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Thread: APMEX now accepting Bitcoin

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    Moderator madfranks's Avatar
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    APMEX now accepting Bitcoin

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

    Welcome to [current year] Apmex!
    "Liberty is so creative, and the government is so stupid, that Iím very optimistic about the future"
    - Lew Rockwell

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    Iridium
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    Re: APMEX now accepting Bitcoin

    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/2017-1...bitcoin-stolen

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

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    Electrum TroyOz's Avatar
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    Re: APMEX now accepting Bitcoin

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

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    Unobtanium crimethink's Avatar
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    Re: APMEX now accepting Bitcoin

    Quote Originally Posted by cheka. View Post
    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/2017-1...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?
    The night has come upon us, and we have but two choices: to fear it, or to face it bravely while looking to the Light that cannot be overcome. John 8:12

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    Unobtanium EE_'s Avatar
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    Re: APMEX now accepting Bitcoin

    Quote Originally Posted by cheka. View Post
    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/2017-1...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.
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    Moderator madfranks's Avatar
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    Re: APMEX now accepting Bitcoin

    Quote Originally Posted by TroyOz View Post
    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.
    "Liberty is so creative, and the government is so stupid, that Iím very optimistic about the future"
    - Lew Rockwell

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    Moderator madfranks's Avatar
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    Re: APMEX now accepting Bitcoin

    Quote Originally Posted by EE_ View Post
    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!
    "Liberty is so creative, and the government is so stupid, that Iím very optimistic about the future"
    - Lew Rockwell

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