Black Friday | Cyber Monday dump to FIAT, a concern?

criptix

legendary

Activity: 2464

Merit: 1145

Quote from: STT on November 29, 2014, 10:59:31 PM

Quote from: spiderbrain on November 25, 2014, 01:05:56 AM

Quote from: lay785 on November 24, 2014, 06:48:54 PM

id be more concerned about the 50k auction.

+1. The money in bitcoin now is not consumer money, it's investor money. Whether or not they want to go shopping is irrelevant.

I mostly sell my bitcoin by buying goods. No doubt I should be clever and speculate with best offers available for cash but it seems less hassle to deal with a shop with its various guarantees and return policies. I think if bitcoin suddenly doubled in value I could in theory return my product and get my bitcoin returned to me, upto about 10 days where I live.
Seems shop spending is the best way to use btc, otherwise sure I guess I might be an investor though I think that applies to bitpay the company itself more then those who use it and ditto the exchanges

Could you explain how the merchant does that?
Isnt that unsecure?
If he holds btc for 10 days he might get a loss if the price falls.
if he sells instantly, the consumer wants his btc back and btc price went up he will have a loss too.

STT

legendary

Activity: 4102

Merit: 1454

Quote from: spiderbrain on November 25, 2014, 01:05:56 AM

Quote from: lay785 on November 24, 2014, 06:48:54 PM

id be more concerned about the 50k auction.

+1. The money in bitcoin now is not consumer money, it's investor money. Whether or not they want to go shopping is irrelevant.

I mostly sell my bitcoin by buying goods. No doubt I should be clever and speculate with best offers available for cash but it seems less hassle to deal with a shop with its various guarantees and return policies. I think if bitcoin suddenly doubled in value I could in theory return my product and get my bitcoin returned to me, upto about 10 days where I live.
Seems shop spending is the best way to use btc, otherwise sure I guess I might be an investor though I think that applies to bitpay the company itself more then those who use it and ditto the exchanges

fewcoins

full member

Activity: 126

Merit: 100

Quote from: opossum on November 25, 2014, 08:07:26 PM

Quote from: ?? on ??

Quote from: fewcoins on November 25, 2014, 09:51:19 AM

I know I will be dropping at least a few coins on some deals this black Friday!

Last huge drop there was a 30K wall after a 30K auction... Who is ready for the 50K wall this time?!

That makes no sense. The last auction didn't cause a wall because the coins weren't sold on an exchange. The wall was on Bitstamp, many months after the auction.

Secondly, the coins were all bought by Tim Draper, whose company Boost VC will be using the bitcoins to invest into startups in their incubator. He hasn't sold any of his coins yet. So the only wall it created was people who thought it would create a wall, created their own wall on the exchanges. Pretty sure this is Tim Draper's bitcoin wallet, and it's mostly still intact at 29k: https://blockchain.info/address/1a8LDh3qtCdMFAgRXzMrdvB8w1EG4h1Xi

Whoever buys the 50k bitcoins at the auction won't be buying them to simply dump. That doesn't make any sense.

I'm not saying it won't drop, but you're certainly spreading mis-info about something that didn't happen.

He was talking about the 30k bear wall early this month when one person apparently sold ~30k bitcoin at once on btc-e.

@OP, I would be long term optimistic about any long term effects on the price of bitcoin that any black friday deals that are bitcoin related. Merchants will likely realize the cost benefits of accepting bitcoin and many people will hopefully buy bitcoin with the sold intention of using/spending it

I think the 30K wall was actually on bitstamp... I wasn't serious about a 50K wall in the works after the auction. It's just crazy how exactly the amount he bought was the same exact amount made into a wall! Who knows who will buy the bitcoin set to be auctioned off & who knows what price they will pay! Considering the massive fall after the first auction, I think we will have plenty more room to fall once even more coins are made "trade-able"

opossum

hero member

Activity: 924

Merit: 1000

Quote from: ?? on ??

Quote from: fewcoins on November 25, 2014, 09:51:19 AM

I know I will be dropping at least a few coins on some deals this black Friday!

Last huge drop there was a 30K wall after a 30K auction... Who is ready for the 50K wall this time?!

That makes no sense. The last auction didn't cause a wall because the coins weren't sold on an exchange. The wall was on Bitstamp, many months after the auction.

Secondly, the coins were all bought by Tim Draper, whose company Boost VC will be using the bitcoins to invest into startups in their incubator. He hasn't sold any of his coins yet. So the only wall it created was people who thought it would create a wall, created their own wall on the exchanges. Pretty sure this is Tim Draper's bitcoin wallet, and it's mostly still intact at 29k: https://blockchain.info/address/1a8LDh3qtCdMFAgRXzMrdvB8w1EG4h1Xi

Whoever buys the 50k bitcoins at the auction won't be buying them to simply dump. That doesn't make any sense.

I'm not saying it won't drop, but you're certainly spreading mis-info about something that didn't happen.

He was talking about the 30k bear wall early this month when one person apparently sold ~30k bitcoin at once on btc-e.

@OP, I would be long term optimistic about any long term effects on the price of bitcoin that any black friday deals that are bitcoin related. Merchants will likely realize the cost benefits of accepting bitcoin and many people will hopefully buy bitcoin with the sold intention of using/spending it

fewcoins

full member

Activity: 126

Merit: 100

I know I will be dropping at least a few coins on some deals this black Friday!

Last huge drop there was a 30K wall after a 30K auction... Who is ready for the 50K wall this time?!

Wilhelm

legendary

Activity: 1652

Merit: 1265

Before you can spend money you need to have money.
OP is implying that everyone who spends money on those products doesn't buy more bitcoin with fiat.

Having money circulate (spent,earned) is the prime directive of every economy.

The auction means that some dude/dudette is blowing a lot of fiat on bitcoin.
I don't think that person will buy to dump. It didn't happen on the last auction.
Why are people always afraid of everything happening.... someone took a shit Bitcoin is going to dump... someone coughed let's sell all our coins.... FFffuuuu Sad

Mark Frappeles

full member

Activity: 130

Merit: 100

Tipsters Championship www.DirectBet.eu/Competition

doubt we will see any price movement downwards this week

spiderbrain

legendary

Activity: 889

Merit: 1013

Quote from: lay785 on November 24, 2014, 06:48:54 PM

id be more concerned about the 50k auction.

+1. The money in bitcoin now is not consumer money, it's investor money. Whether or not they want to go shopping is irrelevant.

Melbustus

legendary

Activity: 1722

Merit: 1004

Quote from: abercrombie on November 24, 2014, 05:53:06 PM

...
I don't believe there is an incentive to buy Bitcoin in order to spend it on Black Friday (due to the added costs of at least 1% more at Coinbase & Circle).
...

Circle is cooler than that. Here's what I get if I were to buy $2500 worth of Bitcoin:

No fees (though some exchange rate spread), and $500 would be instantly available (ie, I could have it on the blockchain within seconds).

And I'd guess that people will want to replenish any BTC they spend right now, with the price ~70% lower than the ATH. It's actually in the times of plenty that people are more willing to spend from savings without re-stocking...

TinaK

hero member

Activity: 1106

Merit: 527

I'll wait and see whether the price being to fall $310 this Friday

lay785

sr. member

Activity: 266

Merit: 250

id be more concerned about the 50k auction.

abercrombie

legendary

Activity: 1159

Merit: 1001

We are approaching the first Black Friday where Bitcoin will be accepted at Dell, Newegg, Overstock, Tiger Direct, Gyft, Expedia, among others...

Just curious if there is a concern of huge dumping of BTC during the conversion to FIAT?

I don't believe there is an incentive to buy Bitcoin in order to spend it on Black Friday (due to the added costs of at least 1% more at Coinbase & Circle). It's more likely that long time holders (hodlers) might be tempted to let go of some BTC in order to take advantage of the promotions.

Topic: Black Friday | Cyber Monday dump to FIAT, a concern? (Read 1979 times)