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Author Topic: Bitcoin ATM Update  (Read 2969 times)
famulus
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April 16, 2011, 07:57:02 PM
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Check it out... making progress with the bitcoin ATM:

http://biticon.wordpress.com/

Also hosting a bitcoin hackathon today.

Donate here: 1FH4v7LAGuD8YooVj6NHRTLXbEgsFs6gSH
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grondilu
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April 16, 2011, 08:04:24 PM
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Excellent.

Pretty much one of the bridge technologies I was talking about in this post.
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April 16, 2011, 08:17:43 PM
 #3

This is so cool.

Me and my friends have been talking about/following this and wondering how you solved the confirmations problem.

How are you sure you received funds before paying out?

The blog is nice for following details but is there somewhere with details for reading?

Thanks
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April 16, 2011, 08:22:26 PM
 #4

This is so cool.

Me and my friends have been talking about/following this and wondering how you solved the confirmations problem.

It is indeed an issue those guys will have to solve.



One solution could consist in receiving a code instead of cash first.   Wait a few minutes and then come back to the ATM to get the cash.


So basically this:

- go to the ATM
- get the scan code displayed on the ATM.
- send the requested amount of bitcoins for the desired amount of national currency
- get a unique transaction code
- leave the ATM
- come back ten minutes later
- send the transaction code
- retrieve the cash.
FreeMoney
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April 16, 2011, 09:40:06 PM
 #5

This is so cool.

Me and my friends have been talking about/following this and wondering how you solved the confirmations problem.

It is indeed an issue those guys will have to solve.



One solution could consist in receiving a code instead of cash first.   Wait a few minutes and then come back to the ATM to get the cash.


So basically this:

- go to the ATM
- get the scan code displayed on the ATM.
- send the requested amount of bitcoins for the desired amount of national currency
- get a unique transaction code
- leave the ATM
- come back ten minutes later
- send the transaction code
- retrieve the cash.

Yes, this plus the option to get a code from a site or phone app would be sick.

Get on bus
Use droid to get code
Arrive at ATM
Get cash
Hookers and blow

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
malditonuke
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April 16, 2011, 09:45:47 PM
 #6

Check it out... making progress with the bitcoin ATM:

http://biticon.wordpress.com/

Also hosting a bitcoin hackathon today.

Donate here: 1FH4v7LAGuD8YooVj6NHRTLXbEgsFs6gSH

the ability to buy bitcoins for cash at the atm would be awesome, too
AmpEater
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April 16, 2011, 09:59:05 PM
 #7

Hell yeah! This is awesome. Two things I love most, hacking hardware and bitcoin. 

Why didn't I think of this? Keep it up and I'm sure I'll be compelled to throw some money your way
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April 17, 2011, 02:11:03 AM
 #8

the ability to buy bitcoins for cash at the atm would be awesome, too

I agree, but I don't think this particular model of ATM can accept deposits.

15UFyv6kfWgq83Pp3yhXPr8rknv9m6581W
Mike Hearn
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April 17, 2011, 08:10:21 AM
 #9

The model can be the same as for anything else. If the amount requested is fairly low ($20-$30) then allow for zero confirmation transactions. Otherwise require people to send coins ahead of time. It could be integrated with a mobile app so there is a "Prepare money for ATM withdrawal" button that negotiates with the ATM network company for a new address, sends coins there, and then shows the user how much they can withdraw from the ATM.
Matt Corallo
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April 17, 2011, 09:38:19 AM
 #10

The model can be the same as for anything else. If the amount requested is fairly low ($20-$30) then allow for zero confirmation transactions. Otherwise require people to send coins ahead of time. It could be integrated with a mobile app so there is a "Prepare money for ATM withdrawal" button that negotiates with the ATM network company for a new address, sends coins there, and then shows the user how much they can withdraw from the ATM.

Please NEVER automatically accept 0-confirm txes.  The network is fairly easy to exploit in this regard right now.  All one has to do is send conflicting txes out to the major miners and the ATM.  Yes one has to figure out the IP of the ATM and the major miners (not as hard as it might seem until the network becomes much more dense).  But this is fairly easily doable.  If you specifically -addnode on the major miners and modify your client to identify conflicting txes instead of simply dropping them, maybe you would be fairly secure, but it is still better to simply never accept unconfirmed txes.

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skittixch
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April 20, 2011, 06:32:30 PM
 #11

to combat the delay issue (which is a large usability flaw in my mind), have you thought about using a service like clearcoin?https://clearcoin.appspot.com/ Some big names in the bitcoin community are heading up that project, so even if it's not a total fit, you might get their attention to see what any other courses of action might be that could support the growth of this kind of technology.
BitterTea
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April 20, 2011, 07:01:33 PM
 #12

to combat the delay issue (which is a large usability flaw in my mind), have you thought about using a service like clearcoin?https://clearcoin.appspot.com/ Some big names in the bitcoin community are heading up that project, so even if it's not a total fit, you might get their attention to see what any other courses of action might be that could support the growth of this kind of technology.

Clearcoin requires 6 confirmations before you can spend the money. Gavin is one of the main developers of Bitcoin, in addition to the founder of ClearWing software, and posts here frequently.
Gavin Andresen
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April 20, 2011, 07:37:54 PM
 #13

Clearcoin requires 6 confirmations...
Actually, Clearcoin only requires 3 confirmations.

And now that I've got some pressing core bitcoin stuff off my plate, I'll get back to working on a -testnet version of Clearcoin, and as soon as that is done I'll be announcing a JSON-RPC API so you can write code that interacts with clearcoin (creating escrows, getting their status, releasing coins if you're properly authorized, etc).

How often do you get the chance to work on a potentially world-changing project?
Bruce Wagner
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May 01, 2011, 04:45:05 AM
 #14

There's a great video interview and tour of Mark's lab... where he is building the Bitcoin ATM... on the second half of The Bitcoin Show http://onlyonetv.com
AmpEater
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May 01, 2011, 04:05:13 PM
 #15

Any updates?  Progress?  How'd the hack-a-thon go?
Bruce Wagner
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May 11, 2011, 05:40:55 PM
 #16

The Hackathon happens EVERY Saturday, here in NYC.

Watch 'The Bitcoin Show' on OnlyOneTV.com for updates as they happen.... on all these fronts.
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