States can do it….

The main operator of bitcoin “ATMs” is closing down because too many states have banned Automated Theft Machines.

Last week I noted that the suburb of Spokane Valley banned theft machines. I doubted that it would make a difference.

This shutdown makes me feel a bit better about the power of states. Smaller entities can still make things happen IF they want to. Power isn’t entirely top-down.

Later thought: The articles don’t say what will happen to the thousands of theft machines, already installed and presumably paying rent to the locations. Will they be bought by a different bitcoin fraudster, or reprogrammed to sell AI tokens or some other shit?

= = = = =

Also later, a fine piece of corporate fancy talk in the news item:

He explained that Bitcoin ATM firms’ traditional model historically depended on “high transaction spreads and limited regulatory scrutiny” in order to offset costs associated with compliance, logistics, fraud remediation and retail revenue sharing costs.

“Traditionally and historically” = 2023.

“High transaction spreads and limited regulatory scrutiny” = Mafia.