Topic: 124000 USD from bitcoins order from Overstock.com - page 3. (Read 4578 times)
I never realized how evil I was...
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.
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.
This number doesn't really have that much significance. Obviously every bitcoin user is going to rush and make an order the first day to test out the system (or inflate the numbers). But what does it say about sales over a whole year? Or how many new users it'll attract?
in order to get return customers, you first need first time customers. i never bought anything at OS before yesterday.
So bullish long term but bearish short term because the current btc price is a float lockdown play.
Yes, on the one hand it stimulates the adoption and on the other hand it stimulates the hodlers to unhodl.
This assumes that a BTC holder does not hedge their fiat exposure beforehand, by for example transferring fiat first to an exchange in order to purchase enough BTC to cover the intended purchase. In this case the result is that the holder will increase their BTC holding slightly since the hedge is never perfect and the purpose of the hedge is to avoid exposure to being short BTC.
So bullish long term but bearish short term because the current btc price is a float lockdown play.
Yes, on the one hand it stimulates the adoption and on the other hand it stimulates the hodlers to unhodl.
So bullish long term but bearish short term because the current btc price is a float lockdown play.
Aren't you freaking out?
That is 124000 USD more worth of probable coldstored Bitcoins that are heading straight for cash out on exchange!
That is 124000 USD more worth of probable coldstored Bitcoins that are heading straight for cash out on exchange!
You are correct, but the uber-bulls don't get it. The current price is sustained largely by hoarding, keeping the ask sum and coin sales
low on the exchanges. Overstock and other merchants have to sell the coins for fiat immediately, this is bearish news.
They probably won't sell on Gox, because of the withdrawal issues, but Bitstamp may see more seller pressure.
LOL
124k can't do shit to the rate. 1.24m can.
Aren't you freaking out?
That is 124000 USD more worth of probable coldstored Bitcoins that are heading straight for cash out on exchange!
That is 124000 USD more worth of probable coldstored Bitcoins that are heading straight for cash out on exchange!
You are correct, but the uber-bulls don't get it. The current price is sustained largely by hoarding, keeping the ask sum and coin sales
low on the exchanges. Overstock and other merchants have to sell the coins for fiat immediately, this is bearish news.
They probably won't sell on Gox, because of the withdrawal issues, but Bitstamp may see more seller pressure.
I'm just saying people seem overexuberant about the initial number as if it may indicate every day in the future. The CEO even used the term "wow". Will he be adding dogecoin too?
Its an extra 124k in sales (on 1 day!) for little effort, little cost, and little risk. why not except btc?
Well to get it up and running so quick apparently the CEO did have to lock 40 people in a room for 10 days - software engineers, graphic designers, a lawyer, an accountant, etc. - slipping them pizzas under the door (in his own words). But I happen to think it was well worth it!
Very well done to all those who went there to spend.
Keep up the good work America.
As soon as they deliver to Europe I'll dive in the game myself!
If you have the time post something, specs, photos, anything, about what you bought please do so at: https://bitcointalk.org/index.php?topic=407448.40
Aren't you freaking out?
That is 124000 USD more worth of probable coldstored Bitcoins that are heading straight for cash out on exchange!
SELL SELL SELL!
Indeed. Then bitcoiners who purchased items at overstock get a huge discount when they buy their bitcoins back at a lower rate.
Very well done to all those who went there to spend.
Keep up the good work America.
As soon as they deliver to Europe I'll dive in the game myself!
If you have the time post something, specs, photos, anything, about what you bought please do so at: https://bitcointalk.org/index.php?topic=407448.40
Aren't you freaking out?
That is 124000 USD more worth of probable coldstored Bitcoins that are heading straight for cash out on exchange!
SELL SELL SELL!
Wow that's some serious money flow right there. I wonder what Overstocks average daily turnover is?
I just can't get excited about this what with all the Chinese language sources confirming so much bad news.
I do not have an account at overstock. I never planned on having an account at overstock, nor did I plan on ever making a purchase on overstock. Yet, I am now a potential new customer thanks to the fact that they've added an option for Bitcoin payments.
Just FYI Holliday, I made a purchase there yesterday with no account. They have an option to check out as guest, so it's pretty easy for us bitcoiners.
Thanks for the info!
I do not have an account at overstock. I never planned on having an account at overstock, nor did I plan on ever making a purchase on overstock. Yet, I am now a potential new customer thanks to the fact that they've added an option for Bitcoin payments.
Just FYI Holliday, I made a purchase there yesterday with no account. They have an option to check out as guest, so it's pretty easy for us bitcoiners.
This number doesn't really have that much significance. Obviously every bitcoin user is going to rush and make an order the first day to test out the system (or inflate the numbers). But what does it say about sales over a whole year? Or how many new users it'll attract?
Yeah but you have to admit it's a pretty nice way to kick things off.
That said, I do agree that solid annual numbers would be of more significance.
Its an extra 124k in sales (on 1 day!) for little effort, little cost, and little risk. why not except btc?
You're preaching to the choir bud!
I just hope Amazon is keeping a close eye on this. Probably safe to assume they are. But also probably safe to assume they're going to want a bigger sample size of data (as Tera is alluding to)before jumping in.
This number doesn't really have that much significance. Obviously every bitcoin user is going to rush and make an order the first day to test out the system (or inflate the numbers). But what does it say about sales over a whole year? Or how many new users it'll attract?
Yeah but you have to admit it's a pretty nice way to kick things off.
That said, I do agree that solid annual numbers would be of more significance.
Its an extra 124k in sales (on 1 day!) for little effort, little cost, and little risk. why not except btc?
This number doesn't really have that much significance. Obviously every bitcoin user is going to rush and make an order the first day to test out the system (or inflate the numbers). But what does it say about sales over a whole year? Or how many new users it'll attract?
Yeah but you have to admit it's a pretty nice way to kick things off.
That said, I do agree that solid annual numbers would be of more significance.
Jump to: