HN Theater @HNTheaterMonth

⬐ 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.

⬐ oijaf888

Are they really stakeholders? Given they are in control of the most valuable currency on the planet, why would they care if they realized the value of a hundred thousand coins or if they didn't?

⬐ 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.

⬐ gojomo

Still, the DoJ might like to use it for law-enforcement toys, as with other seized funds. (The DoJ can't print its own money and like other agencies, fsces practical budget limits.)

Which raises the interesting question: if they win their case against Ulbrecht, and the right to keep the coins, what will be signalled by the moment and method thay choose to liquidate?

Should whatever exchange they use be happy — chosen by the FBI! — or fear it's a trap?

Might the Feds be signalling, based on inside info of upcoming enforcement, that the BTC/USD rate is at a local maximum?

⬐ 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.

⬐ 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.

⬐ flippyhead

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

⬐ dustcoin

A guy in Seattle ordered an ATM from 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.

⬐ 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?

⬐ None

None

⬐ 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.

⬐ 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."

⬐ pepijndevos

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

Does it make you enter your key?

⬐ 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...

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."