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TTM
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April 10, 2014, 12:33:37 PM |
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What kind of moronic ATM is that?  Bitcoin has no fault in its incompetence It's neither Bitcoin's fault or ATM's fault. This is because of AML/KYC policies that ATM manufacturers need to follow. |
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The grue lurks in the darkest places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
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calmindifference
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Activity: 91
Merit: 10
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April 10, 2014, 12:38:54 PM |
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Is AML required if Bitcoin is considered by US Government to be property and not currency?
Yes, because a "property" has a value. The same applies to every other item that a person can buy, but AML does not apply universally |
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byt411
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April 10, 2014, 12:39:22 PM |
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What kind of moronic ATM is that? Bitcoin has no fault in its incompetence It's neither Bitcoin's fault or ATM's fault. This is because of AML/KYC policies that ATM manufacturers need to follow. And who made these absurd laws? The US government. They just see Bitcoin as a competitor to the US dollar and want to make the public think that it's a stupid thing. |
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escrow.ms
Legendary
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Activity: 1274
Merit: 1004
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April 10, 2014, 12:44:51 PM |
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What kind of moronic ATM is that? Bitcoin has no fault in its incompetence It's neither Bitcoin's fault or ATM's fault. This is because of AML/KYC policies that ATM manufacturers need to follow. And who made these absurd laws? The US government. They just see Bitcoin as a competitor to the US dollar and want to make the public think that it's a stupid thing. And people also need to understand that Bitcoin is a worldwide currency and there are several countries and currencies in this world USA, USD are not alone |
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porcupine87
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April 10, 2014, 12:58:38 PM |
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What a stupid ATM. What is the goal of an ATM: 1. It should get faster. 2. Anonymity. This shown ATM meets non of this 2 goals, so why should I use this? And this transaction costs are insane. They sold at 620 and they got 560$ back. This is 10% fee. There are better and faster coins than bitcoin now, bitcoin is dying and only thing keeping it afloat is the fact that it was the first. Open your eyes, come to reality, wake up from your slumber
Not really. Bitcoin should have the most nodes, therefore it is the fastest! (and most secure because of the hashrate). Confirmation time doesn't matter at the POS. Imagine buying at Waltmart and paying with Bitcoin. So with 2.5min avergage confirmation time you wait 2.5min? Or 1min? Or 30sec(I think every 10th trasnaction take longer than 1min)? It is simple. There are two solutions: 1. Zero-confonfirmation attacks to a well connected node (trusted node) are every costly or nearly impossible. So they would only happen on high volume transactions. And I am talking about many 1000$. So if you buy car it is worth waiting 10min. Or even better: You don't buy a car anonymously and make a contract of sale. So the car seller knows your identity and can sue you if he don't gets your money. So there is not even a need to wait 10min. 2. Transactions can come from trusted (centralized) services. Imagine you pay a coffee and pay from your coinbase account. So coinbase is trusted so the transaction is safe. In my opinion this is a nightmare to exploit the 10min confirmation time. Except you have the 50%+ network power, of course. |
"Morality, it could be argued, represents the way that people would like the world to work - whereas economics represents how it actually does work." Freakonomics
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porcupine87
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April 10, 2014, 02:03:38 PM |
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Look at this one. Sold and bought within 2min. South Korea: https://www.youtube.com/watch?v=erVehAHDueI |
"Morality, it could be argued, represents the way that people would like the world to work - whereas economics represents how it actually does work." Freakonomics
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Lauda
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Activity: 2674
Merit: 2965
Terminated.
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April 10, 2014, 02:23:48 PM |
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Both guys are noobs, they should have tried to send bitcoins to someone on a fucking bank holiday.
Then they should have understood the value of bitcoins.
Add the high fees to to this too. |
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion) |
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escrow.ms
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Activity: 1274
Merit: 1004
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April 10, 2014, 02:41:10 PM |
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Both guys are noobs, they should have tried to send bitcoins to someone on a fucking bank holiday.
Then they should have understood the value of bitcoins.
Add the high fees to to this too. and 1-2 weeks processing time for an International Bank wire. |
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zolace
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April 10, 2014, 03:15:19 PM |
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This shows how broken US regulations are. It's insane that you can't just exchange money without getting an anal probe. Use localbitcoins.com instead.
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coolbeans94
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April 11, 2014, 09:10:55 AM |
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Mintcoin. faster, energy efficient.
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(1.) Moral happiness depends upon moral order.
(2.) Moral order depends upon the harmonious action of all our powers, as
individuals and as members of society.
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Buffer Overflow
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Activity: 1652
Merit: 1015
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April 11, 2014, 09:14:55 AM |
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There are better and faster coins than bitcoin now, bitcoin is dying and only thing keeping it afloat is the fact that it was the first. Open your eyes, come to reality, wake up from your slumber
Which ones exactly? |
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hilariousandco
Global Moderator
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Merit: 2616
Join the world-leading crypto sportsbook NOW!
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April 11, 2014, 09:27:31 AM |
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There are better and faster coins than bitcoin now, bitcoin is dying and only thing keeping it afloat is the fact that it was the first. Open your eyes, come to reality, wake up from your slumber
Which ones exactly? Probably the one he's trying to promote (but it's probably not faster like they say they are). |
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bryant.coleman
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Activity: 3654
Merit: 1217
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April 11, 2014, 09:33:15 AM |
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Which ones exactly?
Probably none. And they will get wiped out if the Bitcoin exchange rate dips further. These stupid altcoins are like tape-worms. They need a host (Bitcoin) to survive, but at the same time they weaken the host. And when the host weakens beyond a point, the altcoins will get blown away. |
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heytherebaby
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Activity: 5
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April 11, 2014, 09:35:53 AM |
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This video is awesome thanks for posting it. I thought it might be a parody or something at first because of how ridiculous it is. I mean jesus christ. Compare this to a regular atm which can be a literally 20 second process. Bitcoin is so so so inconvenient. Why would an average person EVER use this atm? Why would anyone ever buy bitcoins from this atm? Why not just get some cash...? Or why not just pay with your credit card? Is it because bitcoin is anonymous and cooler? This machine takes your phone number, verifies it, takes your hand print four times, takes your picture, and takes a copy of your government ID. Is this supposed to be anonymous? Is bitcoin cooler than cash? Have you ever held stacks of 20 dollar bills, have you ever smelled mad cash? What's cooler some numbers on a screen or crisp clean dollars right in the palm of your hand. You want to talk about truly anonymous, what's more truly anonymous than cash?
Bitcoin has two or three legitimate uses:
1. Buying illegal things online
2. Gambling online
3. Paying for porn online
Now some people might say what about sending money overseas? Why the fuck would any poor person take the risk of buying bitcoin and sending it to their poor family in some poor country when one day bitcoin can be worth $600 each and literally two days later be worth $450 each? People sending money overseas are not trying to speculate AT ALL. They are just trying to send some money.
I bought into the hype myself when this whole bitcoin thing started and I made some money by investing in it. But recently my eyes have been opened. Bitcoin is a joke. Don't be a lemming. Don't speculate with your hard-earned money. Use your hard-earned cash to build some sort of online business or offline business venture, don't just dump it all into bitcoin. This is called crossing your fingers and praying for the best. It's like hoping you win the lottery.
This ATM is a freaking Joke McJoke. I can't stop laughing at how ridiculous and STUPID it is.
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e4xit
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April 11, 2014, 10:45:57 AM |
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This video is awesome thanks for posting it. I thought it might be a parody or something at first because of how ridiculous it is. I mean jesus christ. Compare this to a regular atm which can be a literally 20 second process. Bitcoin is so so so inconvenient. Why would an average person EVER use this atm? Why would anyone ever buy bitcoins from this atm? Why not just get some cash...? Or why not just pay with your credit card? Is it because bitcoin is anonymous and cooler? This machine takes your phone number, verifies it, takes your hand print four times, takes your picture, and takes a copy of your government ID. Is this supposed to be anonymous? Is bitcoin cooler than cash? Have you ever held stacks of 20 dollar bills, have you ever smelled mad cash? What's cooler some numbers on a screen or crisp clean dollars right in the palm of your hand. You want to talk about truly anonymous, what's more truly anonymous than cash?
Bitcoin has two or three legitimate uses:
1. Buying illegal things online
2. Gambling online
3. Paying for porn online
Now some people might say what about sending money overseas? Why the fuck would any poor person take the risk of buying bitcoin and sending it to their poor family in some poor country when one day bitcoin can be worth $600 each and literally two days later be worth $450 each? People sending money overseas are not trying to speculate AT ALL. They are just trying to send some money.
I bought into the hype myself when this whole bitcoin thing started and I made some money by investing in it. But recently my eyes have been opened. Bitcoin is a joke. Don't be a lemming. Don't speculate with your hard-earned money. Use your hard-earned cash to build some sort of online business or offline business venture, don't just dump it all into bitcoin. This is called crossing your fingers and praying for the best. It's like hoping you win the lottery.
This ATM is a freaking Joke McJoke. I can't stop laughing at how ridiculous and STUPID it is.
4 posts eh, figures. |
Not your keys, not your coins.
CoinJoin, always.
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Acidyo
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April 11, 2014, 11:12:36 AM |
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There are better and faster coins than bitcoin now, bitcoin is dying and only thing keeping it afloat is the fact that it was the first. Open your eyes, come to reality, wake up from your slumber
yeah, Litecoin is coming!  Yeah, hello asics. |
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Noruka
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April 11, 2014, 11:30:14 AM |
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This is the ATM service that makes the system longer, not Bitcoin. remember they still have to interact with the US financial system |
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kodtycoon
Legendary
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Activity: 1568
Merit: 1002
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April 11, 2014, 11:39:16 AM |
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i can order how ever much i want on a website and ether bank transfer or cash deposit into someones personal acc and get btc in under 5 mins flat.. no ones getting my identity! :L
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Lauda
Legendary
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Activity: 2674
Merit: 2965
Terminated.
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April 11, 2014, 12:35:22 PM |
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Both guys are noobs, they should have tried to send bitcoins to someone on a fucking bank holiday.
Then they should have understood the value of bitcoins.
Add the high fees to to this too. and 1-2 weeks processing time for an International Bank wire. Now the real question: why isn't the average Joe seeing these benefits? |
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion) |
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BitcoinTees
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April 11, 2014, 01:12:26 PM |
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Have you seen this video of Quarks android wallet. Now that is super fast! I am really impressed by this. Now I can see businesses adopting to this with ease. One of the biggest problems and frustrations I face when talking to friends about Bitcoin is the confirmation times. We all remember the 1st time buying bitcoin and waiting for transers to exchanges. Its just not practical. Bitcoin needs to improve its confirmation times. What do you guys think? |
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