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Scammers exploit bitcoin ATMs. Will new California laws help crack down on fraud? (www.latimes.com)

submitted 1 year ago by [email protected] to c/[email protected]

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New California law limits cash to crypto at ATM machines at $1000 per day per person and also the fees that can be imposed by the machines.

The industry says this will hurt the business, hinting that they're profiting from the lack of KYC policies

I don't see any legitimate use from those machines. Who would have a legit need to exchange $15k from cash to crypto at 33% fees????

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[–] [email protected] 8 points 1 year ago* (last edited 1 year ago)

I think they're mostly targeted at people who don't understand crypto. Localmonero or localbitcoin peer to peer marketplaces are so much better than these ATM contraptions.

But if you need to buy something with Bitcoin, and you don't have any on-ramps, the ATM works. It's right there, it's immediate, it's kind of novel.

But yeah, giving those ATMs any personal information is insane. I can't see anybody doing that.

Completely unrelated, I live in an environment where anybody can go up to an ATM and type in a bank account number, and make a deposit. So localmonero just works very efficiently, just find a peer on the site, initiate a trade, go to an ATM make a deposit, have instant delivery of your crypto. Or vice versa.

So these cryptospecific ATMs are just a function of a specific banking system, cuz in places where you have more friendly ATMs, they're totally outclassed