Bitcoin Forum

I will be getting married this year,  and will need to buy a diamond ring.
I've decided that this is a good opportunity to bring more companies on board with Bitcoin.

My fiancé agreed to allow me to buy the ring with Bitcoins, with the condition that I have it by the end of March April 2012.
That day is quickly approaching,  so I need the Bitcoin community's help to make this happen.

Bitcoins are a perfect fit for online retailers of Diamonds.
Diamonds are a commodity that can easily be resold,  and are not traceable, and are therefore a common target for thieves using stolen credit card numbers.
Bitcoin removes all of these risks.

My initial goal was to get www.bluenile.com (http://www.bluenile.com) to accept Bitcoins as payment directly on their website.
BlueNile.com is the worlds largest online diamond retailer.
They are a publicly traded company with annual revenue of around $350M USD.

In several emails with Blue Nile,  I have promised to buy a ring of at least $50,000 USD from them if they publicly accept Bitcoins on their website.
They have shown some interest,  but have not given any kind of firm commitment yet.

I'm hoping that with some additional interest from the Bitcoin community, we can convince them to accept Bitcoins directly on their website.

If you agree with this idea, please contact them to let them know you would also like them to accept Bitcoins as payment.
http://www.bluenile.com/contact-blue-nile (http://www.bluenile.com/contact-blue-nile)

Your request will be even more influential if there is an actual product on their website that you promise to buy if they accept Bitcoin payments.

My original email to BlueNile can be found here:
http://pastebin.com/CBJvpDde (http://pastebin.com/CBJvpDde)


Lets make this happen!

50k for a wedding ring!!! Baller!  Congrats Roger!  I am happy for you!

i need a ring to, but I'm poor, i cant afford a crazy ass ring...

i see they offer more reasonable prices, i will send them an e-mail tomorrow!  :)

50,000$ ring  :o

I would rather support a local shop then a huge mulit million dolor company

I think bitcoin is good for small business, because it gives them a lot of free advertisements... ok this is true for huge companies too... idk why i would rather buy my bitcoin wedding ring from a small time vendor

maybe take this offer to a local shop?

You should be happy for the girl...  I am lucky mine is more frugal than I am.

Actually,  if I can't get a major merchant on board with this purchase,  I will buy a MUCH MUCH cheaper ring.

I'm lucky that my fiance doesn't care much about Diamonds or Bitcoins, or money in general.
She just wants a happy family.

Married.

ya, mine hates bitcoins... she says "you love bitcoin more then you love me  :'(" lol
lets see if their is any other bitcoiner planning on getting married

come on guys, time is now, get ready to pop the question!

OMG! What are you trying to prove to your fiance? It's not even ridiculous - it's kind of stupid... Go on honeymoon instead for this money...

honeymoon for bitcoin?

After I read this


You have twisted ways of promoting Bitcoin

i think theirs someone giving away bitcoin if you get a big store to accept bitcoins... he's planning to use the prize money for the ring?

you might think twice about that one.
see: http://www.theatlantic.com/magazine/archive/1982/02/have-you-ever-tried-to-sell-a-diamond/4575/

we've been scammed!

Congratulations on your upcoming marriage!

It's really happy to hear the news.

Getting married this year also!  you are a baller with that ring lol

then just buy her a 10k  ring she likes and donate the other 40k to bitcoin software developers. much bigger impact. actually pretty much anything would have a bigger impact than buying a wedding ring. put 40k into starcraft 2 tournament prizes and you got tens of thousands more bitcoin users by the end of the month.
congrats btw  :D

lol, you guys are ruthless. :D

Marriage comes with conditions?  whodathunk?

+1

Also what people don't seem to realize is that it takes big businesses to grow this thing. Sure he could buy from a "little guy" but how will that grow bitcoin? Having a large, established business accepting bitcoins shows to others that it is possible and that they should do it.

Because unlike Bitcoins, women are inflationary currency. They are worth less and less over time until the price drops to almost nothing. :D

If you like the woman for her looks, then this is definitely true.

Whereas, if you got a woman who'll stick with you through the thick and the thin (rare), this is certainly not true.

I'm sure Roger's got the latter.  Congrats again, Roger!

Also, you can ask Casascius to mint two rings with half of a private key at each ring, and send an amount to that (vanity) address.

Or use the new Multisig feature, P2SH.

And you can make the wedding gift list (I don't know your tradition) at a shop that starts to accept bitcoins. You can receive presents from all around the world.

Congratulations, Roger!

Congrats on getting married!  Where can I send the wedding gift?

Email sent to bluenile.  I bought my wife's ring from them and had a great experience with them.  It actually wouldn't surprise me if they take you up on your offer.

Congrats Roger!  Good luck on procuring a ring with bitcoins.  Hopefully a couple years from now we laugh about how it took so many bitcoins to buy a $50,000 ring.

does anyone else see the irony here?  it would take approximately 10,000 BTC's to buy that ring today.  wasn't Bitcoins breakout heralded by the 10,000 BTC pizza?

According to the calculator on http://bitcoin.clarkmoody.com it would be very close to 10240 BTC at current depth. I see significance in that number.

The attitude I got from women:

- Why are you spending all day with computer? Are you a admin on deep web forum? You work with other hackers all over the world? Who cares, I better have boyfriend who is DJ in nightclub!
- What are those Bitcoins? Decentralized and anonymous payment system that is not controlled by single entity? I got it, they are exactly like PayPal, only none of my friends have heard about them!

There are few women who like me, but they are too ugly. I better have paid with SolidCoins then these women as a lifetime long partners. So loving the most beautiful girl I know is the best option.

and this:

Spring 2016 - 10,000BTCs

http://qifanabki.files.wordpress.com/2009/01/dubai-palm-jebel-ali.jpg

According to this in Spring 2018 for 10'000 BTC you can buy Earth and by Spring 2020 whole Milky Way. The growth of Bitcoin purchasing power does not grow exponentially, it will stop and balance out somewhere.

I call dibs on Earth.

i hear an advertisement coming:

"A year ago, you could buy a pizza for 10,000 Bitcoins;

Now, those same Bitcoins can buy a Diamond.  Call Memory Dealers for more information." :D

Whats it cost to insure the milky way?

Of course it doesn't.  Just geometrically. 

Only an idiot would think 10,000 BTC will buy the entire planet in 2018. 

It likely will only buy this:
http://www.youtube.com/watch?feature=player_embedded&v=qD3GMwg4qZo#!

Dear my friend whom I haven't gotten a chance to meet in real life.  The path you chose with the bitcoin is and will not be easy,but you know that already.  Just like me, I'm sure you also have made other choices in your life that is unconventional and out of ordinary, that too, is the the path you chose.  After awhile you'll realized that it is very lonely on the mountain top.  Just like after Neo took the red pill from Morpheus... there might not be steak and luxuries in his life, but he is not enslaved, he walks a proudly, free man.

A great relationship begins before you even start one.  Stay on top of your health and wealth in this game of life.  Treat everyone with respect, including the ugly women.  When that amazing girl walks into your life, you will just be like our bitcoin champion, Mr. Roger Ver here, putting it down for a nice rock, price doesn't matter.

I wish you well, friend.  You are not alone.

Shameless; just shameless  ;)

Wow that was very nicely put.

are you kidding me?  y'all gonna make him a nervous wreck! ;D

I thank everyone for their kind words,  and good sense of humor, but the important issue is actually getting a large company like this to accept Bitcoins.

I would guess there are two main road blocks from their point of view.

1. Will they even get any orders from people with Bitcoins?
2. How can they automate the Bitcoin checkout?


To solve #1,  lets make a list of people who will promise to make a purchase from Blue Nile with Bitcoins should they publicly accept them.
It can work similarly to the Bitcoin 100 for charities,  but this time, it will be for large corporations.

They have items starting from just $25,  so nearly everyone can afford to help out.

Let's call this project "the Bitcoin 100: A Kickstarter for big businesses"

Some initial target companies that come to mind are:
1. Bluenile.com (http://Bluenile.com)
2. newegg.com (http://newegg.com)
3. memoryx.net (http://memoryx.net)  (I know the owner, and he seems likely to be converted.)

I've started the official thread here:

https://bitcointalk.org/index.php?topic=74400.0 (https://bitcointalk.org/index.php?topic=74400.0)

Might not be insurable, as it will come into a collision with Andromeda within only a few billion years. I don't know if the local cluster galaxy repairman can get it fixed.

Expect a high premium.

https://en.wikipedia.org/wiki/Andromeda%E2%80%93Milky_Way_collision

We just need to make the price rise like a rocket.

If humans will continue to evolve in intelligence in steady rate, after few billion years the galaxy collision can be repaired or even prevented.

I liked the pizza deal much better.
The way it stipulated commerce and brought the coins back into circulation.

What's a diamond cartel going to do with them once they see the value other than holding on to them and prolonging their empire?

I'd rather cater Bitcoins to new ideas than the rich and established.

I emailed Newegg some time ago, but never heard a response back.  I buy a lot of stuff from Newegg and would buy even more if they accepted bitcoin.

If you're willing to send 10,000 BTC to them and let them convert it all to $50,000 cash, then I don't see why they wouldn't accept. There could definitely be problems mid-transaction but if done in a way that's 0 risk to them then every company would jump on board.

You may consider splitting it into 10 transactions of 1000BTC

what risk?
the only risk is sending it to the wrong bitcoin address?

The best bet would be getting Ray Kurzweil to insure it.

Ok, now I'll stop taking this OT.

Thank you a lot!
I knew this article from ages ago and lost it. Everyone who thinks about buying a diamond should be forced to read it. The diamond invention simply is the biggest economic scam of all times.

Ente

(who will eventually, at some point of life, dig up a diamond out of the ground, and will have paid a ridiculous amount for this)

It takes supernova explosion to create gold/sliver and other metals, but the nature only needs earth crust pressure to make diamonds.

Common senses says it shouldn't be a quantum leap from synthesizing small diamonds to making big ones, especially with this kind of financial incentive.

Something smells fishy.

The argument about diamond formation just made me laugh.  You guys are a bunch of nerds! (I'm a big nerd, it's a figure of speech, chill).

The fact is, diamonds have been marketed to women for ages.  It's how women think of them, not the technical details.  Don't spoil Roger's party!

That's not what the article says, it says before 1870, not many people knew or cared about diamond, no matter how rare it was.

My guess is, before glass-making technique was discovered, to most women in the world, a large clear glass bead probably valued more than a diamond.

Are you in the market for an engagement ring or a wedding band?  $50k is pretty unthinkable for a wedding band, unless it's an eternity band made with 1 carat diamonds.  If you mean an engagement ring, then yeah you can certainly pay up to that.

My family has been in the jewelry business for over 70 years.  I work at our store on Jeweler's Row in Chicago.  If you have any questions feel free to ask.

In full disclosure, I am not a bitcoin supporter or advocate.  But as long as you can convert them to dollars, we can do business if you so choose.

Fix'd that for you ;-)
Try to find a decent sized ruby or emerald in the quality (clarity) of a off-the-mill diamond. If you do succeed, compare the pricestickers. Will be like comparing prices of a bicycle to some seriously expensice sportscar. Once you wake up again from stickershock, that is. ;-)
Not ranting to bitcool, or let alone Roger! Ain't even mad!

Now, if you want some seriously extravagant stone: Go for alexandrite! One of the rarest stones (when in gem-quality), unlike the warehouses full of diamonds. It frickin' changes its color under sunlight and artificial light! And you probably wont meet anyone in your life who ever saw such a ring face-to-face. Oh, you quickly will see there are synthetics available. Which might be an option for some people. Anyway, the price varies dramatically with how dramatically the color-changing effect and clarity is.

http://www.alexandrite.net/assets/images/attachments/35237/alexandrite-guide-banner-colors.jpg

Well, being a geek, I like diamonds. Hardest stuff on earth, ridiculous heatconductance, and they look sparkly too.. heh

Ente

So what ended up happening with this?
I see that bluenile still doesn't list BTC amongst their currencies... but did Roger end up buying his engagement ring with Bitcoins?

I just bought my engagement ring with Bitcoins :)
see here: https://bitcointalk.org/index.php?topic=176977.0

The smaller merchant I bought the ring from now accepts Bitcoins.
Perhaps I should circle back with Blue Nile and gently persuade them to add them as a method on their site.

Congratulations on your engagement Julz!

Thanks roger! Congrats to you too :)

When I took my ring in for valuation here in Sydney, I mentioned that I would probably have bought from a local jeweller if they accepted Bitcoins.
The jeweller had heard of Bitcoin and was quite intrigued - asking me a few questions about it.
I don't think he's ready to accept BTC just yet - but you know, it helps to plant the seed :)

Hi there,

I am not sure this was posted before but in any case with the fear that I might repeat just what somebody else said I wanted to know what are the implications of opening an exchange service for rare goods such as diamonds (note the market is different than gold or silver as it is not regulated by the same principles), prices are set differently (Rappaport & Diamond Council). Diamonds were always a good investment and will remain, it's just the do's and don'ts that might prevent such a service to open?

I can tell you none of the big brands are likely to accept btc very soon no matter the industry. Money is the primary means and would stay this way for a long time because of the nitty gritty world of banking/accountancy/ledger/AR/AP, international standards plus auditing. Most big retailers CEO's and money movers still see btc as a potential bubble.

Having said that, starting with local and small businesses is the key here, you get the market cap and support the system (as idea and the truth behind it) and then when a real stable and growing market is created for btc use, move to bigger fish.

In my own world I would like to open a "diamond for btc" service such as the gold/silver ones though operating like a store too (ex bluenile). Any idea if this can be done?

In the meantime, can someone tell me if there is a good marketplace that I can sell certified diamonds on for btc without a hassle?

Thanks and good luck!
Daniel  

exciting!

I wanted to wait to announce this but I guess I should give a pre-announcement in that I will be offering Diamonds for BTC. There are a lot more details to come but it's slow in putting everything together. :-)

Hi Daniel,

I am happy about all new merchants accepting bitcoins, and especially happy about all new and creative ways which are new with bitcoins!
That said, a few thoughts about diamonds specially:

- Bitcoin (and other non-reversible methods) have a higher risk for fraud. Especially with gems and especially with diamonds this is true, gems and diamonds depend a lot on the reputation and trust between seller and buyer.

- Besides that, I see no problem in "bartering" bitcoins for diamonds. All transactions where you "pay" for goods (this is important) with bitcoin should be safe. This is quite different to selling/exchanging bitcoins for money, as you often need licences for that. I.e. being a bank or certified money something.

- Finally, I strongly suggest to read more about the whole "diamonds/gems as an investment". You gave hints with Rapaport. You will never get a decent price if you try to sell your "investment diamond" again. Real investment diamonds are six figures upwards. Most jewellers, even right where you bought your stone, won't even make you an offer. Simply because they can't pay more than, say, half of the price you paid. Nasty situation which they want to avoid.

- A great article about the inner workings of the diamond industry is here:
http://www.theatlantic.com/magazine/archive/1982/02/have-you-ever-tried-to-sell-a-diamond/304575/ (http://www.theatlantic.com/magazine/archive/1982/02/have-you-ever-tried-to-sell-a-diamond/304575/)
Some pages long, some years old, but really eye-opening. Must-read for anyone who wants to invest time or even money into a diamond. Even "just" for jewellery. In short, "diamond invention". I consider it the largest and most advanced manipulation, if not scam, in human history.

My personal summary: I will never spend a cent for a diamond. And will try to inform others about the depth of this whole mess. I plan, however, to eventually dig out a rough diamond by myself, being a minerals collector :-)

Happy reading!

Ente

Ente, thanks for your interesting post!
To comment a bit about what you wrote:
1) Never buy a diamond from a store for investment, there are other channels. As an example, first hand buying is around 50% of retail for a certified piece, so in fact what you buy in a store is more or less double the actual value depending on quality and certification.
2) Investment diamonds are usually bought through a diamond broker that can leverage the best price and stone from all possible sources (not available to the general public) obtaining a deal usually way below the official Rappaport figures. Those diamonds will always be good for reselling as you obtain the best possible price that any jeweler will be asked as well. Difference is jewelers pay tax, store rent/mortgage, salaries etc etc. and have to make a living too.
3) The link you provided pretty much says it all but nothing especially new although still good info for people to consider, thanks !

In any case that wasn't the point...I am more interested in the technical/operational side of things, bitcoin service implementation, vendor relationship, paperwork, government approvals (if any as this is open source technology I assume there are no strict regulations for trading besides the community approval)?

I will dig deeper into this and see what I can find.
In the meantime, happy bitcoining to everyone!:)

I just saw this thread. We will be selling Diamonds engraved with Bitcoin Private keys.

https://bitcointalk.org/index.php?topic=197793.0

We can also just sell the diamonds, but the private keys are the special deal. :-)

Wow 50k ring, congratulations men, hope the priests "and till death do you part" words become true, my best wishes for ya  ;D

If I want to buy a diamond, or gold, Can I do it anonymously, or your company require a SCAN of my document?

No, you choose to buy a diamond ring. There is no need. it's a (very wasteful) ritual you are choosing to engage in, like marriage and reproduction.

You could instead choose to do something creative and unique for your loved one, such as personally diving for pearls until you've gathered enough of them to make her a necklace, but you opt for the "oh I'll just spend a bunch of money, so she knows I love her" route.

The exchange of these tokens, these "rare" (not really!) stones for marriage is a tradition that, like capitalism itself, is left over from the feudal age. Now go watch Blood Diamond.

Agree, $50.000 for a ring is crazy.. you must truly be in love  :D

..and then about the DeBeers scam.
Yes, diamonds are not really rare. Their supply is heavily limited by the DeBeers cartel.

A pure red ruby, on the other hand, is *really* rare. And still less expensive than an equally sized diamond. And oh so much more beautiful!
https://bitcointalk.org/index.php?topic=123503.0
Dave (tiptopgem) is your man, should you want something really special, world-class league, to good prices.
He has many other stones too. Except diamond, as far as I know :-)

Ente

www.BitsToStones.com (http://www.BitsToStones.com) does not require any scanned documents, and our checkout process is quite simple.

My understanding was that it was only "illegal" if the server owners were selling things that were otherwise unattainable to the players.

Did he ever go through with the proposal and the purchase of the ring?

A very expensive ring indeed.

If you only want them to accept bitcoin for your purchase then you would likely have little problem getting them to accept it once via coinbase or bitpay.

Getting them to accept bitcoin for all of their customers would be much more difficult and time consuming.

:D

Wow 50.000 for the ring  ;D ;D ;D

OP, have you got married yet? Initially it was a great idea to promote Bitcoin worldwide with Blue Nile for a $50,000 transaction. But to my surprise, they haven't introduced it till now!