[switknee]

Fair enough, you got me there.

Bitcoin ATMs are supposed to be more of a currency exchange business, but I can see how a lot of people would treat them as a money transmitter business.

Bitcoin and similar were created in part as a workaround for these regulations, it appealed to people who wanted control of their own money. People who wanted an end to chargeback fraud, and credit card fraud. I wonder which sort of system has the lowest total fraud costs, including costs of preventative and compliance measures. Do you think we have enough data to make that sort of estimation?

It's ultimately a have your cake or eat it scenario. Regulated bitcoin will look a lot like the system that unregulated bitcoin was meant to be an alternative to.