Michael Dupree (https://twitter.com/michaeldupreejr)
Jefferson Nunn (https://twitter.com/mindragon)
Emilio Pagan-Yourno (https://twitter.com/EPaganYourno)
Sheldon Weisfeld ( https://coinvaultatm.com/ )
Welcome to Joesmoe Show #6.
Our Guest
Sheldon Weisfeld @CoinVaultATM
ATM Thefts + Vandalism...
## The Joesmoe Show #6: ATM Thefts, Vandalism, and the Bitcoin ATM Industry - Summary
This episode of "The Joe Schmo Show" (2019-09-05) explores the burgeoning Bitcoin ATM industry, its challenges, and its relationship with traditional ATM giants. Guest Sheldon Weissfield, founder of Co-involved ATM, provides insights into the industry's evolution.
Main Topics:
- The Rise of Bitcoin ATMs: Discussing their emergence and the regulatory landscape surrounding them.
- Traditional ATM Industry Response: Examining the established players (NCR, Diebold, Hyosung, Gragrin) and their largely dismissive reaction to Bitcoin ATMs.
- Security Concerns: Addressing ATM theft and vandalism, including a recent U-Haul heist.
- Regulatory Framework: Focusing on Texas Ruling 1037 and its impact on Bitcoin ATM operations.
- Operational Challenges: Highlighting issues like insurance, bank account closures, and cash flow management.
Key Quotes:
- "They’re not reacting. They’re ignoring it. And I think that’s a huge mistake." - Sheldon Weissfield on the traditional ATM industry.
- "They’re going to be disrupted. And I think that they’re going to be surprised when they realize that they’ve missed the…" - Sheldon Weissfield on the potential impact of Bitcoin ATMs.
- "Bitcoin ATMs don't store actual cryptocurrency…but rather dispense virtual assets from an off-site server." - Explaining the technical function of Bitcoin ATMs.
People Mentioned:
- Sheldon Weissfield (Co-involved ATM)
- Michael (Host)
- Charlie Schram
- Joe Watt
- Amelie
- Dave (Bitcoin Center in NYC)
- Mr. (Unnamed individual)
Bitcoin Price: Not mentioned.
The episode details how Co-involved ATM proactively addressed regulatory concerns early on, registering as a money service business and establishing AML/KYC policies. It also explores the technical aspects of Bitcoin ATM operation, emphasizing that they don't hold cryptocurrency directly. The discussion highlights the ongoing struggle for legitimacy and acceptance within the financial system, including difficulties securing banking services and insurance.