Show Posts

This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.

Messages - joesmoe

Pages: [1] 2
Hardware/Software / Re: Where is Administration ??
« on: January 25, 2020, 05:07:46 am »
You can PM me.

Hardware/Software / Recyclers vs Independent Accepter and Dispenser.
« on: August 03, 2018, 02:30:06 pm »
There are two options when it comes to accepting and dispensing cash to/from a Bitcoin ATM.

Cash Recyclers

A cash recycler is a device the both accepts and dispenses cash. The most common recycler on the market is the NV200 manufactured by Fujitsu. This is used in ATMs by BitAccess, CoinOutlet (defunct), as well as many other Chinese manufactured white labeled machines.

The advantage of a cash recycler is that it dispenses the same bills that it accepts - in theory allowing for less frequent service calls to the machine to remove ore replenish the cash. In reality, this isn't necessarily the case since most markets have an overall trend of either being mainly buyer's or being mainly seller's markets (its rarely 50/50 buys versus sells).

The disadvantage of a recycler is that they are more prone to jams and failures due to increased complexity and moving parts.

Separate Cash Accepter and Dispenser

The other option is to use a separate cash accepter and dispenser. There are many varieties out there.

Bitcoin ATM Talk / Are you a member of the industry?
« on: February 14, 2016, 10:42:40 pm »
For Bitcoin ATM operators, owners, and manufacturers we have some private sections of this forum. Send me a private message verifying who you are and I can add you to the private section.


Interesting to see that GenesisCoin has surpassed BitAccess according to CointATMRadar's statistics.

News / Ben Lawsky to Talk Regulating Digital Currency at Law School
« on: June 06, 2015, 01:26:26 pm »
Benjamin Lawsky, Superintendent of the New York Department of Financial Services (NYDFS), is slated to appear at the Benjamin N. Cardozo School of Law to discuss bitcoin on October 14th, according to this event page.

The title of the ‘Tech Talk’ is Regulating Digital Currency: BitLicense and the Internet of Value, and Lawsky is perhaps one of the better-suited individuals working for the government that can speak on the topic.

Lawsky’s NYDFS currently has a proposal out right now for BitLicense scheme, which requires companies working in the digital currency industry in the State of New York to comply with certain regulations.

That proposal is currently in a commenting period.

New York State NYDFS Logo

Lawsky has faced considerable criticism from the bitcoin community for the proposal, which a number of entities have suggested will stifle innovation in the crypto-currency sector in the state.

Still, Lawsky is adamant that the regulations are a good first step in responsibly regulating bitcoin, and he’s said he wants to do it right (New York is the first such state to establish such regulations).

This isn’t the first event that Lawsky is scheduled to speak at. Just a week ago it was noted that he is expected to appear at the Money 20/20 conference in order to deliver a keynote address.

No doubt, there’s be no shortage of discussion surrounding the so-called BitLicense proposal put out by the New York Department of Financial Services (NYDFS). The proposal, which is currently in a commenting period, has attracted the attention of consumers and businesses alike. Many, it seems, aren’t fond of the strict regulations the NYDFS plans to put in place, citing the possibility that these regulations could stifle innovation in the cryptocurrency industry in the state of New York.

And one of the loudest voices when it comes to telling the Department of Financial Services whats on the minds of the community is the Bitcoin Foundation.

The organization today submitted comments highlighting the need for public access to the “extensive research and analysis” allegedly conducted by the NYDFS during the composition of their proposal.

From today’s news release:

The Foundation’s comment seeks to learn the rationale the NYDFS used to substantiate its technology-specific regulatory proposal, which bucks the consensus among state and federal regulators that are integrating Bitcoin as a new financial technology into existing regulatory programs.
Back in early August, the Foundation had requested “copies of any risk management and cost-benefit analysis (or other systematic assessment) that is part of the ‘extensive research and analysis’ referred to in the statement of needs and benefits for the proposed regulation” to the NYDFS.

The same day the request was made, the NYDFS had promised to deliver the requested information within a 20-day period. However, on the 9th of September, the NYDFS delayed the delivery of that information until December. That is well after the date when the public commenting period ends on the 20th of October.

“The sacrifice of some decentralization in furtherance of other benefits to the Bitcoin ecosystem must meet a high burden of proof. Nobody should want a regulation that sacrifices Bitcoin’s benefits if doing so produces unknown or merely speculative benefits for New York consumers of the New York financial services marketplace,” said Jim Harper, Global Policy Counsel for the Foundation.

He adds, “The language of the ‘BitLicense’ proposal would apply non-financial uses of Bitcoin’s public ledger, including communicative and expressive uses. This would run afoul of U.S. constitutional protections against regulation of speech.”

“A regulatory regime that is markedly out of step with others is very likely to create inefficiency in national and global markets, which would suppress competition, hamper the delivery of benefits to consumers and frustrate consumers,” he concludes. “New York is a very special state, but we recommend that it join the national and global community of regulatory bodies that are taking a methodical, iterative approach to Bitcoin business regulation.”

News / Lawsky of NYDFS Talks BitLicense at Cardozo Law School
« on: June 06, 2015, 01:25:32 pm »
It wasn’t terribly long ago that I wrote about New York Department of Financial Services (NYDFS) Superintendent Benjamin Lawsky speaking at the Cardozo Law School in New York City.

That event took place on Tuesday evening, and many in the community may be relieved to hear about what changes Lawsky and his team are planning to make to the much talked about BitLicense proposal that is out now in a public commenting period.

For starters, software developers, bitcoin minters, and individuals using the digital currency (with the exception of those offering financial services) will not be required to apply for said BitLicense — which is a financial services permit that requires holders to follow strict AML/KYC regulations.

Banks who would like to dip their toes into the bitcoin waters, on the other hand, would be required to apply for the BitLicense, according to the Wall Street Journal.

The fact of the matter is that Lawsky wants the public to know that businesses that operate in the digital currency/bitcoin realm and offer financial services are going to have to accept regulation in some form or another. That’s just a part of doing business.

As for the folks that state that the cost of implementing policies to remain in compliance with the BitLicense, Lawsky says both he and the NYDFS are aware of that. As such, they acknowledge it will take a “creative solution” and are actively working on it.

The public commenting period for the first draft of the BitLicense proposal is slated to conclude later this month. Another commenting period will be opened when the next draft of the proposal is made available to the public.

News / First BitLicense Public Commenting Period Deadline is Today
« on: June 06, 2015, 01:23:30 pm »
It seems as if it’s been a long road to get here, but today marks the conclusion of the first public commenting period when it comes to the New York Department of Financial Service‘s (NYDFS) BitLicense proposal, which has been seemingly met with no shortage of resistance from the community.

The proposal, which was distributed for public comment in mid-July, outlines a number of regulations the NYDFS hopes to put in place to keep tabs on companies operating in the virtual currency space in the State of New York.

Those regulations include collecting customer names, addresses, and other identifying information, in addition to strict reporting requirements for companies regardless of their size or resources.

This commenting period was supposed to last for a 45-day period, if you’ll recall. But when members of the community realized that 45 days would not be nearly enough to review and comment on the proposal, they began to realize that an extension would be required if this were to be done the right way.

At the time, Perianne Boring of the Chamber of Digital Commerce called the 45 days “severely inadequate” and “egregious”.

It wasn’t too long before the NYDFS came out and extended the public commenting period to October 21st, much to the relief of companies looking to submit lengthy comments (much like Circle and BitPay did yesterday).

What happens now?

It’s certainly not the end of the process.

Presumably, the New York Department of Financial Services will take some time to review the tons of comments they received on the proposal (both from the public and from the business sector), which will go into shaping the next version of the proposal.

When released again, another public commenting period will open, though it’s unclear whether or not the NYDFS will stick to the extended time frame of 90 days or go with the 45-day standard.

Either way, it’s a very interesting topic, and I’ll have more information for you as it becomes available.

News / Lawsky to Discuss BitLicense in His Speech Today
« on: June 06, 2015, 01:22:35 pm »
New York Department of Financial Services (NYDFS) Superintendent Benjamin Lawsky will speak about the BitLicense at a Washington DC event today, he tweeted.

The announcement came right ahead of the launch of the aforementioned Bitcoin regulation, which itself has generated quite a buzz inside the digital currency sector, for it will reportedly introduce some anti-development laws in its conclusive form. Lately, Bitcoin company Coinbase and MIT Digital Currency Initiative, in separate letters, raised concerns that how BitLicense is critically flawed and puts substantial burdens on the digital currency businesses in New York.

The mood around the upcoming regulation is, therefore, pessimistic — a reflection of which could be seen in the recent Bitcoin price crash. On the other hand, other states are gearing up to take the opportunities to lure the digital currency businesses from Wall Street; mainly New Jersey, whose two assemblymen have proposed a bill that would introduce tax breaks to Bitcoin businesses.

“It’s very attractive, to us seeing a state which, instead of us having to work so much harder just to operate, seeing a state that comes with its arms open,” CoinSetter CEO Jaron Lukasieicz had said.

Lawsky’s speech therefore marks an important event that would further decide the direction of BitLicense. Businesses are seemingly in no mood to comply and are threatening to move abroad in case there comes a burdensome regulation. This will be the Superintendent’s last efforts to announce some amendments before he resigns from the office.

The speech will be held Wednesday, June 3, 11:30 AM EST at:

BITS Emerging Payments Forum,

Westin City Center,

1400 M Street, NW,

Washington, DC

It will also be broadcasted here.

News / Benjamin Lawsky Unveils Final Bitcoin Regulations
« on: June 06, 2015, 01:22:12 pm »

Speaking at the BITS Emerging Payments Forum today, Superintendent of the New York Department of Financial Services Benjamin Lawsky released the final set of Bitcoin regulations, commonly known as BitLicense.

The rules and regulations will govern only the financial intermediaries associated with Bitcoin and other virtual currencies.

Mr. Lawsky said: “The emergence of digital currency and other new forms of payments technology represent an important test for financial regulators such as NYDFS. We have a responsibility to regulate new financial products in order to help protect consumers and root out illicit activity. However, by the same token, we should not react so harshly that we doom promising new technologies before they get out of the cradle.”

The final version of BitLicense would not cover software developers, individual users, or merchants accepting Bitcoin as a payment.

Another positive revelation was that the cryptocurrency businesses would not require prior approval from the state for software updates, but will be needed for significant changes such as a wallet firm offering exchange operations.

Benjamin Lawsky reiterated that regulations will go a long way in promoting Bitcoin adoption and foster healthy competition between the companies. He hoped that the wary consumers will look to adopt Bitcoin and other cryptocurrencies post the licensing, and when the licensed companies report a bigger customer base, it will only push other companies to adopt the framework and apply for the license. This in turn, will ensure that the companies operate in a competitive environment while the interests of the consumers remain safeguarded.

Companies following the NYDFS regulations will be able to accept customers from the entire US, subject to condition that the state governments have no objections. The department is also in talks with other governments regarding the matter.

Each application needs to be submitted with an initial fee of $5,000 to cover processing costs, reviewing application materials, and investigating the financial condition and responsibility, financial and business experience, and character and general fitness of the applicant.

The outgoing superintendent acknowledged that the current version of DFS rules may not be received warmly by all, but it is a good start. And as the industry and the businesses evolve, the rules can be modified accordingly.

The complete 44-page document of the finalized BitLicense can be viewed here.

News / Coin Center Denounce BitLicense for Impeding Innovation
« on: June 06, 2015, 01:21:45 pm »

Nonprofit Bitcoin Advocacy Group Coin Center recently published its views on the just-released Bitcoin regulatory framework, the BitLicense, saying that it will obstruct digital currency innovations in New York.

The US-based organization was one of the most frequent and active voices to push for a tech-friendly BitLicense, but today stands disappointed with some of its problematic provisions. The first and the foremost issue discussed in Coin Center’s blogpost is related to the anti-money laundering requirements which ends up being rather confusing than simplified.

“The new language is vague and unclear about how compliance with federal regulations will exempt a BitLicensee from those state-level obligations,” Jerry Brito, the Executive Director of Coin Center, stated. “My question is, if you register with FinCEN, do you have AML obligations to New York State?”

Smelling Partiality

The group further positioned its criticism on NYDFS’s decision to inflict certain anti-money laundering and cybersecurity requirements on Bitcoin businesses. These laws, as per the available information, have never been inflicted on the legacy payment industry in the past. The New York regulators are however looking towards inflicting them on traditional money transmitters and banks as well, something which Coin Center believes is not digestible — not yet.

“The Department has rationalized this discrepancy by suggesting that it would apply the same heightened standards to the banks and money transmitters,” it said. “With the Superintendent’s imminent departure, however, we are left wondering if that will be the case.”

Other Concerns

Elsewhere in its blogpost, Coin Center argued with NYDFS over their lack of empathy towards innovations. It challenged a provision that obligates individuals and businesses to take approval from the government before launching a “new” product. The ruling is likely to impact developers working on projects that may not look compatible with the NYDFS’s standards. Wonder what it will take to launch a Bitcoin 2.0 project under such restrictive clouds.

The group further highlighted the grey areas in the Lawsky’s speech that never explains the following:

Custody or control of consumer funds is not defined in a way that takes full account of the technology’s capabilities.
Language which could prevent businesses from lawfully protecting customers from publicly revealing their transaction histories.
The lack of a defined onramp for startups.
In separate comments, many Bitcoin veterans — including Jeremy Allaire, John Collins and Adam Draper — have criticized BitLicense for being an arrogant law.

The New York Bitcoin regulation meanwhile has also received praise for improving some of the previously introduced provisions. The new version, for instance, has excused Bitcoin technology startups from obtaining the license. It has also eradicated a provision that asked businesses to seek permission before updating their existing services.

News / More Bitcoin ATMs Opened in Canada through BitSent
« on: June 06, 2015, 01:17:56 pm »

BitSent is one of the first companies to open bitcoin ATMs in Canada and is currently expanding its terminals to locations in Vancouver, Surrey, and Burnaby. Currently, the company has 11 bitcoin ATMs in operation across the country and is hoping to add more terminals internationally.

In particular, BitSent will add more ATMs in the British Columbia’s Simon Fraser University (SFU) campus bookstores, which is the first university bookstore to accept bitcoin as payment. “As the founder of SFU’s Bitcoin club I’m proud that SFU has the first university administered bookstore in the world to take Bitcoin for purchases,” said founder of the SFU bitcoin club Mike Yeung.

Bitcoin ATMs in Canada

BitSent is one of the fintech companies based in Ontario, which is considered the “Silicon Valley” or innovation triangle of Canada. This area is home to several new tech startups and is also housing development offices of Blackberry, Microsoft, Google, and Oracle.

What sets the company apart from other bitcoin ATMs is that it makes use of the Lamassu model, which is one of the older technologies. Other companies are using the QuadrigaCX’s SumoPro technology in their bitcoin ATM terminals.

Canada has also adopted a relatively open-minded stance to bitcoin industry developments, similar to the Netherlands and the United Kingdom. BitSent is situated in a region that generates close to $30 billion in revenues from technology-based developments, along with other successful startups such as OpenText, Christie Digital, COMDEV International and Clearpath Robotics.

The Bank of Canada, which is the country’s central bank, has specified that they are not worried about the cryptocurrency replacing their official currency or cash in general. “These are early days and so far digital currencies have not made it to what we call money,” said Governor Stephen Poloz. “We’ve got a ways to go before we need to be thinking about policy implications.”

Hardware/Software / Re: GenesisCoin
« on: June 01, 2015, 09:18:13 am »
New Feature:

GenesisCoin ATMs now support SMS + PIN + Government ID for KYC option.

Hardware/Software / Re: BitAccess
« on: June 01, 2015, 06:22:50 am »
Also a status page where you can see every BitAccess machine's online status:

Pages: [1] 2