Looks like they are using Coinbase, not Bitpay:


http://www.wired.com/business/2014/01/overstock-bitcoin-live/

Maybe, Richy. This is economics, and economics is similar to religion.

I'm not sure you understand how this works: They do not accept Bitcoins directly. They use a payment processor called Bitpay that guarantees them USD, and Bitpay of course sells them on the open market.

edit: Coinbase then, but same principle applies.

Sorry, I would much rather buy fake virtual credit points for a fake farm game.

I know that well. I think something like Trezor is probably best. Hopefully, that will soon be available for non-ridiculous prices.

You mean directly via a middleman (Bitpay) for another middleman (Bitcoin exchanges) for yet another middleman (banks)?

 

Choo choo, all the overstock coins will soon hit the market.

An overstock of coins.

Indeed. Weekend is coming.

Pretty much. DeathAndTaxes has made a convincing case as to how an increase in Bitcoin's velocity would reduce its value (ceteris paribus). I agree with him.

Bitcoin liquidity, and people actually using it as a currency is really a bad thing for inflated values. Consider what happened after the largest Bitcoin commerce activity to date, Silk Road, was taken out of the picture.

If we want to go to da moon, we need to be useless like Gold, not useful like PayPal.

Scalping bots can inflate volumes ridiculously high at a 0% fee. You saw the effect when BTCChina introduced a fee. Furthermore, I would not be surprised if at least in part, Huobi's volume was made up by the exchange operators. OKCoin is precedence enough as to the shadiness of Chinese exchanges.

Last but not least, even if we assume that the 0% fee is not that big a factor, Huobi will likely be no more within the next 3 weeks.

So, that is why I decide to disregard them entirely. Or anything else that is Chinese, really.

If your Bitcoins drop too much in value, you will have no purchasing power left to even buy bitcrack. If you can no longer get high on bitcrack, inevitably you will be forced to sell. Think about it.

Thus, as an emergency measure, I recommend selling your Bitcoins off for the "To The Moon" game on Humble Bundle.

139 pages and 9 months later, Emptygox is continuing its slow, slow death.

It is now, including all of its non-USD currencies, the third largest Bitcoin exchange (excluding Huobi): http://bitcoinity.org/markets/list?currency=ALL&span=7d

Either they give people their money back or they will eventually have to close up shop.

I don't know, just surprised because of your recent post that made me think you would wait for years if necessary.

I applaud anyone who doesn't succumb to the highs from bitcrack.

By the way, Emptygox is now the world's third largest exchange if we exclude the fake/0% volume Huobi, and this is even including all their non-USD currencies http://bitcoinity.org/markets/list?currency=ALL&span=7d

Didn't he predict single digits for 2014 originally? Jury is still out on that one.

That almost makes me bullish.

I want one.

Keep smoking that bitcrack.

This "news" would never have been looked at had we been in a strong uptrend. The price affects the perception of the news. We are all ruled by emotion, and so is the market, regardless of news.

True, could have been a statistical anomaly. Are there any graphs of this with a longer "rolling average" that is less susceptible to change by the most recent blocks?

edit: Nameless, I know you're one of the few people here who, like me, won't sacrifice money for ideology or wants.

There is a certain degree of randomness to this calculation because it is based on a rolling average of the past X blocks, so you would have to watch longer term. I'm sure a few people moved over, but as long as the underlying conditions that caused this pool to grow so much do not change, it will likely continue to grow once this reddit flurry is over.

Basically: If it loses 5-10% now, do you really think this won't happen again?