launder counterfeit money through businesses.

As I told you before , the previous poster was more likely inquiring the semantics in the expression , not the technical details.
Money laundering refers to changing money from unknown source with money from a legitimate source , so can you find a legitimate source for counterfeit money ? =))))

But this is going far to offtopic.

[stompix]

I was thinking, if someone runs a bitcoin ATM and it's not Robocoin  (Which is the only one that does user verification) don't they risk of becoming the perfect place for people to launder counterfeited money?
I suppose the note taking mechanism can't recognize them. Especially since most seem to be programmable to work with any currency...

So how do we solve that?
Camera at the spot won't really stop the determined ones.

I really can't believe there is an ATM that has been launched and installed and can't verify the bills it gets.
That would be a huge error and i doubt it wouldn't have been exploited yet.

Well conventional ATMs just give cash, don't take it.
So, I guess if a Bitcoin ATM owner is not careful, he could end up with pile of fake money.
At least that would be my first concern if I'm considering to order a bitcoin ATM.

What makes me wonder is, they claim to accept all kinds of currencies. Well I find it hard to believe they can recognize the fakes of all of them?

I think that they do have to met some standards before installing such machines all over the world. They couldn't be that stupid to go live with something so insecure that might send them on the path to bankruptcy.
Also , I think it's harder to have an ATM recognize a foreign bill than add the program to scan it for fake.

No they don't. Your just buy the hardware from them and it's your responsibility to run it and comply with local laws and standards. Also the risk of fake money is fully in the hands of the local ATM owner.
Also I don't believe your second guess is true either. The differences between fake and real note are much smaller compared to ones between the notes of different currencies.

I'm not an expert in atm machines , but i think it's just a piece of software that runs when you inset a bill that checks it against some patterns.
So it would be fairly easy to get a recognition software that detect fakes , just like banks have , for every bill out there , and install it with a few clicks.

I doubt that this is not the standard procedure , otherwise I'm pretty sure we would have already seen reports of people inserting some home printed money in those machines.

[CryptoPanda]

I was thinking, if someone runs a bitcoin ATM and it's not Robocoin  (Which is the only one that does user verification) don't they risk of becoming the perfect place for people to launder counterfeited money?
I suppose the note taking mechanism can't recognize them. Especially since most seem to be programmable to work with any currency...

So how do we solve that?
Camera at the spot won't really stop the determined ones.

I really can't believe there is an ATM that has been launched and installed and can't verify the bills it gets.
That would be a huge error and i doubt it wouldn't have been exploited yet.

Well conventional ATMs just give cash, don't take it.
So, I guess if a Bitcoin ATM owner is not careful, he could end up with pile of fake money.
At least that would be my first concern if I'm considering to order a bitcoin ATM.

What makes me wonder is, they claim to accept all kinds of currencies. Well I find it hard to believe they can recognize the fakes of all of them?

I think that they do have to met some standards before installing such machines all over the world. They couldn't be that stupid to go live with something so insecure that might send them on the path to bankruptcy.
Also , I think it's harder to have an ATM recognize a foreign bill than add the program to scan it for fake.

No they don't. Your just buy the hardware from them and it's your responsibility to run it and comply with local laws and standards. Also the risk of fake money is fully in the hands of the local ATM owner.
Also I don't believe your second guess is true either. The differences between fake and real note are much smaller compared to ones between the notes of different currencies.

I'm not an expert in atm machines , but i think it's just a piece of software that runs when you inset a bill that checks it against some patterns.
So it would be fairly easy to get a recognition software that detect fakes , just like banks have , for every bill out there , and install it with a few clicks.

I doubt that this is not the standard procedure , otherwise I'm pretty sure we would have already seen reports of people inserting some home printed money in those machines.

Ok, then why in most banks there are still a human cashiers that personally check some of the bills and it's not all automated?
Based on what experience or facts you think is easy to make a software that recognizes fake money?

[hilariousandco]

I'm not an expert in atm machines , but i think it's just a piece of software that runs when you inset a bill that checks it against some patterns.
So it would be fairly easy to get a recognition software that detect fakes , just like banks have , for every bill out there , and install it with a few clicks.

I doubt that this is not the standard procedure , otherwise I'm pretty sure we would have already seen reports of people inserting some home printed money in those machines.

Ok, then why in most banks there are still a human cashiers that personally check some of the bills and it's not all automated?
Based on what experience or facts you think is easy to make a software that recognizes fake money?

The cashiers do other jobs too. Most banks in the UK tell you to use the automated machines if you're paying in money / cheques because it saves time. My mate even had a note swallowed because it was fake, so they obviously work.

[stompix]

I was thinking, if someone runs a bitcoin ATM and it's not Robocoin  (Which is the only one that does user verification) don't they risk of becoming the perfect place for people to launder counterfeited money?
I suppose the note taking mechanism can't recognize them. Especially since most seem to be programmable to work with any currency...

So how do we solve that?
Camera at the spot won't really stop the determined ones.

I really can't believe there is an ATM that has been launched and installed and can't verify the bills it gets.
That would be a huge error and i doubt it wouldn't have been exploited yet.

Well conventional ATMs just give cash, don't take it.
So, I guess if a Bitcoin ATM owner is not careful, he could end up with pile of fake money.
At least that would be my first concern if I'm considering to order a bitcoin ATM.

What makes me wonder is, they claim to accept all kinds of currencies. Well I find it hard to believe they can recognize the fakes of all of them?

I think that they do have to met some standards before installing such machines all over the world. They couldn't be that stupid to go live with something so insecure that might send them on the path to bankruptcy.
Also , I think it's harder to have an ATM recognize a foreign bill than add the program to scan it for fake.

No they don't. Your just buy the hardware from them and it's your responsibility to run it and comply with local laws and standards. Also the risk of fake money is fully in the hands of the local ATM owner.
Also I don't believe your second guess is true either. The differences between fake and real note are much smaller compared to ones between the notes of different currencies.

I'm not an expert in atm machines , but i think it's just a piece of software that runs when you inset a bill that checks it against some patterns.
So it would be fairly easy to get a recognition software that detect fakes , just like banks have , for every bill out there , and install it with a few clicks.

I doubt that this is not the standard procedure , otherwise I'm pretty sure we would have already seen reports of people inserting some home printed money in those machines.

Ok, then why in most banks there are still a human cashiers that personally check some of the bills and it's not all automated?
Based on what experience or facts you think is easy to make a software that recognizes fake money?

Because when one of the largest banks in my country declared it has to go through some changes ,(and fire some peoples)  in a matter of days all the banks got some new machines where you could insert cash and make a deposit to any of your bank accounts or pay bills , even exchange currecy, not having to talk to the cashier anymore.

ING for example , never really had ,since they first come with their first bank here,  cashiers , they only had atms for depositing and withdrawing money.

And this happened a few years ago. So taking into account the time and how technology is evolving in this century , I assumed it would be pretty easy to implement.
At least , I assumed so .

[stompix]

I'm not an expert in atm machines , but i think it's just a piece of software that runs when you inset a bill that checks it against some patterns.
So it would be fairly easy to get a recognition software that detect fakes , just like banks have , for every bill out there , and install it with a few clicks.

I doubt that this is not the standard procedure , otherwise I'm pretty sure we would have already seen reports of people inserting some home printed money in those machines.

Ok, then why in most banks there are still a human cashiers that personally check some of the bills and it's not all automated?
Based on what experience or facts you think is easy to make a software that recognizes fake money?

The cashiers do other jobs too. Most banks in the UK tell you to use the automated machines if you're paying in money / cheques because it saves time. My mate even had a note swallowed because it was fake, so they obviously work.

And there wasn't any alarm? No closed doors and police units storming the bank?

[seriouscoin]

I'm not an expert in atm machines , but i think it's just a piece of software that runs when you inset a bill that checks it against some patterns.
So it would be fairly easy to get a recognition software that detect fakes , just like banks have , for every bill out there , and install it with a few clicks.

I doubt that this is not the standard procedure , otherwise I'm pretty sure we would have already seen reports of people inserting some home printed money in those machines.

Ok, then why in most banks there are still a human cashiers that personally check some of the bills and it's not all automated?
Based on what experience or facts you think is easy to make a software that recognizes fake money?

The cashiers do other jobs too. Most banks in the UK tell you to use the automated machines if you're paying in money / cheques because it saves time. My mate even had a note swallowed because it was fake, so they obviously work.

The OP is an idiot that must live in some shitty countries.
There are vending machines of high priced products in many countries, like in Japan and Korea you can buy electronic/beauty products. There is no difference between these vending machines and ATM, its all about the bill acceptor which has counterfeit detector built-in.

The fact that OP ask these questions means hes clueless and think BTM use some homemade bill acceptor. When in fact BTM is just the software for bitcoin wallet using the same bill acceptors as every other machines out there. Stupid to the extreme yo!

If you want to know about counterfeit detection capability ASK BTM what bill acceptor they use and search for data on that model. Every bill acceptor has a rate of detection.

Where i live, even the fcking supermarkets use self serve cashiers, meaning you use the same bill acceptors for paying.