Pre-Proposal Crypto ATM Systems South Jersey USA

Miner237

Miner237

Active member
Foundation Member
Hi do you support the idea of DASH ATM? Such as proposed by theSavoyard? You will enjoy this proposal as well then. theSavoyard has taken the chance in asking the network to pay for his business equipment, I would like the opportunity to also ask the network for the same cost. I intend to charge 0 fees for DASH purchased from the machine during 2017. Transaction records will be reported as such to mirror thesavoyards proposal.

Introduction

A pre-proposal to install Dash enabled ATMs in major US cities.

The world has a very low adoption rate for cryptocurrencies. This leaves an opportunity to be the first major accepted digital currency. One of the major barriers to Dash acceptance is fungibility. This proposal would provide regional fungibility in at one location in south jersey Philadelphia metro.

The city we intend to target include: Cherry Hill one of the more wealthy cities in southern New Jersey just outside Philadelphia.


Why should Dash fund this?

The low adoption rate of cryptocurrency ATMs in USA is due to the high cost and highly regulated market. A lawyer is required to create lease contracts for rent and to provide banking service. An armed guard with an armored vehicle must service the machine, costly license and FinCen requirements.

We already have an established business in the region. Essentially, we have experience and licensing and have access to all the legal resources needed to install and operate the ATMs. We also have relationships with souvenir shops in major tourist areas where we can market Dash point of sale machines later on.

With the high startup costs of ATM service, combined with the high risk of the venture, cryptocurrency ATMs have notoriously high fees. http://www.businessinsider.com/using-a-bitcoin-atm-is-actually-pretty-expensive-2014-3?IR=T

Funding with a grant will allow our Dash enabled ATM to charge a lower fee, giving Dash a competitive advantage.

Who are we?

Hello my name is Brian and I have been in the DASH community since Feb 2014. You might know me on the forums as PhilaDASHia. I also volunteered to assist at the Miamin NABTC 2017 event and talked with several high net worth individuals who are now invested in DASH since our discussions at the conference. I currently work full time as IT systems consultant with 20+ years IT experience working with fortune 500+ companies to design and implement IT solutions to meet business needs for my clients like, DVF.com, Wakefern Foods, Pinnacle Foods, Cohen Steers, Dorman Products, Regional National Distributors, Cobham, Bucknell University, Princeton University, Meridian Health and plenty more. Not only do I have an IT background but I currently own the Lamassu and the General Bytes BATMTWO. I have been operating Crypto Teller machines for private use of friends and family since early 2016. I have been registered as MSB and am registered with Fincen. I am currently awaiting approvals for a money transmitter license for New Jersey.


Estimated Costs

Purchase of 1 BATMThreeM+ teller machines for installation in South New Jersey USA

Total = 70 Dash


Feedback is welcomed and appreciated.
 
Last edited:
I like the idea, especially if you keep fees to a minimum. If you get a money transmitter license, can you go both ways? Buy Dash and exchange Dash for fiat? Why do you talk about giving Dash a competitive advantage in Western Europe? "Funding with a grant will allow our Dash enabled ATM to charge a lower fee, giving Dash a competitive advantage in Western Europe." Is that a typo? You're talking about setting one up in New Jersey, no? Before voting yes, I would like to know how low the fees can be? Can they be lower than 1% Can this be done with a flat fee? Perhaps a flat fee to buy, and a % to withdraw? This would encourage buying more at one time, no? ;P
 
TanteStefana said:
I like the idea, especially if you keep fees to a minimum. If you get a money transmitter license, can you go both ways? Buy Dash and exchange Dash for fiat? Why do you talk about giving Dash a competitive advantage in Western Europe? "Funding with a grant will allow our Dash enabled ATM to charge a lower fee, giving Dash a competitive advantage in Western Europe." Is that a typo? You're talking about setting one up in New Jersey, no? Before voting yes, I would like to know how low the fees can be? Can they be lower than 1% Can this be done with a flat fee? Perhaps a flat fee to buy, and a % to withdraw? This would encourage buying more at one time, no? ;P
Click to expand...
HaHa I copied thesavoyard france pre-proposal because at first I didn't feel like this would normally be something the network should pay for. But it looks like there is some support for this in France so I would assume there would be some support in the USA. And hell if I will sit by and watch another ATM proposal get funded without throwing my hat in.

I will keep fees at 0% for buying during 2017 general bytes even allows you to set a negative fee, if I can find a DASH supportive shop that won't charge me rent I can keep buy fees at 0% for life. And yes the money transmitter will allow me to reverse the CASH for DASH and turn DASH back to FIAT. The BATMTHREE is rumored to get support for DASH this summer. Once I have obtained the New Jersey license I will also be applying for Pennsylvania, Delaware, and Colorado.
 
Damn, that would be .... WOW!

Still, there is maintenance, so a fee is expected, unless we can pay for maintenance through the budget system. Funds have to be collected, someone has to fix the thing when it breaks, insurance against theft would be a very good idea too. (I'm thinking about 0 fees, which might be a good idea to support but we need to hammer it all out)
 
TanteStefana said:
Damn, that would be .... WOW!

Still, there is maintenance, so a fee is expected, unless we can pay for maintenance through the budget system. Funds have to be collected, someone has to fix the thing when it breaks, insurance against theft would be a very good idea too. (I'm thinking about 0 fees, which might be a good idea to support but we need to hammer it all out)
Click to expand...

The cost of the machine covers enough for fees to be zero. @ an average of 10% fees this covers $70,000 in transactions. I do not expect this much volume in the first year from 1 machine. But we won't know until there is monthly reporting which will tell us and if I pass that point I hope to be deploying more that 1 to cover the costs of the zero fee machine.
 
Hello there has been much progress going on in the background for this project. Bitnik Reload is devloping DASH support for their re-buy service and General Bytes release their DASH branded BATMTWO Plus making it even easier to run DASH ATM Cogent Law has a convenient training package for anyone interested.

On Generalbytes
There is a minimum 5 piece order, If anyone is interested in buying in a group buy to get the qty5 let me know.

However this proposal is for the BATMThree which is due for DASH support in the next few months. Funds remain awaiting these machines to be available.
 
joemoraca said:
Any update on this?
Click to expand...

The BATMThree still does not YET support DASH in two way operation. However I have been working in anticipation of support the GB machines and we have discovered and helped identify several bugs and enhancement requests via use of several BATMTwo. The BATMThree was ordered in July and after over a month of waiting for back ordered parts and a month with customs / international shipping the unit has finally been delivered to NJ this week. General Bytes has been assuring me that DASH support for two way transactions is still coming for this machine, we are still awaiting updates on this. But as far as the back end we are in the final phases of our AML compliance policy and testing, we have been given a verbal ok by the regulators as long as we follow somewhat strict AML/KYC guidelines. Once the AML policy is complete and tested via a 3rd party audit we hope to be live.

The main target for the first two way machine is the largest mall in the local area. Cherry Hill Mall was one of the first "shopping malls" in the united states, I am facing much resistance getting into such a high profile space. The staff does not understand the purpose of the machine and the age gap between the leasing department and myself is becoming hard to bridge. I have several secondary not so high profile locations where this may end up once there is support for two way currency.
 
You must log in or register to reply here.
Back
Top