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Author Topic: Robocoin: BitCoin ATM  (Read 7452 times)

lee n. field

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Re: Robocoin: BitCoin ATM
« Reply #25 on: November 17, 2013, 07:17:03 PM »
Mt. Gox, today, jsut shy of $500 each.

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DustinD

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Re: Robocoin: BitCoin ATM
« Reply #26 on: November 18, 2013, 04:51:51 AM »
http://www.forbes.com/sites/kashmirhill/2013/11/15/bitcoin-companies-and-entrepreneurs-cant-get-bank-accounts  It seems banks are closing off any business with any bitcoin company. Even a company that made silver commemorative coins with the bitcoin logo on them lost their bank account. The reason for banks refusing to do business with them seems to be the incredible scrutiny the government puts on them with AML/KYC (anti money laundering / know your customer), and the large amount of liability the banks face if their customers launder money.

http://contrariancompliance.com  This is a pretty interesting blog by a former corporate compliance officer. He talks about the regulatory hurdles the bitcoin exchanges face and why banks wont (actually can't) work with them.
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AZRedhawk44

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Re: Robocoin: BitCoin ATM
« Reply #27 on: November 18, 2013, 05:19:06 PM »
Quote from: DustinD on November 18, 2013, 04:51:51 AM
http://www.forbes.com/sites/kashmirhill/2013/11/15/bitcoin-companies-and-entrepreneurs-cant-get-bank-accounts  It seems banks are closing off any business with any bitcoin company. Even a company that made silver commemorative coins with the bitcoin logo on them lost their bank account. The reason for banks refusing to do business with them seems to be the incredible scrutiny the government puts on them with AML/KYC (anti money laundering / know your customer), and the large amount of liability the banks face if their customers launder money.

http://contrariancompliance.com  This is a pretty interesting blog by a former corporate compliance officer. He talks about the regulatory hurdles the bitcoin exchanges face and why banks wont (actually can't) work with them.

Last thing I want is banks getting involved in BTC.

Perfectly happy letting BTC be the rogue international underground currency it is.  I know people from whom I can buy chicken eggs, tilapia, fresh produce and other stuff, using BTC.  It's not all drugs and kiddie pr0n and hitmen like it's made out to be.  I know people from whom I can buy a used but good condition vehicle using 90% BTC and 10% cash (cash amount goes on State title transfer).

The beautiful thing about it, is cottage industry is growing around it.  People are investing post-tax FRN revenues into raw materials, and producing added value that is only for sale in BTC or PMs.  They've taken their added-value-contributions off the tax radar.  And that's a good thing.  As that grows, the raw material chain available to be purchased in BTC will feed backwards up the supply line until FRN's become less and less important.
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lee n. field

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Re: Robocoin: BitCoin ATM
« Reply #28 on: November 19, 2013, 04:07:18 PM »
Quote from: AZRedhawk44 on November 18, 2013, 05:19:06 PM
Last thing I want is banks getting involved in BTC.

Perfectly happy letting BTC be the rogue international underground currency it is.  I know people from whom I can buy chicken eggs, tilapia, fresh produce and other stuff, using BTC.  It's not all drugs and kiddie pr0n and hitmen like it's made out to be.  I know people from whom I can buy a used but good condition vehicle using 90% BTC and 10% cash (cash amount goes on State title transfer).

The beautiful thing about it, is cottage industry is growing around it.  People are investing post-tax FRN revenues into raw materials, and producing added value that is only for sale in BTC or PMs.  They've taken their added-value-contributions off the tax radar.  And that's a good thing.  As that grows, the raw material chain available to be purchased in BTC will feed backwards up the supply line until FRN's become less and less important.

Know any place one can order an SP101 for bitcoin?
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AZRedhawk44

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Re: Robocoin: BitCoin ATM
« Reply #29 on: November 19, 2013, 04:48:42 PM »
Pay me enough BTC and I'll sell mine for it.

You're not in my State so there'd be an FFL transfer as well, nothing I can do about that.

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lee n. field

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Re: Robocoin: BitCoin ATM
« Reply #30 on: November 19, 2013, 07:41:53 PM »
Quote from: AZRedhawk44 on November 19, 2013, 04:48:42 PM
Pay me enough BTC and I'll sell mine for it.

You're not in my State so there'd be an FFL transfer as well, nothing I can do about that.

Of course.

I might just check with you in a couple months.  That depends on the estate settlement process, and how much is left after creditors get paid.  And where the Bitcoin to FRN rate goes.
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Gewehr98

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Re: Robocoin: BitCoin ATM
« Reply #31 on: November 19, 2013, 08:48:10 PM »
That would also depend on what BitCoin is doing.

It's been fluctuating so much that you need to be very cognizant (within minutes?) of the dollar value before tendering the stuff.
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Headless Thompson Gunner

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Re: Robocoin: BitCoin ATM
« Reply #32 on: November 19, 2013, 11:27:10 PM »
Quote from: AZRedhawk44 on November 15, 2013, 02:31:17 PM
It's fiat, but it's not government fiat.
Minor nitpick: bitcoin isn't even fiat money.  There's no authority or power behind it, nothing to compel its use or acceptance.

Quote from: RoadKingLarry on November 14, 2013, 10:23:23 PM
Bitcoin bubble?
Very likely.  My father (a bond trader) recently asked me about bitcoin.  Seems bitcoin is becoming quite a buzzword among traders and speculators.
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AZRedhawk44

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Re: Robocoin: BitCoin ATM
« Reply #33 on: November 19, 2013, 11:57:04 PM »
Quote from: Headless Thompson Gunner on November 19, 2013, 11:27:10 PM
Minor nitpick: bitcoin isn't even fiat money.  There's no authority or power behind it, nothing to compel its use or acceptance.
Very likely.  My father (a bond trader) recently asked me about bitcoin.  Seems bitcoin is becoming quite a buzzword among traders and speculators.

http://www.businessdictionary.com/definition/fiat-currency.html

I've often heard of BitCoin being referenced as a fiat currency, just a fiat currency that isn't backed by a government.  It isn't backed by anything except the integrity of the blockchain.

It has no intrinsic worth or backing, like all other fiat currencies.  It's primary value is exactly the polar opposite of gold:  Gold is physical and easily taken by force, whereas bitcoin is digital, can be backed up and as long as it isn't transacted can be stored in multiple disaster-resistant locations in the event of device/wallet theft, and force has no ability to command it.  XKCD comic strips aside, of course.



The biggest things threatened by BTC right now are probably credit card processors.  Who would want to pay 3% of every transaction for electronic processing, when you can take BTC and lose 0.01% of the transaction instead?  Then western union and banks, too.

And, of course, IRS/DEA/FBI/LocalPoPo asset forfeiture revenues.
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Headless Thompson Gunner

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Re: Robocoin: BitCoin ATM
« Reply #34 on: November 20, 2013, 10:35:24 PM »
Meh.  Fiat currencies do have something backing them.  They're backed by the legal force of their issuing governments, which have the power to make them the legal tender within their borders.  That's no small thing in nations that have respectable economies.  Bitcoin doesn't have anything like that. 

Bitcoin has many interesting qualities.  But in comparisons against fiat currencies of functioning governments, bitcoin's strength and backing falls way behind.

Just something to keep in mind.
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DustinD

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Re: Robocoin: BitCoin ATM
« Reply #35 on: November 21, 2013, 05:27:03 AM »
Bitcoin went up to $950 and now is down to $600. Anyone have a time machine I can borrow for a few minutes. I need to go back a few years.
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freakazoid

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Re: Robocoin: BitCoin ATM
« Reply #36 on: November 21, 2013, 08:53:44 AM »
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Harold Tuttle

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Re: Robocoin: BitCoin ATM
« Reply #37 on: November 21, 2013, 09:12:19 AM »
a miner on arfcom has about 12 million $ in BTC that he announced liquidation plans for on Monday
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AZRedhawk44

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Re: Robocoin: BitCoin ATM
« Reply #38 on: November 21, 2013, 10:13:05 AM »
Quote from: Harold Tuttle on November 21, 2013, 09:12:19 AM
a miner on arfcom has about 12 million $ in BTC that he announced liquidation plans for on Monday


I still think that:
1. We are not at the top of this new "bubble" in BTC
2. It's not going to pop.  It will probably deflate by 10-25% when we hit the top, but it's not going to be the implosion that most people think.


Remember the Greek/Cypriot bank runs.  That took BTC to over $300, briefly.  But then once the situation was over, it halved overnight.

In this case, there's no bank run or economic disaster driving the demand (other than Keynesian policies in general).  It's just awareness that is driving it.  Perhaps a bit of the demand is can be attributed to BTC being a new fad in the currency speculator marketplace.  But there's no crisis event to be "over with" for BTC to implode for a second time.  It's just a demand curve that will even off when supply can meet the demand. 
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CNYCacher

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Re: Robocoin: BitCoin ATM
« Reply #39 on: November 21, 2013, 10:24:09 AM »
Quote from: Headless Thompson Gunner on November 20, 2013, 10:35:24 PM
Meh.  Fiat currencies do have something backing them.  They're backed by the legal force of their issuing governments, which have the power to make them the legal tender within their borders.  That's no small thing in nations that have respectable economies.  Bitcoin doesn't have anything like that. 

Bitcoin has many interesting qualities.  But in comparisons against fiat currencies of functioning governments, bitcoin's strength and backing falls way behind.

Just something to keep in mind.

Also keep in mind that fiat currencies can be hyperinflated at the stroke of a pen. bitcoin can not. it's inflation rate is predicted, declining, and will become zero
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freakazoid

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Re: Robocoin: BitCoin ATM
« Reply #40 on: November 21, 2013, 10:57:39 AM »
With all this talk I remember that I had wallet with a little bit in it, got in back in August of last year but the only way I got some was from some of the free sites giving out less than a full bitcoin. I've got a wopping 0.205! Woohoo! :rofl: Back then I had looked into mining but couldn't figure it out and eventually forgot about it. Finally did it last night and have my computer mining away in a mining pool.  =D Only hump out about 57 mh/s

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"so I ended up getting the above because I didn't want to make a whole production of sticking something between my knees and cranking. To me, the cranking on mine is pretty effortless, at least on the coarse setting. Maybe if someone has arthritis or something, it would be more difficult for them." - Ben

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lee n. field

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Re: Robocoin: BitCoin ATM
« Reply #41 on: November 21, 2013, 12:08:49 PM »
I'll need to check what rate the Buterfly Labs cube from my son's stuff is doing.  It's been on here since Oct. 11, generated I think about .25 bitcoin.  Pretty good for a little 40 watt cube connected to an otherwise unused netbook.  I contemplate plowing the proceeds into another one.

I received the PC he was trying to set up for a miner a couple days ago.  1200 watt power supply, gamer grade video card, fast Asus board, 3.4GHz AMD CPU, blah blah blah.  I don't think he ever got it to quite work right.  I do know there's an email to his landlord apologizing for inadvertently upping the household power usage 30% one month, from his miner.

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Gewehr98

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Re: Robocoin: BitCoin ATM
« Reply #42 on: November 21, 2013, 03:18:12 PM »
You'll spend more in kilowatt/hours running that PC with fast video card as a miner than you will earn in Bitcoin.

Stay with the Butterfly Labs machine - more Bitcoin/Watt. 
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lee n. field

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Re: Robocoin: BitCoin ATM
« Reply #43 on: November 21, 2013, 04:29:39 PM »
Quote from: Gewehr98 on November 21, 2013, 03:18:12 PM
You'll spend more in kilowatt/hours running that PC with fast video card as a miner than you will earn in Bitcoin.

Stay with the Butterfly Labs machine - more Bitcoin/Watt. 

Wasn't even thinking of using the PC for that.  One of his buddies/associates wanted to buy it, and that's fine with me.
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freakazoid

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Re: Robocoin: BitCoin ATM
« Reply #44 on: November 21, 2013, 07:04:24 PM »
Dangit! Was messing with my power settings last night and didn't realize I had turned off the never sleep when plugged in. So when I just got home from work I'm thinking it has been chugging away this whole time only to find out it put itself to sleep. :facepalm:
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"so I ended up getting the above because I didn't want to make a whole production of sticking something between my knees and cranking. To me, the cranking on mine is pretty effortless, at least on the coarse setting. Maybe if someone has arthritis or something, it would be more difficult for them." - Ben

"I see a rager at least once a week." - brimic

DustinD

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Re: Robocoin: BitCoin ATM
« Reply #45 on: November 21, 2013, 07:21:37 PM »
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Only hump out about 57 mh/s
That won't even pay for a small amount of the electricity it uses.

All of the news sources are talking about the big Senate hearings this week on bitcoin that drove the price up. http://www.cnbc.com/id/101205416 One of many examples. It seems things went well for bitcoin. If you want to get BTC from an actual CPU mine Primecoin and then trade them for Bitcoin. Peercoin may also be worth looking into.
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freakazoid

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Re: Robocoin: BitCoin ATM
« Reply #46 on: November 21, 2013, 07:31:12 PM »
I don't have to pay for utilities unless I go over a certain amount.  =D

I did a little reading on Peercoin and Litecoin. More research must be done.
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"so I ended up getting the above because I didn't want to make a whole production of sticking something between my knees and cranking. To me, the cranking on mine is pretty effortless, at least on the coarse setting. Maybe if someone has arthritis or something, it would be more difficult for them." - Ben

"I see a rager at least once a week." - brimic

DustinD

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Re: Robocoin: BitCoin ATM
« Reply #47 on: November 21, 2013, 07:54:50 PM »
The important thing is to match the architecture to the coin, or vice versa.
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AZRedhawk44

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Re: Robocoin: BitCoin ATM
« Reply #48 on: November 22, 2013, 02:58:51 PM »
up... and up... and up...  Wow.
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AZRedhawk44

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Re: Robocoin: BitCoin ATM
« Reply #49 on: November 24, 2013, 03:25:56 PM »
Something I've noticed the last couple of weeks during this surge in BTC:

It falls every weekend.

This is broker-driven. 
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I reject your authoritah!
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