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My Official Withdrawal from the BitcoinATM Project

 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.

Specifically, in the US and Europe, there are an incredible amount of banking, money and even telecommunications rules and regulations that would have to be adhered to if the company had any hope of survival.  Not least of which was a $25 million "insurance bond" necessary as being deemed a "money transmitter" in the US.

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Attorney For Freedom