APMEX now accepting Bitcoin.
Coinstartled
Posts: 10,135 ✭✭✭✭✭
Don't know if this has been covered in the other threads.
I will make sure that all future purchases from their site are with CC protection.
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Guess they figure that they can hedge their positions now.
I don't see this ending well.
RIP Apmex.
If I had a bitcoin APMEX is exactly where I'd unload it!
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To them, it's just like you paying with paypal or your credit card. The Bitcoin is instantly traded for USD through the exchange they're hooked up with and the funds are deposited into their bank account.
Too many positive BST transactions with too many members to list.
I think that most any merchant who 'accepts' Bitcoin is indeed actually planning on instantly exchanging it for USD and thus selling their stuff for USD in reality. But I wonder... Bitcoin cannot actually be instantly traded. One needs to wait for somebody to 'mine' the transaction to get it added to the blockchain. Until then the Bitcoin exchange has not cleared. So what happens, when some buyer offers BTC, it goes to the 'instant' exchange, but the BTC exchange does not actually happen for a day or so, and in the meantime, the price of BTC changes a lot. Who is on the hook for the BTC price changes, between the offer by the customer, and the actual blockchain change that includes the BTC trade?
The exchanges that you are signed up with have instant buy/sell orders already in their system, much like a regular stock exchange broker (Scottrade, TD Ameritrade, etc.). The sell order is instantly placed (when the cryptocurrency is received from the sender to APMEX) and instantly turned into USD and deposited into APMEX's account. The transactions (what the miners help do and keep the network secure) occur when the Bitcoin, or whatever crypto currency it is, is transferred out of the exchange to your cryptocurrency wallet.
Too many positive BST transactions with too many members to list.
I repeat.....this will not end well.
Yup, All it takes is greed.
Geez, that's crazy !!!
What was APMEX thinking? Who's going to trade their Bitcoin for those completely antiquated stores of wealth, gold and silver? I don't see anyone using that option at all
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People that like bitcoin should do a web search on "tulip bulb hysteria". It's a direct parallel to what's happening with bitcoin. The only difference is that tulip bulbs are real.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Or modern commems in MS70!
That Coinbase app is a joke. Tried for days to set up an account. ——- that noise.
The good part is getting $.38 deposited to my account for trying.
Soon we will see ebay, paypal and Mastercard accepting bitcoins..... Yeah, right....
Cheers, RickO
especially since the boys on Wall St. gave themselves a way to short it via the futures market.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
True, maybe I WILL make money in bitcoin afterall.
Combine that move with the Walmart Move and I see disaster in the making. wonder if ETB ever used to buy gold.
Best place to buy !
Bronze Associate member
So then ... I can get one bitcoin for selling them 14.24 ounces of gold today. What’s their spread ? I’ll take one bitcoin. Have they announced the spread ?
Like several other on line bullion dealers they will sell bullion to you for bitcoins but I seriously doubt that they accumulate bitcoins but rather they immediately convert your bitcoins into U.S. Dollars before they ship. They may not buy your bullion for bitcoins but that's easy enough to verify by contacting them.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
SEC suspends Bitcoin trading.
"""The Securities and Exchange Commission suspended trading Tuesday of The Crypto Company until January 3, citing "concerns regarding the accuracy and adequacy of information" about compensation paid to promote the firm and plans for insider sales.
The Crytpo Company describes itself as a business that "offers a portfolio of digital assets, technologies, and consulting services to the blockchain and cryptocurrency markets" with plans for a "rollout of a full scale, high frequency cryptocurrency trading floor." """
Interesting possibilities. > @Coinstartled said:
Erroneous info. SEC halted/suspended trading on one company, not on Bitcoin.
Is it true only about 10-15% of Bitcoin is actually used for its intended purpose of payment transaction. The rest is all speculation?
Best place to buy !
Bronze Associate member
I would imagine the percentage of transactions that are for real goods/services is far lower than 10%. The vast majority are being traded for other crypto coins and for cash.
Also worth noting that an estimated 40% of all bitcoins are owned by less than 1,000 individuals.
These markets are absolutely ripe for a major pump and dump scenario.
Golly, now folks with anonymous bitcoin profits from honestly trading bitcoin ( but, of couse, not from drug dealing, human trafficking, terrorism, tax evasion, money laundering, hacking, blackmail, kidnapping, and extortion) can directly buy their tacky, kitchy novelty silver rounds from the supplier!
Liberty: Parent of Science & Industry
Despite my opinion, there’s a melting point to all of this.