ATM For Anonymous Online Payments 254
prichardson writes "The New York Times has an article about a way to anonymously transfer cash online (NYT registration required)." The inventor, Carl Amos, believes the target market for his newly-patented 'Aunty IM' ATM machine "..might be teenagers.. [who] do not usually have their own credit cards, they usually have cash and are more than willing to spend it to download music or games", as well as "those who were worried about identity theft on the Internet, or who simply wanted the privacy it provided."
Yay (Score:4, Insightful)
Power to the people! Vivé la transaction!
Money Launderer's dream (Score:5, Insightful)
Too Much Freedom? (Score:2, Insightful)
Arguments?
What can it do? (Score:3, Insightful)
Some more details on capability would be cool. Google here I come.
Going to need alot of work (Score:5, Insightful)
about quick and easy anonymous money transfer...
Re:Too Much Freedom? (Score:5, Insightful)
How about the fact that it's no different from cash?
Funny (Score:5, Insightful)
Why to I find this sentence funny ?
So, finally banking can be anonymous (yeah right, in your wildest dreams [whitehouse.gov], but we still need to register with NYT?
No wait, you can't do do banking with a hotmail account
Is there an identity verification system? (Score:4, Insightful)
sounds good (Score:3, Insightful)
Re:This looks like a good way to fund terrorists (Score:5, Insightful)
Re:Too Much Freedom? (Score:3, Insightful)
Re:Too Much Freedom? (Score:3, Insightful)
So you believe in no privacy at all? You believe that nobody should ever be allowed to pay cash at stores? If I go to a store and pay cash, where is the money trail?
Please name a few bad uses... The money isn't really anonymous, law enforcement can still trace your payment to a source and destination. I would assume that this guy will be smart and require the companies recieving the money to be authorized, just as credit card companies require...
Re:Too Much Freedom? (Score:3, Insightful)
Re:This is old hat in Japan (Score:4, Insightful)
Re:Going to need alot of work (Score:4, Insightful)
it's nice but this, I fear, will go the way of big hair and mullets... unless you live in the south.
Re:Money Launderer's dream (Score:3, Insightful)
This system is simply a way of transfering cash online. I don't see how this would be usefull for money laundering.
No way in Hell (Score:2, Insightful)
There's so much more to this but the only way this idea would make it is for it to not be anon but that defeats the purpose right?
Re:Money Launderer's dream (Score:4, Insightful)
Now typically you would have records of credit card transactions, that could be traced back to the card's owner. With this system, you would have records of transactions that cannot be traced to anyone.
You could then simply pump a buttload of cash into the system and report legitimate profits.
Re:The breakdown of user demographics: (Score:2, Insightful)
10% people who have had their credit trashed via identity theft and can no longer get even a debit card.... you know the same people who, as soon as they open weven savings bank account, get hit with legal garnishments by the government and collection agencies. Believe it or not, some people are *forced* to operate on a cash only basis and I'm not just talking about paycheck to paycheck, lower 10% of the economey types.
Oh and this demo. as well:
10% illegal aliens. You know... people without SSNs. Oh sure, you say "good thing"; they shouldn't be allowed to use the InterWeb in the USA if their "illegal", but when their cheap labor goes away, you bemoan the fact that all the jobs are going across the boarder/overseas.
Basically, for every illegitimate excuse you can think of, I can think of 10 legitimate uses.
where's the anonymity? (Score:4, Insightful)
A search on the article itself does NOT have the word "anonymous" anywhere in it.
So... given that the article is very short on implementation details, how does one come to the conclusion there is anything anonymous about it? Because no credit card is involved? Not saying it isn't... but it just seems there's a big jump to conclusions.. unless I'm blind.
nothing to do with MONEY and ONLINE are anonymous (Score:1, Insightful)
less here than meets the eye (Score:5, Insightful)
The potential profits are too low for the risks involved. Also, there are already ATMs that have been retrofitted to accept cash for the purpose of paying bills for defined (telco, utility) customers. Ever see one?
There are cheaper and more cost-effective ways to do this than via ATM, I filed a provisional patent app for one years ago.
Anonymity (Score:3, Insightful)
What's the penalty for wearing a mask in front of the camera?
Like phone cards (Score:2, Insightful)
Re:Hrmmmm, terrorist concerns? (Score:4, Insightful)
This is an extremely poor argument. Your argument would apply the same if we did not have privacy laws, and all of a sudden people proposed having privacy. Using the same logic, because privacy laws helps the boogey-man terrorist immensely, we shouldn't implement them.
Re:What about paypal.com? (Score:2, Insightful)
It's not about reliable payment methods, it's about anonymous reliable payment methods.