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Amagi Metals now taking bitcoins as payment for PMs.
mrpaseo
Posts: 4,753 ✭✭✭
I just found this website that is taking bitcoins in exchange for physical PMs. I found the link on SSSB.
It looks like they update their SPOT prices every minute rather than every second.
Here is what they say on their site:
<< <i>Amagi Metals is a global eCommerce precious metals dealer. We sell physical metals, such as gold and silver, intended for delivery directly to the customer. Our headquarters are located in Denver, Colorado, and is registered as a Corporation in the state of Colorado, as well as federally in the United States of America under the name of Amagi, Inc. To get in touch with us, visit our Contact Us page, or write to us at:
Amagi Metals
2727 Bryant Street
Suite 450
Denver, CO 80211 >>
The point of this thread is, I thought bitcoins only hold value if people use them, if all of a sudden they are not being used, their value drops like a hot potato. Why would a company that says
<< <i>Amagi Metals' mission: Simplify the buying process of precious metals and illuminate the importance of financial responsibility and sound money. >>
use bitcoins that are totally unstable?
They also have a small video that tells you that you can earn bitcoins and that they are made when you earn them. Originally I thought there was a set amount of bitcoins made (Something like 23 million) and the idea is that no more would be made, that the cost per share would go up and down...
Thoughts?
Ray
It looks like they update their SPOT prices every minute rather than every second.
Here is what they say on their site:
<< <i>Amagi Metals is a global eCommerce precious metals dealer. We sell physical metals, such as gold and silver, intended for delivery directly to the customer. Our headquarters are located in Denver, Colorado, and is registered as a Corporation in the state of Colorado, as well as federally in the United States of America under the name of Amagi, Inc. To get in touch with us, visit our Contact Us page, or write to us at:
Amagi Metals
2727 Bryant Street
Suite 450
Denver, CO 80211 >>
The point of this thread is, I thought bitcoins only hold value if people use them, if all of a sudden they are not being used, their value drops like a hot potato. Why would a company that says
<< <i>Amagi Metals' mission: Simplify the buying process of precious metals and illuminate the importance of financial responsibility and sound money. >>
use bitcoins that are totally unstable?
They also have a small video that tells you that you can earn bitcoins and that they are made when you earn them. Originally I thought there was a set amount of bitcoins made (Something like 23 million) and the idea is that no more would be made, that the cost per share would go up and down...
Thoughts?
Ray
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Comments
Worry is the interest you pay on a debt you may not owe.
<< <i>I agree with PerryHall.... although I have read and think understand the bitcoin operation, my gut tells me it is an operation doomed to failure (much like a pyramid scheme). Cheers, RickO >>
I 100% agree with you both. Just thought it was odd.
Thanks,
Ray
<< <i>I just found this website that is taking bitcoins in exchange for physical PMs. I found the link on SSSB.
It looks like they update their SPOT prices every minute rather than every second.
Here is what they say on their site:
<< <i>Amagi Metals is a global eCommerce precious metals dealer. We sell physical metals, such as gold and silver, intended for delivery directly to the customer. Our headquarters are located in Denver, Colorado, and is registered as a Corporation in the state of Colorado, as well as federally in the United States of America under the name of Amagi, Inc. To get in touch with us, visit our Contact Us page, or write to us at:
Amagi Metals
2727 Bryant Street
Suite 450
Denver, CO 80211 >>
The point of this thread is, I thought bitcoins only hold value if people use them, if all of a sudden they are not being used, their value drops like a hot potato. Why would a company that says
<< <i>Amagi Metals' mission: Simplify the buying process of precious metals and illuminate the importance of financial responsibility and sound money. >>
use bitcoins that are totally unstable?
They also have a small video that tells you that you can earn bitcoins and that they are made when you earn them. Originally I thought there was a set amount of bitcoins made (Something like 23 million) and the idea is that no more would be made, that the cost per share would go up and down...
Thoughts?
Ray >>
Weird part of Denver in which to have a PM business. Usually Bryant street is associated with industrial things. Replace a windshield, buy compressed gases, used truck parts, welding rod, tools, etc.
And for the best deal one pays with FRNs, not bitcoins nor bullion.
#########
EDIT: Actually I was mistaken and this address is north of the more industrial stretch of Bryant St. with which I was familiar. Still a pretty weird neighborhood to conduct a PM business, even one strictly over the internet (he incorporated as an 'e-commerce' firm). The owner seems to be something of a gypsy as the outfit has existed only since 2011 and has several times (3-4) already changed their location. Do they offer any verifiable references?
Thank you for your interest in our business. There are a lot of myths and confusion surrounding bitcoins. We recommend reading up more information about it!
We think that in 10,000 years gold and silver will still be gold and silver and recognized as money. In 10,000 years no one will know what bitcoins are or may have only heard about them from history books. However bitcoin is a short term solution and it is still considered an experiment among the bitcoin community.
The largest virtual currency in the world is the USD. Most USD transactions are done electronically in today's world. One of the USD's weaknesses is that it can be printed indefinitely at the whim of politicians. It is still a strong currency (has subjective value) because it's backed by might of the United States domestically, and abroad. The largest P2P currency in the world is the decentralized currency bitcoin. One of the benefits of BTC is that there is a finite amount. In addition, it has little or no transaction costs, there are no chargebacks (prevents fraudulent uses of credit cards), and has an anonymity value. This gives bitcoin a short term subjective value based on its solutions to problems in the banking industry for the last 30-40 years. Social Security is a ponzi scheme, I would not say that bitcoin is.
There are currently over 11 million bitcoins in circulation. Bitcoins are released on a schedule to people who use computers that verify bitcoin transactions based on the computing power used to verify those transactions (the more work your computer does, the more bitcoins get released to you). So it's important for these people to have computers with high processing capabilities. No more bitcoins will be released once 21 million have been released. The bitcoin miners will still be able to earn bitcoins by verifying transactions, they just receive a small transaction fee which will be fractions of a penny. That will still be cheaper, in time and money, than if you sent a bank wire. Today we live in a digital, fast paced world. We are experimenting with bitcoins to better understand electronic currencies and hopefully, one day (soon), advocate for an electronic currency backed by a sound commodity such as gold.
We use a publicly traded company, BitPay, to process our bitcoin transactions. It works kind of like PayPal. People make a purchase through our website, select bitcoins as your payment method, pay with bitcoins, the funds get sent to BitPay, and they convert it to USD, and send us a USD deposit in our bank the next day.
Our main offices are located in the Lower Highlands area of (NW) Denver in the office building known as 2727 Bryant At Highlands. You are more than welcome to stop by our offices and say hello at any time. Our office hours are 8am-5pm, MST. We only keep a few samples in our office for security purposes, and ship the commodities from a fulfillment center.
We have been in business since 2008, initially starting on eBay (http://stores.ebay.com/Amagi-Metals), in Upstate NY. We moved to Denver, CO in 2011 and incorporated in the state of Colorado. The owner may be from South Africa and has experience travelling around the world, however you would have a tough time saying that he is a gypsy: he does live in a home with his family, has a social security number, and is an American citizen. We are also a member of the American Numismatic Association (ANA), American Open Currency Standard (AOCS), and Industry Council for Tangible Assets (ICTA).
If you have any questions you can give us a call during our office hours listed above at 1800-882-8496, fill out a Contact Form at www.amagimetals.com, or send us an email at support@amagimetals.com.
We hope this information is useful to you and help you understand why we chose to accept bitcoins. We value innovation and experimentation to better serve our customers. We hope that our curiosity in alternative forms of currency does not hinder you from doing business with us!
Thank you for your time,
Ray
<< <i>Interesting, first of all, thank you for taking the time to sign up and post in regards to my (Our) comments (I wonder how you found us). It makes more sense that you use a third party as a go between to convert the Bitcoins to USD. I do not expect you or anyone to educate me on Bitcoins but I wonder what is stopping someone from making more Bitcoin once the 21 Million mark is hit. I mean, it is digital right?
Thank you for your time,
Ray >>
A quick search "amagi metals silver forums" brought this thread up. We wanted to know what our customers and potential customers were saying about us so we can improve our business.
The code behind bitcoin is opensource and anyone can look at it. It basically says that once 21 million have been released, no more bitcoins can be released. Bitcoins solved a unique problem among decentralized currencies, called the double-spending problem, which has given it so much popularity as well. It prevents people from being able to duplicate or counterfeit them. You can read more on Wikipedia about it here:
http://en.wikipedia.org/wiki/Bitcoin#Protocol
Bitcoin is a solution to the double-spending problem of using a peer-to-peer network to manage transactions. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record or chain that cannot be changed without redoing the proof-of-work. The longest chain of records (called blocks) serves not only as proof of the sequence of events witnessed but also as proof that it came from the largest pool of computing power. As long as a majority of computing power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain of records and outpace attackers.
Worry is the interest you pay on a debt you may not owe.
<< <i>So, when you use virtual money to buy PM's, do you get virtual bullion in the form of pics of gold and silver bars?
When you pay with PayPal, credit card, bank wire, check, or bitcoins, you are paying with virtual money. Your order will be honored with physical precious metals when you place an order with us with our accepted forms of payment.
An education on bitcoins from someone who actually uses them is refreshing.
Give Me Liberty or Give Me Debt
JMHO
<< <i>
<< <i>So, when you use virtual money to buy PM's, do you get virtual bullion in the form of pics of gold and silver bars?
When you pay with PayPal, credit card, bank wire, check, or bitcoins, you are paying with virtual money. Your order will be honored with physical precious metals when you place an order with us with our accepted forms of payment. >>
I was joking. Didn't you see the winky face?
Worry is the interest you pay on a debt you may not owe.
Having recently followed the saga of Chris Duane and Rob Gray at Mulligan Mint, I simply have to say that I'm skeptical, and will remain so until I see a viable company with a viable business model providing value for value with good service.
That doesn't mean I don't think that there's something interesting going on. I just means that I'm from Missouri, and you'll have to Show Me.
I knew it would happen.
<< <i>Until now, I've never heard of Amagi Metals.
Having recently followed the saga of Chris Duane and Rob Gray at Mulligan Mint, I simply have to say that I'm skeptical, and will remain so until I see a viable company with a viable business model providing value for value with good service.
That doesn't mean I don't think that there's something interesting going on. I just means that I'm from Missouri, and you'll have to Show Me.
Agree. The bitcoins sounds like a Ponzi or pyramid scheme
Worry is the interest you pay on a debt you may not owe.
They say it can't be hacked. Time will tell.
I knew it would happen.
<< <i>The bitcoins sounds like a Ponzi or pyramid scheme
They say it can't be hacked. Time will tell. >>
One of the few "market maker" sites has been comming under hacker attack according to an article in the press yesterday. It resulted in several hours of "down" time. It would be scary if the hackers eventually do get in.
<< <i>The bitcoins sounds like a Ponzi or pyramid scheme
They say it can't be hacked. Time will tell. >>
There are a few things that everyone MUST learn about the internet.
1) If you ever put it on the internet, it will always be available on the internet. (A picture, an e-mail, anything)
2) NOTHING is un-hackable. The only way is to separate it from the www, but then there is always a way, it all depends on how much effort is put into the search.
I like the idea of the Bitcoin, but once it's on the net, it can be manipulated.
Then, even when it is overwritten, the information can still be pulled. A good hard drive eraser will scrap a hard drive something like 9 times to remove all information.
In the Army, these (Disk cleaners) are not even authorized, we had to destroy them (With a sledge hammer).
Ray
Everything else is a derivative, managed by someone else.
I knew it would happen.
<< <i>Interesting, first of all, thank you for taking the time to sign up and post in regards to my (Our) comments (I wonder how you found us). It makes more sense that you use a third party as a go between to convert the Bitcoins to USD. I do not expect you or anyone to educate me on Bitcoins but I wonder what is stopping someone from making more Bitcoin once the 21 Million mark is hit. I mean, it is digital right?
Thank you for your time,
Ray >>
It's all about what the people want...
<< <i>
<< <i>The bitcoins sounds like a Ponzi or pyramid scheme
They say it can't be hacked. Time will tell. >>
There are a few things that everyone MUST learn about the internet.
1) If you ever put it on the internet, it will always be available on the internet. (A picture, an e-mail, anything)
2) NOTHING is un-hackable. The only way is to separate it from the www, but then there is always a way, it all depends on how much effort is put into the search.
I like the idea of the Bitcoin, but once it's on the net, it can be manipulated. >>
Very true. It is being partly manipulated off and on recently due to malicious online activity. The bitcoin exchanges have been having their servers attacked by DDOS attacks. The currency itself is not being hacked, the servers of the companies that own bitcoin exchanges are.
The beauty about the free market is that anything can be manipulated, however in the long-run the markets will correct themselves. A perfect example is the Hunt brothers manipulating the silver market.
<< <i>Here is a simple example, when you delete something from your hard drive, you do not actually delete the info (Picture, e-mail etc). What happens is the link to the information is cut therefor the computer thinks that, that part of the hard drive is available to write to.
Then, even when it is overwritten, the information can still be pulled. A good hard drive eraser will scrap a hard drive something like 9 times to remove all information.
In the Army, these (Disk cleaners) are not even authorized, we had to destroy them (With a sledge hammer).
Ray >>
An interesting thing about bitcoin is that it is a currency AND a protocol, two separate things which makes it confusing because they have the same name. It is possible to have bitcoins without the internet. It is also possible to store bitcoins on a piece of paper, thumb drive, picture, or anything else not connected to the internet.
This does not instill confidence IMO.
a short term subjective value
Decided by whom?
Social Security is a ponzi scheme, I would not say that bitcoin is.
Pyramid, not ponzi. It was called it a pyramid scheme. It still sounds like one to me. Peer-to-peer marketing is another term for pyramid schemes. You referred to the bitcoin as the largest P2P currency. Sounds like a scheme to me.
We are experimenting with bitcoins to better understand electronic currencies and hopefully, one day (soon), advocate for an electronic currency backed by a sound commodity such as gold.
If it's not currently backed by a sound commodity then why would you exchange it for gold? And why should we trust in it?
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<< <i>If it's not currently backed by a sound commodity then why would you exchange it for gold? And why should we trust in it? >>
Well, they can sell them off to their payment processor, which is an important part of the deal, and if they can get *good* money (that being Federal Reserve Notes
And I'd guess Amagi is probably the one really stuck if bitcoins go bad, so as a customer I doubt I would be afraid that someone took bitcoins. Interesting concept to me, I don't think I'd buy them, but that is true of many things.