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News / Data Shows US Dollar, Not Japanese Yen, Is Dominating Bitcoin Trade
« Last post by CoinWill on August 03, 2018, 02:46:56 pm »
Japan may not be quite the cryptocurrency powerhouse that the world thinks it is.

A deep dive by CoinDesk has found methodological flaws in widely-cited bitcoin exchange data that appear to overstate the importance of the Japanese yen as a trading pair. Our analysis of trading data collected from July 26-30 suggests that the U.S. dollar, not the yen, is the dominant currency traded for bitcoin by a wide margin.

Currently, analytics sites CryptoCompare and Coinhills offer a breakdown of bitcoin trading by currency pair, and until recently the data from both sites indicated that over 50 percent of bitcoin trading is denominated in Japanese yen.

The problem is that the vast majority of yen-denominated transactions are not "spot" trades of actual bitcoin for yen. Instead, they are derivative products: contracts that derive their value from the performance of an underlying asset.
Hardware/Software / Recyclers vs Independent Accepter and Dispenser.
« Last post by joesmoe 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?
« Last post by joesmoe 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
« Last post by joesmoe 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.
News / Bitcoin Foundation to NYDFS: Public Needs Access to BitLicense Research
« Last post by joesmoe on June 06, 2015, 01:26:01 pm »
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
« Last post by joesmoe 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
« Last post by joesmoe 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
« Last post by joesmoe 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.
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