Bitcoins are officially donkdown

[sonatine]

My friend purchased 10 Bitcoin ATM's and he is receiving shipment of the 1st one this week. Not sure if that is a sign of a top or not. LOL. I will be helping set it up. From what I understand, the ATM itself has a local wallet and the machine will communicate with a server in the cloud. Clueless about programming but I think it is mostly cut and paste. Should be interesting to see what kind of volume it gets.

The big worry is the supplier having a built in backdoor to steal your coins. Any feature of the machine could trigger it and if they have a server component the rogue code could use that authorized port/IP to ship your coins out. Nothing you can do to protect yourself. I've seen a few in convenience stores around here. Never seen anyone using one.

Given the ubiquity of ATM crime at the moment, I think relegating threat to the supplier is not even semi-coge.

Low seven-figures a year is spent on ATM security audits/upgrades.

What do you think the manufacturers of these BTC ATMs spent on hardening?

[GringoStar]

Another high for BTC. Shhhhhhhhhh.

[Sanlmar]

Another high for BTC. Shhhhhhhhhh.

You're looking at Bitfinix

Let's see, hack, couldn't withdraw fiat, liquidity etc etc. I think people are buying their way out.

Not real. Hell, not of its real

[GringoStar]

Another high for BTC. Shhhhhhhhhh.

You're looking at Bitfinix

Let's see, hack, couldn't withdraw fiat, liquidity etc etc. I think people are buying their way out.

Not real. Hell, not of its real

Honestly, I didn't understand what you said entirely. I'm looking at Coinbase not BS bitfinix. CB is stable with 98%+ of their shit backed in cold storage. They are more susceptible to reputational damage than a major hack - even though I am aware the two dangers aren't mutually exclusive.

[snake_in_the_ass]

Thanks. This is just an experiment by my rich and bored friend. Curious to see how it turns out.

$7500 a unit?

You gonna have a corresponding web site? Post address on machine. Every buyer has a phone.

Link to this thread would be helpful too

$10,000/unit delivered.

https://coinatmradar.com/

[snake_in_the_ass]

Another high for BTC. Shhhhhhhhhh.

You're looking at Bitfinix

Let's see, hack, couldn't withdraw fiat, liquidity etc etc. I think people are buying their way out.

Not real. Hell, not of its real

Sanlmar,

This is Coinbase's trading exchange:
https://www.gdax.com/trade/BTC-USD

[GringoStar]

http://gawker.com/feds-seize-assets-...ange-506790294

The only thing that ended up donktown from your original post is Gawker - the very source of this fear-mongering and Luddite skepticism.

[jacosta24]

Thanks Micon

[Sanlmar]

You're looking at Bitfinix

Let's see, hack, couldn't withdraw fiat, liquidity etc etc. I think people are buying their way out.

Not real. Hell, not of its real

Honestly, I didn't understand what you said entirely. I'm looking at Coinbase not BS bitfinix. CB is stable with 98%+ of their shit backed in cold storage. They are more susceptible to reputational damage than a major hack - even though I am aware the two dangers aren't mutually exclusive.

I just assumed you had mistakenly looked at one of the exchanges like Bitfinix which is currently $1414

Pick a number, any number.

The spreads between exchanges is remarkable. They each have their own issues. Any white man would arbitrage this shit if only you could deposit or withdraw.

Look, moments like these (the new highs) are very disheartening. Not just for me personally. My selfless concern for others, especially the Chinese leaves me disquieted too

Today's coindesk article touches on the spread between exchanges and their fiat processing problems that have been percolating for a while now. Spares me the trouble of explaining what I was trying to say.

Bitcoin Price Sets New Single Exchange All-Time High
http://www.coindesk.com/bitcoin-pric...nge-time-high/

Panic buying before the shutdown?

Does anyone know where Micon works? I'd like to send him a gift card for a warm meal. He is too thin to be missing dinner even if it is for lack of funds.

Always caring. That just me.

Don't mind Sonatine, Gringo. He's just nostalgic. We are all about feelings in this thread

[Mintjewlips]

Sell at 1401!! You're welcomed!!

[BlunderMaker]

Sell at 1401!! You're welcomed!!

I already got out, didn't think it'd crest 1300. Oh well.

[GringoStar]

Keeping holding! Stay strong.

[GringoStar]

Currently nearing $1410 on Coinbase.

[snake_in_the_ass]

I am testing the Bitcoin ATM and linked to the BitGo wallet. BitGo transaction log says the blockchain fee to send $100 is 72.5 cents. And for $120 it was $1.90. Are these fees normal? With those type of fees, it is impossible to make money if anyone wants to come into the store and buy a small amount of bitcoin. I am a rookie when it comes to Bitcoins, any help would be appreciated.

[Sanlmar]

I am testing the Bitcoin ATM and linked to the BitGo wallet. BitGo transaction log says the blockchain fee to send $100 is 72.5 cents. And for $120 it was $1.90. Are these fees normal? With those type of fees, it is impossible to make money if anyone wants to come into the store and buy a small amount of bitcoin. I am a rookie when it comes to Bitcoins, any help would be appreciated.

That's what BitGo has to pay to get your Bitcoin off the blockchain. That's your overhead to spit Bitcoin out the chute.

You are programming that thing to charge a 8 or 9% fee - minimum. Do not be shy. Your market is similar to the payday loan/check cashing crowd. No financial presence or too lazy to dance with CoinBase etc.

Go to LibertyX web site and punch a few locations. They are a competitor of yours with a website. Walk in with cash - walk out with Bitcoin. The site will reveal each outlet's fee. This is typical.

Those guys have a far far cheaper terminal too.

Get Tyde to create a corresponding website for you.

If you stuck that thing in a casino or a poker room that would be a very interesting experiment. That too is your drug sniffing, money swapping, online gambling target market. (That meeting with the property mgr would be THE most interesting meeting you ever had BTW)

You have very little time to lose before Bitcoins are DD.

[MumblesBadly]

I am testing the Bitcoin ATM and linked to the BitGo wallet. BitGo transaction log says the blockchain fee to send $100 is 72.5 cents. And for $120 it was $1.90. Are these fees normal? With those type of fees, it is impossible to make money if anyone wants to come into the store and buy a small amount of bitcoin. I am a rookie when it comes to Bitcoins, any help would be appreciated.

That's what BitGo has to pay to get your Bitcoin off the blockchain. That's your overhead to spit Bitcoin out the chute.

You are programming that thing to charge a 8 or 9% fee - minimum. Do not be shy. Your market is similar to the payday loan/check cashing crowd. No financial presence or too lazy to dance with CoinBase etc.

Go to LibertyX web site and punch a few locations. They are a competitor of yours with a website. Walk in with cash - walk out with Bitcoin. The site will reveal each outlet's fee. This is typical.

Those guys have a far far cheaper terminal too.

Get Tyde to create a corresponding website for you.

If you stuck that thing in a casino or a poker room that would be a very interesting experiment. That too is your drug sniffing, money swapping, online gambling target market. (That meeting with the property mgr would be THE most interesting meeting you ever had BTW)

You have very little time to lose before Bitcoins are DD.

How much time? By what date are you reasonable confident that bitcoin price will fall below $500 for at least one month? But to be actually DD, below $100 for at least one month?

[sonatine]

yapizon.com hacked, $5,000,000 in btc stolen.


https://translate.google.com/transla...w.yapizon.com/

[snake_in_the_ass]

I am testing the Bitcoin ATM and linked to the BitGo wallet. BitGo transaction log says the blockchain fee to send $100 is 72.5 cents. And for $120 it was $1.90. Are these fees normal? With those type of fees, it is impossible to make money if anyone wants to come into the store and buy a small amount of bitcoin. I am a rookie when it comes to Bitcoins, any help would be appreciated.

That's what BitGo has to pay to get your Bitcoin off the blockchain. That's your overhead to spit Bitcoin out the chute.

You are programming that thing to charge a 8 or 9% fee - minimum. Do not be shy. Your market is similar to the payday loan/check cashing crowd. No financial presence or too lazy to dance with CoinBase etc.

Go to LibertyX web site and punch a few locations. They are a competitor of yours with a website. Walk in with cash - walk out with Bitcoin. The site will reveal each outlet's fee. This is typical.

Those guys have a far far cheaper terminal too.

Get Tyde to create a corresponding website for you.

If you stuck that thing in a casino or a poker room that would be a very interesting experiment. That too is your drug sniffing, money swapping, online gambling target market. (That meeting with the property mgr would be THE most interesting meeting you ever had BTW)

You have very little time to lose before Bitcoins are DD.

I went to a liquor store yesterday that had a Bitcoin ATM charging 17% markup. Owner told me it was super busy.

If you set up the machines correctly, a correction shouldn't burn ATM operators. Not worried if the price tanks.

[Sanlmar]

I went to a liquor store yesterday that had a Bitcoin ATM charging 17% markup. Owner told me it was super busy.

If you set up the machines correctly, a correction shouldn't burn ATM operators. Not worried if the price tanks.

I thought my post was pretty good. Placing machines near gamblers - particularly poker players - felt pretty inspired.

The Bitcoins are DD tag line was humor given the current price .... yet this is what you two respond to.

Mumbles, that curious rash you've got - it's your sensitivity to bitcoin.

This thread just isn't fun any more.

[snake_in_the_ass]

I went to a liquor store yesterday that had a Bitcoin ATM charging 17% markup. Owner told me it was super busy.

If you set up the machines correctly, a correction shouldn't burn ATM operators. Not worried if the price tanks.

I thought my post was pretty good. Placing machines near gamblers - particularly poker players - felt pretty inspired.

The Bitcoins are DD tag line was humor given the current price .... yet this is what you two respond to.

Mumbles, that curious rash you've got - it's your sensitivity to bitcoin.

This thread just isn't fun any more.

A part of me thinks bitcoins will crash once I install the machine and push the power button.