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One of the Co-Founders of Bitcoin.com Has Sold All of His Bitcoin

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I was curious and tried a Coin Me ATM in my local mall. Don't bother with them. Not worth it.


First I had to insert my drivers license in the machine. It stayed inside for about 1/2 minute, that got me concerned. I didn't want to lose that. Coin Me created a wallet with my drivers license number as my username. This is where the bitcoin goes. You can't directly send it to another address. I stuck $5 in the machine. About 0.000295 bitcoins it credited to my wallet, or about $4.43. I'm already in the hole for 57 cents of my $5.


I then log into the the Coin Me account It created, thinking I can transfer it to my Coinbase address. Nope. The fee to do that is more than my balance. I couldn't figure out the actual fee, but I think it's several times higher than my balance.


So I'm stuck with a tiny amount of Bitcoin in Coin Me. It's the cost of my research.

Edited by Burgerwars

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Interesting view on the intrinsic, high cost, of blockchains that contain value such as bitcoin.


The myth of a cheaper Bitcoin network: a note about transaction processing, currency conversion and Bitcoinland




If the cost to maintain Bitcoin’s infrastructure is zero, so too is the cost to successfully attack and fork it. 


A bit dated but I believe is pretty accurate. Not a pretty picture for cryptocurrencies as is the declining usage by merchants transacting bitcoins.

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