California Law Limits Bitcoin ATM Transactions to $1,000 to Thwart … – Slashdot

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Given the whole cryptocurrency thing is basically a scam, the only way to completely “thwart scammers” would be to shut the Bitcoin ATMs down completely.

Given the whole cryptocurrency thing is basically a scam, the only way to completely “thwart scammers” would be to shut the Bitcoin ATMs down completely.

Given the whole cryptocurrency thing is basically a scam, the only way to completely “thwart scammers” would be to shut the Bitcoin ATMs down completely.
Fraud is cryptocurrency’s killer app. Not burning monkey NFTs, not “freedom from the government”, not saving money or ease of transactions, not being a universal currency, not a safe haven from market swings. It’s 100% fraud and that’s the whole point. Imho, crypto ATMs should be banned as they have no legitimate legal use.
I created a QR code of of the url to my ugly monkey and put it up above my couch.
Because I don’t even own the picture itself that is cryptomagically blockchained to someone else’s computer file.
One friend even asked if he could take a picture of me on the couch!
I feel so cool when everyone is just getting scammed with bitcoins, my investment is safe above my couch.
My mother had been putting in between $2000 and $4000 twice a month for a few months. She was not questioning why she had to drive 45 minutes to a specific address to deposit the money, she did not question why a normal bank check was not allowed despite all other businesses accepting them. So many scams over the years. But she still does not regard coinbase as part of the scam, I still think she ignores me when I say to avoid bitcoin or anything with “coin” in the name. Several years after one scammer,
Butbutbutbutbut… government BAD!
And by the logic that A is bad and B is not A, so B has to be good, anything that is anti-government has to be good.
Guess I have to drive to Needles or Reno to use a bitcoin ATM to convert my billions now…
Well, if you like Freedom or democracies, avoid Texas at all costs.
Well, you can pretty much have freedom from democracy there now.
These machines exist for depositing money, not for withdrawing. They exist because they help out scammers. Legitimate users of bitcoin are rare and don’t need these ATMs to exchange money. And the banks who allow these machines are also dupes or actively assisting in the scams – what kind of bank thinks it is ok for elderly strangers to walk in and deposit many thousands of dollars into a machine. Except these ATMs are in no name local banks, with bad oversight and management, they’re actively looking
Who has money they need for legitimate purposes in bitcoins?
I have seen a lot of ATMs that turn USD to BTC… however, the other way around, where someone sends BTC to a wallet owned by the ATM owner and then receives US dollars… just doesn’t seem to exist.
This sort of tells me something about cryptocurrencies. If it was as easy to transfer BTC into cold hard dollar bills and change as it was to buy Bitcoin, then I would be a tad more trusting. However, from what I’ve seen, it seems to only go one way.
I wonder if it may be, due to KYC/AML laws, a BTC to USD ATM can’t exist. It would probably have to be some company that demands a ton of info (easily used for ID theft), and one would have to jump through hoops like waiting periods, a cash account, which means another waiting period before it can go into your actual bank account.
It has been a long time, and a “crypto bro” has yet to come up with a solid response to, “Say I wanted to order groceries. Am I able to do that with Bitcoin?” Can’t do that with BTC these days, because most businesses have dropped it, the KYC/AML fence makes it a slow pricess, and turning BTC to cash is a painful experience that makes the $5 ATM fee at the airport look generous in comparison. BTC is not really liquid anymore… more like real estate for how painful it is to get one’s earnings to cash.
Those using the service don’t care about the obviously burdensome fees … because it’s not their money.

Those using the service don’t care about the obviously burdensome fees … because it’s not their money.

Those using the service don’t care about the obviously burdensome fees … because it’s not their money.
Are you kidding? They worked hard to install that ransomware!
They don’t exist for the same reason there exist no way in any MMO out there to get real, hard cash for your in game diamonds, gold dublons, smurfberries or whatever the premium currency is called: You’re supposed to buy the worthless junk, not cash out.
That is sort of ironic, because I paid cash for some stuff at a grocery store last night, and there were zero issues. Maybe in some parts of the country, cash isn’t accepted, but outside of urban areas, people are grateful to take cash because it means not having to pony up a transaction fee to Visa.
Internet transactions, like grocery delivery or an Uber rideshare? Different story, pretty much you need to have some type of credit or debit card, but a physical transaction, I’ve found cash is still king.

I have seen a lot of ATMs that turn USD to BTC… however, the other way around, where someone sends BTC to a wallet owned by the ATM owner and then receives US dollars… just doesn’t seem to exist.

This sort of tells me something about cryptocurrencies. If it was as easy to transfer BTC into cold hard dollar bills and change as it was to buy Bitcoin, then I would be a tad more trusting. However, from what I’ve seen, it seems to only go one way.

I wonder if it may be, due to KYC/AML laws, a BTC to USD ATM can’t exist. It would probably have to be some company that demands a ton of info (easily used for ID theft), and one would have to jump through hoops like waiting periods, a cash account, which means another waiting period before it can go into your actual bank account.

It has been a long time, and a “crypto bro” has yet to come up with a solid response to, “Say I wanted to order groceries. Am I able to do that with Bitcoin?” Can’t do that with BTC these days, because most businesses have dropped it, the KYC/AML fence makes it a slow pricess, and turning BTC to cash is a painful experience that makes the $5 ATM fee at the airport look generous in comparison. BTC is not really liquid anymore… more like real estate for how painful it is to get one’s earnings to cash.

I have seen a lot of ATMs that turn USD to BTC… however, the other way around, where someone sends BTC to a wallet owned by the ATM owner and then receives US dollars… just doesn’t seem to exist.
This sort of tells me something about cryptocurrencies. If it was as easy to transfer BTC into cold hard dollar bills and change as it was to buy Bitcoin, then I would be a tad more trusting. However, from what I’ve seen, it seems to only go one way.
I wonder if it may be, due to KYC/AML laws, a BTC to USD ATM can’t exist. It would probably have to be some company that demands a ton of info (easily used for ID theft), and one would have to jump through hoops like waiting periods, a cash account, which means another waiting period before it can go into your actual bank account.
It has been a long time, and a “crypto bro” has yet to come up with a solid response to, “Say I wanted to order groceries. Am I able to do that with Bitcoin?” Can’t do that with BTC these days, because most businesses have dropped it, the KYC/AML fence makes it a slow pricess, and turning BTC to cash is a painful experience that makes the $5 ATM fee at the airport look generous in comparison. BTC is not really liquid anymore… more like real estate for how painful it is to get one’s earnings to cash.
I particularly like the way that people, the media or cryptocurrency ‘enthusiasts’ like to talk about X token being worth Y dollars. Yeah, in your dreams its worth that many dollars. Maybe you can find one or two people to buy some fraction of that token for that many actual dollars, but pretty soon you’ll find the markups, the percentages, the price will start tanking right as you’re selling it.
The actual cash value of those tokens? Their value in terms of material assets or services you can actually buy w
Changing the laws around crypto is only addressing the symptom of a problem and not the problem itself. The state should mandate basic security awareness training when ever someone 60+ goes to renew their drivers license, applies for social security, applies for medicare / medicaid, etc.
The training doesn’t really help, in my experience. No matter how many times I explained how these scams work, my mother would fall for another one. It’s an extreme case to be sure, but the best help was not in explaining how to avoid scams but to have others watch out for it. I would get some calls from the bank, calls from her financial advisors, even a couple calls from the police at times, ugh. A lot of these rules exist in the first place precisely to stop crimes – that’s why there’s a rule to report banking transactions larger than a certain amount.
The major problems here are with cognitive decline, which also means a decline in good judgement. Plus a generation that was not raised to be skeptical and distrusting. I see so many elderly that absolutely believe everything the internet says (and sadly some others of all ages). Plus a generation that doesn’t really understand new technology, they don’t understand the news that talks about it, they don’t follow the technical articles talking about bitcoin or how it’s being used for the silk road, etc. So when they get a very complicated set of directions about sending in payments at a particular ATM, or by sending gift cards, or other strange methods, they may just think this is some new fangled way of doing things.
Which is why I think education doesn’t always work, there need to be some safety measures as well.
There is only so far security awareness can go. Can we have a society where everything is caveat emptor or caveat venditor [1], and at best you are judging that the new car parts you bought are actually legit from a car maker’s factory, or if they are just pot metal and Bondo thrown together in a back room somewhere?
The US dealt with an unregulated banking system. In 1929, it imploded, as people lost all faith in it. Now, with an inflationary economy, where stuffing money in a mattress means less money than before, it might be people go for runs on gold or ammo… “currencies” that they believe will stay current, and that will make things worse, as Zimbabwe found out the hard way.
It is funny how people advocate for a low-trust culture, where the government doesn’t do anything. However, if you look at low-trust cultures, you find they are not great places to live. You can’t build a car, because someone riffles through the warehouse and steals valuable parts. A ten million dollar aircraft can be ruined with a single meth-head grabbing wires out of harnesses. You can’t really have factories because the roads are not good, and people set up ambushes on highways, shoot everyone in the vehicle, loot, then set things on fire. If you want a culture that actually is some place to live, you need a government framework, be it law and order to keep highways safe, a social safety network so the population is not so poor that they will go and grab wires out of construction or saw off catalytic converters in order to make rent money or put food on the table.
Same with laws on financial transactions. You have to have some framework in place so that people can make a transaction, knowing that there will be stiff penalties for committing fraud or price gouging, especially if some people are charge 25%, others not charged at all.
Can’t have it both ways, and a high trust society does have regulations, but on the other hand, you are not having to always watch your back and hope that the hamburger you bought from a street truck won’t give you food poisoning due to using rat meat.
[1]: Some online auction sites come to mind for caveat venditor, because it is quite common for someone to sell and item, the buyer replaces the item with a shoddy one, claims fraud, and gets their cash back and the item.
You can’t fix stupid (or in this case, terminally gullible) so they do the next best thing.

Changing the laws around crypto is only addressing the symptom of a problem and not the problem itself. The state should mandate basic security awareness training when ever someone 60+ goes to renew their drivers license, applies for social security, applies for medicare / medicaid, etc.

Changing the laws around crypto is only addressing the symptom of a problem and not the problem itself. The state should mandate basic security awareness training when ever someone 60+ goes to renew their drivers license, applies for social security, applies for medicare / medicaid, etc.
You can’t keep treating crypto like it exists in a bubble separate from money transmitter licensing, bank regulations, etc.
This is already a solved problem in the industry, and that’s why the scammers aren’t asking victims to open a new account at ShiftyBank, deposit lots of cash, and ask for it to all to be transferred some other random account at a different bank. So why do I feel like when you say address the problems and not the symptoms, you’re not talking about shutting down this alternative-fraud bul
ATMs had withdrawal limits since the beginning: there’s no practical way to fit huge numbers of paper bills in a portable box to load an ATM nor is there any total confidence a machine won’t malfunction or be exploited. Any later withdrawal limits imposed by legislation wouldn’t have been viewed as unwelcome because banking is the risk management industry and by cooperating with legislation any downsides on cooperating would be blamed on legislators by the banks. And legislation was never going to be used to force an increase in a withdrawal limit to something a bank didn’t want.
That bitcoin ATMs hadn’t in practice meant they’d be more inviting for criminals seeking a lower level of scrutiny, allowing for fewer and higher value transactions. I’d expect a bitcoin investor to want to have the entirety of cryptocurrency seen as less of a perfect fit for criminals because it undermines public perception and confidence in businesses accepting cryptocurrency transactions, in turn reducing acceptance of a cryptocurrency as something that isn’t buzzword salad scam.
Much of cryptocurrency has an image problem (preventing mass adoption) and a criminal utility problem (making mostly headlines for rug pulls and involvement in malware ransoms). To those that don’t use it or express interest in it, all cryptocurrency is tarnished by the worst elements in it. I’m doubtful the most vocal kind of self-described cryptobro could imagine this actually is a helpful… but they’re basically insane spambots screaming like they’re at North Korea military parade anyway.
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