Need Bitcoins? This ATM takes dollars and funds your account

[green73]

NASHUA, N.H. -- Zach Harvey has an ambitious plan to accelerate adoption of the Internet's favorite alternative currency: installing in thousands of bars, restaurants, and grocery stores ATMs that will let you buy Bitcoins anonymously.

It's the opposite of a traditional automated teller that dispenses currency. Instead, these Bitcoin ATMs will accept dollar bills -- using the same validation mechanism as vending machines -- and instantly convert the amount to Bitcoins and deposit the result in your account.

"It's even easier than just using a regular ATM," says Harvey, 33, who demonstrated the device to CNET this weekend at the Free State Project's annual Liberty Forum. "You could probably do it in about five seconds. The thing that would take the longest would be the bill validator taking in the dollar."

cont
http://news.cnet.com/8301-13578_3-57...-your-account/

[sailingaway]

Why? I mean bitcoins have no more intrinsic value than FRNs and aren't backed by a government either.

I simply don't get them.

[cheapseats]

Why? I mean bitcoins have no more intrinsic value than FRNs and aren't backed by a government either.

I simply don't get them.

Moreover, IF Government/TPTB can interrupt-unto-shut-down the internet, they still have control. If anything, exchanging tangible fiat for electronic fiat seems like moving in the wrong direction. OBVIOUSLY, someone is quite willing to take those "worthless" Federal Reserve Notes off our hands AND/OR out of circulation.

[hazek]

Why? I mean bitcoins have no more intrinsic value than FRNs and aren't backed by a government either.

I simply don't get them.

Read this and you just might get it: Wrapping your head around Bitcoin (a guide ~5min reading time)

[sailingaway]

Read this and you just might get it: Wrapping your head around Bitcoin (a guide ~5min reading time)

I only had to start, I disagree right from 'why do you use it'. FRNs are backed by government and force of law and won't run off to the Bahamas tomorrow, quite as likely, from my perspective. It isn't what I want, but when I think of what I want, it has true intrinsic value, not just 'habit' behind it, we have that, already.

[hazek]

Well, being forced to use it is part of it, there are 50% of Americans who pay no taxes, I wonder who forces them to use dollars. And if you aren't going to invest even 5min to read the whole thing, even if you don't agree with the very first part, don't waste my time next time. You asked to have Bitcoin explained, reading that will do it for ya. Now go read it or just throw your hands in the air, proclaim it's irrationality and stop polluting threads about it and wasting everyone's time.

[sailingaway]

I didn't ask to have it explained, I asked why we should prefer it, and it built on the previous point, which I disagreed with. If it doesn't have intrinsic value, I don't see it being preferable, and see it as less reliable than govt backed FRNs. Why not have something with intrinsic value?

It seems like they are free to those who create them out of nothing, but they want value for them. Sounds like the Fed, right there.

[hazek]

There is no such thing as intrinsic value - all value is inherently subjective. Stop repeating that stupid term like it means something.

[hazek]

It seems like they are free to those who create them out of nothing

They are?! Well then, why don't you issue some and exchange them for dollars and get super rich????

[sailingaway]

They are?! Well then, why don't you issue some and exchange them for dollars and get super rich????

because I don't have the tech ability, am not part of that group, and it feels like a pyramid scheme, intentional or not. Getting rich dishonestly doesn't appeal to me.

and there is such a thing as intrinsic value. If no one 'backed' it, a house, bowl, chocolate, horse would be worth something to others who needed one.