Bitcoins are officially donkdown

[snake_in_the_ass]

No. We are not playing on a short bankroll. I got 20k in Bitcoin, 50k on exchange and 40-50k cash from the ATM. And I can get plenty more if I need it. We don't feel comfortable keeping huge money on the exchanges. And the other problem is finding a bank to accept the cash. And if you start sending from your personal account to an exchange, that could get shut down. If the exchanges were safe like Bank of America, my partner would wire them a million and life would be easy.

The point of my post I guess was that if anyone wants their own machine, you are going to need some major fire power.

how are you minimizing your exposure to BTC while still able to serve customers? I mean BTC has 1999-2000 tech level equity type volatility that as a business owner Id be fucking scared to have exposure to...

guessing you keep dry powder on the sidelines in the exchange and only buy BTC when there is a demand for it from your customers...

There is a way to lower risk and exposure. You can program the ATM to buy BTC from an exchange as the customer is buying BTC from the machine. So if the fee is 10% and you insert $1000, you get $900 worth of BTC and then the machine can buy $900 BTC from an exchange immediately. I currently don't have it set up like that, still working on the settings. For now, I am doing it manually on large purchases.

If I get more machines, I will keep a fixed amount of BTC in the wallet...say 10 coins. And then I will set it up to have the wallet topped off to exactly 10 coins for every transaction. So the only risk would be those 10 coins going to 0 or being stolen by a hacker.

[Belly Buster]

Bitcoin is interesting in that it's either gonna work long term or it won't.

Thanks for pointing out these two exactly opposite and mutually exclusive outcomes. We can gain much from this insight.

[sonatine]

GringoStar: I concede that, like every relationship, it will fail. Hedge your bets and invest in Coinbase, if possible.


There is a lot of short term money on the table that I'm certainly going to try to wrap my filthy degen paws around, but yeah I think you're onto something.

Which tells me that Coinbase will get hacked on a Sunday night and have its doors kicked in on Monday morning by Jeff Sessions' jack booted thugs.

[snake_in_the_ass]

Got a 2nd machine that costs 1/3 as much as the original one. Has a ton more features but it is not as pretty. Who cares, as long as it is functional. There is a guy with 15-20 machines charging 20%. No clue what his volume is but he must be making a killing. My buddy wants to put him out of business, so we might be targeting all his locations by putting one in a store nearby. LMAO.

[Sanlmar]

When Bitcoins are DD can you repurpose the machines?

Program them to help elementary school kids with reading?

Kinda interesting spot right now for BTC price.

[snake_in_the_ass]

When Bitcoins are DD can you repurpose the machines?

Program them to help elementary school kids with reading?

Kinda interesting spot right now for BTC price.

The machine is nothing but a touchscreen tablet with an Ethernet port, a bill validator with cashbox, and a camera to scan the QR code. When Bitcoin goes donkdown, I am going to donate the machines to museums so future generations can have a good laugh.

[GringoStar]

When Bitcoins are DD can you repurpose the machines?

Program them to help elementary school kids with reading?

Kinda interesting spot right now for BTC price.

The machine is nothing but a touchscreen tablet with an Ethernet port, a bill validator with cashbox, and a camera to scan the QR code. When Bitcoin goes donkdown, I am going to donate the machines to museums so future generations can have a good laugh.

Haha, true. If you think about it, most smartphones are capable of doing all of those things, aside from hold cash inside of them.

Clunky, awkward, Bitcoin ATMs are only necessary because we still carry notes, like barbarians. However, I think they are a decent tool for marketing and education.

[sonatine]

Right now, a 17 year old Lithuanian is putting the final touches on his QR code skimmer.

[snake_in_the_ass]

Sanlmar,

If you want to trade $BTC, check out: https://www.gdax.com/trade/BTC-USD

Very very low fees and most of the time no fees if you place a limit order. It is just like trading stocks, you can place market orders, limit orders, even use margin. Open an account with coinbase.com and then enable gdax through the interface. Right now the price is $2633.99 and there is a huge limit order to sell at $2650. If the buyers eat all that up, should hit $2700 very quickly.

[snake_in_the_ass]

Right now, a 17 year old Lithuanian is putting the final touches on his QR code skimmer.

LOL. What can he do with that? He only can get the public keys. What am I missing?

[zealanddonk]

Right now, a 17 year old Lithuanian is putting the final touches on his QR code skimmer.

What am I missing?

10 bitcoins.

[Sanlmar]

Sanlmar,

If you want to trade $BTC, check out: https://www.gdax.com/trade/BTC-USD

Very very low fees and most of the time no fees if you place a limit order. It is just like trading stocks, you can place market orders, limit orders, even use margin. Open an account with coinbase.com and then enable gdax through the interface. Right now the price is $2633.99 and there is a huge limit order to sell at $2650. If the buyers eat all that up, should hit $2700 very quickly.

can't short on GDax

Your boy likes to swing both ways

Lend me some Bitcoin someday and I'll return it later. Promise, LOL

[Sanlmar]

You guys notice the spike in the CNY volume? China exchanges are unrestricted again.

This is going to be breathtaking.

[snake_in_the_ass]

You guys notice the spike in the CNY volume? China exchanges are unrestricted again.

This is going to be breathtaking.

$5000 coming soon. Premium on $GBTC has dropped from 130% to a little under 100%. Maybe $500/share for $GBTC is going to end up looking cheap. Small float, that sucker could hit $1000 if there is panic buying in a session or two.

[Sanlmar]

If Bitcoin went to $5000 and you bought now - you get a double

It is as likely to go to $1500. Risk/reward

Perspective. Jan 1 Ethereum was $8 ---> its $267 today

AMD shares are surging with bitcoin because digital currency 'miners' need its graphics cards

AMD was a $3 stock a year ago ---> its $12 today

Real talk Sonatine. Turn over your cards. I have paid to see. What da fuck you doing - you in? you out? You mining or you dining?

More real talk, if you were Chinese and your account was finally freed up to cash out... what would you do?

You sweated your involvement with Bitcoin for 3 months. You are released from prison but it's on the rise ... so let it ride. What if it looks weak? Do you finally say, "enough"? Is that new selling?

[sonatine]

If Bitcoin went to $5000 and you bought now - you get a double

It is as likely to go to $1500. Risk/reward

Perspective. Jan 1 Ethereum was $8 ---> its $267 today

AMD shares are surging with bitcoin because digital currency 'miners' need its graphics cards

AMD was a $3 stock a year ago ---> its $12 today

Real talk Sonatine. Turn over your cards. I have paid to see. What da fuck you doing - you in? you out? You mining or you dining?

Ive been on a complicated adventure, will PM later.

[sonatine]

https://www.sec.gov/litigation/litre...17/lr23852.htm


goodness, who would have imagined...

[DonaldTrumpsHairPiece]

Wow the SEC really cracks down big time on the newb scammers, old timers, nothing.

[sonatine]

just my opinion... i think the chinese are long on this shit pending an Event of some sort.

a crash will come, probably because Breitbart will publish a shocking expose on how ISIS are using btc to finance the war on fried foods and Trump will declare blockchains banned military ordinance or something, but honestly i have a good feeling about the next 6 months.


so sell everything because its all going donk fucking the second my window to edit this post expires.

[Shizzmoney]

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LOL