Sad story but:
> We’re prepared to take legal action, but we figured we’d give Jordan a taste of internet justice first.
IANAL but, I don't think you're helping your case by seeking internet justice.
The Great Robocoin Rip-off: How We Lost $25,000 Buying a Robocoin ATM
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Re: The Great Robocoin Rip-off: How We Lost $25,000 Buying a Robocoin ATM
#12Is it such a good idea to invest in something that's built on deprecated software (Windows XP)? And to handle money, no less.
I'm a layman in regards to this, but is there a valid reason to choose XP over, lets say, a LTS Ubuntu release? Maybe some PCI ruling or something like that? Just seems strange and I've had a bad vibe ever since I read it.
Re: The Great Robocoin Rip-off: How We Lost $25,000 Buying a Robocoin ATM
#13Is it such a good idea to invest in something that's built on deprecated software (Windows XP)? And to handle money, no less. I'm a layman in regards to this, but is there a valid reason to choose XP over, lets say, a LTS Ubuntu release? Maybe some PCI ruling or something like that? Just seems strange and I've had a bad vibe ever since I read it.
It's quite common for ATM's to be running Windows XP, so maybe that is why this one is doing it as well. And ATM's and POS machines running XP do still receive security updates.
Re: The Great Robocoin Rip-off: How We Lost $25,000 Buying a Robocoin ATM
#14Sad story but: > We’re prepared to take legal action, but we figured we’d give Jordan a taste of internet justice first. IANAL but, I don't think you're helping your case by seeking internet justice.
First, he's doing the morally right thing by calling them out after a fiasco spanning several months, backed by correspondence.
Second, applying public pressure to get his refund is much better than going to litigious way, unless he seeks damages too (which I believe he doesn't - just wants his refund back).
Re: The Great Robocoin Rip-off: How We Lost $25,000 Buying a Robocoin ATM
#15Wow and the ceo acts like he is killing it on twitter. If this is how you guys were treated,i guarantee you there is lots more. Thanks for going public as this will save a lot of other people time and money.
Re: The Great Robocoin Rip-off: How We Lost $25,000 Buying a Robocoin ATM
#16Is it such a good idea to invest in something that's built on deprecated software (Windows XP)? And to handle money, no less. I'm a layman in regards to this, but is there a valid reason to choose XP over, lets say, a LTS Ubuntu release? Maybe some PCI ruling or something like that? Just seems strange and I've had a bad vibe ever since I read it.
It's quite common for ATM's to be running Windows XP, so maybe that is why this one is doing it as well. And ATM's and POS machines running XP do still receive security updates.
Interesting, thanks for the clarification.
Re: The Great Robocoin Rip-off: How We Lost $25,000 Buying a Robocoin ATM
#17[deleted]
Re: The Great Robocoin Rip-off: How We Lost $25,000 Buying a Robocoin ATM
#18From my experience with one of their ATMs (both myself and two friends using it), they're incredibly error prone and not even shitty-ATM levels of usable. (I'm loathe to name locations, since the owners of the ATM are friends of mine and have dealt promptly with any problems I've had stemming from the ATM. They're often at the bar where it's located, as bar customers, and I've seen them deal with other upset ATM user…
A currency that defies regulation attracts less-than-ideal business practices - our highly regulated baking system attracts poor business practices, none of this should be surprising.
Re: The Great Robocoin Rip-off: How We Lost $25,000 Buying a Robocoin ATM
#19wow that sounds like a horrible experience! it is unfortunate that you got stung like that. out of interest, what was the expected ROI? I mean, you sunk $25K into it. even if you were charging 5% fees - you would need half a million in transactions to break even, and that isn't including the monthly rental fee for the location. is there really that big of a demand for BTC in a pub?
I am not saying that there would be a lucrative ROI, but if you expect bitcoin to rise sharply it is a good way to trade cash en masse for bitcoins. So you would (most likely) be outputting heaps of cash and receiving bitcoins in the process. Between fees and currency appreciation you could probably make your money back and have a fun experience. That is, unless a completely unorganized company opperates their business in a cartoonishly unprofessional manner, and your ATM arrives 3-4 months late and broken...
Re: The Great Robocoin Rip-off: How We Lost $25,000 Buying a Robocoin ATM
#20wow that sounds like a horrible experience! it is unfortunate that you got stung like that. out of interest, what was the expected ROI? I mean, you sunk $25K into it. even if you were charging 5% fees - you would need half a million in transactions to break even, and that isn't including the monthly rental fee for the location. is there really that big of a demand for BTC in a pub?
I think the idea is that there's demand for cash at a pub, but I also don't see how you'd reasonably expect to break even with this setup.
bitcoin appreciation I think. They essentially buy low and include steep transaction fees, which I think are warranted for how convenient this would be, and then you hold the currency if you are speculating.