Bitcoin Forum

''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  :D

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

they will convert dollars to btc for u to make a purchase tho

Is Amagi Metals a big, or small company?

I read that article, but the end of 2016 is way too distant future, as far as Bitcoin and other cryptos are concerned.

We don't know how things will turn up by then.

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.

Fuck all except the MD of Amagi being an attention seeking ranter and raver.

All those currencies are backed by the USD, so what the fuck does he think he is protecting himself from?

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

::)

FYI nothing is backed by USD. Some of those don't even accept USD as means of payment... update plx...

I wonder if in a future not so far we will see the sign "Dollars not accepted here" in most of the shops :)

Sadly many people don't bother to read anything anymore... everything has become TL;DR but they always have a strong opinion about it ready of course...

So true didn't read the full statement my bad... but... wanted to make a point that USD is no longer preferred mean of payment anywhere not only at Amagi.

Which country is Amiga Metals registered in?

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

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

They are taking no Fiat is the plan...............  They will not continue to accept Fiat sooo........

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.

Wat...

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

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

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..

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

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.

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!

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.

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

heh  ;D

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!

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.

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

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 8)

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

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.

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."

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.

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.

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.  :)

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...

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..