9 million USD per month is looking for ways to jump into Bitcoin

[newIndia]

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.

I’m not worried about a bitcoin hard fork.  I expect more panicked bitcoin obituaries will be written this month. Bitcoin is more resillient

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

See what happened...

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...

[BayAreaCoins]

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

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.

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

Just be sure to wrap that rooster up!

[bitcoinmasterlord]

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.

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.

[kolloh]

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.

[Kumala]

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.

[ajareselde]

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

[RocketSingh]

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.

[fox19891989]

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.

[Velkro]

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

[ragi]

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

[jonald_fyookball]

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.

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

[jbreher]

In May 31, 2015 Andreas Antonopoulos predicted bitcoin price to tank in June, 2015.

I’m not worried about a bitcoin hard fork.  I expect more panicked bitcoin obituaries will be written this month. Bitcoin is more resillient

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.

[LiteCoinGuy]

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%?

influx but also an outflux  - so just more liquidity

[Gervais]

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.

[Scamalert]

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.

[tyz]

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.

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

[jonald_fyookball]

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....

[ajareselde]

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

[scarsbergholden]

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.

[spazzdla]

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.

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.

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.