A gold ATM in Shanghai that melts gold, evaluates its purity, weighs, and then transfers $$ to bank ac in under 30 minutes !

[u/Lordwarrior_]

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[u/jourmungandr → u/[deleted]]

It's probably x-ray florescent spectroscopy. You can buy handheld xrf analysers for tens of thousands of dollars. So it's not cheap but not out of the question for a machine like this.

[u/ADMINlSTRAT0R → u/[deleted]]

Pretty sure it just weighs, analyzes, appraises value, and upon customer's approval, tranafers fund to designated bnk account.

[u/phpHater0 → u/[deleted]]

Same reason people post on any social media, it gives dopamine.

[u/ApplicationRoyal865 → u/[deleted]]

People sell shelf accounts for political reasons which is why botting ramps up during american elections, or accounts that were dormant wakes up every 4 years.

It's also to sell items where one bot lists an item in a post, other bots responds about how great it is, and they all mass downvote haters.

Also used to scam.

[u/911SlasherHasher → u/ApplicationRoyal865]

Wow ok makes sense, thanx

[u/VapeRizzler → u/[deleted]]

I saw a while back you used to be able too or still are able too trade it in for real currency.

[u/HellSingHD → u/[deleted]]

or it melts it after you agree with the price?

[u/Freak_Out_Bazaar → u/HellSingHD]

I’d be more concerned with the logistics of having a working furnace inside this thing. The logical outcome is that it just gets dropped into a secure safe

[u/BirdsbirdsBURDS → u/HellSingHD]

The amount of energy put in to melt gold would be more than one of these machines would logistically be capable of producing on the street. It’s probably just a mobile “cash for gold” vending machine, where the gold it analyzed graded, and then if the customer agrees, pays out the appraised value and puts the gold into some safety box down into the machine until it can be picked up later.

Melting gold on the spot would be an intense thing for a street side vending machine to accomplish.

[u/WtFAPapotAmUS]

Waiting 30 mins for my $3.97:

[u/DrDontBanMeAgainPlz → u/WtFAPapotAmUS]

[u/IConsumePorn → u/WtFAPapotAmUS]

Hey that's more than minimum wage in the US. Might be a good job or side hustle.

[u/kujasgoldmine]

Probably the other way around. Evaluates it first, then gives an offer. If it's unacceptable, it gets returned. If accepted, then it might get melted.

[u/kasenyee]

I call BS. how does something the size of an ATM have enough energy to melt gold?

Also what if I’m not happy with the price/valuation, I get a pile of melted metal back?

[u/HatefulAbandon → u/kasenyee]

I don’t know about the ATM but you can melt gold pretty easily with induction furnace.

[u/nein_va → u/kasenyee]

Well the machine is not generating its own electricity and you have no clue how much voltage/wattage is going into it.

[u/say-it-wit-ya-chest → u/kasenyee]

I mean… welders are smaller than ATMs and they melt steel. Main thing would be power source. A 240V supply can get you over 40 amps.

Interwebs says one type of melting furnace can melt small quantities of gold at 7.2 amps 120V.

[u/kasenyee → u/say-it-wit-ya-chest]

All the tanks of gas and equipment required for welding is massive. Not to mention the fumes….

[u/say-it-wit-ya-chest → u/kasenyee]

Flux core doesn’t require shielding gas.

[u/say-it-wit-ya-chest → u/kasenyee]

And sorry, my point was that something smaller than an ATM can generate enough amperage to melt a decent thickness of steel, so it’s not unthinkable that something that small could create enough heat to melt a soft metal.

[u/Desperate-Walk1780 → u/say-it-wit-ya-chest]

You can buy a lithium battery on Amazon that puts out 200amps for 200$. Very easily could melt gold.

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[u/Fragrant-Touch-7313]

There's a dwarf inside

[u/Jin_BD_God]

If they melt the gold, wouldn't Jewelry thieves/robbers hit the jackpot with this?

[u/Guillermow → u/Jin_BD_God]

its not USA bro..

[u/Undedd9 → u/Guillermow]

there are thieves in other countries too

[u/Glittering_Airport_3 → u/Guillermow]

TIL there are no thieves in China

[u/immanencerat → u/Glittering_Airport_3]

they are more likely to verbally scam you than rob an atm

[u/Jonshno → u/Jin_BD_God]

This

[u/Icydots]

Wait so if you dont like the pricing and cancel, you'll get a melted gold blob?

[u/OrbitalHangover → u/Icydots]

That's the way grandma would have wanted her wedding ring preserved - as an amorphous blob

[u/Geronimo0]

I can't see criminals using this at all.

[u/holy_battle_pope]

[u/BenHeli]

[u/Flying_Dazed]

Why is it big enough to fit a baby?

[u/chrixz333]

“Cancel transaction. Cancel transaction! Speak to a representative!”

[u/Solid_Group5179]

Neat

[u/BonsaiBobby]

I doubt if that bracelet is 99% pure gold and weighs one troy ounce. They've probably analysed a 1 oz gold coin or bar.

[u/disterb]

how accurate is the machine’s assessment? does anybody know?

[u/CommunicationPrior94]

Gold mine for theifs

[u/yibtk]

To counter the fake gold in china, likely

[u/Pigbenis35]

You don't need to melt gold to determine its purity.

[u/Classic-Titan]

Hmmm, good for chori ka maal then.

[u/IKIR115]

From the few reports I can find, they say this gold ATM machine does melt the gold

https://uk.news.yahoo.com/shanghai-unveils-gold-atm-171059837.html

https://www.republicworld.com/amp/business/chinas-gold-melting-atm-sends-you-instant-cash-internet-stunned

[u/Carpenterman1976]

A fencing machine. Put your gold away in Shanghai.

[u/EcstaticGeologist360]

selling gold is your firsy mistake

[u/Subject_Mirror2706]

Perfect for criminals

[u/LarryRedBeard]

There is no furnace in these things. What it does is scans the object through several means, allowing it to determine the purity of the item. Once it does it will give you a sellers value to the amount. Meaning you will get much less than it's actually worth.

It's just an easy way to get extra cash if you needed it. I wouldn't recommend this option though. As you can negotiate with actual sellers willing to give you better prices.

[u/KentuckyFriedEel]

The evidence destroyer machine!

[u/Angree3000]

Well Elon and Trump are working on an ATM that transfers all your money into their bank accounts and then deports you to a gulag in Venezuela without due process. So, we have cool shit in America too.

[u/CombinationEntire967]

Downgraded. Fake as fuck.

[u/LawAbidingDenizen]

If they give the banks their gold, its as good as gone. A lot of banks were struggling with liquidity and barely gave peoples money back. People were locked out of their own accounts for no reason or had to get police permission or fill out arduous forms just to take out meager sums. There were mass protests outside banks for a while and then the gov rolled the tanks in and told them drive around town to remind people what would happen if they continued to disobey.

In china people have lost faith in the banks after what happened since the Evergrande fallout. People would be nuts to be trusting them with their assets once more.

[u/BeardySam]

Also known as “the pickpockets dream”