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n8rwJeTt8TrrLKPa55eU (OP)
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December 19, 2013, 02:01:18 PM |
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The announcement comes directly from Overstock.com CEO Patrick Byrne, who spoke to me briefly on Wednesday in an interview by phone. Byrne told me that the company is still working out the logistics of accepting the currency, but notes that they plan to work independently of bitcoin payment processors like Coinbase or BitPay by implementing a proprietary system to manage the transactions. Byrne says Overstock will have no marginal cost in the implementation, so it’s something they’ll keep plugged in. If after a year or two Overstock sees minimal bitcoin purchases, that may be the time to pull that plug. This is a hugely important milestone in bitcoin history. An online retailer the magnitude of Overstock surely has the power to become the catalyst in widespread acceptance of the digital currency in the online marketplace, but Byrne noted that at the end of the day, it really all depends on how many users end up paying with bitcoin.
“It will put [Overstock] at a competitive edge if, and only if, the general population starts thinking and using bitcoin,” he said. “We’re willing to take the first step and see.” http://newsbtc.com/2013/12/19/overstock-com-begin-accepting-bitcoin-2nd-half-2014/ |
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exstasie
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December 19, 2013, 03:52:45 PM |
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This is pretty big news! Overstock.com definitely seems quite a bit of transaction volume. It'll be interesting to see how many BTC transactions are conducted.
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BitChick
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December 19, 2013, 04:12:43 PM |
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Yay! Somewhere else to spend my coins when they are worth $10,000 each!  It is great news. I wish they were not waiting until the second half of 2014 though. Now would be better.  |
1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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accord01
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December 19, 2013, 04:14:50 PM |
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Yay! Somewhere else to spend my coins when they are worth $10,000 each! It is great news. I wish they were not waiting until the second half of 2014 though. Now would be better. the epitome of delusion here... |
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btbrae
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December 19, 2013, 04:49:12 PM |
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This is pretty big news! Overstock.com definitely seems quite a bit of transaction volume. It'll be interesting to see how many BTC transactions are conducted.
If this is true then my estimate is that this is more than just "pretty big" news... |
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cAPSLOCK
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Note the unconventional cAPITALIZATION!
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December 19, 2013, 04:55:40 PM |
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Yay! Somewhere else to spend my coins when they are worth $10,000 each! It is great news. I wish they were not waiting until the second half of 2014 though. Now would be better. If folks don't start spending them while they are worth less than 10k we won't see retailers take them successfully and they won't go up. Kinda a catch 22. Or did you mean you think they will be 10k when in Q3 2014.  . I like that better. |
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jamesc760
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December 19, 2013, 04:57:00 PM |
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This is indeed a huge news, once overstock.com starts accepting btc, it will open up a floodgate of other stores to follow suit.
Can anyone else corroborate the news, though?
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superresistant
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December 19, 2013, 04:59:25 PM
Last edit: December 19, 2013, 05:12:13 PM by superresistant |
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Yay! Somewhere else to spend my coins when they are worth $10,000 each! It is great news. I wish they were not waiting until the second half of 2014 though. Now would be better. the epitome of delusion here... There is no reason to think Bitcoin will not reach 10K USD soon. Remember when 10K BTC was worth a pizza ? EDIT: Bitcoin hodler forever. |
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bassclef
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December 19, 2013, 05:08:07 PM |
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Pretty big news. I see Overstock commercials all the time here. I bought computer parts from them back in the day.
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BitChick
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December 19, 2013, 05:08:32 PM |
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Yay! Somewhere else to spend my coins when they are worth $10,000 each! It is great news. I wish they were not waiting until the second half of 2014 though. Now would be better. If folks don't start spending them while they are worth less than 10k we won't see retailers take them successfully and they won't go up. Kinda a catch 22. Or did you mean you think they will be 10k when in Q3 2014. . I like that better. I do not think 10k in Q3 of 2014 is too far off. Call me delusional if you want. I don't care. I am a hodler. |
1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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westkybitcoins
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Firstbits: Compromised. Thanks, Android!
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December 19, 2013, 05:38:32 PM |
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Yay! Somewhere else to spend my coins when they are worth $10,000 each! It is great news. I wish they were not waiting until the second half of 2014 though. Now would be better. the epitome of delusion here... People thought and said the same thing about $1000 at the beginning of the year (heck, I'm sure I would have said it.) |
Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
... ... In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber... ... ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)... ... The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
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LiteCoinGuy
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In Satoshi I Trust
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December 19, 2013, 06:54:12 PM |
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i dont know this company but when you guys say this is big, then its big but overstock should give bitcoin more time than just 1-2 years. bitcoin is fucking new and they should be patient. and also it must be easyer to get bitcoin in the next years, then its easyer to spent. maybe they could also give a little discount when you pay with btc. iam a crypto believer: so even when it takes more time so spent btc than dollars/euros at the moment, i would spent btc. |
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Rygon
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December 19, 2013, 06:58:18 PM |
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blastbob
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December 19, 2013, 07:16:16 PM |
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 Big site I found a few things i want to buy for sure. |
Bitrated user: blastbob.
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Zr1trader
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December 19, 2013, 08:01:43 PM |
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This is very good news to counter the china bullcrap.
If other retailers want to keep up they will have to accept also.
Hopefully the us gov't doesn't f*ck it up for us!
The ceo sounds cool about letting the free markets work like they should and a champion for liberty .
Overstock.com will get a huge boost in sales from all the new money made from bitcoin.
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Lethn
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December 19, 2013, 08:37:24 PM |
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The second half of 2014? The fuck? It really isn't that hard to get Bitcoins accepted on your website if someone like me can do it but omfg they have lots of computer components too, I like a big retailer accepting Bitcoins  . |
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cAPSLOCK
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Note the unconventional cAPITALIZATION!
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December 19, 2013, 09:48:52 PM |
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The second half of 2014? The fuck? It really isn't that hard to get Bitcoins accepted on your website if someone like me can do it but omfg they have lots of computer components too, I like a big retailer accepting Bitcoins . That's just it. They are NOT someone like you or me. They are a multi million dollar retail business. They can't just hire their brother in law to install a bitcoin plugin for their zencart installation. They have to consider all the legal aspects and logistics. Who they pay or if they develop in house. 6 months is actually kinda slim time wise IMHO for them to pull it off well. Want to know what a bad enterprise size infrastructure can do? One word: obamacare. |
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