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Interesting concept, but it's only part of the way there. I don't see any thought put into physical security, yet, which is arguably one of the most important
by halviti 14y ago
Interesting concept, but it's only part of the way there.
I don't see any thought put into physical security, yet, which is arguably one of the most important things when putting a box full of money anywhere.
Then, you have to factor in the cost of the box. Assuming they can actually design an ATM quality/secure machine, who pays for it? Assuming the retailer pays for it, what sort of return could a retailer expect for having the device? TCO - How long will it take to pay off the investment.
Then on top of that you need to offer a service whereby people are emptying the machines regularly. And since the people emptying these machines would be putting their lives in danger handling money all of the time out in public, you'd need to hire a professional firm like Brinks, or absorb the large costs of trying to do this yourself.
Then assuming these guys want to get paid themselves, there will be administrative costs as well.
How much does a bitcoin end up costing with all of the extra fees at the end of the day? Is it worth it? Does a system where you have to walk/drive to a location with cash in hand to purchase bitcoins, and pay a significantly larger amount of money for them offer value?
I can see this idea appealing to the anonymous aspect of the currency, but since any location these are placed in would have to be under constant video surveillance, that makes it a little more tricky.
In the end, since there already exists the ability to get bitcoins with cash at WalMart and CVS via bitinstant, I don't think this idea will go much farther than the hobbyboards and display they've tucked into a box and connected to the internet.
- oleganza 14y agoIdea: allow selling BTC for dollars too. And to maintain balance on the machine, adjust the exchange rate dynamically according to how much dollar bills are remaining or how much room is left. So people will keep it balanced to their own benefit and to the benefit of owners who would pay the difference in exchange rates and not do emptying/filling by themselves.