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Author Topic: Diamonds for Bitcoins  (Read 7410 times)
MemoryDealers
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March 28, 2012, 12:28:45 AM
 #41

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
2. newegg.com
3. 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

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March 28, 2012, 12:56:50 AM
 #42

Whats it cost to insure the milky way?

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

Bitcoin: the only currency you can store directly into your brain.

What this planet needs is a good 0.0005 BTC US nickel.
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March 28, 2012, 01:04:28 AM
 #43

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

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March 28, 2012, 01:06:00 AM
 #44

Whats it cost to insure the milky way?

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

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March 28, 2012, 10:10:10 AM
 #45

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.



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March 28, 2012, 11:07:55 PM
 #46

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
2. newegg.com
3. 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

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.
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March 28, 2012, 11:20:29 PM
 #47

I´m sure that after the Mobile Money Africa event in Lagos, Nigeria, somebody is looking this forum and thinking that they can sold diamonds for Bitcoins.

Probably we will see in the marketplace forum some post about exchanging diamonds for bitcoins.

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March 29, 2012, 12:30:31 AM
 #48

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

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March 29, 2012, 12:39:20 AM
 #49

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?

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March 29, 2012, 12:55:57 AM
 #50

Whats it cost to insure the milky way?

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

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

Ok, now I'll stop taking this OT.
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March 29, 2012, 12:54:16 PM
 #51


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)
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March 31, 2012, 01:57:12 AM
 #52

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.
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March 31, 2012, 02:30:07 PM
 #53

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!
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March 31, 2012, 02:50:09 PM
 #54

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.
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March 31, 2012, 03:39:49 PM
 #55

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.

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.
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March 31, 2012, 04:32:43 PM
 #56

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.

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
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April 15, 2013, 08:25:53 AM
 #57

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 Smiley
see here: https://bitcointalk.org/index.php?topic=176977.0


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April 15, 2013, 08:30:22 AM
 #58

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 Smiley
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!

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April 15, 2013, 08:37:08 AM
 #59


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 Smiley

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 Smiley

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April 30, 2013, 08:46:24 PM
 #60

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  
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