Topic: 124000 USD from bitcoins order from Overstock.com - page 2. (Read 4578 times)

This may indirectly reduce volatility.

For example. I am an evil Bitcoin hoarder. Besides a few test cases (Amagi and local friends) I've simply sat on my Bitcoins for years. I believe they are extremely undervalued.

Yet... there have been multiple times where the exchange rate was simply going up too far, too fast (even for Bitcoin). I do not trust exchanges enough to play these extremely volatile periods, so in a sense I'm contributing to the volatility (by being an evil hoarder).

Now, when already established (meaning I can trust them) companies start accepting Bitcoins for goods and services, I can safely make purchases with Bitcoin (when I feel the exchange rate is going too far, too fast) which I would have normally made with fiat. During the following correction, I can repurchase those coins (locally) to replenish my evil hoard (after all, he who dies with the most bitcoins wins).

So... I will be patronizing merchants which accept Bitcoin. I will be reducing volatility by "selling" high and buying low. I will be getting goods and services at discounted prices.

Win, win, win.

Although, I will have to actually speculate that I'm correct about the exchange rate going too far, too fast. I guess I will be an evil speculator as well.

There is no bearish scenario for more merchants accepting Bitcoin. Sorry.

Holy crap.....epic!

So 40 people 10 days.  Let's assume 100k average salary which I think is probably high.  So (40*100k/365 days per year) * 10 days is kind of the amount of money spent on this effort -- although in practice how productive would those people have been doing other stuff right after xmas?

But I digress.  Total cost = 109k.  So in the FIRST DAY revenue (124k) was greater than development cost.  Anyone know overstock.com's markup?  Retail varies widely from 100% down to clearance items at 0%, but internet stores tend to be on the low side.  Let's just make up a number.  Say 10% markup.

So 12k profit, or ~10% of the cost to develop the feature was paid back in one day.  That's some pretty amazing numbers, regardless of what happens tomorrow.


PS: to all you people who think that people buying stuff will crash the price.  I generally hate to be so blunt but you are freaking morons, even if you are just saying it because you are short.  If enough product was sold to even depress the price it would be the top financial news item worldwide.

buy all the stuff!!!

Reasons to be a bear:
1) "No one is spending bitcoin!"
2) "No major retailers accept bitcoin!"
3) "Bitcoin isn't well known enough!"
4) "Too many people are spending! Ignore reason 1. Logical contradictions are ok!"
5) "I sold all my bitcoins!"

buy all the stuff!!!

Sometimes, well actually a lot of the time, I question why some of you are even registered on this board. A HUGE online retailer just started accepting bitcoin and you're complaining that $124k of sales in one day using a new, never before seen cryptocurrency that has a lot of growing to do isn't enough!?

How do you not comprehend the whole idea of natural growth? Nothing just comes out one day and is at 100% percent mainstream working status. When all of the major retailers start accepting btc and it has grown to an level never before seen, then you'll all complain that it's too big and will fail! Ridiculous.

Reasons to be a bear:
1) "No one is spending bitcoin!"
2) "No major retailers accept bitcoin!"
3) "Bitcoin isn't well known enough!"
4) "Too many people are spending! Ignore reason 1. Logical contradictions are ok!"
5) "I sold all my bitcoins!"

Reasons to be a bear:
1) "No one is spending bitcoin!"
2) "No major retailers accept bitcoin!"
3) "Bitcoin isn't well known enough!"
4) "Too many people are spending! Ignore reason 1. Logical contradictions are ok!"
5) "I sold all my bitcoins!"

LOL

Oh man, we've made a big mistake guys. The key to success is not to let any more people find out about bitcoin and discourage it's acceptance for services. Then the 25 of us can refuse to sell any of it to each other for less than a million dollars each, and tally up our riches!

this is bearish news.

low on the exchanges. Overstock and other merchants have to sell the coins for fiat immediately, this is bearish news.

But... but... Fucking deflation man! Economic death spirals.

Aren't you frightened?

"Hoarding" is the WORST argument of all time. I've been hoarding dollars every year (even though I shouldn't because dollars are economic turds) since the year I was born.
 
I spend my bitcoin, and when I do I instantly replenish my wallet on the majority of occasions.

I didn't either until countless freaks on this forum have made it quite clear that hoarding and speculating are both the Devil's work.

I never realized how evil I was...