Another Goxing?! Amagi Metals?

[Fontas Returns]

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.

[worhiper_-_]

Are there delays with withdrawals or what?

[Fontas Returns]

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!

[Nagle]

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

[butdabass]

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

[gentlemand]

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.  

[smoothie]

Their delays on shipment reminded me of tulving.

Ponzi?

[Denker]

Their delays on shipment reminded me of tulving.

Ponzi?

Probably.

[mrhelpful]

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.

[Nagle]

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.

[AtheistAKASaneBrain]

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.

[MF Doom]

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!

[stash]

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

[rikky05]

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

[MF Doom]

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

[zby]

What is Amagi Metals?

[gentlemand]

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.

[MF Doom]

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.

[zby]

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.

[LMGTFY]

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).