2013-10-29 Yahoo: BitPay Processes $1 Million Bitcoin Merchant Transaction

[Arvicco]

http://finance.yahoo.com/news/bitpay-processes-1-million-bitcoin-133000619.html

[deepceleron]

The headline should be: Some sucker paid Butterfly Labs money. A million dollars worth of Bitcoin money. Bitcoins they will never see again (if not for shady BFL, for the impossible ROI).

BitPay, the world’s largest payment processor for virtual currencies, announces that it has processed its largest bitcoin merchant transaction ever, a single order for $1,000,000 for Kansas City-based bitcoin mining hardware manufacturer Butterfly Labs.

[mccorvic]

The headline should be: Some sucker paid Butterfly Labs money. A million dollars worth of Bitcoin money. Bitcoins they will never see again (if not for shady BFL, for the impossible ROI).

BitPay, the world’s largest payment processor for virtual currencies, announces that it has processed its largest bitcoin merchant transaction ever, a single order for $1,000,000 for Kansas City-based bitcoin mining hardware manufacturer Butterfly Labs.

What? Someone with a million dollars worth of BTC did whaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaat!!??

[hmmmstrange]

Did bfl just make a purchase to themselves for some publicity?

[Phinnaeus Gage]

Did bfl just make a purchase to themselves for some publicity?

no, they needed a way to launder all their mined BTC "burning in" the ASICs.

(this is me trolling, this is a joke)

Cashing in their own bitcoins via BitPay, no real problem.

Cashing in one large sum as a PR move involving BitPay, big problem.

Surprisingly, with all the eyeballs on the Block Chain, nobody seen a $1M move in the month of October of which they would've announced to their fellow bitcoiners via a dedicated thread.

[prophetx]

[Phinnaeus Gage]

^^That reminds me. I'm going spelunking next week.