Seriously Dude? Trying to Buy $1 Worth of Bitcoin! Las Vegas Bitcoin ATM
Ah, I hate calling out people in a negative manner, but really! Matt Weinberger wrote this article for Business Insider, published on January 14th:
http://www.businessinsider.com/buying-bitcoin-from-las-vegas-atm-2018-1
I assume he was there covering CES when he got the brilliant idea to stick a one dollar bill into a local Bitcoin ATM machine. I am also assuming that he was just trying to make a buck writing this article, too.
Unless you have been living under a rock, you would know that Bitcoin recently hit $20,000 before falling back down a bit. In what world would someone ever think that one dollar would ever be useful? Even if he did manage to turn the entire dollar into bitcoin, what could he buy with only one dollar?
Would you walk into a bank, coin dealer or brokerage office with only $1.00? Why would this be different? Maybe you could have gotten away with it in 2009 when bitcoin first arrived on the scene.
Instead, his article seems intent on bashing bitcoin as a currency. This would have been an entirely different story had he decided to stick a $100 bill into the ATM. But, yes, we do still have a ways to go before any cryptocurrency is used for everyday transactions.
He had to sign up with coinbase to use the machine. I believe they charge a $10 fee to use their service. In addition to this, there are transactions fees that are paid to the miners for recording the transaction. I do agree that these fees are way too high!
In the end, coinbase did give him a little something for the $11 total he put into it. Mr. Weinberger, you should have come to steemit in the first place! Unfortunately, you will have to wait for our ATM machines, but a new account will give you delegated steem power to get you started. But, I am sure you will be pleasantly surprised by our free and instantaneous transactions!
If you let me know you are here, I will personally donate one SBD to get you started. Maybe you could write about us? Are you up for the challenge? Just let me know!
Thanks and follow @hashclouds for more!
Photo courtesy of Business Insider
I need to find a new Bitcoin ATM machine. Crazy angry lady at the liquor store hates everyone who uses the store's BTC machine and my girlfriend too who she called a B. Closest Bitcoin ATM machine off my list now... There has been a line of Steemheads there lately, but not many people buying liquor.
Heehee! It is good to know that bitcoin is more popular than alcohol! :)
Is there ever a time when she isn't there?
Bitcoin is dying and its dragging the entire market down with it. The markets are literally joined at the hip with BTC, and when BTC falls because people have realized how slow and unreliable it is, the larger market ( the new money, people who have been in the game for less than 5 months) panics as they believe that bitcoin IS the market, and if bitcoin fails, then everything else does. This is part of the issue when people like Warren Buffett go on record saying that "Bitcoin is a bubble and will burst" That part is true, for the most part, not many people are willing to pay $36 for a transaction, especially one that takes an hour or more to confirm, and even more so when the developers make little attempt to fix the BTC network -
But when everyday people hear things like this is causes a massive amount of irrational fear...coupled with news from South Korea which was false, as well as news from traditional outlets that claim the market and Bitcoin are constantly dying. We risk going into a free fall in prices within the next few weeks if people don't stop spreading false information. The market dropped by 30% just on false news and an assumption that Korea MIGHT POSSIBLY COULD BE MAYBE be banned from the markets. What would happen if over a 3 day period Fox News and CNN falsely reported that "Bitcoin" was going to be banned in the US, without any proper sources to back it up? The market would implode all based on a rumour. This is why its VERY important to not follow false channels, or people looking to hype coins, its causing the market to expand in a direction that it shouldnt be going, which is the hype, pump, dump and the market is burning scenarios. This has a lasting effect on the human mind, and we'll pay for it eventually.
I find it funny how Warren Buffet claims that he doesn't understand bitcoin, but then turns around and proclaims that bitcoin is in a bubble. The guy has no understanding of the technology, or its endless applications in the real world, and just parrots shit Jamie Dimon says.
Buffet is old school and has a lot to lose when cryptos really start eroding the profits of the established industries he has been investing in.
His Berkshire Hathaway company has a single stock value of $315,261. Sounds like some lame made up name out of Wolf of Wallstreet (Stratton Oakmont I think). Dude lives in a Bubble and sees bubbles everywhere.
Last year, a few dozen prominent Bitcoin people met at Richard Branson's home island resort. Shortly after the meeting, they all heavily hyped up Bitcoin. Transaction volume surged with large transactions being circulated amongst friends. Around Christmas they cashed out, drank wine and celebrated... The little people bought in seeing the surge which held the price up a bit and then it tanked... They are going to let it fall below $10,000 and start again. It will go up to $25,000 this year... Cycle of greed repeats. When you call them out and joke the ring leader about the Richard Branson "Motorboat" incident, they all visit your linked in profile in private mode :-D The Bitcoin is dead mantra is their propaganda to profit again.
Almost ready to rev back up again... BTC just about to fall below $10,000 at $10,700... Seeing the typical players speaking out again. If the rev up happens again, I'm cashing out around $18,000 as it will fall harder the next time around. Doesn't mean BTC is dead, but just over priced for the time being. Few players artificially inflating volume.
great post
Thank you!
you are welcome
nice post. try to follow you
This post has received gratitude of 0.53 % from @appreciator thanks to: @hashclouds.
they need to start dealing in lite coin as well for small spenders...
bitcoin is for large spenders
not true, the best crypto is the one with the least fees
yea lite coin fees are lower, all the machines up here in Canada do both btc and ltc
In that case, you would have to weigh the difference in fees for what you want and plan to do with it. If you are holding it, you would need to spend the extra if you want to hold btc. For spending, ltc does seem to be the way to go with lower fees. Of course, steem has NO fees, but you would need to find somewhere to spend or exchange it.