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Author Topic: do bitcoin ATMs really suck this much?  (Read 6481 times)
BitcoinBadger
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August 29, 2014, 04:07:57 PM
 #121

Bitcoin atms are trying to make themselves too much secure because Bitcoin can sometimes cannot combat legal issues after fraud, in many places.

That's why so much cautious.
fryarminer
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August 29, 2014, 04:10:06 PM
 #122

I used one once. I did not like the whole photo and palm scan thing. I really didn't. But then I ended up paying $50 over spot for the purchase too. So honestly, I don't see myself using the ATM again.

Before using it the first time I was really excited about the idea of changing anonymous cash into bitcoin. That does not happen!

giveBTCpls
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August 29, 2014, 04:52:12 PM
 #123

Yeah, this video was pretty depressing and gives out bad press to Bitcoin. This needs to be fixed ASAP:

itsAj
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August 30, 2014, 03:14:08 AM
 #124

And anonymous way of doing bitcoin gone...POOF
The devices are quite small and cheap and becoming moreso each day. Robocoin machines are enormous due to Huh, but Skyhooks are quite small (and have open-source code). They could be built at home without express authorization of any exchanges (if you should want to use one), while all a shopkeep generally wants to know is how much you're willing to pay and average stats on foot traffic it generates. "I don't want a contract -- I'll just pre-pay $500/mo cash for you to leave it on your desk, here, I'll give you a sign to hang if you'd like, and if I fail to pre-pay next month, throw the damned thing out on the street." Great - boom - done. He has no reason to care whether or not your shit's together, legally. Unless there are major regulatory changes, I'm fairly sure ATMs are going to end up being mostly black market, while many operate in gray market status now.
I think that Robocoin has done a very good job at marketing their ATMs as being somewhat legit and being AML complaint. People with a lot of money to lose do not want to risk breaking AML rules as the consequences for doing so can be great (they often also do not have a huge interest in bitcoin itself but are rather looking for a way to invest their money).
Yeah -- sorry, I didn't mean to come off as anti-Robocoin. Having a Robocoin machine (at least in the US) seems like a pretty good indication the operators are operating lawfully and likely legit otherwise. Clearly not a fly-by-night.
This is exactly the selling point of robocoin machines. Investors in the US with a lot to lose do not want to risk their freedom in exchange for potentially for a somewhat larger return on their investment.
bornil267645
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August 30, 2014, 04:36:58 AM
 #125

They make it easy for the bad guys but they make it hard for the good guys... Tongue Tongue

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