**Updated** Overstock-nears-a-total-of-1m-in-Bitcoin-purchases - page 2.

2tights

sr. member

Activity: 308

Merit: 251

I like big BITS and I cannot lie.

Quote from: keithers on February 14, 2014, 04:45:50 PM

Quote from: knight22 on February 14, 2014, 04:40:11 PM

Quote from: ?? on ??

people are spending horded coins.

no one is buying btc to buy shit online.

I do

I think a lot more people buy btc to buy things online than you would expect. That recent MIT study showed that the largest percentage of bitcoins purchased nowadays, are spent within the first 24 hours.

In regards to overstock.com, those numbers are pretty good, but they have dropped steeply from the larger numbers they were putting out in the first few days...

agree, its convenient for me to keep some bitcoin on my chrome addin wallet, makes shopping super fast and easy

keithers

legendary

Activity: 1456

Merit: 1001

This is the land of wolves now & you're not a wolf

Quote from: knight22 on February 14, 2014, 04:40:11 PM

Quote from: ?? on ??

people are spending horded coins.

no one is buying btc to buy shit online.

I do

I think a lot more people buy btc to buy things online than you would expect. That recent MIT study showed that the largest percentage of bitcoins purchased nowadays, are spent within the first 24 hours.

In regards to overstock.com, those numbers are pretty good, but they have dropped steeply from the larger numbers they were putting out in the first few days...

knight22

legendary

Activity: 1372

Merit: 1000

--------------->¿?

Quote from: ?? on ??

people are spending horded coins.

no one is buying btc to buy shit online.

I do

howardb

hero member

Activity: 574

Merit: 500

Quote from: ?? on ??

people are spending horded coins.

no one is buying btc to buy shit online.

Personal assumption? or is there some measurable stat to back that statement up?
Kick in the teeth for ZipZaps cashcoin business model if you're right.

Pentax

hero member

Activity: 700

Merit: 500

Quote from: ?? on ??

people are spending horded coins.

no one is buying btc to buy shit online.

where do they go when Overstock moves them through Coinbase? Overstock does not hold most of them, so they end up dumped back into the marketplace.

A portion go to speculators, that's well documented. How much is that and how much of that ends up being spent. I know I've spent coins I originally bought through coinbase intending to hold them and then used them when price leveled out for a while.

just applying basic economic principles. If it's a cost savings for people, people will use it, if it isn't they won't.

What I do like about this with Overstock is that they're applying that nudge of some sort of incentive. we'll see if it impacts anything, I suppose.

crypto2k

newbie

Activity: 36

Merit: 0

Quote from: ?? on ??

people are spending horded coins.

no one is buying btc to buy shit online.

+1

Pentax

hero member

Activity: 700

Merit: 500

Quote from: ?? on ??

the numbers won't last.

why wouldn't they?

if they offer an incentive it's a win-win and is what people have been saying all along would benefit users, which drives use.

it's basic economics.

but seriously, I'm interested to know why you don't think this will work out with Overstock....

Philj

sr. member

Activity: 388

Merit: 250

When they can get to paying employees and suppliers, then that will be when there is a real economy in BTC.

Melbustus

legendary

Activity: 1722

Merit: 1004

Love the rewards program. I'll use Overstock more because of it. Merchants *should* kick back a percent or two to bitcoin users, since they're saving 3% on CC fees. That'll be a great driver as more businesses accept bitcoin, and provide such incentive for consumers to use it.

But I think some of the best things recently have been the news that Overstock is holding a little of their bitcoin, wants to ultimately offer their employees the option to receive some of their paycheck in bitcoin, and is having Coinbase present at their annual suppliers' conference to try and get some suppliers to accept bitcoin. All of that is a great effort at closing the loop.

BitPay's payroll API is another example of closing the payments loop... http://www.businesswire.com/news/home/20140113006504/en/BitPay-Announces-Bitcoin-Payroll-API#.Uv0q0R_ztTM

This stuff takes time, but it's happening.

Pentax

hero member

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http://coincrunch.com/Overstock-nears-a-total-of-1m-in-Bitcoin-purchases

Overstock nears a total of $1m in Bitcoin purchases
" Overstock began accepting bitcoin on 9th January – garnering $130,000 in total first-day spending. " CoinDesk

It will announce a rewards program to save 1% on Bitcoin purchases

Nice. This sort of rebate/rewards/discount program will help drive it.

Nice Job Overstock!

Topic: **Updated** Overstock-nears-a-total-of-1m-in-Bitcoin-purchases - page 2. (Read 1924 times)

Topic: Updated Overstock-nears-a-total-of-1m-in-Bitcoin-purchases - page 2. (Read 1924 times)