Topic: Overstock.com's News on Accepting Bitcoin, Underwhelming Price Boost. - page 4. (Read 5329 times)
January 10, 2014, 11:53:12 AM
Well overstock should be happy, Just spent $6,800 dollars with them in bitcoin that i would not have spent if they didnt accept bitcoin. Got a new camera, laptop, a new coffee table, 24 inch computer monitor and a ton of other stuff. It was a smart decision on their part no matter how it affects the community. I would have never bought from them if they didnt take bitcoin.
January 10, 2014, 11:49:39 AM
crap selection of gpu's...cough cough
Haha, it is overstock after all. There is a couch I am eyeing however..
Yeah lol, when they first announced they were going to be accepting bitcoin I was all like "I could have that little table, that nice comfy bed, that armchair, big TV blah and blah...". They are really expensive though! and I am in ye ol'england!
But I am all for the hodling and tbh, buying stuff I actually really need!
Like an Island, or a planet
...or a galaxy..
mwahahaha
January 10, 2014, 11:35:04 AM
Why is everyone suddenly ranting about Overstock again? Did nobody check the date on the news articles? I checked the site and don't see anything in their checkout yet, nice to see the actual CEO talking about it though.
Look again. I saw bitcoin as a payment option in the checkout cart a couple of hours ago.
January 10, 2014, 11:31:53 AM
If you have bitcoin and you aren't spending any of it, you are not helping the cause whatsoever, and ultimately just hurting yourself.
Not quite. Individual self-interest conflicts with group self-interest. As long as people expect the price to dramatically increase, they won't spend. Virtually no one will spend coins out of altruism to the group of all bitcoin holders.
January 10, 2014, 11:27:06 AM
crap selection of gpu's...cough cough
Haha, it is overstock after all. There is a couch I am eyeing however..
January 10, 2014, 11:21:07 AM
crap selection of gpu's...cough cough
January 10, 2014, 11:10:52 AM
this is another place to use bitcoin as a currency instead of as an investment which is great. Things will start to get really interesting when stores like this can actually use the btc rather than convert to $ immediately. Once they can use BTC to pay their suppliers, or their employees, then BTC will truly be a real currency and the overall value will rise.
January 10, 2014, 10:38:25 AM
Why is everyone suddenly ranting about Overstock again? Did nobody check the date on the news articles? I checked the site and don't see anything in their checkout yet, nice to see the actual CEO talking about it though.
Y'all didn't look too close at the checkout page on overstock did ya?
Set the country to USA, put something in the basket, go to checkout, checkout as a guest if you aren't registered and then look at the payment options...
January 10, 2014, 10:23:44 AM
Why is everyone suddenly ranting about Overstock again? Did nobody check the date on the news articles? I checked the site and don't see anything in their checkout yet, nice to see the actual CEO talking about it though.
January 10, 2014, 06:30:14 AM
I think it's because this wasn't "news". Overstock announced it would be accepting bitcoin payments weeks ago, and at that point it DID boost the price.e
They didn't announce that they would be accepting bitcoin payments, they announced that they PLANNED to accept bitcoin payments in about five months. That was far from a sure thing and a lot could have gone wrong before then (including changing their mind).
So it is significant "news" that a major retailer is actually taking bitcoin. However the chart was already screwed up plus the recent bad news out of China and the mining bad news, so was too much to overcome.
http://www.overstock.com/bitcoin?TID=PRODPG:Bitcoin
They are accepting BTC NOW.
Yes that was my point.
January 10, 2014, 06:13:14 AM
I think it's because this wasn't "news". Overstock announced it would be accepting bitcoin payments weeks ago, and at that point it DID boost the price.e
They didn't announce that they would be accepting bitcoin payments, they announced that they PLANNED to accept bitcoin payments in about five months. That was far from a sure thing and a lot could have gone wrong before then (including changing their mind).
So it is significant "news" that a major retailer is actually taking bitcoin. However the chart was already screwed up plus the recent bad news out of China and the mining bad news, so was too much to overcome.
http://www.overstock.com/bitcoin?TID=PRODPG:Bitcoin
They are accepting BTC NOW.
January 10, 2014, 05:59:12 AM
I think it's because this wasn't "news". Overstock announced it would be accepting bitcoin payments weeks ago, and at that point it DID boost the price.e
They didn't announce that they would be accepting bitcoin payments, they announced that they PLANNED to accept bitcoin payments in about five months. That was far from a sure thing and a lot could have gone wrong before then (including changing their mind).
So it is significant "news" that a major retailer is actually taking bitcoin. However the chart was already screwed up plus the recent bad news out of China and the mining bad news, so was too much to overcome.
January 10, 2014, 03:26:11 AM
The tiny amount of btc that overstock would be moving in the first day is hardly going to damage the market price. I'd bet that the news just hasn't really spread yet, tech people are busy, swamped with CES, etc. It doesn't have to cause an immediate 20% spike in the value of BTC for it to be a huge positive movement for the market.
January 10, 2014, 02:58:21 AM
They do ship outside of USA, but yes, predominantly it's american. Only US-based customers may spend with bitcoin on that site.
January 10, 2014, 02:53:45 AM
As the title says, seems like people were expecting some lunar performance, but got some down-to-earth performance.
Do you think that Overstock.com's acceptance was a significant thing for the price of bitcoin? If yes, let us know.
Never hear of overstock.com.Do you think that Overstock.com's acceptance was a significant thing for the price of bitcoin? If yes, let us know.
Maybe a typical american-only store?
January 10, 2014, 02:52:10 AM
It's good that BTC is becoming more widely used however the price may suffer in the immediate future due to the dumping of BTC back on to the market.
January 10, 2014, 02:47:30 AM
One of the advantages of Overstock, and other merchants immediately converting to US dollars, is it prevents bitcoin prices from getting too bubbly, as it forces bitcoins onto the market to be sold. It also throws out the hoarding argument a little bit.
January 10, 2014, 01:11:46 AM
I had been wondering how Overstock intended to handle the transactions. Made my first Overstock and Gyft purchases today, mainly just to see (newbie). I'm interested to see what happens at every turn for bitcoin. No matter how things turn out, this is history happening right now. I may have to "suck it up" a 'little' if my $50. Target gyft card purchase now, turns into a $500. loss next year.
[insert image of toilet paper roll made of $100. bills.jpeg]
[insert image of toilet paper roll made of $100. bills.jpeg]
January 10, 2014, 12:50:56 AM
I think it's because this wasn't "news". Overstock announced it would be accepting bitcoin payments weeks ago, and at that point it DID boost the price.
The thing to look for is whether this is successful or not. If the merchants that agree to accept bitcoin end up seeing very little reward and give up, it will ultimately cause major trouble to bitcoin. If the exact opposite happens, we'll see even bigger merchants hop onto the bandwagon.
At this point the success of bitcoin entirely depends on people using it. Even if it's just a small percentage of your bitcoin, buy stuff with it. Or, if you don't want to lower your bitcoin balance, like me, buy stuff with it then immediately replace what you spent.
If you have bitcoin and you aren't spending any of it, you are not helping the cause whatsoever, and ultimately just hurting yourself.
The thing to look for is whether this is successful or not. If the merchants that agree to accept bitcoin end up seeing very little reward and give up, it will ultimately cause major trouble to bitcoin. If the exact opposite happens, we'll see even bigger merchants hop onto the bandwagon.
At this point the success of bitcoin entirely depends on people using it. Even if it's just a small percentage of your bitcoin, buy stuff with it. Or, if you don't want to lower your bitcoin balance, like me, buy stuff with it then immediately replace what you spent.
If you have bitcoin and you aren't spending any of it, you are not helping the cause whatsoever, and ultimately just hurting yourself.
January 10, 2014, 12:27:06 AM
I think any price boost was tempered big time by the Ghash.io story
i agree with this. If the ghash.io-thing would not have been going on at the same time we would be in the 1200$-range by now. The two stories equaled each other out. Overstocks just saved us from an epic crash is my opinion.
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