Bitcoin Forum

http://www.reuters.com/article/2014/08/13/us-overstock-com-bitcoin-idUSKBN0GD21220140813


Wow...  a 5% increase directly to the investors simply by accepting Bitcoin - that should turn a few heads!


Go Patrick!  Looking forward to seeing the Bitcoin commercials during prime time...  ;)

More great support from a strong believer. 

This guy's great

that is the new every enterprise needs
they were smart accepting bitcoin and they are taking profit

Money follows profit and there is profit to be made in accepting Bitcoin
Also love this guy

Byrne expects bitcoin sales of $6 million to $8 million in 2014, most of it from new customers.

Every time the price plummets, shortly after overstock announces something good. The guy is really trying  :D

I am really becoming a big fan of this company and CEO. Hopefully soon they have as much available on their site as Amazon so I can do all my online shopping there.

The stock isn't doing that bad either from this quarter
Before their financial report was trading in the 14 dollar range afterwards its jumped up to 18 and is increasing so a nice recovery
Still has a way to tread though.

https://www.google.ca/finance?cid=672821

The one month tab

Looks pretty bad in the one year scale but so does bitcoin to an extent  ;D
http://bitcoincharts.com/charts/bitstampUSD#rg360ztgSzm1g10zm2g25zv

Merchant adoption without incentives to increase BTC use, will negatively impact on the BTC price.

The companies cash in on the increased sales and the lower transaction fees they have to pay. {Double earnings} So they should show nice profit margins.

The should capitilize on this, and provide "discount" incentives for users, who switch to BTC payments, and in the long run re-coop those discounts, when they have large amounts of people, who pay with BTC

But they greedy ..."They want emmidiate gains" and this shows in their profits. {When the sales drop, they blame the BTC community, for not supporting them.

Overstock deserve what they getting now, because they pioneered merchant adoption. But they must pay back to receive more rewards. {Incentivised "discounts" for people who pay with BTC} 

I agree with what you say overall, but... It's not just being greedy - you can't really have it both ways. 

If they offer noticeable discounts to bitcoin users (more than just 2% that they save off CC sales) then they don't increase their bottom line.  However, this is good for customers to want to buy and use BTC as an alternative.

The other option is to note the savings gained by using  BTC and pass those gains on to the investors.  This is good for increasing merchant adoption, creating good financial PR for Bitcoin and for keeping the investors happy (especially for a public company).

That being said, Byrne pledging a percentage of the savings to put towards Bitcoin adoption is a great step by this company.  They (and Byrne in particular) are certainly doing more for Bitcoin awareness, PR and pushing adoption than any other big Bitcoin-accepting company.

This announcement was made at least a week ago. The slump in Bitcoin prices happened during the 48-hour period starting 14th August. There is no relation between the two.

Hey that's cool how it actually is materially impacting their earnings.  It's things like that that will make other retailers look at accepting it.  Still though I don't see a correlation between more companies accepting it and the price going up. 

Actually I am surprised at this. Even when Dell announced that they will be accepting Bitcoins, there was no spike in the prices. Not even a 5% spike. I am really confused by the price movements of Bitcoin.

Rptelia has a possible reason
Just a lot of babies getting pregnant with bitcoins but no birthings yet ^_^
https://bitcointalk.org/index.php?topic=740394.0