Topic: California legalize bitcoin and STARBUCKS / AMAZON will use them. (Read 2930 times)

So when will this happei heard that dell accept BTC on stuff they sell, Microsoft is mining btc.

What will happen will price goes up or will cash.

 What the Dell? 

Are they doing it for the publicity and a few million in potential sales ? I don't know why they wouldn't.
Transaction savings? What would they save 1-3%? 3-5%?

What could the transaction savings become through the entire supply and manufacture chain? For non wage expense only? For wage and non wage expense?

What of the accounting? Would the blockchain ledger be useful? Could it reduce accounting costs?

Can we add to the list? Assuming these companies are in testing, is there a closing window for near term adoption (pre-holiday)?

-Best buy
-Wall mart
-And of course our good friends at Target.

Store (receipt) and Manufacturer (warranties) are registered/recorded (blockchain) at POS? POS gains second meaning (Point Of Selection?) due to automated checkout? **Potentially adding 2nd generational paradigm reference.** "When I was your age, we walked 5 miles through the snow and had to stand in line to buy things."

Better hang on Marty..

They never seem to grow up.



 

People will start using BTC for regular purchases. That means A LOT!!

Holy fark! The Hollywood ATM is 1/2 mile from my house!!!

I eat at that Locali from time to time.

What a weird place for a bitcoin ATM. They should have put it in the Gelsons next door!

Yeah i hope bitcoin becomes the main currency in the Silicon valley companies hehe.

http://www.latimes.com/business/technology/la-fi-tn-bitcoin-atm-20140613-story.html

Just a matter of time for progressive state to legalize it.

It makes business sense in California where most the IT companies are.

i think the real argument being made by the bears here is that in the world of bitcoin, good news doesn't necessarily travel fast. what i mean by that, is that when ever theres good news these days some see it as omg its happened, I'm late, and some see it as oh ok so its starting to get good....well see what happens. the latter more than the former. with bad news or even neutral news that can be hugely blown out of proportion because of wild conspiracy theories about banks wanting to destroy bitcoin and what not as an investment in their own future monopoly. sorry got off topic there, but the point is, bitcoin good meh, bitcoin bad AHHHHH SELL SELL SELL WTF AHGJGJHDKACCCCCMEHDJ?! you get it? this is not my opinion. i believe that market manipulation by not just one whale was occurring in order to keep panic buying at news of the auction. inflating the spot price,{bear and sellers were happy to clean up the scraps)  which would in some peoples mind, increase their effective bidding range. i think other whales where already in the mindset that this event who be a turn for bitcoin, and have been attempting to position themselves in this fragile market without mass detection for some time. these people are not armchair investors, this is what they do every day, they're the best at what they do. thats why they're rich. they also have this technique called "hedging" its when your making a bet you may not win. so you essentially bet against yourself hoping to offset the cost of the original bet. its not as simple as i put it,but thats what some were doing by spending money to keep the price down long enough to get a suitable position from where they could calculate a return on investment even if they were out bid. guaranteed every interested party with any significant amount of worth in bitcoins has been watching this event, and those who could not bid but had a large interest or amount of money, (I'm sure there are many many more of these people than we think, just in the shadows waiting) have certainly been trying to quietly reposition themselves for the rise. they know how to keep the price down and they know when to unleash the reigns and let the market take its course. i think that moment is approaching.

So, basically US law means nothing, as everyone ignores it anyway.

California had a dumb law which made paying any way other than USD illegal.  Since companies already take foreign currency (near the border) and also gift cards and credit card points and all other manner of non-USD transactions, they changed the law to make it clear that they wouldn't prosecute any of these services and that included bitcoin.

that "regulating" part is insanel needed, as none of the real sharks is going to invest into something that could be "banned" the next day.
getting bitcoin some regulations would be the biggest step so far.

Not illegal, but the situation was not entirely clear. So "legalizing" probably not the most accurate term -- more so "regulating"...clarifying the law.

Why legalize? Are bitcoins illegal in us?

you're an idiot.

first of all, neither Amazon not Starbucks confirmed they have plans to use bitcoin. (eBay neither, but the ceo of eBay is pro-bitcoin so Ebay is likely to accept it)

also it would mean a lot, even if they sell all their coins (which is not even a given fact, as overstock does not do that either and neither of those companies have the need to do that either, as they can spare a few % to hold in bitcoin and speculate). It would still generate more volume and demand, plus a lot of publicity and perceived legitimacy.

More sell pressure will be countered by all the people who bought bitcoins to spend at starbucks/amazon/eBay and most smart bitcoin owners will buy their bitcoins back right after spending them (f they have any fiat left on the bank of course).

its a problem regardless of the bitcoin volatility.
one of the core principles of bitcoin is that there will never be more than 21 million of them.
if we start accepting off chain ebay bitcoins that means ebay can create as many of them as it wants.
if people wanted an inflatable currency we already have it, its called the USD.

This would only be a problem if BTC value was volatile while your balance was with eBay. If it goes mainstream then it's predicted that volatility will settle (eventually).

Anyway, to go mainstream as a day to day shopping currency it seems third party companies like Bitpay/Amazon coin will be needed.

and then ebay turns into a bitcoin bank, next thing you know they start printing ebay "bitcoins" just like banks print fiat today.

Maybe not directly, but what if you could pre-load a Paypal/eBay/Bitpay account with enough to cover whatever you're bidding on? Once the money's transferred into your eBay account/eBay cash pool it could be managed with eBay software until your change is spat back out onto the blockchain.

ebay can't accept bitcoin, bitcoin doesn't currently support more than 7 transactions per sec.

Not sure you understand the world we live in.

If a tranche of giant internet and main street companies start accepting bitcoin then there will be a stepwise increase in its utility and it will suddenly become globally legitimised in the eyes of the public. Overnight there will be a complete change in coverage in the MSM, from slightly negative and hostile to positive. The little b sign will be ubiquitous.

The biggest secret of bitcoin are its economic strengths - a deflationary commodity money with fixed inelastic supply. That secret has been leaking out for the last five years.

The world ran on commodity money from the beginning of time until 1971. Every year between 1971 and now has been an aberration.

What do you think the tech savvy youth of the world are going to want to save there funds in when they re-discover deflationary commodity money? You think people like holding fiat in a bank at 0%? ZIRP is great for bitcoin.

Nothing is set in stone but sometimes it pays to look at the big picture and slightly longer timeframes than the typical daytrader.