2012-11-05 finextra - Bitcoin merchants plan own Black Friday

[Akka]

Bitcoin merchants plan own Black Friday

More than 50 Bitcoin merchants are banding together for their own version of Black Friday in a bid to stimulate the virtual currency economy.

Black Friday has become an annual event in the US, taking place the day after Thanksgiving, with stores opening early and holding sales to mark the beginning of the Christmas shopping season.

As many as 75 merchants are expected to participate in the copycat Bitcoin Friday, to be held this week, slashing their prices, holding 'Bitcoin parties' and offering customers new to the currency instruction, assistance and tools to make transactions.

The event is the brainchild of precious metals trader Coinabul.com, Bitcoin exchange Mt.Gox and merchant services provider BitPay.

Coinabul says that the although Bitcoin has grown a lot, with nearly a million clients online, less than a quarter of all coins are actually being spent, with 78% left sitting stagnant. The firm hopes that Bitcoin Friday will serve as a stimulus and get some of those stale coins circulating.

Source: http://www.finextra.com/news/fullstory.aspx?newsitemid=24247

Also, for all who haven't herd about it yet: http://bitcoinfriday.com/

[paraipan]

Great news, thanks for sharing 

[vokain]

I guess..typically black friday deals are made known some time before so we can get excited about wher eto shop but this leaves a lot to be desired. Show us the cool stuff we'd actually buy!

[Rygon]

Bitcoin merchants plan own Black Friday

More than 50 Bitcoin merchants are banding together for their own version of Black Friday in a bid to stimulate the virtual currency economy.

Black Friday has become an annual event in the US, taking place the day after Thanksgiving, with stores opening early and holding sales to mark the beginning of the Christmas shopping season.

As many as 75 merchants are expected to participate in the copycat Bitcoin Friday, to be held this week, slashing their prices, holding 'Bitcoin parties' and offering customers new to the currency instruction, assistance and tools to make transactions.

The event is the brainchild of precious metals trader Coinabul.com, Bitcoin exchange Mt.Gox and merchant services provider BitPay.

Coinabul says that the although Bitcoin has grown a lot, with nearly a million clients online, less than a quarter of all coins are actually being spent, with 78% left sitting stagnant. The firm hopes that Bitcoin Friday will serve as a stimulus and get some of those stale coins circulating.

Source: http://www.finextra.com/news/fullstory.aspx?newsitemid=24247

Also, for all who haven't herd about it yet: http://bitcoinfriday.com/

Are the folks at Coinabul Keynesians or something? Who cares if 25% or 1% of the coins are being spent? The velocity of those coins is what really matters when it comes to measuring the size of the Bitcoin economy. And the Bitcoins are certainly not evenly distributed across those million clients. I'll help "circulate" some of those "stale coins" by sending them from one personal address to another, lol!

[hazek]

Are the folks at Coinabul Keynesians or something? Who cares if 25% or 1% of the coins are being spent? The velocity of those coins is what really matters when it comes to measuring the size of the Bitcoin economy. And the Bitcoins are certainly not evenly distributed across those million clients. I'll help "circulate" some of those "stale coins" by sending them from one personal address to another, lol!

I'm sure it's just the reporter putting words in their mouth. In fact if you just read the website:

November 9th 2010
Bitcoin project registered at SourceForge.net

Bitcoin has come a long way in two years. Bitcoin Friday is an event to celebrate the Bitcoin economy and the consumers that hold it up. This November 9th, 2012 the Bitcoin stores on this site will hold massive sales on merchandise avaliable for purchase with Bitcoin.
This is a Pre-Black Friday of sorts. A one day sale event at all Bitcoin merchants along with a unified attempt at advertising Bitcoin businesses. This means we need your help in two ways: please buy something with your bitcoins and please tell the world that Bitcoin businesses exist!
The media and the public does not take Bitcoin seriously because they think you can't buy anything with it... Prove them wrong this November 9th.
Bitcoin Friday - Friday, November 9th 2012 - Sales at all your favorite Bitcoin merchants. Show your support!

No talk about spurring the circulation of bitcoins there.

[Coinabul]

Bitcoin merchants plan own Black Friday

More than 50 Bitcoin merchants are banding together for their own version of Black Friday in a bid to stimulate the virtual currency economy.

Black Friday has become an annual event in the US, taking place the day after Thanksgiving, with stores opening early and holding sales to mark the beginning of the Christmas shopping season.

As many as 75 merchants are expected to participate in the copycat Bitcoin Friday, to be held this week, slashing their prices, holding 'Bitcoin parties' and offering customers new to the currency instruction, assistance and tools to make transactions.

The event is the brainchild of precious metals trader Coinabul.com, Bitcoin exchange Mt.Gox and merchant services provider BitPay.

Coinabul says that the although Bitcoin has grown a lot, with nearly a million clients online, less than a quarter of all coins are actually being spent, with 78% left sitting stagnant. The firm hopes that Bitcoin Friday will serve as a stimulus and get some of those stale coins circulating.

Source: http://www.finextra.com/news/fullstory.aspx?newsitemid=24247

Also, for all who haven't herd about it yet: http://bitcoinfriday.com/

Are the folks at Coinabul Keynesians or something? Who cares if 25% or 1% of the coins are being spent? The velocity of those coins is what really matters when it comes to measuring the size of the Bitcoin economy. And the Bitcoins are certainly not evenly distributed across those million clients. I'll help "circulate" some of those "stale coins" by sending them from one personal address to another, lol!

Reporters love that little statistic!

I personally think Bitcoin should act more like a bankwire. I don't care where the coins are gathering dust as long as money is coming in and going out.

The Bitcoin economy always has more room for growth though.

[Stephen Gornick]

Just wanted to cc: this here.

The Official "look at what I bought" on Bitcoin Friday thread.
 - http://bitcointalk.org/index.php?topic=123251.0