Bitcoin ATM

[ZenOps]

http://news.cnet.com/8301-13578_3-57570925-38/need-bitcoins-this-atm-takes-dollars-and-funds-your-account/

Uh huh.

[dawerks]

A one way ATM?

What about withdrawing bitcoins for cash? I must be getting old, this sounds like a 'bad' idea. Which means, since I'm old, the opposite happens so it's actually a GOOD idea.

[BigMass]

call me when i can used bitcoin to fill up my gas tank, buy groceries from safeway, eat out at a restaurant or buy a laptop from memory express.

[dawerks]

Probably a little off topic, but why don't the credit card companies eat Paypal's lunch? You think they could do what paypal is doing but better/cheaper?

Then you could use the ccpaypalrip off for all sorts of transactions like bigmass said. It would be neat to 'paypal' the gas station for gas (or even better, tap to pay from your smartphone?)

...I don't even own a cell phone so this is just me dreaming of flying cars I guess...

[ZenOps]

Originally posted by dawerks
Probably a little off topic, but why don't the credit card companies eat Paypal's lunch? You think they could do what paypal is doing but better/cheaper?

Then you could use the ccpaypalrip off for all sorts of transactions like bigmass said. It would be neat to 'paypal' the gas station for gas (or even better, tap to pay from your smartphone?)

...I don't even own a cell phone so this is just me dreaming of flying cars I guess...

Credit card companies are required to use legal tender. Bitcoin is technically its own currency that can be valued against things like US$ and Euros.

You might have that the wrong way around: Paypal and Bitcoin could destroy the Credit card companies given enough popularity, could even destroy the Euro, the Loonie, the US dollar.

There is zero currency baggage associated with Bitcoin, no weird laws, no weird taxes, no flow restrictions. So it makes no sense to use a virtual US dollar in comparison to a Bitcoin when you think about it.

[dawerks]

... weird part of youtube again, how did I get here?

[Kramerica]

Bitcoins are about as valuable as chuckie cheese tokens. No government is backing its value, and nobody wants it. The only thing it seems to be useful for is the black market when people don't want a paper trail, still at some point the end user is going to want something they can buy in a store.

Sounds a little bit like a ponzi scheme come to think of it.

[sheik_yerbouti]

Bitcoins are only good for buying drugs over the internet. http://motherboard.vice.com/blog/traveling-down-the-silkroad-to-buy-drugs-with-bitcoins

[Modelexis]

I'm the idiot that converted all his bitcoins to CAD when they went to 29$ / coin
Now it's at nearly 40$

duuuurrp
I'm a terrible investor.

[effingidiot]

Originally posted by Kramerica

Sounds a little bit like a ponzi scheme come to think of it.

Congratulations: you've just described every single fiat currency in circulation.

[Benny]

I still don't get bitcoins. Many people have tried many ways to explain what a bitcoin is to me, but I just don't understand.

[dawerks]

Originally posted by sheik_yerbouti
Bitcoins are only good for buying drugs over the internet. http://motherboard.vice.com/blog/traveling-down-the-silkroad-to-buy-drugs-with-bitcoins

You can 'buy' them, but how do you 'get' them? They ship them to your door?! I see a flaw in this plan.

Does UPS make deliveries to 'the shrubs infront of my neighbors house'??

[sputnik]

Might be handy for strippers to convert their singles into bitcoins and then bitcoins back into cocaine and meth.

[sheik_yerbouti]

Originally posted by dawerks


You can 'buy' them, but how do you 'get' them? They ship them to your door?! I see a flaw in this plan.

Does UPS make deliveries to 'the shrubs infront of my neighbors house'??

I don't think that they screen domestic shipments. So they're probably sent through Canada Post. There is another black market site out there that sells guns and there is a guy who will ship you an AK47 in 3 separate packages over domestic mail. The reviews were positive.

[Benny]

Originally posted by dawerks


You can 'buy' them, but how do you 'get' them? They ship them to your door?! I see a flaw in this plan.

Does UPS make deliveries to 'the shrubs infront of my neighbors house'??

You're relying on the fact that the postal service can't possibly screen all the mail that comes through. And then if they were to find your envelope full of blow, you can essentially deny that you ever ordered/paid for it because there's inherently no paper trail. Accepted knowledge is that they'd just confiscate it and that's that.

[ZenOps]

Originally posted by Kramerica
Bitcoins are about as valuable as chuckie cheese tokens. No government is backing its value, and nobody wants it. The only thing it seems to be useful for is the black market when people don't want a paper trail, still at some point the end user is going to want something they can buy in a store.

Sounds a little bit like a ponzi scheme come to think of it.

Most currencies are ponzi, some more than others (Zimbabwe dollar, German Mark, Hungarian Pengo, Chinese Yuan, Mexican Peso)

Its just a matter of when they implode. For Germany and the Mark it was 1923, for China and the Yuan it was 1948, Mexico 1993.

Both the US and Canada have yet to have a currency crisis, but China has had several over its millenia, as have most European nations (France having had several) A currency crisis usually meaning at least a 1,000x devaluation in less than a year ($1,000 buying less than $1 worth of goods)

"Government backing" might not mean as much as you might like to want to believe it means. I hope and prey that the US or Canadian dollar never collapses before I'm gone, but one would have to be completely blind to not see that something is wrong.

Save your nickels (especially if you have kids)

BTW: Chuck E Cheese tokens go for quite a bit.

http://www.ebay.ca/itm/34-VTG-Arcade-Game-Tokens-Chuck-E-Cheese-Malibu-Pizza-Time-Gold-Mine-Six-Flags-/190738830752

[AndyL]

Originally posted by ZenOps


BTW: Chuck E Cheese tokens go for quite a bit.

http://www.ebay.ca/itm/34-VTG-Arcade-Game-Tokens-Chuck-E-Cheese-Malibu-Pizza-Time-Gold-Mine-Six-Flags-/190738830752
Cmon zenops, I'm dissapointed in you... what's the nickle content of those arcade tokens?

[ZenOps]

Texas and California tokens made in the 1980's. It would be pretty safe to guess 0%, maybe 25% if silverish in appearance. "Painted" Chuck E Cheese tokens pre-1985 or so have a chance of pull down $20 (or so it seems)

Now Canadian tire made a limited number of coins, those are 2.2% nickel if magnetic, and 25% if not magnetic. Highly collectable, as are older Canadian tire bills.

The 3 cent Canadian tire note is suprisingly common for an old bill. I'd love to get my hands on a 2 1/2 cent note.

http://numismondo.com/pm/can/index_0900.htm

Canada has always had a much much wider monetary policy than the US. If the US had "US tire" which competed directly against the US dollar, they would have sued it and killed it off decades ago.

[natty54]

prices went down $160 today

[Xtrema]

Look like DDOS caused a run and someone shorted it made a killing

[davidI]

Originally posted by sputnik
Might be handy for strippers to convert their singles into bitcoins and then bitcoins back into cocaine and meth.

I was going to say "But I can't throw bitcoins at their vajayjays" and then saw your part about converting singles into bitcoins.

[nzwasp]

CBC had a piece at 8.30am this morning on the current (i think) and it was all about bitcoin and bitcoin ATM.

Of course the guy that was talking about the atm part of it only talked about it for about 30 seconds before launching a 5min tirade about how all the major banks in europe and the US are going to fail like cyprus did.

[BigMass]

Bitcoin solves a problem where none existed unless you absolutely need anonymity. Paypal, credit cards and other currencies fulfill the need for everyday transactions, while gold, real estate, stocks or w/e other vehicle you prefer else can fulfill the need for a store of value / shelter against inflation. Merchants have zero reason to use bitcoin. In fact, they have tons of reason not to. Ok, I just sold you a laptop for 10 bitcoins worth $100 each. Great. Then in 1 week those bitcoins are now worth $1, or maybe $1000, or maybe zero. There is no price stability, crap liquidity and zero recourse against theft or loss. It’s completely and utterly useless unless; a) a gangster that needs to buy and sell drugs, guns, women, b) I’m some miscer or 4channer that thinks this is the greatest thing since slot machines were invented. I mean, if you’re going to buy and sell this crap and hope to turn a profit doing so, why not take the time to learn how to day trade and you might pick up a practical skill. You can spin it all you want about the merits of a new competing anonymous crypto currency and how it’s going to liberate humans from the clutches of the NWO banksters, but as of now, Bitcoin is nothing more than a virtual casino.

[ZenOps]

Originally posted by nzwasp
CBC had a piece at 8.30am this morning on the current (i think) and it was all about bitcoin and bitcoin ATM.

Of course the guy that was talking about the atm part of it only talked about it for about 30 seconds before launching a 5min tirade about how all the major banks in europe and the US are going to fail like cyprus did.

They might. If they stop printing Euros and US dollars and start to contract the money supply (by destroying dollars to reign in inflation) then many banks will ultimately fail due to lack of capital.

Truth be known, most bank branches only have a tonne of copper and nickel, and a whole lot of IOU's in the form of 2.99% mortgages which they have to pay 1.5% to depositors and still manage to live on the 1.5% difference, which can only be done if 95% of people actually intend to pay their debts and not default.

Deposits are a liability to the banks. Banks like TDbank will actually give you 0.00% if you deposit more than $5 million. They don't want that level of liability, banks absolutely hate savers right now (its killing them that they have to try and give out 1 to 1.5% at a time when everything is contracting in actual wealth generation)

The numbers do not lie, the margins are thin - and if money is not printed, more and more banks will fail.

Will bitcoins save one in that scenario? No, not really.

[bob9979]

great discussion.

btw volatility is crazy today, how far can bitcoin go?

[liquid1010]

Originally posted by effingidiot
Congratulations: you've just described every single fiat currency in circulation.

Except the key fact that government currencies are backed by their taxing authority........... but you know, that's just a minor thing. :banghead:

[Tej.S]

Originally posted by BigMass
Bitcoin solves a problem where none existed unless you absolutely need anonymity. Paypal, credit cards and other currencies fulfill the need for everyday transactions, while gold, real estate, stocks or w/e other vehicle you prefer else can fulfill the need for a store of value / shelter against inflation. Merchants have zero reason to use bitcoin. In fact, they have tons of reason not to. Ok, I just sold you a laptop for 10 bitcoins worth $100 each. Great. Then in 1 week those bitcoins are now worth $1, or maybe $1000, or maybe zero. There is no price stability, crap liquidity and zero recourse against theft or loss. It’s completely and utterly useless unless; a) a gangster that needs to buy and sell drugs, guns, women, b) I’m some miscer or 4channer that thinks this is the greatest thing since slot machines were invented. I mean, if you’re going to buy and sell this crap and hope to turn a profit doing so, why not take the time to learn how to day trade and you might pick up a practical skill. You can spin it all you want about the merits of a new competing anonymous crypto currency and how it’s going to liberate humans from the clutches of the NWO banksters, but as of now, Bitcoin is nothing more than a virtual casino.

I think you summed it up perfectly, especially the miscer/4channer part haha.

[4DoorGTZ]

^ above comments don't have any bearing on those that mine BTC.

In effect BTC miners are the printing press and the transaction verification tool. Creating the coins and becoming the first in the chain of spending that is needed to keep the btc economy going. If everyone hoarded or used them to day trade it wouldn't be worth anything. I've got a stockpile of silver purchased with BTC that I've mined myself and besides the initial (used) hardware purchase it cost me nothing (condo w/free electricity)