Bit Coin ATM's?

R Q

R Q

Well-Known Member
Joined
Apr 4, 2005
Location
Charlotte
I stopped at convenience store today and there's an ATM type machine to buy bitcoin? Can someone explain?
 
R Q said:
I stopped at convenience store today and there's an ATM type machine to buy bitcoin? Can someone explain?
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Bitcoin early adopters need liquidity injected into the market so that they can exchange their bitcoin for other currencies. Basically, they need you to buy bitcoin so they can buy dollars.
 
Failcoin
 
you know, I was just wondering the other day when we would reach this point. Enough of it has amassed that its somewhat mainstream, and some people have large stockpiles of it. Sooner or later, they will want to cash out. That requires cash in first.
 
The very fact that there are Bitcoin ATMs proves the point that it is a big Ponzi scheme. It the stuff was actually revered as currency like it's proponents say it is, it would be accepted like currency and people wouldn't be trying to convert it back and forth to game the imaginary system.
 
awheelterd said:
The very fact that there are Bitcoin ATMs proves the point that it is a big Ponzi scheme. It the stuff was actually revered as currency like it's proponents say it is, it would be accepted like currency and people wouldn't be trying to convert it back and forth to game the imaginary system.
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All of the stuff is way to volatile to be used as a currency for people to buy real things right now.

Its just like in some countries in Latin and South America, from our company standpoint we won't transact in their regional currency as it fluctuates too much, we make the customers transact in USD.

Thats the biggest barrier to adoption for crypto in my mind, its more like a stock then a currency to me right now.
 
Do you get your Chicks for free too?

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DSM Turbos said:
All of the stuff is way to volatile to be used as a currency for people to buy real things right now.

Its just like in some countries in Latin and South America, from our company standpoint we won't transact in their regional currency as it fluctuates too much, we make the customers transact in USD.

Thats the biggest barrier to adoption for crypto in my mind, its more like a stock then a currency to me right now.
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But unlike a stock, you aren't buying a share of a company. You are buying a virtual "thing" that's only value is what someone will pay you for it. At least with a stock, the company is producing goods or services that have real value. That stock price can be over valued and can go down when it is realized, but that's a reasonable risk to take for most people because you can see the companies profitablity to a degree and make that risk assessment based on real information. Bitcoin is modern day tulip mania.
 
That's one of the reasons I haven't bought any "coin" basically it is way to difficult to get your money out of these accounts to actually earn money. Takes a lot of time to swap between accounts and by then the price drops on your profit
 
Warren Buffet has called Bitcoin 'Rat Poison' several times when asked about it. I'm listening to him.
 
drkelly said:
Warren Buffet has called Bitcoin 'Rat Poison' several times when asked about it. I'm listening to him.
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pffft wtf does he know

In all seriousness we do have to keep in mind there's a difference between things used as an investment and things used as currency.
 
awheelterd said:
But unlike a stock, you aren't buying a share of a company. You are buying a virtual "thing" that's only value is what someone will pay you for it. At least with a stock, the company is producing goods or services that have real value. That stock price can be over valued and can go down when it is realized, but that's a reasonable risk to take for most people because you can see the companies profitablity to a degree and make that risk assessment based on real information. Bitcoin is modern day tulip mania.
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100%, i'm just saying in real world use cases it acts much more like a stock right now then a "currency"
Alt coins, can also be over valued or under and when its realized that is when the value seems to change. It changes often due to real information like how hard they are to mine, what is going on in the market place, etc.
How stocks raise and lower in prices is crap also and can be manipulated, look at gamestop for example. Look at even the hundreds of public companies that are losing money but their stock value keeps going up.
None of it really makes sense, and all us us as investors really have no power to change anything when you realize the shares you own represent nothing to the company in the big picture.

I think the issue is most people aren't understanding how the world is changing, I hope coins can at some point be used as normal currency, right now there are too many of them and too volatile. The whole idea is to give more power to the people and less power to the banks.

I don't understand it all, or claim to, but I know plenty that have made a ton of real money off it, and I have made a little bit as well.
 
RatLabGuy said:
pffft wtf does he know

In all seriousness we do have to keep in mind there's a difference between things used as an investment and things used as currency.
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Yes, but it's an investment in what though? The USD is made up, but at least it is figment of imagination that basically everyone has agreed on and is backed by the federal govt. I don't trust the government by any stretch, but they are at least very good at keeping themselves in the middle of everything and self preservation is their #1 goal.
 
awheelterd said:
Yes, but it's an investment in what though? The USD is made up, but at least it is figment of imagination that basically everyone has agreed on and is backed by the federal govt. I don't trust the government by any stretch, but they are at least very good at keeping themselves in the middle of everything and self preservation is their #1 goal.
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When we as a nation realize this, and do something about it, we may be able to accomplish change. Unlikely, but then at least the truth will be known. Most people are oblivious to the fact that the dollar has no "real" or intrinsic value. It only has value as long as the .gov says it does, and even then it is constantly being devalued by their continued printing of more worthless money.
 
JSJJ388 said:
When we as a nation realize this, and do something about it, we may be able to accomplish change. Unlikely, but then at least the truth will be known. Most people are oblivious to the fact that the dollar has no "real" or intrinsic value. It only has value as long as the .gov says it does, and even then it is constantly being devalued by their continued printing of more worthless money.
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I'd say most people realize it to some degree, but who wants to make such a fuss that the money you have worked for and have in the bank is worth nothing? I know I sure don't. They've got us by the balls.
 
awheelterd said:
I'd say most people realize it to some degree, but who wants to make such a fuss that the money you have worked for and have in the bank is worth nothing? I know I sure don't. They've got us by the balls.
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Fair, but if you look at the long game, its the only way we 'win'
 
DSM Turbos said:
in real world use cases it acts much more like a stock right now then a "currency"
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That's a distinction without a difference. They're all just stores of value. Likewise, you can't argue that USD is worthless and BTC isn't. If you think the dollar is going to depreciate, then you protect yourself by transferring your wealth into other assets - be they real estate, equities, or other currencies.

DSM Turbos said:
The whole idea is to give more power to the people and less power to the banks.
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Related question: does transferring power from "the banks" to a technocratic elite represent a net societal benefit?
 
shawn said:
That's a distinction without a difference. They're all just stores of value. Likewise, you can't argue that USD is worthless and BTC isn't. If you think the dollar is going to depreciate, then you protect yourself by transferring your wealth into other assets - be they real estate, equities, or other currencies.



Related question: does transferring power from "the banks" to a technocratic elite represent a net societal benefit?
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Moving the money from one rich institution to another rich group. You aren't sticking it to the man, another is just still sticking it to you.
 
You can view BTC and the others as an investment or as currency. Many online retailers are taking Bitcoin. It is a legit currency in some eyes.

It wasn't created as an investment choice, it was intended as an alternate currency that could be transferred world wide without government tracing or intervention. That right there creates the value. Now, some see it as an investment due to the 'stories' of overnight millionaires from 5 years ago.

If the Man somehow starts tracing and/or taxing it, then it will lose its appeal and value.
 
benXJ said:
If the Man somehow starts tracing and/or taxing it, then it will lose its appeal and value.
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They already do tax it. Any coins you sell are subject to take. Not exactly sure how taxes work if you are just paying for goods, I assume that is exempt.

But if somebody pays you, and its worth 100 now, and then when you go to transfer it to your account its worth 105, you will pay gains on the 5.
 
DSM Turbos said:
But if somebody pays you, and its worth 100 now, and then when you go to transfer it to your account its worth 105, the gov says you should pay gains on the 5.
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FIFY
 
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