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Topic: Large DROP in BTC PRICE can be caused by acceptance Amazon.com or other .com? (Read 3002 times)

sr. member
Activity: 378
Merit: 255
Does it really matter? Overstock just sends Bitcoins to Coinbase and converts them to dollars at the price Coinbase posts for that 10 minute period

This is no longer correct.   Overstock now keeps the bitcoins, does not sell them.

Are you sure?  Even in the NY hearings just last week he stated that they converted all funds immediately to USD and would look in the future into changing that, slowly at first.
legendary
Activity: 1260
Merit: 1008
Does it really matter? Overstock just sends Bitcoins to Coinbase and converts them to dollars at the price Coinbase posts for that 10 minute period

This is no longer correct.   Overstock now keeps the bitcoins, does not sell them.

Citation needed

http://www.coindesk.com/overstock-ceo-holds-millions-bitcoin/
he may not keep them all, but he obviously keeps a lot.

in the article is stated that he personally owns btc. This is quite different from overstock keeping a percentage of btc for each tx processed by coinbase.
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
Quote
lol another idiot using their business to secretly leverage into bitcoin long positions.

As opposed to using their business to publicly leverage themselves into mansions, cars, and jets?  



Shareholders don't mind that at all.

for fun, look at their 1 year chart to see where this is headed...

The 1-year chart is up +57%.  

It was up even more prior to the sharp drop last week, which other retailers including Amazon also experienced.

That's a good point about using your company to leverage into a bitcoin long position.  If the price of bitcoin changes dramatically during 2014, I wonder if we'll see a correlation with the price of OSTK.  



The difference here, amazon is in a uptrend on the 1y chart, hasn't crashed as dramatic. Overstock shows pennystock behaviour.
hero member
Activity: 756
Merit: 500
It's all fun and games until somebody loses an eye
Does it really matter? Overstock just sends Bitcoins to Coinbase and converts them to dollars at the price Coinbase posts for that 10 minute period, then ships merchandise. You can do that yourself; send Bitcoins to Coinbase, get dollars, and buy anywhere.



How do you use dollars in your coinbase account to buy stuff anywhere?
legendary
Activity: 1638
Merit: 1001
Quote
lol another idiot using their business to secretly leverage into bitcoin long positions.

As opposed to using their business to publicly leverage themselves into mansions, cars, and jets? 

legendary
Activity: 1162
Merit: 1007
for fun, look at their 1 year chart to see where this is headed...

The 1-year chart is up +57%.  

It was up even more prior to the sharp drop last week, which other retailers including Amazon also experienced.

That's a good point about using your company to leverage into a bitcoin long position.  If the price of bitcoin changes dramatically during 2014, I wonder if we'll see a correlation with the price of OSTK.  

legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
lol another idiot using their business to secretly leverage into bitcoin long positions. It seems like the shareholders do mind that!

for fun, look at their 1 year chart to see where this is headed...
legendary
Activity: 924
Merit: 1001
Does it really matter? Overstock just sends Bitcoins to Coinbase and converts them to dollars at the price Coinbase posts for that 10 minute period

This is no longer correct.   Overstock now keeps the bitcoins, does not sell them.

Citation needed

http://www.coindesk.com/overstock-ceo-holds-millions-bitcoin/
he may not keep them all, but he obviously keeps a lot.
legendary
Activity: 1260
Merit: 1008
Does it really matter? Overstock just sends Bitcoins to Coinbase and converts them to dollars at the price Coinbase posts for that 10 minute period

This is no longer correct.   Overstock now keeps the bitcoins, does not sell them.

Citation needed
hero member
Activity: 531
Merit: 501
Does it really matter? Overstock just sends Bitcoins to Coinbase and converts them to dollars at the price Coinbase posts for that 10 minute period, then ships merchandise. You can do that yourself; send Bitcoins to Coinbase, get dollars, and buy anywhere.

Someone could create a service which let you spend Bitcoins on other sites by front-ending their checkout pages and doing the conversion for you. The problem is that, given the sleazyness of the Bitcoin world, such a site would probably steal the Bitcoins, the account information, or the merchandise.

Nagle, I followed your Bitcoin price predictions back in the day and I'm puzzled as to why a bitcoin isn't worth minus $10,000 now. Do you still see the Bitcoin price heading into negative territory in the future  Cheesy
legendary
Activity: 924
Merit: 1001
I think that a precursor to Amazon accepting Bitcoin will be a lot of insider buying. with this in mind, the price may drop soon after this is announced.
perhaps the insider buying has occurred....
legendary
Activity: 1596
Merit: 1030
Sine secretum non libertas
Does it really matter? Overstock just sends Bitcoins to Coinbase and converts them to dollars at the price Coinbase posts for that 10 minute period

This is no longer correct.   Overstock now keeps the bitcoins, does not sell them.
member
Activity: 98
Merit: 10



Someone should make a list of all the things you think people should do, but you don't do yourself.


legendary
Activity: 1638
Merit: 1001
Quote
Someone could create a service


Someone should sue Mt. Gox....

blah blah blah

Someone should make a list of all the things you think people should do, but you don't do yourself.

legendary
Activity: 1204
Merit: 1002
Does it really matter? Overstock just sends Bitcoins to Coinbase and converts them to dollars at the price Coinbase posts for that 10 minute period, then ships merchandise. You can do that yourself; send Bitcoins to Coinbase, get dollars, and buy anywhere.

Someone could create a service which let you spend Bitcoins on other sites by front-ending their checkout pages and doing the conversion for you. The problem is that, given the sleazyness of the Bitcoin world, such a site would probably steal the Bitcoins, the account information, or the merchandise.
member
Activity: 98
Merit: 10
So can BTC price be changed because of wider acceptance?
It's really hard to say what BTC<->fiat bridge services are doing with the money. Intuitively, you'd probably assume the price to drop when major companies start taking in $hundreds of thousands in BTC and receiving cash for it. We don't know how many people buy BTC to replace what they spend, and we don't know how many new BTC users originate from merchant adoption. Way too many variables and unknowns to even begin to try understanding, IMO.

ok so i wanna obtain BTC anyway.Ive found a few mining contract companies.

How do I pay to them without getting scammed?What contract is best?

You can safely assume ALL of them are scams.

why? (I meant companies like progressivebtcmining.com)
sr. member
Activity: 448
Merit: 250
So can BTC price be changed because of wider acceptance?
It's really hard to say what BTC<->fiat bridge services are doing with the money. Intuitively, you'd probably assume the price to drop when major companies start taking in $hundreds of thousands in BTC and receiving cash for it. We don't know how many people buy BTC to replace what they spend, and we don't know how many new BTC users originate from merchant adoption. Way too many variables and unknowns to even begin to try understanding, IMO.

ok so i wanna obtain BTC anyway.Ive found a few mining contract companies.

How do I pay to them without getting scammed?What contract is best?

You can safely assume ALL of them are scams.
member
Activity: 98
Merit: 10
So can BTC price be changed because of wider acceptance?
It's really hard to say what BTC<->fiat bridge services are doing with the money. Intuitively, you'd probably assume the price to drop when major companies start taking in $hundreds of thousands in BTC and receiving cash for it. We don't know how many people buy BTC to replace what they spend, and we don't know how many new BTC users originate from merchant adoption. Way too many variables and unknowns to even begin to try understanding, IMO.

ok so i wanna obtain BTC anyway.Ive found a few mining contract companies.

How do I pay to them without getting scammed?What contract is best?
donator
Activity: 1218
Merit: 1015
So can BTC price be changed because of wider acceptance?
It's really hard to say what BTC<->fiat bridge services are doing with the money. Intuitively, you'd probably assume the price to drop when major companies start taking in $hundreds of thousands in BTC and receiving cash for it. We don't know how many people buy BTC to replace what they spend, and we don't know how many new BTC users originate from merchant adoption. Way too many variables and unknowns to even begin to try understanding, IMO.
member
Activity: 98
Merit: 10
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