What Is The CyberSpaceATM? Part 1 of 2

Today I’m interviewing with the operator of the CyberSpaceATM (CSATM).

The CyberSpaceATM is a new concept based on the Loom System of value transfer. It private, liquid and quickly becoming very popular.

(Q) I’ve read your web site and see the CSATM advantages: “There are many advantages to using CSATM: Transaction Privacy, low transfer fees, reliable exchange options.” Exactly what purpose does the CSATM serve? How does it aid your customers with online value transfers?

First – let me thank you for the opportunity of this interview. CSATM came online approximately one month ago, and this Interview serves as a valuable place to discuss the issues surrounding the raison d’etre of the ATM, and the plans for the future. CSATM provides users with the ability to conduct online transactions in an environment of privacy. The core of the technology is Loom, but the model that the ATM uses is an almost “reverse Loom”.

By way of background, Loom provides for any user to issue an asset type and then trade in that asset type. It is a remarkably clever concept that will go a long way to creating a free market . The concept that I am using is that there is only one asset type created. I am yet to come up with an appropriate name for it. For the purpose of this I will call it a ’savvy‘ (which is a mutation of cs and value). The value does not have to be assessed for each transfer. I have set the savvy to be valued at “1 USD”. This would seem to be the most widely recognized and easiest accepted “value”. I do note that even though e-gold was always suppose to be denominated in grams of gold, it was always referred to by the USD value.

This standardization will allow users to know what the value of various locations are, and it will not be subject to online fluctuation. Obviously on an exchange to fiat currency they will receive the market rate at that time.

To the heart of the question. Once a person has obtained a savvy value, they can move it around within the CSATM system in complete privacy. The system has been set up to simulate the payment process, so that one can make a payment to a merchant who is using the system. Value transfers are instant, and the system can also provide a receipt for that transfer with the email function that is built in. It has to be emphasized that the emails are sent unencrypted. If you choose that option, then you have to be aware of that.

The database provides extreme encryption, and there is no history of value moves kept. There are no accounts. In essence what CSATM provides is a storage system. We charge for the storage – there is a minimal charge for each movement of assets. Anyone globally can use the system. In summary CSATM seeks to provide a global solution to the storage and movement of assets in a secure and private environment.

(Q) Why is this system better than PayPal, or does it even compare?

The system does not equate to any other “standard” existing payment solution; the greatest difference is that there are no accounts in CSATM. One could argue it is “better” than PayPal as it is a completely global system. It is equally accessible in the north south east or west. The only limitation on obtaining assets is the layer provided by the exchangers. The issue of exchangers will be discussed in more detail later.

(Q) What does it mean ‘to store’ my digital currency at a location? If I have some e-gold, can I store it in the CSATM?

You can certainly store your e-gold at CSATM. Simply sign up with an exchanger and they will gladly exchange your e-gold for CSATM savvies.

(Q) Can I send money to the CSATM like a wire transfer and directly fund an account through you? Or do I always have to use an exchange agents?

No, you cannot send a wire to CSATM, nor transfer any sort of e-currency to the ATM. You must always use an exchanger. The core concept behind the exchanger network is that at no time does the ATM ever receive funds in any form whatsoever.

The key to CSATM is a distributed reserve. Each exchanger is responsible for the backing of the funds they receive for exchange to CSATM savvies. Each Exchanger is responsible for keeping that value available for out exchange. This does not mean though that they have to keep the value in whatever they receive it in. They are able to manage their business in whichever way strengthens their business. Say for example you stored your e-gold in the ATM. You send the exchanger e-gold, but they may well exchange a portion of that to their local currency to facilitate out exchanges in their normal course of business. It is possible or likely that when it comes time for you to remove your ATM savvies you do not want e-gold but something else. The exchanger deals with this as part of their everyday business, and CSATM allows the exchanger full scope to maximize the potential for them to derive the maximum value out of what is exchanged.

(Q) Is there a chance someone might hack my PC and steal my CSATM funds? Are accounts refundable and am I protected against fraud and hackers like PayPal?

The ATM emphasizes personal security. Yes, there is a chance your PC could be hacked and your assets removed. Accounts are not refundable – there are no accounts. The protection against fraud is your own common sense, and not one imposed on you.

(Q) Why would I use this system over other more conventional digital currency web sites?

Conventional e-currencies provide an account which can be subpoenaed. Conventional e-currencies provide a central point where the “funds are held”. As we have seen the freezing[seizing] of Omnipay’s central accounts has crippled e-gold. The freezing of 1mdc accounts[e-gold] has all but destroyed them. In the case of Osgold;- which was a conventional e-currency – the owner absconded with the funds. As did Evocash. And Intgold. With the ATM, the owner of the ATM cannot abscond with the funds. First, the ATM does not receive funds, so it cannot run with them. Secondly the owner cannot take your funds as I do not know where they are….the owner of the ATM is subject to the exact same requirements of Exchange as you are. If the owner tried anything silly, the exchangers would be aware of it and would, in the interests of protecting their own business, put a stop to it real quick. The exchanger network already exists as a network of trusted and responsible individuals, and the concept of the ATM capitalizes on this network and strengthens it against any external influence.

Thus, with CSATM you get layers of protection against owner abuse and also external inquiries. Within the confines of the ATM you have safety, security and privacy that cannot be provided by any conventional e-currency. These values are provided by the software design and also specifically by the business model.

(Q) I understand how the Loom software operates, I had also made a tutorial video to show others, but is the CSATM Loom software or something else?

CSATM is Loom software. We were the 2nd Loom node. CSATM provides a user interface over the Loom operating system

(Q) Where is your server located?

Malaysia

(Q) Can anyone integrate CSATM into their web sites, if they wanted to provide the service to customers? How much does that cost?

I sure can. Integration can be provided simply and easily. I do not think it a sound practice to charge for this;) The ATM can provide an interface similar to e-gold’s well known sci. If you needed integration into your software (for example you did not know what to do with the data being posted back to your web site) then I can help you out with that on a case by case basis with costs to be negotiated dependent on complexity.

(Q) I know from experience, when creating a location or drop point with Loom.cc, you MUST always keep track of that number. But is that also true for CSATM? If I place 10 ounces of gold on a location and my dog eats the notes, is it possible for me to ever recover that asset? Does the admin at the end of the day get to keep lost assets like that?

Lose the location and you lose the asset. Keep one copy of your notes out of reach of the dog. It is not possible for me to find your location. Nor do I get to keep the asset. The exchanger who you exchanged through would be happy. And this provides protection for the exchanger. They do not get involve in any “fight” that may ensue between you and the ATM if you lose your location. It is none of their business. To answer directly the last part of your question directly, no the admin does not get to keep it. The admin also never received it in the first place.

Once more the emphasis is on your personal responsibility. Put bluntly, you have to maintain a location that could be likened to your credit card #. If you can not do that, then you should not use the ATM, as no one else will take responsibility for your own poor security.

(Q) Who are your primary exchange agents for CSATM?

Exhangesplus.com, Solidtrustpay.com and InstantgoldExchange.com. Others will be added as and when they come on board. I would like to have a network of between ten and twenty exchangers, which I think can be achieved.

Continued…..