Robocoin: BitCoin ATM

[AZRedhawk44]

http://www.wired.com/wiredenterprise/2013/10/bitcoin_atm_gallery/

I dislike this part:

You don’t need a bank account to use Robocoin and, at least in Canada, you don’t need any identification. The U.S. version of the machine will have more stringent identification requirements. But even the Canada model is rather complicated. It takes a scan of your palm and matches that to a database to ensure that you’re not buying more than CDN$3,000 per day — means of deterring money launderers — and then the machine connects to a back-en Bitcoin exchange to buy and sell your coins in realtime.

No thanks.  I'll keep buying my BTC face-to-face an anonymously.  Go *expletive deleted*ck yourself, banksters and statists.

[AZRedhawk44]

I'd use it if it doesn't compel a match on the handprint database... put a nitrile glove on when scanning your hand.   I doubt it has enforcement algorithms in the hand scan routine.  Though it probably takes video or still photos of each user.

[freakazoid]

What is a good way to buy some bitcoins?

[AZRedhawk44]

What is a good way to buy some bitcoins?

Cash, face-to-face.

localbitcoins.com.

[drewtam]

Where do the sellers get it?

[AZRedhawk44]

Where do the sellers get it?

"Mining."  Leaving specialized computers on that process the block-chain that makes bitcoin work. 

[lee n. field]

"Mining."  Leaving specialized computers on that process the block-chain that makes bitcoin work. 

The little box of my son's has generated (ok "mined") about $30 since I turned it on. 

[drewtam]

Hasn't the profitable mining pretty much dried up?

[AZRedhawk44]

Hasn't the profitable mining pretty much dried up?

No, and it probably never will.

Bitcoin cost will rise with the cost of mining rigs.

$5000 or so to get into 600GH/s mining rigs, and they'll probably break even at bitcoin's current exchange rate.  But that rate won't stay the same.

[freakazoid]

Cash, face-to-face.

localbitcoins.com.

Cool, thanks.

[lee n. field]

No, and it probably never will.

Bitcoin cost will rise with the cost of mining rigs.

$5000 or so to get into 600GH/s mining rigs, and they'll probably break even at bitcoin's current exchange rate.  But that rate won't stay the same.

Paid attention to that exchange rate?

When I started looking earlier this year, it was US$98/1BC.  For a while it was in the $140 to $150 range.  Then over $200.  

Today's low $305, high $395.

[drewtam]

I wonder if I can get a 2 for 1. Use a computer running the "mining" calcs to gain bit coin, and use the excess heat to help warm the kitchen or bedrooms during the winter like a productive space heater.

[AZRedhawk44]

I wonder if I can get a 2 for 1. Use a computer running the "mining" calcs to gain bit coin, and use the excess heat to help warm the kitchen or bedrooms during the winter like a productive space heater.

You'll get BTC... but it'll be teeny-tiny portions.  Probably less than $10 worth a month.

[Blakenzy]

*reads title*

Damn you Kenny Powers...

[drewtam]

http://online.wsj.com/news/articles/SB10001424052702303789604579196171277465460?mod=WSJ__MIDDLENexttoWhatsNewsFifth

Bitcoin Couple Travels the World Using Virtual Cash
World-Wide Odyssey Spanned Three Continents and Proved One Can Live on Bitcoin Alone

[AZRedhawk44]

BTC is stoopid-high right now.  $410 to $440 per 1 BTC.

And I don't think it's done yet.  $1000 by next year.

[lee n. field]

BTC is stoopid-high right now.  $410 to $440 per 1 BTC.

And I don't think it's done yet.  $1000 by next year.

I've been watching it.  I can see where my son bought some at ~$20 each.  When I started looking there were $98 each.  Then $140.  Then $200+.

Any idea what's behind it?

[AZRedhawk44]

I've been watching it.  I can see where my son bought some at ~$20 each.  When I started looking there were $98 each.  Then $140.  Then $200+.

Any idea what's behind it?

China has started getting into mining rigs recently.  They're the #2 mining society behind the US.

I don't know if the Chicoms are seeing it as a mechanism to use for international trade... I kinda doubt that actually.  It's still too new.  But, they're hedging their bets and getting into it in a big way.

[AJ Dual]

China has started getting into mining rigs recently.  They're the #2 mining society behind the US.

I don't know if the Chicoms are seeing it as a mechanism to use for international trade... I kinda doubt that actually.  It's still too new.  But, they're hedging their bets and getting into it in a big way.

I suspect it's all private Chinese activity.

And if Bitcoin makes it long term and is stable, it's value will need to be something north of $2000 USD/FRN's per BTC for sufficient liquidity and total BTC value for an international currency.

[AZRedhawk44]

I suspect it's all private Chinese activity.

And if Bitcoin makes it long term and is stable, it's value will need to be something north of $2000 USD/FRN's per BTC for sufficient liquidity and total BTC value for an international currency.

I've been expecting parity with an ounce of gold, give or take 25%.

[RoadKingLarry]

I've been watching it.  I can see where my son bought some at ~$20 each.  When I started looking there were $98 each.  Then $140.  Then $200+.

Any idea what's behind it?

Bitcoin bubble?

[AZRedhawk44]

Bitcoin bubble?

Possibility.

But the blockchain algorithm has recently become both harder, and less rewarding (25BTC rather than 50BTC per completed block), and 12.5BTC is around the corner rather than 25.

[Triphammer]

What's the commodity behind bitcoin or is it a fiat? metals? hard drive space?  What is the inherent value that bitcoin represents?

[AZRedhawk44]

What's the commodity behind bitcoin or is it a fiat? metals? hard drive space?  What is the inherent value that bitcoin represents?

It's fiat, but it's not government fiat.

In theory, it's un-forgeable.  Time will obviously test that, but the money supply is out of the hands of government with BitCoin.

The "value" is that, among those who accept it as currency, the electronic representation of 1 BTC is something that cannot be taken from another person by any mechanism other than the consent of the owner.

Frankly I think the best use of BTC is to move wealth across political and geographic boundaries without accountability to governments in between those locations.

[drewtam]

Its my understanding that the total number of BTC will asymptocially approach 21 Million Bitcoin. So even though fiat, it is claimed that the total monetary base will never exceed that volume. I don't know if the algorythm can be changed ex-post-facto to increase this ceiling.

I've proposed that the monetary base can probably increased by fractional reserve banking. But I haven't explored it enough to "prove it".

If it turns out that it is not possible to expand the base, then BC will be highly deflationary as its popularity increases. This will strongly reward those who get in early, and makes any loans denominated in BC risky.