A Bitexpress bitcoin ATM was recently installed in D Express Deli at 2001 Venable Street. There is a standard ATM on site as well – the Bitcoin ATM is in the back.
Very cool. I have some Bitcoin I’ve been meaning to cash out. I assume I can use this ATM for that purpose?
For all your drug money laundering needs? I can’t imagine why anyone would trade “currency”, and I use the term loosely, that isn’t backed by a treasury. If you turn your USD into bitcoins and they become worthless, don’t act injured and don’t look for your USD back. In fact, if you’d like to use my ATM, it’s stocked with monopoly money. I’d be glad to exchange those greenbacks for you.
What’s the exchange rate?
A magical device that takes something of value and in return gives you something worthless.
You have to be kidding me.
Speaking of monopoly money, I’m assuming you’re aware that the USD was monopolized in 1913 and has since lost over 96% of its value. So when the USD finally hits zero, don’t act like you didn’t see it coming or didn’t know there were alternative solutions.
96% of it’s value? Can you quantify that? I’m all ears
And, if you’re suggesting a banking system without the Federal Reserve (re your 1913 reference), you might want to bone up on why it was created in the first place, which takes us right back to non-standardized currency. This kind of leaves a big gaping hole in your argument.
It’s about to be lit
Sell to me
@ #4, et al I feel like you either “get” Bitcoin or you don’t. Arguably it’s no more imaginary than any other money, and perhaps more real because there are controls on how much of it can be created.
Regardless, I think the comments about drugs are spot on. Considering the popularity of bitcoin for drug transactions, someone needs to be asking the folks who made the decision to install this thing some hard questions as to why they thought this was a good idea.
Luckily, the Bureau of Labor Statistics takes care of quantifying this for us:
Why put it in a shady part of town? Between this corner store, and the store just up Mosby, I can only see this being used to hide drug transactions. I hope someone puts a stop to this immediately.
Yes, please put a stop to voluntary exchange. Especially if the government can’t have their cut!
29 Knuts make up one Sickle, and there are 17 Sickles in a Galleon.
You still can’t do a comparative analysis of a 1913 $1 vs a 2016 $1 because the population has quadrupled and so has GDP. You could also argue that we went off the gold standard 40 years ago, but NONE of this legitimizes bitcoin. In fact, if you really want to “put your money where your mouth is”, why don’t you move everything into Euros? LOLOL I didn’t think so!
Bitcoin ATM Makes Richmond Debut
Cameron’s link just owned Katherine.
First off, this installation of a Bitcoin machine is very suspicious for several reasons.
One Bitcoin = $449.54 (the current exchange rate). How many people visiting that store has that kind of disposable cash?
The owner of that business doesn’t seem to be able to afford to keep the building or apartments attached, properly painted nor afford proper signage for the building. Why does he think that people along the Mosby Court corridor have thousands of cash to spend on a non government backed currency? And hide it in the back of the store.
Yup, sounds legit to me.
While I’m concerned as well (see my previous comment) I wanted to respond to some points you made:
1) I believe people can buy small FRACTIONS of bit coins (I.e. 10 dollars worth, whatever that comes out to). I don’t think they are sold or traded in discrete units. If anyone else wants to chime in, enlighten me.
2) It’s not clear that the store owner owns the ATM. They could have any number of different arrangements with the company that maintains the atm/service (I.e. Bitcoin express may pay them for the space, they may just permit it tp be there as an inducement to get people in the store, etc.)
3) That building doesn’t look great, but I don’t think it’s especially terrible, either. Then again, I’ve never been inside. Regardless, do we know that the owners of the store own the building? They may rent, and may only be responsible for the storefront. Which is really a different issue, regardless.
I don’t if I trust this…smh
The value of a dollar has nothing to do with how many people exist. It also has nothing to do with how many goods or services are produced in a year. Way to bellyflop by showing you know nothing about the subject you’re talking about.
Katherine Jester – Sure, increased GDP and abandoning the gold standard (along with ever increasing money supply) all affect how the value of the dollar has changed; but you didn’t ask for analysis of how those factors have affected the value of the dollar; you merely questioned quantifying that change at a 96% loss.
Also, what legitimizes any commodity is simply the willingness of someone else to trade for it (whatever your point is concerning Euros, notwithstanding).
Okay- if the US dollar is not backed by gold bars in Leavenworth, what backs it?
Find a bitcoin dealer in Richmond. They’re here.
“Leavenworth”? Do you mean Fort Knox? Nothing ‘backs’ it other than your grocer’s, hair-dresser’s, land lord’s, etc willingness to accept it as payment (and the obligation for the IRS to accept it as payment). The gold reserves can be used as one of many tools to control money supply – part of maintaining a 3% annual inflation rate (which the FED is very good at maintaining); but good luck walking up there with a U.S. dollar bill and demanding the gold that ‘backs’ it. LOL!
Yea…that place. LOL. antway, my whole point is, there’s no bailout for Bitcoin. To start putting Bitcoin ATMs in a low-income area where people have no access to credit and don’t have bank accounts is wrong. They are the most vulnerable people who have the least to lose. It’s a sham.
You’re absolutely correct that there’s no bailout for Bitcoin… just like there’s no bailout for gold. But, that doesn’t render either a ‘sham’. In many ways, Bitcoin has the most to offer people without credit or bank accounts because it allows them more affordable, unsecured access to the economy without having to rely on the risk of carrying around cash. Admittedly, as a young commodity, Bitcoin price volatility has been… well… volatile; but there can be no question that it continues to stabilize (recently it’s stability has been on par with gold’s).
Great conversation. Cameron is winning this one.
I am in no way going to claim that I know anything about Bit-Coin but after some reading, it sounds more like Bit-Con. There is a bunch of double-talk about Mining to generate fees to pay the Miners who validate transactions in Iceland? All of the terminology is foreign and hard to follow. But apparently merchants buy the machines (I did not check in leasing) and pay a $100 month fee to operate it. And yes, you can have transactions up to $1-million or more through it. The $450 exchange rate is if you get a full coin that is physical but the principal behind it is paperless transactions which charge no “transaction fees”… which is not true. With loophole terminology they don’t charge “fees” but every user is “mined” and s around 3.5% to compensate the miners… are you confused yet? I am!
FDR took our currency off the Gold Standard in 1933 and JFK took it off the Silver Standard in 1963. Today, the US Dollar is “Fiat Money” unbacked by any physical asset. It is simply legal tender. The gold at Fort Knox and in NYC has been used to pay debts to other countries who would demand that payment be made in gold.
What backs the U.S. dollar other than the “full faith and credit of the U.S.” is explained in this article by a man who’s made a lot of them (and he also states correctly in the article that “Coercion is what holds the U.S. dollar system together.“) – http://dailyreckoning.com/peter-thiel-explains-backs-u-s-dollar/
Some of the problem we have is that we just print a bunch more paper money when we need more circulating (which costs about .06¢ to print a dollar bill), and drive up the national deficit. The bank can pull money off the streets at any time and you can’t “cash in” on it as prior to 1963 or 1933, where the governments/banks would give you actual silver or gold for it. It is simply now a piece of paper and could become worthless at any time they see fit. That is why people invest in gold and silver as backup, in case there is a coup by anarchists or general collapse so they will have something to use as currency and barter.
Again, our currency is considered Legal Tender, which is no different than Seashell currency once used in Borneo, Stone money on Yap island, or Feathers at Santa Cruz.
Our money is Fiat Currency which means the value is underpinned by the strength of the government that issues it, not its worth in gold or silver. The Federal Reserve can control the supply and demand and is fairly stable not being influenced by commodity prices.
On a side note… did you do know that our own Federal Reserve houses in its vaults underground, the currency for banks between New Jersey and Georgia? That is why the building was a target during 9-11. And what makes this more ominous is the fact that the building was also designed by the same architect who designed the World Trade Center twin towers… Minoru Yamasaki (1912-1986). The Federal Reserve was built in 1978.
I looked to see if this was The Onion
Hilarious. You all should now explain the rules of cricket – especially if you’ve never heard of it. And why that game should never be played in bad neighborhoods.