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First U.S. bitcoin ATMs to open soon in Seattle, Austin
Yahoo News ^ | Phil Wahba

Posted on 02/19/2014 5:56:10 AM PST by djf

Robocoin said on Tuesday that later this month it will install the first automated teller machines in the United States that let users buy and sell bitcoin, the latest step into the mainstream for the digital currency.

The kiosks, to be installed in Seattle, and Austin, Texas, are similar to ATMs but have scanners to read government-issued identification such as a driver's license or a passport to confirm users' identities.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy
KEYWORDS: bitcoin; bitcoinatm; papersplease

1 posted on 02/19/2014 5:56:10 AM PST by djf
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To: djf; Errant

We will see how this goes.


2 posted on 02/19/2014 6:00:05 AM PST by Lurkina.n.Learnin (This is not just stupid, we're talking Democrat stupid here.)
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To: djf
... scanners to read government-issued identification such as a driver's license or a passport to confirm users' identities

Kind of defeats one of the main selling points for Bitcoin's advocates - transaction privacy.

3 posted on 02/19/2014 6:03:04 AM PST by Paine in the Neck (Our Lives, our Fortunes, and our sacred Honor)
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To: djf

Just what the hell is this “bitcoin” stuff?

Seriously, how can you make value out of thin air?


4 posted on 02/19/2014 6:05:22 AM PST by the OlLine Rebel (Common sense is an uncommon virtue./Technological progress cannot be legislated.)
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To: Paine in the Neck

Privacy is not part of bitcoin’s appeal and it privacy from the government is out of the question. The appeal is simply to have currency that won’t depreciate.


5 posted on 02/19/2014 6:06:22 AM PST by palmer (There's someone in my lead but it's not me)
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To: the OlLine Rebel
Seriously, how can you make value out of thin air?

Same way the centralized currencies do, make it secure and relatively scarce. Bitcoin is designed for fraud prevention without centralized control, plus designed to prevent inflation (same design for both features)

6 posted on 02/19/2014 6:08:16 AM PST by palmer (There's someone in my lead but it's not me)
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To: djf

7 posted on 02/19/2014 6:09:46 AM PST by struggle
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To: palmer

So you’re saying someone has a reserve of REAL metal somewhere?

If this is just play money for on-line stuff, it’s worthless. I don’t get it.


8 posted on 02/19/2014 6:13:05 AM PST by the OlLine Rebel (Common sense is an uncommon virtue./Technological progress cannot be legislated.)
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To: the OlLine Rebel

Nobody has a real reserve anywhere, the big centralized currencies leased theirs away a long time ago. The way bitcoin works is that people can get the coins only by making sure that transactions are nonfraudulent. The amount of new coin released from the mining is strictly limited. That way you can be sure that your bitcoins will be worth something in the future subject to wild speculative swings of course. You can use to buy things you need online, or buy hard currency to buy physical things.


9 posted on 02/19/2014 6:18:27 AM PST by palmer (There's someone in my lead but it's not me)
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To: Lurkina.n.Learnin

The biggest problem with Bitcoin is the amount of data and how fast it’s getting generated.

You need a Bitcoin app running 7X24X52 just to keep the DB synchronized.

Then you hear of people saying “There are services for that...” well, then you are back to having some sort of counterparty exposure! That’s the same way as the old way!


10 posted on 02/19/2014 6:35:12 AM PST by djf (OK. Well, now, lemme try to make this clear: If you LIKE your lasagna, you can KEEP your lasagna!)
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To: djf
have scanners to read government-issued identification such as a driver's license or a passport to confirm users' identities.

That's racist.

11 posted on 02/19/2014 7:00:13 AM PST by a fool in paradise ("Health care is too important to be left to the government.")
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To: djf
You need a Bitcoin app running 7X24X52 just to keep the DB synchronized.

Not really. If your wallet isn't running for a few days or weeks, it synchs itself up the next time you open it. It may take an extra minute or two depending on how long you've been off-line, but it's not too bad.
12 posted on 02/19/2014 7:00:18 AM PST by mmichaels1970
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To: mmichaels1970

God Bless your internet connection speed!

I’m on a 1.2 mb/s dsl, 211 days behind in bitcoin DB synch.

Gonna take a day (or three or four or ...)

;-)


13 posted on 02/19/2014 7:03:33 AM PST by djf (OK. Well, now, lemme try to make this clear: If you LIKE your lasagna, you can KEEP your lasagna!)
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To: djf

Perhaps I have a whole roll of tinfoil wrapped around my head, but why is this alleged form of ‘currency’ not being smashed by the Fed? Setting up ATM’s is a bold move forward and nary a peep from the powers that be. Is this the new global currency based on ‘mining’ nothing yet requiring a passport or DL to access? Yes, I am well aware of the whole Federal Reserve power trip. Does it not seem odd that ‘they’ are ‘allowing’ this to progress?


14 posted on 02/19/2014 7:11:07 AM PST by Carthego delenda est
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To: the OlLine Rebel
If this is just play money for on-line stuff, it’s worthless. I don’t get it.

I think of the coins as more of a product than of a currency. A widget isn't backed by metal either. But it may be a product that is in demand, giving it real value.

The transactional security, potential for at least partial anonymity, the ability to bypass intermediaries and their fees for a transaction, and the (as yet) non-government control may make it a product that is in demand.

Here's how my relatively inexperienced mind looks at it:

A lot of computer power is needed to help keep up with and manage the ongoing ledger of transactions and help utilize the encryption necessary to create such a product. As a reward, the computers that do the work (miners) and the people that run them get to split up shares of the products as they are created. They can hoard them, exchange them online for products, or sell them off for real dollars in exchanges as they wish.
15 posted on 02/19/2014 7:12:29 AM PST by mmichaels1970
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To: Carthego delenda est

My thoughts exactly. Try to use gold or silver bullion for legal tender and you will see the walls of the graybar hotel real quickly.

How can this play money be used to “buy stuff” with?


16 posted on 02/19/2014 7:16:15 AM PST by biff (WAS)
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To: djf
211 days behind in bitcoin DB synch.

Yes, that's a lot of days to be behind.

I noticed the initial setup/sync took about that long for me as well. I think it took something like 10-12 hours (litecoin wallet) maybe more. But after that, I normally open up the wallet every week or two so it only takes a couple of minutes. I don't have a bitcoin wallet. I heard it was faster than litecoin's wallet but I'm probably wrong.

I can see that not running your wallet app for almost 7 months could result in a large delay to sync back up. Of course, if I don't run Windows for 7 months and I open it back up, I end up with about 30 hours of Windows updates to deal with as well.
17 posted on 02/19/2014 7:17:58 AM PST by mmichaels1970
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To: Carthego delenda est

It’s easier for the Feds to track this than to track cash. Even easier than credit card transactions since they don’t have to strong arm or inflitrate any corporations.


18 posted on 02/19/2014 7:18:49 AM PST by palmer (There's someone in my lead but it's not me)
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To: Carthego delenda est

Well, Bitcoins don’t, afaik, claim to be anything like “legal tender” or “dollars”.

So I’m not sure the FED has any jurisdiction. I mean I could go on Amazon and sell single hairs off the top of my head and the FED wouldn’t have power to stop it.

But that, sadly, is the failure of our system. Even if the FED were to admit it didn’t have the power to stop it, if Bitcoin (or anything else) became a threat to the dollar (FRN), then the FED would somehow INVENT the power to stop it!
And the courts and police would suck up and agree.


19 posted on 02/19/2014 7:23:55 AM PST by djf (OK. Well, now, lemme try to make this clear: If you LIKE your lasagna, you can KEEP your lasagna!)
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To: djf; Lurkina.n.Learnin; nascarnation; TsonicTsunami08; SgtHooper; Ghost of SVR4; Lee N. Field; ...

Click to be Added / Removed
20 posted on 02/19/2014 7:41:17 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: djf
New BitCoin ATM machines:


21 posted on 02/19/2014 7:45:08 AM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: palmer
It’s easier for the Feds to track this than to track cash. Even easier than credit card transaction

I agree that it's easier than tracking cash. Not so sure that it's easier than credit card transactions though.

Credit cards require verifiable identity information for the cardholder. I believe you can start a bitcoin wallet with no identification whatsoever. You can move coins in and out of it without any id. You simply need to have personal control over your wallet.

The bitcoin would be easier than cash to track because the transactions could possibly be traced back to the source ip address possibly proving that the transaction came from your computer.

With one handshake with a credit card company, millions of users' card data can be turned over. With bitcoin, the feds would have to individually trace and track down each user separately.

Export your wallet to a USB drive, throw your computer away, and say "what wallet?" and you may throw up a few roadblocks. Take your laptop to a public wifi network so your IP address can't be traced to you, and perform your transactions there. They might come up with your MAC address, but their level of difficulty in tracing has gone up (and there's ways around that too).
22 posted on 02/19/2014 7:51:30 AM PST by mmichaels1970
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To: palmer
The appeal is simply to have currency that won’t depreciate.

Bitcoins were worth over $1200 in December, and now they're below $600. I guess the idea is to get a bunch of suckers to buy and drive up the price, then quick dump them before they vanish into thin air.

BTW... what's the FDIC limit on insurance for them? Ah... right... $0.

23 posted on 02/19/2014 7:52:23 AM PST by Cementjungle
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To: Cementjungle

There are a few fluctuations due to speculation. Most people are just accumulating and not spending, slow velocity of money means deflation which jacks up the value of bitcoin. That should start to even out as more vendors accept them.


24 posted on 02/19/2014 8:01:10 AM PST by palmer (There's someone in my lead but it's not me)
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To: mmichaels1970

The chain contains a record of all transactions and various statistical techniques can be used to group buyers and sellers and that gives the feds lots of interesting info considering they are probably also buyers and sellers.


25 posted on 02/19/2014 8:03:18 AM PST by palmer (There's someone in my lead but it's not me)
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To: djf
So I’m not sure the FED has any jurisdiction. I mean I could go on Amazon and sell single hairs off the top of my head and the FED wouldn’t have power to stop it.

Any gains you make from Bitcoins would be taxable just like barter gains, or anything else. They just haven't yet hammered out the details (capital gains vs. ordinary income, etc.).

The IRS has the power to look into your safe deposit box, so I don't see why they wouldn't have the power to look inside your digital wallet if they have probable cause.

26 posted on 02/19/2014 8:23:31 AM PST by Cementjungle
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To: djf

I’ve developed a new currency.. It’s called CheezBit.

You can order as many as you like, the currency consists of 100 kilo chunks of swiss chee$e.

I currently have multiple restaurants, pizza parlors and fondue shoppes eager to embrace the cheese and trade in same.

You can even , Yes, cut the cheese. .. and make every smile.. as you leave a big tip.


27 posted on 02/19/2014 10:01:18 AM PST by NormsRevenge (Semper Fi - Revolution is a'brewin!!!)
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To: NormsRevenge

Hey Norm... Semper Fi,

I see in your signature a revolution brewin. I beleive it was one of the Rothchilds who said ( I paraphrase) he cared not who makes the laws as long as he controlled the money.

It is clear to me that you use humor as a defense mechanism for a lack of understanding of what Bitcoin and it’s underlying protocol is. It is truly a revolution that will and is changing everything.

Did anyone see the practical value of watching a box with pictures and sound in your home? Every home now has a television.

The great Paul Krugman /s said that the internet would have the same economic impact as the fax machine. He was dead wrong as usual.

Bitcoin is a new invention and as such it is hard to get our minds around it. It is not unicorn money, fairy dust or cheese.

If you don’t want to get left behind economically I suggest you ramp up your brain housing unit and learn as much as you can and most importantly take action. This technology is here to stay and can not be uninvented.
Semper Fi Teufel Hunden!


28 posted on 02/19/2014 3:37:34 PM PST by TsonicTsunami08
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