APMEX now accepting Bitcoin

[madfranks]

https://www.apmex.com/faq/bitcoin

Welcome to [current year] Apmex!

[cheka.]

do they accept stolen bc? and as a bullion dealer, dont they have to 'know' their customer? of course that info is forwarded to gov...

http://www.zerohedge.com/news/2017-12-06/largest-crypto-mining-exchange-confirms-it-was-hacked-over-50-million-bitcoin-stolen

Largest Crypto-Mining Exchange Confirms It Was Hacked, Over $50 Million In Bitcoin Stolen

[TroyOz]

My guess is they simultaneously sell the bitcoin as soon as they accept it.

[crimethink]

do they accept stolen bc? and as a bullion dealer, dont they have to 'know' their customer? of course that info is forwarded to gov...

http://www.zerohedge.com/news/2017-12-06/largest-crypto-mining-exchange-confirms-it-was-hacked-over-50-million-bitcoin-stolen

Largest Crypto-Mining Exchange Confirms It Was Hacked, Over $50 Million In Bitcoin Stolen

Yeah, do they have to do an SAR for transactions that are "suspicious"? You know, "suspicious" things like engaging in the God-given right to transact anonymously and in whatever amount one wishes?

[EE_]

do they accept stolen bc? and as a bullion dealer, dont they have to 'know' their customer? of course that info is forwarded to gov...

http://www.zerohedge.com/news/2017-12-06/largest-crypto-mining-exchange-confirms-it-was-hacked-over-50-million-bitcoin-stolen

Largest Crypto-Mining Exchange Confirms It Was Hacked, Over $50 Million In Bitcoin Stolen

I've always thought stealing bitcoins is one of the attractive benefits of bitcoins. They are there for the taking if you can figure out how to do it, there's no law against it and not a damn thing anyone can do about it. People putting their money in an unprotected account really can't say much when they're stolen. It's part of the game.

[madfranks]

My guess is they simultaneously sell the bitcoin as soon as they accept it.

That's exactly what they do. They use a service called BitPay, which immediately converts the bitcoin into USD and deposits the USD into Apmex's account. If you read the link you saw that Apmex offers a 4% discount when paying with bitcoin, which is the same as a cash/check discount. When I've bought from Apmex in the past, I always send a check in the mail, but then I have to wait over a week for the check to clear and Ampex to ship the bullion. Credit cards and Paypal are much faster than a check in the mail, but they take a significant percentage of every transaction, while a bitcoin transaction, even today with $13k bitcoin, is only 4 bucks or so. So the benefit is, you get the speed of instant digital payment, without having to pay the crazy CC or Paypal fees.

[madfranks]

I've always thought stealing bitcoins is one of the attractive benefits of bitcoins. They are there for the taking if you can figure out how to do it, there's no law against it and not a damn thing anyone can do about it. People putting their money in an unprotected account really can't say much when they're stolen. It's part of the game.

Like Ares said earlier, exchanges are the Achille's heel of bitcoin. If you keep your bitcoins on a central exchange, you are trusting the exchange to keep your coins safe for you instead of keeping them safe yourself. If the exchange gets compromised, you can lose your money. It's the same as a bank run, if you keep your cash yourself, you won't be subject to losing your money in a run. If you keep your cash in the bank, the bank might be compromised and you'll lose your money. The lesson is, if you want your coins safe, keep them yourself and don't trust third parties to hold them for you!