By Marshall Murphy
The first BitcoinATM was unveiled at the Hotel Del Coronado Thursday. BitcoinATM CEO and San Diego resident Evan Rose demonstrated the Flagship model live in front of a small audience. Cashing out Bitcoin and turning USD greenbacks into the digital crypto-currency with just as much ease of transactions on a standard ATM.
“The user interface design was built from the ground up with user friendliness and adoption in mind,” said Rose. “We wanted to make it as simple as possible for a nontechnical person to transact with Bitcoin.”
Rose said that his machine and software will help Bitcoin hurdle what he calls the three bottlenecks to wider spread adoption. The bottlenecks include the time and difficulty it takes to obtain the coins be it through mining or buying from an exchange, cashing out Bitcoin into local fiat currency and the technical aspects of keeping a wallet and running a client. This has limited the currency to primarily tech savvy people.
“The ATM is designed in a way to really foster further growth and acceptance of Bitcoin into the global world by really streamlining the entire process,” said Rose. “With the BitcoinATM you can deposit cash and create a new address on the fly or scan a QR code of your receiving address and you will have your Bitcoin delivered instantly.”
Interim CEO Jeff Berwick vision of launching the ATM Cypress may not be happening as soon as the public might have thought. Rose said they are working very slowly and methodically to make sure all legal bases are covered before a full launch. Berwick is no longer part of BitcoinATM because he had a different vision for where the company is going. Rose said BitcoinATM is primarily a software company looking to capitalize ATMs already existing in the wild.
“I have designed it in such a way that the ATM operators who have the hardware out there are incredibly incentivized to at least give this a try,” said Rose. “There are already hundreds of thousands of ATMs out there that can be converted, [bitcoinATM software] can be integrated on top of the ATM software.”
Rose is not sure how many will launch, he said, “ It could be 1,000 machines or it could be half a million machines.”
Rose says he has many interested parties operating private networks of ATMs across the world. He is giving them an opportunity to make more money off of hardware they have been sitting on for 10 years.
Gene Amule sales manager at Solar Universe came down from Orange County to watch the demonstration and check the pulse of the bitcoin community. Amule and his progressive company believe in the future of Bitcoin commerce and believe they can play an integral role for Bitcoin miners.
“We think there is an opportunity for us as a company to transact in Bitcoin to accept Bitcoin as a valid form of payment for our services rendered,” said Amule.
“I think there is a tremendous opportunity to our company to do business with Bitcoin miners, their biggest strangle hold is electricity cost aside from the equipment cost, there is opportunity all around.”
In what could be called a modern day gold rush all sorts of people are seeing opportunity and dollar signs. Including Vince Troiano a retired stockbroker and trader.
“Bitcoin is an definitely an opportunity. When I can deal with a contact in Germany, a cousin in Italy or Australia,” said Troiano. “If I can make a transaction anywhere in the world and its private to me it is a perfect combination.”
The Bitcoin ATM will be released to the public in a matter of 3-6 months. It will have a 3 percent fee to buy and sell Bitcoin and will be plugged Mt. Gox the largest Bitcoin exchange based in Japan.
To learn more check out bitcoinatm.com
Bitcoin Currency of the Future?
By Marshall Murphy
The crypto-currency Bitcoin has surged in popularity over the last few months, hitting
an all time high April 10, at $266.00 a coin. The new digital currency is forcing a world
online to rethink the way it moves money on it.
Developed by what could be a single person or group of people under the pseudonym
Satoshi Nakamoto, the first version of the open source software “Bitcoin-Qt” was
released to the public in 2009. Bitcoin-Qt is an application for the peer-to-peer currency
that connects to the Bitcoin network generating unique digital wallet keys for the
coins and a corresponding “QR code” for scanning. The decentralized currency makes
individuals their own bank who can make transactions around the world.
Bitcoin is a mathematical based currency secured cryptographically with well-known
cryptographic methods making the actual Bitcoin system’s vulnerability to hacking,
slim to none. All transactions are secured cryptographically through the process of
Bitcoin mining. Mining is done via a network of computers working to solve complex
cryptographic puzzles. This process is a safeguard to keep the network secure. A Bitcoin
miner is rewarded for investing the time and energy to verify a transaction with a certain
amount of Bitcoin. The mining model was made to reflect how much time it takes
to actually mine gold. Once a transaction has been made it is saved as a “block” into
the public ledger known as the Blockchain. One “block” is produced approximately
every 10 minutes. Mining keeps the whole Bitcoin sphere running smoothly by solving
cryptographic puzzles, which verify Bitcoin transactions and bring more of the currency
into existence. The inherent value of Bitcoin is the time, energy and security of its
Early versions of Bitcoin-Qt allowed mining just by pressing a button with any old CPU.
Today miners are using specialized A.S.I.C. (Application Specific Integrated Circuit)
chips for the extra computing power needed to get the job done.
There will only be slightly less than 21 million Bitcoins available. Today there are more
than 11 million Bitocin that have been mined into existence, with the last of the coins
said to be mined in 2140. After every 210,000 blocks mined and logged the reward is
cut in half. Today miners receive an award of 25 Bitcoin for every block of transactions
verified. The cryptographic methods used allow the Bitcoin software to determine
without a doubt, which addresses it went to. The miners insure no one can create Bitcoins
out of thin air.
Steven Kane a web developer in San Diego and a group organizer for a San Diego
Bitcoin meet up, found out about Bitcoin in 2010 in a chat room. He set himself up
a Bitcoin wallet and sent his address to the Bitcoin miner who had told him about it.
The guy in the chat gave him his first Bitcent (fraction of a Bitcoin) and he has been
interested ever since.
Kane made his first investment in Bitcoin after finding an opportunity in a forum.
“The guy was in Canada so what you would do was literally send him cash in the mail
and you would put your address on a piece of paper,” said Kane. “You could go to his
website, lock in the price and take a print out with the cash and mail it to the guy. That is
how I bought my first coins.”
Kane said he considered it a good investment because he saw not only the potential in
the technology but the growing community around the technology. So he decided to buy
“The first coins I bought were at $1.44 and that was the first stash of coins I bought.
Then I put about 500 bucks into that. Then Less then a year ago I bought my next batch
of coins for $9 [a coin] then I put about $9,500 into that so total I put about 10,000 into
Bitcoin,” said Kane. “You can do the math it was at 266 bucks recently. I actually sold 2/
3 of my stash at $220.00.”
Kane chose to sell off his coins after seeing 20-50 percent gains a Bitcoin and some
pestering from his family telling him to sell. He said although he is very bullish with
Bitcoin he knew the market would correct itself.
Kane said what he calls the legacy banking system we currently have is archaic with
things like processing times lasting days and wire transfers. He said while he did profit
from Bitcoin he still wants to help build the community.
“I can send an email to you and its there in a second why can’t we do that for money?” he
said. “Bitcoin is a reaction against the legacy banking system it is filling niches and voids
that the legacy banking system is not addressing, it is not providing what people need.
There is a legitimate need for cash like transactions on the internet.”
The peer to peer nature of the decentralized currency makes it appealing to those who
believe fiat (government based) currencies are becoming more unreliable.
“Before I knew of Bitcoin I had burned dollar bills on the steps of the Federal Reserve
at an ‘End the Fed March,’” said Stephen Gormick, Bitcoin enthusiast, and Blogger
at Bitcoinmoney.com. “When I learned about bitcoin I was like this is needed, this is
maybe, not the way to end the fed but it is a darn good step in that direction.”
Gormick saw the potential of the currency since he stumbled upon an article in 2010
while he was working on his own startup company.
“I came to the realization that Bitcoin was a lot bigger than the project I was
working on,” said Gormick. “So I abandoned my project I had been working on for
nearly a year and have been involved in Bitcoin ever since. I could see the potential
right off the bat.”
Gormick realizes the volatility of the young market but it is everywhere not just
“Gold just had a huge rise and drop and it is kind of the same thing, the cost for
physical gold didn’t have that volatility it was only the paper gold that had that level
of volatility.” said Gormick. “The volatility the peaks and the valleys they aren’t real,
because you can’t buy at the bottom and you cant sell at the top. The true price is
somewhere in the middle.”
Gormick sees Bitcoin growing and soon every business will have a Bitcoin
component. Many investing in the young and volatile Bitcoin market are venture
capitalists, startup companies and specular. Bitcoin also happens to make the
“perfect poker chip,” fostering many Bitcoin gambling dens online.
Andrew Root a web Developer with Druple.org and technologist recently started
looking into Bitcoin after the spike back in April due to banks closing in Cypress. He
said he was very interested in the psychology of the young market that fluctuates
“I believe in Bitcoin I think it will probably do well but I really believe in crypto-
currency, Bitcoin could go either way but I think crypto-currency probably is an
idea that is here to stay. It is really interesting to watch what Bitcoin does as a front
runner.” said Root, “If another coin systems supplants it eventually that would be
interesting, but there are a lot of lessons to be learned from this, even if it doesn’t
pan out, I believe it will facilitate the moving of money on the internet and allow
more Internet services.”
There are many more crypto-currencies popping up trying to carve out a market
and compete with Bitcoin. Litecoin, Namecoin and PPCoin just to name a few.
Mt. Gox the Bitcoin exchange based in Japan has been making most of the trading
possible to convert Bitcoin into all the major fiat currencies 80 percent of all bitcoin
exchange goes through them.
Bitcoin and crypto-currencies are the future of Internet commerce, forcing third
party money processor giants like PayPal and Visa need to rethink where they
stand in the money moving market when people can do it themselves. With Mt. Gox
backing a new BitcoinATM the technology will make it easier than it already is to
convert cash into coin. These advances in crypto-currency are taking the idea of
how we spend money online and turning it on its head.
After more than half a century the South Bay Power Plant was reduced to rubble in a matter of minutes at 7 a.m February 2, 2013 . The plant converted fossil fuels into electricity from the 1950’s to 2010 when it was decommissioned. It was a prominent feature in the South Bay skyline rising over large mounds of salt. In the place of the monolithic steel structure will be a park opening up the south bay front to the public and the economy.
San Diego City council member Carl DeMaio making an if I win speech for the Lincoln Club Nov. 6, 2012 before the final votes of the San Diego Mayoral Race were counted. Demaio conceded defeat Wednesday Nov. 7, 2012 to Bob Filner 52% to 48%.
Bandanas and Guy Fauwkes masks are standard garb at a protest. Occupy San Diego a branch of Occupy Wall Street started Friday October 7th. It had overwhelming support in San Diego with over 1000 occupants showing up the first day. The occupants marched from San Diego Civic Center to Children’s Park through the streets. All types of demographics showed up to support the end of corporate greed and money buying politicians, young and old rallied for the cause. The Second day it lost a little steam but still had hundreds of people and looked strong. Throughout the week the movement has struggled with leadership.
Occupant and City College student Kevin “MacMac” McCoy gives his take on the lack leadership and the whole movement while lying down in the media tent.
“Our group here in SD is dysfunctional.” said McCoy he added that people who are in leadership positions are making it too much about their egos.
“This is an awakening that is happening around the world” said McCoy,
“I believe it is part of the whirling rainbow prophecy, the flower children will witness great change in the world and there will be much pain in this change but it will bring equality and wholeness to the human race.”
McCoy tries to emphasize this is bigger than San Diego and the occupants leaders aren’t understanding this concept.
“There are marchers like me that truly believe in something,” said McCoy, “and there are marchers that are gonna march because it is a way of instilling fear. One of the anarchists I met was a very nice guy.” Said McCoy, “That is his right but when their leaders recruit and stir the pot and create aggression its like we are supposed to be its like we are supposed to attck the police.”
McCoy told his parents he would be occupying.
“Hey I’m going to occupy San Diego please keep your phone on so you can bail me out,” said McCoy, “my parents said they aren’t in the position to do that because they are marching too.”
With the police issued order as of Thursday night to remove all tents in the Civic Center, it could prove to be a devastating blow to the San Diego branch.
“The SDPD has been nothing but fair to us and they have communicated honestly with us what more could you ask for?” said McCoy, “My heart is kind of broken but then again tomorrow will be a new day.”
Dave from Boston feels if the occupants leave Thursday night they have lost the battle.
“People are backing down and leaving they are taking their tents,” said Boston “ Giving up without a fight.”
Some occupants will be making their way to Balboa Park. Boston will not follow, he said he would stay at the Civic Center as long as he could. His major problem with the move is, ”Balboa Park is not a financial or political place.” Said Boston, “They want to put us there so we are not noticed that is the only reason they want us out of the way so we wont be seen.
Boston leaves quoting JFK, “When peaceful revolution is impossible violent revolution is inevitable.”
“I got stabbed in my side August 27 and I was a trauma patient August 28” said Lisa Marie Michael, a homeless woman. “10 days after they did this they sent me home with a gaping wound from right below my rib cage below my belly button”
Michelle is occupying because of the way the health care system treats the homeless. Being on the street her wounds couldn’t heal properly nor did she have the correct materials to keep it clean.
“I can’t do this by my self how am I supposed to pack my own wounds?” said Michael, “We need hospital care that cares about the homeless.”
Michelle feels the occupation is helping her and her boy friend with their situation.
“I am one of the homeless that sleep on the outside and this is one of the best things that happened for us. Said Michael, “The only reason that they want to uproot us is that they don’t want the us in downtown SD.”
Everyone is homeless-phobic”
Millions lose power as far south as Baja Mexico, north to Orange County, and east to Arizona, after Operation error. What do you do during a black out? In the age of technology I feel helpless. I don’t have the world at the tip of my fingers. I was in the Southwestern College Sun News Room when it happened. Editing a paper. I don’t recall being really effected by a black out until now. The little information I got came from tweets from the newsroom and AM 600, NPR 8.95 didn’t work.
Our Journalistic instincts kick it as a couple of us find a story. Looking for immediate effects of the blackout. The library, the Ceazar E. Chavez building, and cafeteria were evacuated. A stroll around campus reveals people dealing with the blackout within the first hour.
At 7:49 I hear news of power back on in Laguna Miguel and also in eastern TJ and parts of Bonita.
The Sun News Editor and I go to a coffee cart on campus to see immediate effects. The register didn’t work. And the shop had a good amount of people beginning to form a line. I walk around school to see any developing stories. I got a chance to see the build up at the bus stops. There was a SWCPD cop car in front of the Caesar E Chavez Building. There was a woman stuck in the elevator, the officers had just got her out. One of them had a bag of prying looking tools. They declined to give a statement. Members of the ASO began to put up “ No Class signs”
When I started making my way home I got my chance to listen to the radio. I was listening to AM 600 they were talking about how many people being effect. The highways were massively clogged full of drivers making their way home early. My Mom had to wait in Sorrento Valley for a few hours before she could get home. A mini panic seemed to be induced on the streets. There were several mini collisions at stoplights that didn’t work.
There was a sudden urge to get in contact with loved ones. Stores were closing.
There were a massive amount of people at the bus stop at the intersection of H street and Broadway in Chula Vista. I seemed to get a taste of an apocalyptic situation. The blackouts happened so close to the anniversary of 9/11 people though of a terrorist attack. This though never crossed my mind.
Luckily my family had a crank radio and a couple lanterns, we were set. Not knowing how long the power would be out we tried to prepare. My dad pulled out the shotgun and loaded it. This would be the time people could start trouble.
My neighborhood was a buzz, all the character from my hood where out. I walked down my street, AM 600 echoed throughout people trying to get the most up to dat news on the situation. On my walk I witness two people talking from vehicle to vehicle one yells to the other, “ Be safe lock and load.” San Diego is mildly tempered enough I wasn’t worried.
My power came on around 10:00 PM. I enjoyed being reminded of how much we depend on electricity and it was a great experience to hear the story unfolding. Reporters reporting on breaking news, AWESOME. Time to forget about the black out now. Props to SDG&E for getting the power back up.