The Phaserl


My Official Withdrawal from the BitcoinATM Project

by Jeff Berwick, Dollar Vigilante:

Sometimes things don’t always go to plan.

As background, a few months ago I was approached by two young entrepreneurs. They had purchased a semi-workable Bitcoin ATM off of another entrepreneur and were excited about the prospects and approached me to help with marketing to the public and prospective franchisees as well as garnering investment interest.

It was a verbal handshake I had done via Skype from the jungles of Guyana while looking at a gold mining enterprise. I then set off on a month-long media sojourn which had me in all the mainstream media promoting BitcoinATM and had been approached by numerous investors interested in the project.

I then went to San Diego last week to nail down the final specifics with the two young entrepreneurs and flew in my top financial advisor, a past CFO of numerous billion dollar companies who has done business for decades worldwide, and what we uncovered was that this was not going to be as simple as we had hoped.

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5 comments to My Official Withdrawal from the BitcoinATM Project

  • Johnny

    Jeez, first Chris Duane gets the shaft from his business partner, and now Berwick?
    What gives?

    All of this really puts a stain on the notion of advancing alternative currencies. Thanks to sleazy cut throats.

  • Eric

    Silverfish summed it up perfectly in a recent video. We live in a world of instant gratification. Everyone wants it (whatever IT is) and they want it Now now NOW! The world is changing. Be careful who you trust.

  • ivan

    this was a good comment on his site, from one of his readers

    I was mentioning on the btc-forums for the past month that you had failed to mention your plans for government regulation, currency exchange and other issues.
    I find it rather hard to believe that you woke up today learning all this shocking news. I think you already investigated all this. I’m certain you kept this news going with your unvieling of the Bitcoin ATM today to prop up the price and sell off your coin.
    I think you manipulated the market and made a ton of cash so kudos to you. If someone who barely gets this stuff saw this coming a mile away, it is impossible to believe you didn’t.

  • NaySayer

    Actually I thought Berwick was a bit of an idiot to get involved with this scheme and it confirms my opinion that he is not a financial idiot that he got out of it.

    • AgShaman

      No….he is not. I found him to be polite and engaging, when I met him at an ivestment conference a couple months ago. He’s pretty down to earth. I think he generally just wants people to live beyond the yolk and jack booted grip of authoritarian governments. His aim is to carve out alternative living options for those “traders” ala Ayn Rand’s world. He wants to facilitate others into chasing quality of life…outside the ‘Matrix’. This is what he is. He is a Ragnar…looking to throw wrenches in their monopolies. He will remain involved in Bitcoin. He is like Max Keiser…he believes it has 100 bagger potential.

      Perhaps the govts of the world need the internet just as much as Bitcoin. Not that new options can’t be created. The Bitcoiners will not be going away anytime soon. I’d love to speculate in Bitcoin…I sense there’s a chance it bothers the banking cartel…and I enjoy the notion of their torture.

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