Billy Markus, co-founder of Dogecoin, recently ignited a discussion about the efficacy and security of Bitcoin ATMs. The conversation was initiated when a social media user, identified as ‘Sir Doge of the Coin,’ posted a picture of a store advertising an in-house Bitcoin ATM. Markus was quick to criticize these ATMs, describing them as “ripoffs.” The sentiment was further corroborated by ‘Sir Doge of the Coin,’ who revealed that his attempt to use the machine had failed.
Data from CoinATM Radar shows that the United States currently hosts approximately 27,032 Bitcoin ATMs, with an average of 3.7 new installations occurring daily. While these machines have gained popularity, they are not without their challenges. Earlier this year, a hacker was able to access sensitive information from General Bytes, a leading Bitcoin ATM manufacturer. The breach exposed passwords, private keys, and funds, highlighting the security vulnerabilities associated with these ATMs.
Previously, Markus had also shared his perspectives on the future of cryptocurrencies and his own relationship with Dogecoin. Responding to a user known as The Coach XĐ, Markus mentioned that he holds a small amount of Bitcoin and expressed hope for its value to reach a trillion dollars.
In another discussion, Markus and Tesla CEO Elon Musk had reignited debates about the intrinsic value of cryptocurrencies. The dialogue followed a claim by the U.S. Securities and Exchange Commission (SEC) that digital currencies lack “innate value.” Markus challenged the SEC’s stance, pointing out the inconsistency of taxing an asset considered valueless. Musk also questioned the SEC’s logic, adding complexity to the issue.
The SEC had argued for classifying cryptocurrencies as securities, invoking the ‘Howey Test’ as a legal framework. In response, Coinbase’s Chief Legal Officer, Paul Grewal, countered that such reasoning could extend to various collectibles, thereby categorizing them as securities.
