Bitcoin Forum

MasterCard, VISA & American Express has blocked BackPage.com to use their service.

BackPage said, they'll shift to Bitcoin.

BackPage ad revenue per month is ~9 million USD.

http://www.cnbc.com/id/102803867

http://www.usatoday.com/story/money/2015/07/01/visa-mastercard-stop-business-with-backpage/29558315/

http://www.washingtonpost.com/news/morning-mix/wp/2015/07/01/mastercard-cuts-ties-with-backpage-com-after-pressure-from-law-enforcement/

Based on this what do you think, bitcoin price will go up or down like today..

If you try to co-relate bitcoin price immediately with a news, you'll most likely get fooled. In May 31, 2015 Andreas Antonopoulos predicted bitcoin price to tank in June, 2015.


Source: https://twitter.com/aantonop/status/605155795538481152

See what happened...

I really do not know why but that phrasing made me laugh out load for real. "May 31", haha...!  ;D

If there was a sudden influx of 9 million USD added to bitcoin per month that would send the price up significantly.
I think the IF really needs to be repeated. Will the users at backpage start using bitcoin? I think there will be some that do, since they know it's a good source to gain customers but how many actually convert vs finding a new site, 10%, 30%?

Can you correlate this when paypal said they would accept using bitcoin? They never did. But other payment processors have, Neteller comes to mind. And I rather use them anytime over paypal.

Backpage could lose a lot of business. I'm sure that a lot of those $9 million come from credit card payments for their services. It wouldn't necessarily drive up the price either, it would mean that there might be more transaction volume, but I don't think many of their customers who pay with credit card would switch to Bitcoin.

good.  let visa continue with their stupid nanny attitude.  helps exposure to Bitcoin.

BackPage is still around? I gave up trying to sell my stuff on that site years ago.

This will not have a immediate impact, until 100% of their current user base converted to Bitcoin. In all reality that will not happen.

Let's not ignore the reason why they stopped providing this service to them --> sex-trafficking & child prostitution allegations. Do we really want to step up and support something like that, if it's true?

Bitcoin already have a cloudy history, let's not give them more gas to flame the fire.  ::)

It will probably only add volume as it gets converted to fiat right away, just as with other businesses..

If that amount came in each monh the price would move upward.  As with all things lets see what happens IF it happens

I've never tried listing anything over there.

I think its a pretty large hub for prostitution.

Maybe I should go back there and append "if you buy this item I will let your cock meet my pussy" to my ads.

And then get frustrated when they don't bring a rooster to meet a cat.

well he was right at least partially, we tanked a bit due to the TX fud, but now we are stronger than before

all the old good news are bit pumping the price right now, so with this new investments in bitcoin, you can expect a delay of 1-2 months before it will impact the market

Hmmmm, every bit of good publicity for BTC is obviously great & I'll gladly take every bit of positive news as opposed to all the negative crap over the past year but I'm unsure on a couple of things regarding this story -

1.) If they'll even use BTC, loads of companies have said positive things but their ideas/statements never come to fruition.
2.) Even if they do switch to BTC I'm unsure if it'll do the price any good as they'll most likely dump everything back into fiat through a company like Bitpay. If they kept even 5% of money received as BTC then that'd be very positive.

Greece , and now this ;D
I guess the price will go UP for sure in the next couple of weeks. I just hope it will stay rising till the next year so on the halving block reward it will be even better and better ::)

Assuming the site doesn't shut down this could bring alot of new users to bitcoin.  Even if there income drops by half thats still $150,000 a day in bitcoin volume going into the site.  Even if its all convirted to fiat thats still a constant supply of bitcoin that will be off the exchanges.  And most people will buy more then what they immidiatly need. 

BitPay does not dump bitcoin... They give it to their FIAT investors to HODL

https://www.youtube.com/watch?v=z8sNiawoG8o

Speculations beside, this is great news. It doesn't matter if news like this translate into the price or not. If 9 million USD are coming in monthly we'll see it sooner or later. Remember that BTC markets are manipulated just like any other market, but once the good news stack up way too much the whales cannot keep the price down anymore to keep buying low.

I am not really expecting 9m USD will get converted to bitcoin because of this, at least solely through this channel. Instead, I am expecting bitcoin logo to be advertised to people who can spend 9m USD collectively per month. Instead of MasterCard, VISA they gonna see a new thing called Bitcoin. The slightest impact it has in their mind is our gain. They might not use backpage anymore and find other alternatives. But, they'll know there exists something called Bitcoin and may decide someday to store a part of their wealth in Bitcoin. That is our gain...

Rofl I bet you'd have better luck selling shit there  ;D

Just be sure to wrap that rooster up!

I think you are right. But it seems Backpage doesn't have a choice. They need to find a way for their payment processes. It will surely be a big hit for them but surely better than giving up.

It is great to have more adoption for bitcoin, but this could bring more negative press to bitcoin if people are associating it with prostitution, etc. Similarly to have a lot of non bitcoin users associate bitcoins with drugs and silkroad lol.

I wonder if they will ever be able to process credit cards again. They might become Bitcoin only forever, I'd love to know how that affects their sales and demographics.

It's a good news for bitcoin price, taking the traffic where others are failing, but there's now also question; do we want bitcoin to help in cases of prostitution,trafficking,etc..

And i doubt that bitpay is going to be onboard this one, since they are US based, and if they implement them, they will be the ones attacked next.
Bitcoin there will be probably used for payments, but the owners will have to exchange them manually i guess, and then they will probably be accused of money laundering, why? because that's USA, that's why.

cheers

The easiest solution I see to this problem is BackPage shifting their base out of USA.

Lmao, it won't help the price, I remember microsoft accepted bitcoin, bitcoin had 10% rise rally, and after that news, bitcoin was dumped to lowest 150 USD, so any good news can't help, unless big whales are buying buying and buying.

Btc has been bearish for a long time, it is fluctuating for several months, IMO bitcoin will have a big rise when it halves the block reward, or any good news can't help bitcoin rise significantly.

More important for Bitcoin is greece situation. People realize that their money is not theirs, untill it is bitcoin.

Why am I hearing about this site just now? Is it new? Its a hell of a PR move for them for sure.

it might help more than MS.  with MS, people arent forced to use BTC, with BP they are.

That's not a prediction that the price will tank. It is a prediction that others will predict the price to tank - to the point of Death Of Bitcoin.

influx but also an outflux  ;) - so just more liquidity

I love this. Let them shoot themselves in the foot. The more companies these credit card corporations refuse to work with the more they will flock to bitcoin. Bitcoin is unique in that it can break free of censorship and I think that's the most beautiful thing about it.

Interesing. Just show that bitcoin cannot die at this point of time (unless the dev fuck up that fork).
There will always be a market for digital currency which are not regualted.
That is actually one of the strongest features of bitcoins, which people tends to overlook: bitcoin is unregulated.

Agree! it would have less impact on the Bitcoin price since most coins would be converted to fiat money immediately. i would even expect a declining price because liquity will rise.

keep in mind this is 9M a MONTH, that's over 100M a year.

interesting comments here

http://www.huffingtonpost.com/2015/07/01/backpagecom-credit-cards_n_7705708.html

and so it begins....

Yeah, it is 9 million per month, but you also need to understand two things;

-The advertiser is not interested in having bitcoin, they want to pay for their ad space and that's it.
-The site takes those bitcoins, but also doesn't want to keep it, but rather exchange it for fiat asap.

I'm not saying these news are not good, because they are, they are promoting bitcoin and showing how it can be used where other payment methods are failing,but
to think or claim how this will bring bitcoin itself 9 million per month influx just because the trading in that amount will happen is not true. The price shouldn't be affected much imho.

cheers

I would like to see some sort of platform that lets bitcoin users buy special deals with bitcoin, most like a special coupon page but most of this deals could be unique just for the page, 9m a month could do the trick to setup one nice business.

Do you think these chicks are going to go work on the street or learn about BTC?  The pigs LOVE to push their unjust power on people.. they will not want to return to that kind of oppression IMO.

...and so it continues. They are accepting Bitcoin/Litecoin/Dogecoin

http://insidebitcoins.com/news/backpage-accepts-bitcoin-as-visa-mastercard-set-embargos/33625

http://insidebitcoins.com/wp-content/uploads/2015/07/Backpage-Bitcoin-Payment.jpg

This guy jus does not get it on single bit.  Sorry bro... comparing microsoft to this.... makes zero sense.

You can still buy microsoft stuff with visa, you CANNOT buy ad space anymore on the adult section of backpage with visa, the only opition is crypto.

I don't know of any other busniess that ONLY accepts bitcoin.. this is a first.

Backpage aint stupid, see that "how do I buy",

Backpage is not stupid.

Yup... having that link is important to every merchant accepting bitcoin.

Agreed, a very wise move.

key to give a high % of ther ad users to get bitcoin pretty easy, with all the revenue that backpage brings on their monthly terms we would see a good amount of adoption in this coming months.

Agreed. Having that single link below the payment options really help people who doesn't have knowledge to buy bitcoins to at least learn the easy way.

Well played, Backpage. Well played.

A very strange thing will come from this.  The largest group of most proficient bitcoin users - will be hookers.  I thought nerds would always rule.  Strange bedfellows.  (pun intended)

Soon we will have no problem paying sex with bitcoin. Admit it, this is a greatest news in bitcoin history.

The bigger news will be when government demand tax for having sex against bitcoin. ;D

Most likely pimps and escort agencies that use backpage to promo their business, it makes me wonder how much of the revenue in bitcoin percentage backpage will be keeping. 

I dont believe, backpage have a spending of ~9m USD per month. A majority goes into pure profit and hence get taxed. So, if the tax guys at backpage are intelligent enough, then they should be keeping a good % in bitcoin.

I also think this is great news, especially because Bitcoin is not just another option, but their default payment method. However I don't think adoption will explode because of it - it's possible that their revenue will drop significantly, because it requires additional effort to buy Bitcoin in the first place.

But without doubt, it's a great step into the right direction.

ya.ya.yo!

No. They are accepting LiteCoin & DogeCoin as well...

If we read the news then we are false informed(fooled as you stated before), but if we dont read the new we are not informed :(
Bitcoin price is not good and not bad.

This is the first time that I think I've seen a company that started to accept bitcoin to actually post a 'how to buy' link right on their checkout page, wow. I hope many other bitcoin accepting companies will do the same thing as well as perhaps offering discounts for paying w/ it.

Hehehehe

If bitcoin succeeds and results in redistrubution of wealth... the richest people will be: Nerds, The Chinese, Drug users and sellers, and prostitutes.

Yes, if a key selling point is cheaper transactions then shops should offer discounts for using btc.

That would be very good for btc.

i wonder if they will experience some loss because they are just accepting crypto and there is no way of paying with money in their payment methods. but the "how to buy" link that they have put in their checkout page is brilliant and might prevent that.

i think it is only the matter of time that we see a lot of others will follow and start adding bitcoin payment to their system, maybe not leaving fiat completely but they would include bitcoin as an option too.

are you sure? where is the source of this, they barely started with bitcoin, how cna they already accept litecoin with the last dump and dogecoin which is a joke

at this point there is no reason to accept any other cripto basides bitcoin, it would just mean accepting a pure clone that will not offer anything

if you don't know other alt are merely used for speculation, no one use them for purchasing ordinary stuff

influx is the wrong word. It's about liquidity, which should help Bitcoin to stabilize the price.

You hear a news of adoption and the first thing comes to your mind is whether the price would go down or up?

Cm'on man grow up.

Or Bitcoin never will.

Is this real or photoshop? When real then this is huge. I think the type of business is not the best but certainly bitcoins have advantages that support the area in which these businesses act. So this kind of persons playing with bitcoins surely will bring adoption forward.

Nice. :)