Technology

37705 readers

279 users here now

A nice place to discuss rumors, happenings, innovations, and challenges in the technology sphere. We also welcome discussions on the intersections of technology and society. If it’s technological news or discussion of technology, it probably belongs here.

Remember the overriding ethos on Beehaw: Be(e) Nice. Each user you encounter here is a person, and should be treated with kindness (even if they’re wrong, or use a Linux distro you don’t like). Personal attacks will not be tolerated.

Subcommunities on Beehaw:

This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.

founded 2 years ago

MODERATORS

[email protected]

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]

26 comments fedilink hide all child comments

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????

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 18 points 1 year ago (21 children)

… I mean, frankly I don’t see many legitimate use cases for crypto anyways. Cash Is kind of a better option in most cases where credit/debit cards would be out of the question.

[–] [email protected] 16 points 1 year ago* (last edited 1 year ago) (20 children)

I think there's utility for digital cash. Fungible cash online.

I personally use Monero which is fungible, private, online digital cash. Just yesterday I donated to doctors without borders, I pay for my VPN, I pay for my email hosting, I donate to signal, I donate to graphene OS, I donate to the briar project, I donate to the Tor foundation, I fund software development bounties, I pay for video game hosting, I paid for dropout.tv.. all using monero.

Why? For the same reasons I use cash. I want to have a transaction, I want to be done with it, and I don't want to have an ongoing relationship. I don't want third parties to be involved. If I put $5 in the local temples donation bin, or if I donate $5 in crypto, that's nobody's business but me and the Buddhists.

[–] [email protected] 8 points 1 year ago (1 children)

Great description!

Some people live in countries where some of those things are illegal. Another example of this is banned books. I can pay for entry into a private torrent tracker through a VPN to access books banned in my country.

If you need 0 connections between the cash in your bank account and what you buy online then you need something like Monero.

[–] [email protected] 3 points 1 year ago

Or like buy a pre paid card with cash at a corner store.

load more comments (18 replies)