Quote from: AmDD on August 15, 2014, 06:24:35 PM

Quote from: btcbug on August 15, 2014, 05:50:27 PM

Quote from: AmDD on August 15, 2014, 03:00:50 PM

Quote from: bitbandit on August 15, 2014, 02:11:36 PM

Quote

Hi, I don't think I'm understanding you correctly. How is the operator protected against volatility exactly?

Walk me through this if I was initially setting up the unit. Would I purchase Bitcoins from an exchange and then transfer them to my ATM operating wallet? What happens after that? If a user makes a purchase does the machine automatically top up the wallet? Thanks.

The operator is not protected against volatility. All they can do is set a minimum price so that it does not sell below what you paid for the bitcoin.

For example I bought $1000 and put it on my skyhook atm and then bitcoin has fallen over $100. My bitcoin is overpriced and I have sold nothing. I mistook the term "pull request" to mean that it could be hooked up to buy bitcoin in real time when someone uses the atm. Wrong!

That makes sense but you also have to look at the other side of the fence. If you bought at $600 and now sell at $500 you can take that USD can purchase more BTC for your ATM at a lower price. Tieing the ATM directly to an exchange would make this process happen in realtime, but it can be done manually as well.

I think that makes sense now. You have an operator and when a customer buys BTC your wallet is topped up at the current exchange price, which is the price they bought at. Do you know if the machine automatically tops up the operator wallet or does that need to be done manually? If it is manual then I could see it being riskier.

I assume its manually but I honestly know next to nothing about how this ATM works. Id like to see someone take one and do a good full review on it.

From further research it sounds like it's done manually (for now at least). Next thing I would like to know is if you can at least have the machine auto-email you when a customer makes a purchase so that you can immediately top up the wallet.