This is a short story of ETH lost. I am VP and Secretary at Nevada Blockchain Association. Our goal here is to install 10,000 Crypto-enabled ATM/POS systems inside Las Vegas metro area. Our group’s President lives in Las Vegas with his wife throughout the year, returning sometimes to Canada. But for what I want to share today, it was a hot day in Las Vegas. Just 2-weekends ago, a group of four Crypto executives traveled to Las Vegas for in-person meetings and tours. At one point, one of the execs challenged us all to visit all the Crypto ATMs in the area (they only service BTC Bitcoins), and withdraw some money. Just to see how easy or challenging it might be. I was very interested in doing this because…
It was my first time.
I have only owned Cryptocurrencies, AltCoins as they are called generally, for several months. I did not have to buy them, I earned them by being part of a team who owns a Cryptocurrency AltCoin called Aircoins (AIRx). More on this later. Still, I cannot spend them, anywhere. I can trade them, I can hold on to them for dear life, and I can brag about how cool the game App is. Otherwise, I was in Las Vegas to be around other people who have successfully owned, traded, and exchanged ETH and BTC. This particular day in Las Vegas (the reason for my post), four executives, including Emal Safi of Aircoins Corp., David Kam of Earth Dollar, my companion and I, set-off to see what the Crypto ATMs in Las Vegas were like. What we came upon was terrifying and destructive to the mission of spreading Cryptocurrencies to the world.
We all agreed, and left in a car.
Instead of starting from the beginning, I’ll just tell you the result of our day. The meals were amazing, but the outcome of our attempt to exchange BTC to cash, was fruitless. A handful of rideshares later, including one terrible App crash incident, and we are out $450 USD. Well, not we. Emal, one of the execs is out $400 of that $450. No way to make that back, BTW. Gone, forever. Just to say it: this is not a negative article, this is simply a snapshot of the silliness that we endured, all to try and visit a Cryptocurrency ATM to withdraw cash, despite whatever processing fee they were going to charge us.
But first, more about my ownership of AIRx:
It is no secret that over $500MM in Cryptos are currently unspendable. There are only a handful of easily-acessible Crypto ATMs in Las Vegas. Compared to NO ATMs in most any other place in the U.S. Known to be a hub of innovation, Las Vegas is normally amazing for every reason. And so this experience of losing money… well, it was my colleague who lost the money… was surprising and upsetting to me. In short, the truth is that I own Aircoins (AIRx), but cannot currently spend them, anywhere. I consider them an investment, and still, I want to see them liquidated if I wanted to. Aircoins Corp., who has issued me the Aircoins stock as payment for my professional services as a Vice-President of their company, is planning on involving themselves with a decentralized professional exchange, so that anyone holding Aircoins has full access to low-cost liquidating (exchanging) their funds if they so chose or needed. Now, no one that I know is planning on liquidating their AIRx stock. In fact the opposite is TRUE: gamers who are collecting the free Cryptos are wanting it more and more each day, as is evident by the number of people collecting it inside the Augmented Reality environment of the App.
Perhaps, it was a lame consideration for me to think…
…that it would be easy to take Cryptos and turn them into cash. But, we all had wanted to try it in Las Vegas, the place where anything is possible. Our first stop took us $14 to reach by rideshare. Inside the luxury car rental shop just outside the strip in Las Vegas, we could only purchase or deposit BTC into the ATM there. The owner of the shop, who we spoke with, said that it was an old machine. That it was easier for many BTC and ETH Crypto-holders to do private exchange (to fiat) deals. The exchange costs for these deals can be 10-20%+. The richie rich people who take these high-dollar for processing private Crypto-deals do NOT care about the cost of fees, he shared. Still, our group could not withdrawl Emal’s $400 value of ETH at the machine this (cool) place had. So… ON to our next stop, which is inside a casino that took us another $14 rideshare to reach. Inside that casino, it took over 2-hours of literally standing around for us to realize that we were not going to be getting any money out that day. And to make matters even weirder, we had been in contact with our best area Crypto connects, who told us the locations of the ATMs. There were no others for us to use except the ones that were already being tried.
Benefit: I got to share Fremont Street.
I had wanted to share the experience of Fremont Street with David Kam. So, while we were at the casino which was next to the Fremont Street Experience, we walked over. The other execs in our group loved it, and my companion and I lived it up while we walked along the covered thoroughfare. All of us dreamed up ways to get our Cryptos and projects shown on Fremont Street. The loss of income sustained through the Crypto-transaction process, through an App error and user confusion, and beyond the needless loss of $400 in ETH that had been force-converted to BTC, our Crypto day was lost to the ethers (pun, intended).
The moral of the story:
All-in-all, we each left Las Vegas KNOWING THAT WE, the folks working together with a giant network through Nevada Blockchain Association, ARE DOING THE RIGHT THING BY INSTALLING 10,000 CRYPTO-ENABLED ATM/POS MACHINES IN THE LAS VEGAS AREA. If you disagree, tell me why? Alisha@NVblockchain.org.