Topic: Whose got all this Bitcoin to dump? Three simple answers - page 2. (Read 3510 times)
Those bitcoins are sold automatically, those are not large btc transactions. It's not like they are collecting btc and when they get a few thousands they dump it. Then it would be a problem, now it is not. Now it is a good thing, because it stimulates bitcoin economy.
Massive Bitcoin sellers probally include Silk Road 2 hackers <-- most likey the owners pretending they got hacked
BTC is falling. Who has all this BTc to sell? Three Simple Answers, you guys tell me the others:
They are not Bitcoin believers, they are corporations, they just use BTC to sell more goods. Those BTC miners who would normally not bother to sell their BTC on Bitstamp and Coinbase, now have an easy way of getting an XBOX or a TV with it on Tigerdirect or Overstock.com so they go for it.
In fact Overstock must sell $1,000,000 worth of Bitcoins for the first month alone so it is all getting dumped on major exchanges:
- Tigerdirect
- Overstock
- Gyft
They are not Bitcoin believers, they are corporations, they just use BTC to sell more goods. Those BTC miners who would normally not bother to sell their BTC on Bitstamp and Coinbase, now have an easy way of getting an XBOX or a TV with it on Tigerdirect or Overstock.com so they go for it.
In fact Overstock must sell $1,000,000 worth of Bitcoins for the first month alone so it is all getting dumped on major exchanges:
That 1 mil does not even make a dent in the daily trading of bitcoin on the major exchanges. Not even to mention per month.
Those 2k bitcoins is not even 1 % of what is traded each day.
I'm a piece of shit. I'm asking for BTC donations in my sig while spreading FUD about BTC being doomed. I wish my mom had aborted me.
We all know that OP. Now you can do everyone in this world a favor and stop wasting oxygen, just end yourself.
if you whant to buy with bitcoins you need to buy them first...
The general idea behind what the op is saying is correct. It's just that he doesn't understand the details. This is my opinion:
- No new users are buying bitcoins to spend on these merchants. It is too hard and costs too much to do that. CCs and paypal are much more convenient.
- Instead it is long time bitcoin holders that are bringing coins out of cold storage and spending them. Previously they had no outlet to spend their coins. Now they do.
- This increases the supply of bitcoins in circulation pushing down the price.
Also as far as the details goes it is bitpay and coinbase that are selling these coins not the merchants themselves. The merchants only take USD.
if you whant to buy with bitcoins you need to buy them first...
Coinbase is processing their transactions. Coinbase is selling far more than $1m worth of Bitcoin's per month, Bitcoin falling has absolutely nothing to do with Overstock.
Bitcoin moved 30% today alone. This morning it was over $600 and tonight its just over $400. Are you saying additional $1M in BTC sales cant affect the price of BTC? while being the strongest crypto it is still very fragile to get burnt by real B&M type of business. It needs a lot more support than that.
Coinbase is processing their transactions. Coinbase is selling far more than $1m worth of Bitcoin's per month, Bitcoin falling has absolutely nothing to do with Overstock.
I sure hope no other retailer accepts BTC any time soon and in fact I hope TD and Overstock stop.
Stops? do you realy think like this? then who will buy bitcoins in the first place if they can't use them in shops?
BTC is falling. Who has all this BTc to sell? Three Simple Answers, you guys tell me the others:
They are not Bitcoin believers, they are corporations, they just use BTC to sell more goods. Those BTC miners who would normally not bother to sell their BTC on Bitstamp and Coinbase, now have an easy way of getting an XBOX or a TV with it on Tigerdirect or Overstock.com so they go for it.
In fact Overstock must sell $1,000,000 worth of Bitcoins for the first month alone so it is all getting dumped on major exchanges:
http://www.techspot.com/news/55763-overstock-does-nearly-1-million-in-bitcoin-sales-in-first-month.html
No actual dollar amounts on TIGERDIRECT yet as they just started accepting it. One TD gets added to the million dollar BTC sellers, it will get worse.
And this trend will not end any time soon but will actually accelerate. Overstock will continue to sell BTC as miners go there to cash out for goods. More BTCs get mined daily and Overstock and TD will have to continue to sell more on the exchanges. They will not hold on to them because they still dont value BTC as a currency but some form of GOODs that has value and needs to be sold to pay rent and employees, well, unless they accepted BTC? huh? A currency needs a full cycle. BTC doesnt have that yet.
I sure hope no other retailer accepts BTC any time soon and in fact I hope TD and Overstock stop.
- Tigerdirect
- Overstock
- Gyft
They are not Bitcoin believers, they are corporations, they just use BTC to sell more goods. Those BTC miners who would normally not bother to sell their BTC on Bitstamp and Coinbase, now have an easy way of getting an XBOX or a TV with it on Tigerdirect or Overstock.com so they go for it.
In fact Overstock must sell $1,000,000 worth of Bitcoins for the first month alone so it is all getting dumped on major exchanges:
http://www.techspot.com/news/55763-overstock-does-nearly-1-million-in-bitcoin-sales-in-first-month.html
No actual dollar amounts on TIGERDIRECT yet as they just started accepting it. One TD gets added to the million dollar BTC sellers, it will get worse.
And this trend will not end any time soon but will actually accelerate. Overstock will continue to sell BTC as miners go there to cash out for goods. More BTCs get mined daily and Overstock and TD will have to continue to sell more on the exchanges. They will not hold on to them because they still dont value BTC as a currency but some form of GOODs that has value and needs to be sold to pay rent and employees, well, unless they accepted BTC? huh? A currency needs a full cycle. BTC doesnt have that yet.
I sure hope no other retailer accepts BTC any time soon and in fact I hope TD and Overstock stop.
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