Another Goxing?! Amagi Metals? | Bitcointalksearch.org

smoothie

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Quote from: gentlemand on September 13, 2015, 06:09:07 PM

Quote from: smoothie on September 13, 2015, 06:06:04 PM

Weren't they the ones who said they would remove fiat payments completely?

Implying they were going to be heavily invested in btc at some point?

https://www.amagimetals.com/info/no-dollars-after-2016/

i believe this still implies they were holding more BTC than normal going into 2015 etc

gentlemand

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Quote from: smoothie on September 13, 2015, 06:06:04 PM

Weren't they the ones who said they would remove fiat payments completely?

Implying they were going to be heavily invested in btc at some point?

https://www.amagimetals.com/info/no-dollars-after-2016/

smoothie

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Quote from: bigtimespaghetti on September 13, 2015, 02:48:30 PM

A lot of people speculating on Amagi holding a lot of btc. From an interview I heard last year with the owner I think that they were only holding a fraction of their profits in btc (we are talking no more than 10%)- due to the low margin nature of their business. Maybe this is to do with something other than bitcoin being in a bear market.

Weren't they the ones who said they would remove fiat payments completely?

Implying they were going to be heavily invested in btc at some point?

gentlemand

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Quote from: manselr on September 13, 2015, 05:39:01 PM

I saw this guy (the CEO from Amagi) making a lot of interviews and saying how awesome Bitcoin was. I hope he is at least still a supporter.

I'm not so sure it's the same guy any more.

manselr

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I saw this guy (the CEO from Amagi) making a lot of interviews and saying how awesome Bitcoin was. I hope he is at least still a supporter. He took a big risk, way too risky to go 100% Bitcoin only. It's best to keep it fiat too, we are too early in the game to try to get a way with a successful 100% Bitcoin only business. Once Bitcoin is more known among "Normal" people then we'll see that kind of business having big success.

OROBTC

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...

That is really too bad to Amagi go down as well.

Note that I once purchased from them with Bitcoin. There were delays, this was maybe a year or two ago. It took weeks for them to ship me my PMs... Whenever anyone delays shipping, I find another supplier.

But, it is true what someone above wrote: being a precious metals dealer is low margin.

Caveat emptor.

bigtimespaghetti

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bigtimespaghetti.com

A lot of people speculating on Amagi holding a lot of btc. From an interview I heard last year with the owner I think that they were only holding a fraction of their profits in btc (we are talking no more than 10%)- due to the low margin nature of their business. Maybe this is to do with something other than bitcoin being in a bear market.

var53

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Quote from: Nagle on September 13, 2015, 02:16:07 AM

Quote from: Q7 on September 11, 2015, 10:30:11 AM

I hope people don't put blame into btc or any sort. This involves only the company and I'm sure funds can be returned if gone through proper channel since they are registered business operation.

The problem is that Bitcoin businesses tend to speculate in Bitcoin, which has been a lose for 18 months now. This can take down their main business unless they have a lot of financial strength, which they usually don't.

Again, if they owe you and aren't paying, file suit NOW. Do not wait. Do not assume things will get better. They seldom do.

That's what I would do if they owed me money. Any registered business operation that goes bankrupt might have little or no money left to pay creditors with. It can take forever for the bankruptcy proceedings to finish before any remaining money is divided between the creditors. Suing now might secure the return of everything you are owed much faster than waiting and risking them going bankrupt.

Nagle

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Quote from: Q7 on September 11, 2015, 10:30:11 AM

I hope people don't put blame into btc or any sort. This involves only the company and I'm sure funds can be returned if gone through proper channel since they are registered business operation.

The problem is that Bitcoin businesses tend to speculate in Bitcoin, which has been a lose for 18 months now. This can take down their main business unless they have a lot of financial strength, which they usually don't.

Again, if they owe you and aren't paying, file suit NOW. Do not wait. Do not assume things will get better. They seldom do.

Q7

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I hope people don't put blame into btc or any sort. This involves only the company and I'm sure funds can be returned if gone through proper channel since they are registered business operation.

LMGTFY

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Quote from: zby on September 11, 2015, 10:06:06 AM

I don't see why I should care - this is quite different from the MtGox situation.

It is. The OP has prompted some admittedly interesting discussions with some eye-catching titles. The other topic they started predicted a freefall (to USD 225).

zby

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Quote from: MF Doom on September 11, 2015, 09:51:24 AM

Quote from: gentlemand on September 11, 2015, 08:39:52 AM

Quote from: zby on September 11, 2015, 08:29:28 AM

What is Amagi Metals?

A precious metals dealer. They said that they would stop accepting anything other than BTC in 2016 or so which excited people at the time.

yup, from what it sounds like they are another example of a btc company who bought into the "to the moon" hype, and probably was "holding" too many btc for a little too long. They got too far ahead of themselves looking to 2016/17, and didnt see what they needed to do near term.

It's too bad because they had great prices on their stuff, less than most online bullion dealers.

I don't see why I should care - this is quite different from the MtGox situation.

MF Doom

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Quote from: gentlemand on September 11, 2015, 08:39:52 AM

Quote from: zby on September 11, 2015, 08:29:28 AM

What is Amagi Metals?

A precious metals dealer. They said that they would stop accepting anything other than BTC in 2016 or so which excited people at the time.

yup, from what it sounds like they are another example of a btc company who bought into the "to the moon" hype, and probably was "holding" too many btc for a little too long. They got too far ahead of themselves looking to 2016/17, and didnt see what they needed to do near term.

It's too bad because they had great prices on their stuff, less than most online bullion dealers.

gentlemand

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Quote from: zby on September 11, 2015, 08:29:28 AM

What is Amagi Metals?

A precious metals dealer. They said that they would stop accepting anything other than BTC in 2016 or so which excited people at the time.

zby

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What is Amagi Metals?

MF Doom

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This seems to be one of the more reputable btc companies that have gone down now. I've seen some coin manufacturers do this (scam people with coin "pre-orders"), but these guys SEEMED to be legit.

Is there a running thread of all the defunct btc companies, and what resolution came for the customers who lost money??? There should be, becasue I think accountability with these btc companies is a big problem

rikky05

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The 600 USD price on last year was the worst bull trap every company could have.

stash

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btcmy.net

I've been using their service back in past last 2 years. Work flawlessly. Sad another great service falling down.

MF Doom

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Sounds like another btc buisiness who got way ahead of themselves (planning on going full on btc by 2017 I think) but missing what needs to be done in the short term, and how to deal with the wild price variance of btc.

Sad to see this happen to another company with a seemingly positive outlook, but incompetance doesn't discriminate!

AtheistAKASaneBrain

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Sad to see. It was a relatively frequent example for a business that went full BTC. Well, I guess they didn't fully believe in BTC to stay long term otherwise they were stupid enough to not plan things long term and don't be aware that BTC will be long a low price for a long time before we start going to the moon.

Topic: Another Goxing?! Amagi Metals? (Read 2037 times)