Dollars not accepted here! | Bitcointalksearch.org

botany

legendary

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Quote from: BitcoinAccepted on August 23, 2014, 07:41:26 AM

Quote from: botany on August 23, 2014, 07:29:14 AM

They plan to have an exchange, to help convert dollars into BTC.
Can't get rid of banks that easily.

Agreed but with all the talk of regulation in US re: BTC at present it may be easier for them to operate a fully licensed & regulated exchange with a sympathetic banking provider.

At the minute I guess they are cashing out BTC through a 3rd party and dumping the dollar into a standard business / merchant account at a local bank. This is could be where their problems have stemmed from as the paper / audit trail is more convoluted.

Cashing out BTC? That is surprising given that BTC might account for only a portion of their sales now..

BitcoinAccepted

legendary

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Quote from: botany on August 23, 2014, 07:29:14 AM

They plan to have an exchange, to help convert dollars into BTC.
Can't get rid of banks that easily.

Agreed but with all the talk of regulation in US re: BTC at present it may be easier for them to operate a fully licensed & regulated exchange with a sympathetic banking provider.

At the minute I guess they are cashing out BTC through a 3rd party and dumping the dollar into a standard business / merchant account at a local bank. This is could be where their problems have stemmed from as the paper / audit trail is more convoluted.

bigasic

hero member

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They stated that 40 percent of their sales are fiat, so they can't dump it just yet. THey are giving everyone notice that they should buy bitcoin/litecoins if they want to keep buying gold or silver and giving them a year or two notice, granted, a lot can happen between now and then, but I thought it was a bold step. I have purchased from there and they have great customer service and great prices.. If you find a better price, just let them know and they will match it...

botany

legendary

Activity: 1582

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Quote from: BitcoinAccepted on August 23, 2014, 07:14:22 AM

You don't think it maybe has something to do with the major problems Amagi has had with various banks over the past few years?

They have had 3 accounts closed due to their acceptance of BTC if I remember rightly.

No dollars to bank = No need for a bank.

Makes sense to me.

They plan to have an exchange, to help convert dollars into BTC.
Can't get rid of banks that easily.

BitcoinAccepted

legendary

Activity: 2660

Merit: 1009

You don't think it maybe has something to do with the major problems Amagi has had with various banks over the past few years?

They have had 3 accounts closed due to their acceptance of BTC if I remember rightly.

No dollars to bank = No need for a bank.

Makes sense to me.

botany

legendary

Activity: 1582

Merit: 1064

Quote from: itsAj on August 23, 2014, 01:41:44 AM

Quote from: ArticMine on August 21, 2014, 03:17:09 PM

It makes a lot of sense for them to not accept fiat simply because of the risk of chargebacks and payment reversals alone. The precious metals bullion market is very high value with very low margin so the chargeback / payment reversal risk with fiat over the Internet is to say the least extreme. Add to this the marketing value of not accepting fiat when targeting the gold bug / libertarian market, and their move makes a lot of sense from a business point of view.

This may be true, but the number of people who use and trust bitcoin are so small that they would likely lose a lot of customers because they are not comfortable using bitcoin as a form of payment. They could also easily factor these kinds of costs into their prices that they charge for not paying in bitcoin.

They plan to retain their customers through this measure.
Amagi will serve customers holding fiat only through an exchange on its website. Those customers will need to convert their money into digital currency before purchasing.

giveBTCpls

sr. member

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If I was a merchant I would do this because the metal market is filled with scammers that try to do reharshals and so on. With BTC once the deal is done the deal is sealed, if you dont like the deal think about it twice next time.

srgkrgkj

legendary

Activity: 1218

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http://coinfinance.com/news/amagi-metals-drops-usd-as-payment-form

"Amagi Metals has been running as a reputable business dealing in various types of precious metals such as gold, silver and platinum along with a host of other precious metals and base metals for quite some time. Many other products have been retailed by the bullion dealer such as gold coins, silver coins, and various other bullion. Amagi metals was one of the first precious metal dealers to start accepting Bitcoin along with Coin A Bull and Agora Commodities."
.....
"Since the dollar was decoupled from gold in 1971, it has lost 97% of its value compared to the yellow metal and 83% of its domestic purchasing power, and the trend shows no signs of stopping. Both investors and foreign governments have begun to lose confidence in the dollar’s future…and so has Amagi Metals. Thus, Amagi has planned that by the end of 2016, the company will no longer accept US dollars or other “fiat” currencies. Instead, Amagi plans to be trading exclusively in cryptocurrencies like Bitcoin."

itsAj

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Quote from: ArticMine on August 21, 2014, 03:17:09 PM

It makes a lot of sense for them to not accept fiat simply because of the risk of chargebacks and payment reversals alone. The precious metals bullion market is very high value with very low margin so the chargeback / payment reversal risk with fiat over the Internet is to say the least extreme. Add to this the marketing value of not accepting fiat when targeting the gold bug / libertarian market, and their move makes a lot of sense from a business point of view.

This may be true, but the number of people who use and trust bitcoin are so small that they would likely lose a lot of customers because they are not comfortable using bitcoin as a form of payment. They could also easily factor these kinds of costs into their prices that they charge for not paying in bitcoin.

Paashaas

legendary

Activity: 3512

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I found another interesting article of Ebay might selling Paypal. Hmm my guts is telling me it has something to do with; "Bitcoin key to future of online payments: EBay CEO " http://www.cnbc.com/id/101734293

''Activist investor Carl Icahn’s quest to compel eBay to spin off its PayPal unit ended with a whimper in April. But the maneuvering over PayPal, a giant in the red-hot payments sector, seems to be just beginning''

''Ebay has been telling potential recruits for the position of PayPal CEO that it’s considering spinning off the payments business as soon as next year, according to two people briefed on the conversations. The search for a new head of the unit began in June after former PayPal CEO David Marcus said he was leaving for Facebook''

I dont got an acount on that site but the message is clear. Ebay is going to make an ace move to exit Paypal just in time Cool

https://www.theinformation.com/PayPal-s-Future-Still-in-Play

RodeoX

legendary

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The revolution will be monetized!

No effect on me. I have only used bitcoin with Amagi. Besides, fiat has germs and coke all over it. Best to avoid it. Cheesy

trader001

full member

Activity: 166

Merit: 100

Quote from: spazzdla on August 21, 2014, 09:42:13 AM

Quote from: Foxpup on August 21, 2014, 09:05:03 AM

Quote from: trader001 on August 21, 2014, 09:02:39 AM

It is illegal for any US company to refuse fiat payment.

No, it isn't. Whatever gave you that idea?

Any debt that was offered to be paid in with USD and refused is considered paid. Probably the confusion.. however I'd expect laws to force people to accept the USD very very very soon.

Thank you for the correction.

I thought it is illegal because some local prankster played a joke on a company by paying a few hundred dollars of payment in coins. He threaten to call the fed if the cashier refuse to accept and count the coins.

Paashaas

legendary

Activity: 3512

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I dont care much about the price, i dig the internet to look how Bitcoin grows. Adoption is great but now companys convert there coins into fiat but when there is enough adoption they will trade with eachother sooner ore later. Amagi is planning there next stage to exit fiat witch sounds logical tho, we/they gonna save so much money with it. Pretty sure much more will follow in time, it can take years but how it looks for now Bitcoin is doing a great job.

Next time i'll add more statements to avoid miss-cummunications.

Have a nice weekend!

thefunkybits

legendary

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This is huge news! And it's only the beginning of the flight from USD to BTC

heh Grin

sgk

legendary

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!! HODL !!

Quote from: Foxpup on August 21, 2014, 08:08:50 AM

Quote from: sgk on August 21, 2014, 08:04:33 AM

Quote from: seljo on August 21, 2014, 07:57:29 AM

But they will continue to accept Russian Ruble, European Euro, Chinese Yuan and Swiss Franc. What does it tell you?

Exactly. They will stop accepting USD does not mean they'll start accepting cryptos.

Nothing to see here, move on.

Did either of you two actually bother to read the damn statement?

Quote from: Amagi Metals

Thus, Amagi has planned that by the end of 2016, the company will no longer accept US dollars or other “fiat” currencies. Instead, Amagi plans to be trading exclusively in cryptocurrencies like Bitcoin.

OK, I was in a rush and didn't read the full article, only whatever was quoted here. Sorry for that.

I take back what I said and I think this is a good initiative from the company.

FUR11

sr. member

Activity: 378

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FURring bitcoin up since 1762

Quote from: Paashaas on August 21, 2014, 07:06:38 AM

''Precious metals and coin dealer Amagi Metals announced today it would stop accepting US dollars as a payment method at the end of 2016, saying it had “lost confidence” in the future value of the world’s most popular fiat currency''

Ohh yhe baby, this is so sweet news today!

Bitcoin is here to stay and his development is skyrocketing in the background, im getting so exited Cheesy

http://www.coindesk.com/bullion-dealer-amagi-metals-stop-accepting-fiat-currency/

I wonder whether they're really pulling through with this! It may still be a marketing stunt or ploy, but they seem to be rather strong believers. A lot of Bitcoiners are also gold bugs, and vice versa, so it makes sense to join forces!

ArticMine

legendary

Activity: 2282

Merit: 1050

Monero Core Team

It makes a lot of sense for them to not accept fiat simply because of the risk of chargebacks and payment reversals alone. The precious metals bullion market is very high value with very low margin so the chargeback / payment reversal risk with fiat over the Internet is to say the least extreme. Add to this the marketing value of not accepting fiat when targeting the gold bug / libertarian market, and their move makes a lot of sense from a business point of view.

HeliKopterBen

hero member

Activity: 622

Merit: 500

Quote from: Foxpup on August 21, 2014, 08:08:50 AM

Quote from: sgk on August 21, 2014, 08:04:33 AM

Quote from: seljo on August 21, 2014, 07:57:29 AM

But they will continue to accept Russian Ruble, European Euro, Chinese Yuan and Swiss Franc. What does it tell you?

Exactly. They will stop accepting USD does not mean they'll start accepting cryptos.

Nothing to see here, move on.

Did either of you two actually bother to read the damn statement?

Quote from: Amagi Metals

Thus, Amagi has planned that by the end of 2016, the company will no longer accept US dollars or other “fiat” currencies. Instead, Amagi plans to be trading exclusively in cryptocurrencies like Bitcoin.

Not to mention the fact that they have been accepting bitcoin for nearly 2 years now.

maker88

sr. member

Activity: 336

Merit: 250

Quote from: spazzdla on August 21, 2014, 09:43:00 AM

Quote from: sgk on August 21, 2014, 08:04:33 AM

Quote from: seljo on August 21, 2014, 07:57:29 AM

But they will continue to accept Russian Ruble, European Euro, Chinese Yuan and Swiss Franc. What does it tell you?

Exactly. They will stop accepting USD does not mean they'll start accepting cryptos.

Nothing to see here, move on.

Wat...

WHY DO YOU PEOPLE DO ZERO RESEARCH... They currently do accept Crypto.. I've bought 5 oz of silver from them with BTC.

Seriously, not only does it say in the article they will be accepting crypto currency, it also says they won't be accepting any governments "federally insured legal tender". Where these guys get the idea that rubles and yuan and all the other shitty fiat doesn't count, I have no idea..

Mightycoin

member

Activity: 82

Merit: 10

US dollar sometimes seem to be over-rated, even when it is weaker to euro. Good step they took

Topic: Dollars not accepted here! (Read 2550 times)