Another Goxing?! Amagi Metals? | Bitcointalksearch.org

smoothie

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Quote from: gentlemand on September 13, 2015, 05:09:07 PM

Quote from: smoothie on September 13, 2015, 05:06:04 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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Welt Am Draht

Quote from: smoothie on September 13, 2015, 05:06:04 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, 01:48:30 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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Welt Am Draht

Quote from: manselr on September 13, 2015, 04:39:01 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, 01:16:07 AM

Quote from: Q7 on September 11, 2015, 09:30:11 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, 09:30:11 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, 09:06:06 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, 08:51:24 AM

Quote from: gentlemand on September 11, 2015, 07:39:52 AM

Quote from: zby on September 11, 2015, 07:29:28 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, 07:39:52 AM

Quote from: zby on September 11, 2015, 07:29:28 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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Welt Am Draht

Quote from: zby on September 11, 2015, 07:29:28 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.

Nagle

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Quote from: mrhelpful on September 08, 2015, 01:02:02 PM

Quote from: Nagle on September 07, 2015, 04:38:06 PM

If they owe you money, sue them. They're a Colorado corporation. Do it now. Don't wait.

I made the same comment about Mt. Gox months before the bankruptcy. Once they stop paying, sue IMMEDIATELY. You may be able to get your money back before they collapse.

AMAGI, INC.
Status: Good Standing
Formation date: 09/19/2011
ID number: 20111525396
Form: Corporation
Periodic report month:     September
Jurisdiction: Colorado
Term of duration: Perpetual
Principal office street address: 7100 Broadway Street, Suite 1N, Denver, CO 80221, United States
Principal office mailing address: 7100 Broadway Street, Suite 1N, Denver, CO 80221, United States

Company head: Stephen Macaskill
LinkedIn ref: https://www.linkedin.com/in/stephenm

I think everyone being involved you guys should rally up to lawyer up for a class action law suit.

Or depending on the amount do it indivually if its $1,000 or less with small claims.

Colorado small claims limit is $7500. Less than that, you can do it yourself, so get started. More than that, you can afford a lawyer. Failure to deliver purchased gold is not hard to explain in court. Do it. Now. If they don't show up in court, they lose, you get a default judgment against them, and you can turn a collection agency and a skip tracer loose on the CEO. Don't be a a Gox sucker. Longtime readers will recall all those people making excuses for Gox, telling the suckers to be patient. Don't be patient. Bring the hammer down on them.

Colorado small claims court instructions. You'll have to go to Denver for trial if it gets that far. Odds are they'll pay up before a judge forces them to.

mrhelpful

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Quote from: Nagle on September 07, 2015, 04:38:06 PM

If they owe you money, sue them. They're a Colorado corporation. Do it now. Don't wait.

I made the same comment about Mt. Gox months before the bankruptcy. Once they stop paying, sue IMMEDIATELY. You may be able to get your money back before they collapse.

AMAGI, INC.
Status: Good Standing
Formation date: 09/19/2011
ID number: 20111525396
Form: Corporation
Periodic report month:    September
Jurisdiction: Colorado
Term of duration: Perpetual
Principal office street address: 7100 Broadway Street, Suite 1N, Denver, CO 80221, United States
Principal office mailing address: 7100 Broadway Street, Suite 1N, Denver, CO 80221, United States

Company head: Stephen Macaskill
LinkedIn ref: https://www.linkedin.com/in/stephenm

I think everyone being involved you guys should rally up to lawyer up for a class action law suit.

Or depending on the amount do it indivually if its $1,000 or less with small claims.

Denker

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Quote from: smoothie on September 08, 2015, 05:27:32 AM

Their delays on shipment reminded me of tulving.

Ponzi?

Probably.

smoothie

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Their delays on shipment reminded me of tulving.

Ponzi?

gentlemand

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Welt Am Draht

I was under the impression they underwent a change of ownership of some sort.

It won't be the last one to fail. Far too many operations were set up with the expectation of never ending gains and adoption. Maybe it'll arrive some day but betting on a mythical future is a dumb move.

butdabass

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even i dont know who is amagi corp. and i think its gonna be another goxing.

Nagle

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If they owe you money, sue them. They're a Colorado corporation. Do it now. Don't wait.

I made the same comment about Mt. Gox months before the bankruptcy. Once they stop paying, sue IMMEDIATELY. You may be able to get your money back before they collapse.

AMAGI, INC.
Status: Good Standing
Formation date: 09/19/2011
ID number: 20111525396
Form: Corporation
Periodic report month:    September
Jurisdiction: Colorado
Term of duration: Perpetual
Principal office street address: 7100 Broadway Street, Suite 1N, Denver, CO 80221, United States
Principal office mailing address: 7100 Broadway Street, Suite 1N, Denver, CO 80221, United States

Company head: Stephen Macaskill
LinkedIn ref: https://www.linkedin.com/in/stephenm

Fontas Returns

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I think maybe they were expecting BTC to perform better and when it tanked their money reserves went down in value and the company became insolvent? Pure speculation here. I went to their office a few months ago and it seemed cool. Now this:

https://www.reddit.com/r/Bitcoin/comments/3bkxiw/a_letter_from_anthem_vault_to_rbitcoin_no/

https://www.reddit.com/r/Gold/comments/387yli/help_bought_10z_of_gold_from_amagi_metals_on_may/

https://www.reddit.com/r/Bitcoin/comments/3b93ui/psa_amagi_metals_has_scammed_me_and_ran/

Their website has had most products removed, and the phone number doesn't work now.
People are reporting refunds as well as funds in limbo, apparently they've been unable to fill orders lately. Most products removed from their website. Hoping someone can clarify what's going on or we can try to figure it out. I hope it's not another take the money and run sheme!

worhiper_-_

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Are there delays with withdrawals or what?

Fontas Returns

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Did Amagi gamble their business on the price of BTc, selling all their gold for bitcoin, to watch the bear market drown their company? What happened with them? Or what can we speculate happened? That's my theory.

Topic: Another Goxing?! Amagi Metals? (Read 2079 times)