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

submitted 11 months 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] 19 points 11 months 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 11 months ago* (last edited 11 months 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 11 months 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] 4 points 11 months ago

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

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