Large DROP in BTC PRICE can be caused by acceptance Amazon.com or other .com?

BitchicksHusband

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Quote from: aminorex on February 02, 2014, 06:22:48 PM

Quote from: Nagle on February 02, 2014, 04:17:14 PM

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.

sickpig

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Quote from: chessnut on February 03, 2014, 02:00:50 AM

Quote from: sickpig on February 03, 2014, 01:55:12 AM

Quote from: aminorex on February 02, 2014, 06:22:48 PM

Quote from: Nagle on February 02, 2014, 04:17:14 PM

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.

ElectricMucus

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Marketing manager - GO MP

Quote from: TooDumbForBitcoin on February 03, 2014, 08:19:12 AM

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.

Quote from: Peter R on February 03, 2014, 02:44:51 AM

Quote from: ElectricMucus on February 03, 2014, 02:06:22 AM

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.

Peter Lambert

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Quote from: Nagle on February 02, 2014, 04:17:14 PM

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?

TooDumbForBitcoin

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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?

Peter R

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Quote from: ElectricMucus on February 03, 2014, 02:06:22 AM

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.

ElectricMucus

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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...

chessnut

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Quote from: sickpig on February 03, 2014, 01:55:12 AM

Quote from: aminorex on February 02, 2014, 06:22:48 PM

Quote from: Nagle on February 02, 2014, 04:17:14 PM

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.

sickpig

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Quote from: aminorex on February 02, 2014, 06:22:48 PM

Quote from: Nagle on February 02, 2014, 04:17:14 PM

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

meanig

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Quote from: Nagle on February 02, 2014, 04:17:14 PM

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

chessnut

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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....

aminorex

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Sine secretum non libertas

Quote from: Nagle on February 02, 2014, 04:17:14 PM

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.

gpucoolingmethod

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Quote from: TooDumbForBitcoin on February 02, 2014, 05:49:25 PM

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

TooDumbForBitcoin

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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.

Nagle

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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.

gpucoolingmethod

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Quote from: jamesc760 on February 02, 2014, 02:40:13 PM

Quote from: gpucoolingmethod on February 02, 2014, 08:03:07 AM

Quote from: Kluge on February 02, 2014, 08:00:52 AM

Quote from: gpucoolingmethod on February 02, 2014, 07:56:19 AM

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)

jamesc760

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Quote from: gpucoolingmethod on February 02, 2014, 08:03:07 AM

Quote from: Kluge on February 02, 2014, 08:00:52 AM

Quote from: gpucoolingmethod on February 02, 2014, 07:56:19 AM

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.

gpucoolingmethod

member

Activity: 98

Merit: 10

Quote from: Kluge on February 02, 2014, 08:00:52 AM

Quote from: gpucoolingmethod on February 02, 2014, 07:56:19 AM

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?

Kluge

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Quote from: gpucoolingmethod on February 02, 2014, 07:56:19 AM

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.

gpucoolingmethod

member

Activity: 98

Merit: 10

Quote from: Lauda on February 02, 2014, 07:55:17 AM

What the?
You mean a large spike in price?

Topic: Large DROP in BTC PRICE can be caused by acceptance Amazon.com or other .com? (Read 3014 times)