ITS TRUE! Bitcoin ATM Operators know that Peercoin is important (and IDEA)

General
1

I’m not going to say who, or when, but it doesn’t change the story, and the story is what is important.

Some time ago, I was at a Bitcoin ATM, Robocoin to be specific.

There was a line up for the Robocoin ATM machine of people wanting to buy/sell Bitcoin. A lot of these people just wanted to turn fiat into cryptocurrency. Normally this location only needs 1 Bitcoin block confirm to verify the transaction and then the Bitcoin ATM will transfer you BTC, or issue fiat money.

There was a period where there was a market panic due to price fluctuations, and for 2 solid hours, there was no block confirm for most of the people waiting for one. All the 10 minute blocks were full by other transactions, or were spaced apart due to high PoW difficulty. So these ATM customers had to wait for their transaction to appear in an available Bitcoin block.

People had to keep re-feeding their parking meters while they waited by the Bitcoin ATM for that single block confirm to carry their transaction before they could leave the place. People were visibly upset after about 45 minutes to an hour.

One of the owners of the Bitcoin ATM was there and went outside for a smoke. I went to talk to that person.

This person sheepishly smiled and said “people don’t get it yet”. Bitcoin with the hard difficulty, and the numerous transactions including dust, and the low transaction fee. It’s a matter of time before they consider something like Peercoin as the cryptocurrency of choice for ATM transfers. There is too many transactions, too much “dust”, too many exchange-to-wallet transfers going on, that it’s filling up Bitcoin’s blocks every now and then and it’s a real problem.

(By the way don’t forget about that large Bitcoin mining fire that happened)

So while Peercoin (today) is around the 75 cent mark, and Bitcoin is at around $375, there is a situation that has been brewing for quite some time that hasn’t become widely known yet.

No one wants to wait for 2 hours for a single block confirm, but it HAS happened, and will happen again, and again, and more frequently.

This brings me to an idea that I have:

You know the www.usdebtclock.org site? We need something like that that compares Bitcoin and Peercoin’s block chain stats every 10 minutes and updates it.

Something that shows:

Bitcoin Blockchain Size: XXYZ Gigs
Peercoin Blockchain Size: XXYZ Megs (72% smaller)

Bitcoin 5 last blocks over 10 minutes: Block# 23432 (Nov 27/14 09:29 GMT) (etc, etc,etc,etc)
Peercoin 5 last blocks over 10 minutes: NONE

Bitcoin: Last 24 hours, number of transactions less than 0.05 BTC: 4,332
Peercoin: Last 24 hours, number of transactions less than 0.05 PPC: 12

This type of ongoing statistical record keeping and presentation will inevitably show the real reason why Peercoin needs to be a contender for “large volume” transactions and start trading on Peercoin ATM’s.

Couple this with the low volatility of Nubits, and you have a winning combination.

The problem? We’re not promoting it, talking about it, educating people about it, and it’s not self evident yet.

Once this happens, expect Peercoin and Nushares to sky rocket in value.

I have plenty of ideas like this (no shortage of them).

If you don’t have a good position in Peercoin ($500 or greater), this might be a good idea to buy a few more. As per market regulations, don’t take any thing I’ve posted here as financial advice. But if you see the same thing I do, this is a really great time to “get in” and wait.

2

But How can Peercoin could be transaction-friendly (to be ATM-friendly) if it has an anti-SPAM feature?
Do you mean a Peercoin ATM for large amount?
What about small amounts?

3

i consider nubits the best candidate for ATMs :wink:

4

[quote=“crypto_coiner, post:2, topic:3113”]But How can Peercoin could be transaction-friendly (to be ATM-friendly) if it has an anti-SPAM feature?
Do you mean a Peercoin ATM for large amount?
What about small amounts?[/quote]

anti-SPAM feature? not sure what you are talking about. Either you are using a translator tool that is doing a bad job of translating your point, or this is just a simple case of a strange question with no answer…

5

It is…

…and it’s not, in the same breath.

Peercoin has been around since 2012. There is a better trust in it, vs NuBits which has been around for a year or less.

Based on that, I think Bitcoin ATMS should offer Peercoins as a second option, or at the very minimum stop selling Bitcoin and instead offer Peercoin.

BECAUSE:

Peercoin has no dust transactions. Every transaction must be 0.01 OR greater. Which causes the PPC blockchain to be small and limited in size.

While it is true, you can trade in PPC / Peercoin to buy Nubits which follows the U.S. Dollar… (great savings account, by the way)

In order to buy Nubits or Nushares, you have to buy PPC in advance. Peercoin/PPC is definitely undervalued (my opinion).

6

“…Every transaction must be 0.01 OR greater.”
that is the anti-spam feature :wink:
i don’t know what the “small amount” for an ATM should be, 1,5,10$?
in my country the smallest amount i can withdraw from a bank’s ATM is 20 euros.
In any case i think that even 1.01 ppc with the 0.01 fee, could be the smallest amount offered by an ATM :slight_smile:
(until ppc reaches the 2-digits value)

7

we should ask peerchain.co to include some more interesting ppc stats. (not sure about the btc bashing tho)

  • histogram of amounts of last x days
  • histogram of confirmation times of last x days
  • size blockchain
  • …

and maybe a widget so that other websites can show it too…

8

This is a very interesting idea.

9

I think that yes of course we should have peercoins on ATM’s.

A reserve currency has to have super liquid markets. That is finance lingo for: When you want to sell, you can be sure that someone else will want to buy from you, at that point in time, at current market price. Even if you want to sell like an insane amount, like totally mind boggling huge amount, you want to know that your order will be executed.

If you can not be confident that someone will be able to buy from you, then its not a reserve currency.

So how do we ensure that peercoin get a lot of liquidity and that people will always find buyers and sellers?

Easy! Create as many ways as possible for people to buy and sell peercoins. I.e. integrate in as many existing ecosystems as possible. Work with as many other cryptos as possible out there making it possible to transact with them as cheap and easy as possible. Put peercoins point-of-sales terminals, in ATM’s and so forth and so on.

The more interfaces to peercoins, the better. More is better. More more more ways to buy and sell peercoins.

EDIT:
Would be interesting with a metric that tells you how much value (in a USD index) in terms of coin market cap, is being moved and compare that to Bitcoin. That way we could see which network is most used for small transactions and which is most used for high-value transactions and so forth and so on.

EDIT 2:
NuBits is not intrinsically linked to Peercoin. Its an artificial link. Just saying… if you want to provide peercoins liquidity then you have to push for peercoins. If peercoins falls in value, like always and goes down and down - NuBits will start paying dividends in Bitcoins or something else. To keep NuBits people happy, we have to make sure peercoins rise in value, so they continue support the system.

10

[quote=“ppcman, post:1, topic:3113”][…]
Bitcoin Blockchain Size: XXYZ Gigs
Peercoin Blockchain Size: XXYZ Megs (72% smaller)[/quote]

Peercoin’s blockchain size is not 72% percent smaller, but Bitcoin’s blockchain size is 72 times of Peercoin’s blockchain size!
…or you could say that Peercoin’s blockchain size is approximately 2% of Bitcoin’s :wink:

[quote=“ppcman, post:1, topic:3113”][…]
This type of ongoing statistical record keeping and presentation will inevitably show the real reason why Peercoin needs to be a contender for “large volume” transactions and start trading on Peercoin ATM’s.

Couple this with the low volatility of Nubits, and you have a winning combination.

The problem? We’re not promoting it, talking about it, educating people about it, and it’s not self evident yet.[/quote]

It’s not only not self evident, but it depends on one’s view as well.
Bitcoin will face problems due to its design. I can’t foresee whether it can solve the problems. One remarkable point of time in the not very near but coming future will be the next block halving of Bitcoin in less than 100,000 blocks, occurring in roughly 90 weeks. With halved PoW block rewards (from 25 BTC/block to 12.5 BTC/block) operating miners that are running on knives edge (in terms of economical aspects) might sooner or later need to be turned off. The only thing that can prevent that from happen, is sufficient income with mining by a higher BTC price or more income due to way more transaction fees. It will be a dangerous time for Bitcoin. At the last block reward halving there was not this type of economy in place with data centres full of miners etc.
But that does not mean a majority doubts the sustainability of Bitcoin.

And although Peercoin is very great in terms of sustainability, because it can be maintained independent from both the Peercoin price and the number of transactions, it is yet so little recognized…

Something that compares Bitcoin’s and Peercoin’s blockchain stats might help people to get aware of differences between Peercoin and Bitcoin. Oh, it might make them aware that something like Peercoin does even exist!

It’s not always the superior products that succeed. I hope in Peercoin’s case that will be true and I consider Peercoin superior to Bitcoin in terms of sustainabilty. - but that’s just a point of view; my point of view.

I think it leaves us with the chicken and egg problem.
Peercoin ATMs would be great to make people aware of Peercoin and to have easy access for buyers and sellers to the Peercoin network. But before somebody would invest in Peercoin ATMs, there would be more need for Peercoin ATMs than there is right now…
How to break that circular reference?

I’m glad you mentioned NuBits, because I think maybe NuBits is something we can hope for. Here’s why: NuBits is meant to be used as transactional currency (in difference to Peercoin). An Android wallet is in development. Paying with that wallet requires NuBits in that wallet. If you need to reload your wallet with NuBits when you’re away from home, an ATM supporting NuBits wouldn’t be bad.
The current distribution of NuBits includes dividend payment in Peercoins. I expect that to stay for some time, because it’s an incentive for NuShares holders to vote for a custodian if they receive Peercoins for granting the custodian with NuBits (to fill the market needs for NuBits). This is how they get rewarded for trusting somebody with a large amount of NuBits.
The more dividends that are paid, the more buy pressure is on the Peercoin market (or the less sell pressure if you consider mining the PPC for the dividends without sellling them at exchanges). Either way, the dividend payment has either no influence on Peercoin price (in case the receivers of dividends sell them after having received them…) of a positive influence.
So NuBits might indeed help Peercoin to get where we expect Peercoin to belong to :wink:

But there’s another idea that might help Peercoin.
I think the backbone aspect of Peercoin is something for the future. It first needs to get there. It will get there once people recognize an intermediate use case of Peercoin: to invest now and wait for the price to rise!

Peercoin is the real digital gold (in difference to Bitcoin): once you have made it your own (by purchase or mining), it can be kept for very little effort. You don’t need much to maintain its value.
If you get people to realize that, you have created demand for Peercoin ATMs and a lot more…

Trying to find a company that supports Peercoin at their ATMs is a good idea. I only don’t know how to convince them of including Peercoin transactions at that ATM… That might require some sponsoring.

11

Yeah, shouldn’t be too hard to repurpose a Robocoin ATM to use PPC instead of BTC. Haven’t seen any other cryptocurrencies do this apart from BTC itself. I’m surprised Litecoin didn’t jump on the idea earlier on, but their loss.

12

According to an article on coindesk it is http://www.coindesk.com/robocoin-operator-hacks-atm-run-lamassu-software/.
However you can apparently hack Lamassu software on it. Lamassu allows coin specific plugins. Someone just needs to make one for Peercoin and convince operators to install it 8)

13

it sounds like a peer4commit project;)

14

Well, more than happy to set one up, but first need a developer who is interested. I don’t want to sit on funds when no-one seems to be interested, capable or available to actually start coding.
So drop me a note in PM or here and I’m happy to try to get some funding together when you think you can deliver. We can use both a Peercoin and a NuBits plugin for Lamassu. Other ATMs can also be discussed.

15

Well, more than happy to set one up, but first need a developer who is interested. I don’t want to sit on funds when no-one seems to be interested, capable or available to actually start coding.[/quote]

That’s a chicken and the egg scenario.

But if wait until we get a developer who is interested before raising the funds…

…You may not find a developer interested without funds already raised and waiting.

However, if funds were already raised and waiting for a developer, it might be easier to attract a developer who is interested in those funds, when they see how many funds have been already raised.

It appears a call was put out May 2014 to get a Peercoin developer involved, found this:
http://peercoinvalue.com/news/lamassu-peercoin-atm/

We also should consider contributing code to this one:

http://projectskyhook.com/ (Open Source Bitcoin ATM for $999)

16
17

lol
at least a const has been defined for lite - and dodgecoin:

https://github.com/projectskyhook/skyhook/search?utf8=✓&q=LITECOIN

that leaves a web dev to fill in the rest…

18

I have forked and created a project on peer4commit for the Skyhook bitcoin ATM to be ported to Peercoin.

Peer4commit: http://peer4commit.com/projects/141
github: https://github.com/FuzzyBearBTC/skyhook

I have also had a look at the Lamassu ATM and it looks a lot more involved to fork this as there are a number of repo’s for the ATM to run, but for reference https://github.com/lamassu/
I forked the core machine code here https://github.com/FuzzyBearBTC/lamassu-machine so I will be looking into this but I think the Skyhook ATM might be a better start.

Fuzzybear

19

[quote=“FuzzyBear, post:18, topic:3113”]I have forked and created a project on peer4commit for the Skyhook bitcoin ATM to be ported to Peercoin.

Peer4commit: http://peer4commit.com/projects/141
github: https://github.com/FuzzyBearBTC/skyhook

I have also had a look at the Lamassu ATM and it looks a lot more involved to fork this as there are a number of repo’s for the ATM to run, but for reference https://github.com/lamassu/
I forked the core machine code here https://github.com/FuzzyBearBTC/lamassu-machine so I will be looking into this but I think the Skyhook ATM might be a better start.

Fuzzybear[/quote]
Good development. I think the Lamassu has a larger installed base, but that was a few months ago. I guess once we have a port for one ATM, it would be easier to do others or?

20

Thanks Fuzzy for creating the Peer4commit ATM Fund

I fully believe that one day I can walk up to a crypto ATM, and buy either Bitcoin or Peercoin. However it will only happen if we get behind it happening.

Peercoiners reading this if you can throw a few dozen / hundred peercoin into the project. Whatever you can afford to invest into it… Peercoin will show up on ATM screens every where if it comes true.

[size=14pt]Click this link to help: Peercoin ATM Project[/size]