

NH-based entrepreneurs to launch Bitcoin ATM this week - morisy
http://www.bizjournals.com/boston/blog/startups/2013/05/bitcoin-atm-lamassu-manchester-nh-this.html

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malgorithms
I wonder if it accepts counterfeit dollars. [edit:] to clarify, I don't mean
this as a joke. It seems that they're not paying out cash (only taking in)
because they don't trust the depositor and have to wait anywhere from 10 mins
to a couple hours for a transaction. But how can they trust the incoming cash?
It seems like a perfect venue for a counterfeiter.

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fsckin
I would guess that they're using a standard bill acceptor that does optical
and magnetic tests.

They'd have to be really good fake bills.

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thechut
This! The exact same way a regular ATM ensures deposits are legitimate.

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nwh
For some reason I always thought that was a manual affair. In Australia
deposits are just money stuffed in an envelope with your intended value on it,
that go into a slot in the ATM.

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wtvanhest
The US has fully automated machines. They even can read checks.

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csense
Checks? Seriously? They must have some badass OCR.

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jstanley
For anyone else confused, I believe NH means "New Hampshire".

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astrodust
Title should be adjusted since I'm sure a lot of people don't know what that
abbreviation is.

You might even guess it's related to "NiMH" or is some other kind of chemical
compound.

~~~
csense
I had to learn all fifty states' postal abbreviations and capital cities in
elementary school, back in the 20th century. Seriously, kids these days! Now
get off my lawn.

(And if you're reading this and you're not an American? You should learn this
stuff anyway, because the world revolves around US.)

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codesuela
This is not to be confused with the other Bitcoin ATM. The "ATM" described in
this article is more of a Bitcoin vending machine.

Bitcoin ATM: <https://bitcoinatm.com/media/pictures/flagship1.png>

Bitcoin Machine (the one this article is about):
[http://rack.1.mshcdn.com/media/ZgkyMDEzLzA1LzAyLzEzL0xhbWFzc...](http://rack.1.mshcdn.com/media/ZgkyMDEzLzA1LzAyLzEzL0xhbWFzc3VCaXRjLjViNWEzLmpwZwpwCXRodW1iCTEyMDB4OTYwMD4/9b7b81c3/5aa/Lamassu-
Bitcoin-ATM.jpg)

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jrochkind1
i don't get it, in what form/format does this machine 'dispense' bitcoins?

I'm not a bitcoin expert, but bitcoins are digital currency, right? How does a
physical machine dispense digital currency? You attach a USB drive to it or
something?

~~~
thechut
I can't be sure of this. But my guess other than a USB drive like you
mentioned would be, you simply input a Bitcoin address for them to be sent to.

This way you could send the Bitcoins to a personal wallet, online hosted
wallet, or even straight to Mt. Gox.

Or perhaps it does something more physical like creating a new wallet for you
and physically prints out the private key of the wallet for you to keep with
you.

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sp332
All on one page:
[http://www.bizjournals.com/boston/blog/startups/2013/05/bitc...](http://www.bizjournals.com/boston/blog/startups/2013/05/bitcoin-
atm-lamassu-manchester-nh-this.html?page=all)

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bisrael
Please enter your 27-34 hexadecimal pin:

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downrightmike
Where is NH? Doesn't cover that.

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maeon3
If I get paid in Bitcoins and only spend bitcoins, can I still report that I
earned zero Monopoly Money-US dollars this year?

Does that mean when this takes off I can earn, exchange and sell units of
future human labor without the friction of governments taking 25% to 35% of
it?

We can assume the government will spare no expense in destroying bitcoin by
fiat by making laws against it, and if that doesn't work, using economic hit-
men, supporting jackals, or the old trusty domestic military action with
soldiers from Georgia and Virginia to break down the door of anyone caught
using it under the table.

The question is, how is this war going to unfold? Will the US dollar be
allowed to be exposed as the always-inflating Monopoly Money it is, and slowly
fade out over the next 20 years? So many possibilities.

If bitcoin can survive laws that make it illegal, taxes on it that make it
less useful than USD, assassinations of key figures, the destruction of
companies promoting it, and domestic military action, then bitcoin might have
a shot at becoming the next world currency.

Otherwise, a combination of these things will erase it to a footnote in the
history books. But you can be darn certain that the government is going to
levy their tax on the income of bitcoins. In the interests of the sovreign, to
promote "fairness".

~~~
wwosik
The government does not levy taxes on US dollar, but on the income, be it in
dollars, monopoly money, bitcoins, mussels or pigs. It's just in some cases
the low scale of the phenomenon makes collecting the tax more expensive than
the collected sum. However, if the alternate currency should rise above a
certain level you can be sure, it will be taxed.

And the government really does not levy the tax because "they are evil them",
but because the governed society has certain needs that can only be fulfilled
by common effort and it would be good to minimize freeridership. Of course one
can discuss whether certain governmental activities are needed or not, but to
abandon all government wouldn't do any good.

~~~
maeon3
But if I earn only bitcoins. The government wants their stake. I guess I would
be forced to exchange some of my bitcoins for US Dollar and then give them
that? I suppose that's actually good! As the government inflates the Dollars I
don't feel much inflation because I only held dollars in the time it took me
to move the money from A to B.

It would be fine that the government shoots all US dollar holders in the foot
by inflating their currency, the value of bitcoin relative to dollars would
always increase, because the US Dollars would asymptotically approach zero
value over time, as it has been. The bitcoin I worked hard to earn would
retain their value. And the burglars would use their old fashioned tools to
pilfer trillions from all Dollar holders, and will be forced to yet again
shout: "darn" when they figure out they are only stealing from their left
pocket to put into their right pocket. A waste of time.

~~~
wmf
_... the value of bitcoin relative to dollars would always increase..._

Also known as taxable capital gains.

~~~
herge
If the bitcoins are given in exchange for work, he is taxed as if it was
income, and at income tax rates, much like if he was given a stock grant in a
public company. Also, these taxes are calculated when he is paid, not when he
sells the bitcoins, so if they lose value, he is still on the hook for the
full income tax (which is in USD in the US).

However, if he sells bitcoins in the future, he will be forced to pay capital
gains taxes on the difference in price between when he received the bitcoins
(and paid income tax then) and when he sells. If he sells at a loss, he can
use his losses to offset his income tax.

