Comment Re:Unidirectional (Score 1) 132
I notice these ATMs can only be used for turning cash into crypto. But not the other way around, because that would be impossible unless you waited at the ATM for potentially several hours for your transaction to clear.
As such, these ATMs offer only one "improvement" over directly transferring money from a bank account to a crypto account online, via your PC or smartphone: here, you go via cash as an intermediate step. In what circumstance could that extra step possibly be an advantage? When you want to obfuscate the trail. In other words, these are only better when you're up to something dodgy.
Yeah, really. What's the point of a "one-way ticket" for your cash?
Hey all you Libertarian Crypto-Boomer Squawks! What would your objections be, if the FTC or Treasury made a consumer protection rule, that all public ATM BTC financial machines must be bidirectional? In other words, public BTC "buy only" automations -- let's call them Madoff Machines -- are considered a public nuisance and would be illegal; they would need to be modified to allow redemption as well. And of course, transactions in both directions must happen in accordance with whatever regulations also apply, just as happens now with cash. (Private-use P.O.C. models built by hobbyists with Legos would be exempt.)
OK, go ahead and squawk away -- telling me how this basic priniciple of fairness violates your right to whatever and how it will lead to tyranny.
Oh wait, the nature of BTC doesn't support this symmetrical convenience? Oh well, not my problem. Maybe you can go pull a fast one in El Salvador instead.