

$100K traded through Vancouver's Bitcoin ATM in one week [video] - lelf
http://www.vancouversun.com/100K+traded+through+Vancouver+Bitcoin+week/9145774/story.html

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asperous
Accepting cash only seems like the right way to go.

Here's an article explaining what it's like to purchase a bitcoin:

[http://nymag.com/daily/intelligencer/2013/04/i-bought-a-
bitc...](http://nymag.com/daily/intelligencer/2013/04/i-bought-a-bitcoin.html)

Relevant quote:

> "Shouldn't my Bitcoin have arrived by now? My issue points to a larger
> problem for the Bitcoin economy. If Bitcoin wants to become a global
> currency used by the masses, CVS cash-drops won't work. It needs simple,
> intuitive methods to convert major world currencies into BTC and back."

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D9u
I'm still kicking myself for not buying into BTC back when the exchange rate
was $0.50 per BTC.

That said, I keep wondering when the crooks in the "District of Criminals"
will raid Bitcoin the way they did Liberty Reserve.

~~~
nly
Why would anyone in DC 'raid' Bitcoin (which isn't possible in any comparable
sense to LR btw)? The Feds are now major stakeholders, holding 100,000s of
coins.

~~~
shredfvz
160k btc is worth $64M at $400/coin. It's a drop in the bucket. The Fed prints
40X that amount in USD on a daily basis.

~~~
praxeologist
Yup, I am amazed at how people seem to be blind at the scale of money when we
are talking about whatever. I can't be arsed to dig up credible sources ATM
but my business is ecigs so I pay attention to the lobbying by big tobacco and
pharma against ecigs. The federal government isn't supposed to use tax money
for lobbying but there are loopholes which essentially allow it. The number I
remember is something like $2 billion given to anti-nicotine zealots to end up
lobbying even though it is truly said to be for some sort of "social awareness
service". There are billions given out for war and Fed thrift plus all sorts
of horrible programs but they seem to come up short for $20 million for some
sort of space program.

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tpurves
Wow. These ATM operators to read up on anti-money laundering and anti
terrorist financing laws. There are laws against what they are doing, and at
that volume, Federal regulators are likely to notice and come down hard on
these guys.

~~~
simonk
They did, you have to give a palm scan and only allowed to exchange up to
$3000 per day.

~~~
Fundlab
Are you referring to Canadian Federal regulators or the american ones?

~~~
simonk
Canadian.

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flippyhead
OK, who here is going to make/install one in Seattle!?

~~~
dustcoin
A guy in Seattle ordered an ATM from
[https://lamassu.is/](https://lamassu.is/) a while ago and hopes to set it up
in a local business when it arrives. Unlike the machine in the article, the
Lamassu ATMs only accept cash and dispense BTC.

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antonius
The article states that the next planned ATM will be in Toronto. Are these
planned for Canada only as of now or will other parts of the world be
deploying these as well?

~~~
neilk
It's a Canadian company (Bitcoiniacs), but the ATMs are made by an American
company (Robocoin). So the Bitcoiniac ATMs seem like they will be limited to
Canada for the time being, as far as I know. (I spoke a bit with them at the
opening event).

But maybe other firms in other countries might be able to order devices from
Robocoin, if they can figure out the regulatory issues in their country.

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m9pCXgFDQb
How do Bitcoin ATM Operators make money from this? In other words, if I were
to purchase an ATM from robocoinkiosk.com and install the ATM somewhere, do I
get a cut of every transaction? I'm not planning on doing this, just curious
how the system works.

~~~
icebraining
From the site you linked to: "Earn a percentage on each buy and sell
transaction."

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pepijndevos
So you put in cash, but where do the btc go?

Does it make you enter your key?

