Overstock

[quone17]

I just saw Overstock will accept BTC in 2014.  I checked the BTC price, I figured this would help it go up, but it's not really moving.  When did the news come out?

[proudhon]

I just saw Overstock will accept BTC in 2014.  I checked the BTC price, I figured this would help it go up, but it's not really moving.  When did the news come out?

Yeah, that's weird, I thought we'd already be breaking all time highs again.  WTF bitcoin?!

[quone17]

I just saw Overstock will accept BTC in 2014.  I checked the BTC price, I figured this would help it go up, but it's not really moving.  When did the news come out?

Yeah, that's weird, I thought we'd already be breaking all time highs again.  WTF bitcoin?!

Ok ok point taken, but it seems like bigger news compared to some of the other stuff we've seen drive prices higher.

[beetcoin]

I just saw Overstock will accept BTC in 2014.  I checked the BTC price, I figured this would help it go up, but it's not really moving.  When did the news come out?

this news broke yesterday.. the night before yesterday, it was in the 500's. now it is in the mid 600's. maybe you were expecting it to reach $1000, but there are still issues in china right now.

[franky1]

the btcoin china issue is going to be the equivalent to the alcohol prohibition of the 1920's. give it some time and things will change.

bitcoin china issue it too over hyped and used purely to help new investors get cheap coins.

as for the price of bitcoin, it is going up slowly, but please remember that some people are still fixed to FIAT and with christmas coming up they are determined to get FIAT to buy their presents and turkeys. so dont expect big movements.. wait till after the january sales for the big investors to return

[proudhon]

I just saw Overstock will accept BTC in 2014.  I checked the BTC price, I figured this would help it go up, but it's not really moving.  When did the news come out?

Yeah, that's weird, I thought we'd already be breaking all time highs again.  WTF bitcoin?!

Ok ok point taken, but it seems like bigger news compared to some of the other stuff we've seen drive prices higher.

Ok, in all seriousness, the market has been pretty seriously and negatively shocked over the past couple of weeks.  Markets comprise people, and psychology tells us that people remember negative events more strongly and for longer after the event than positive events, and I think we can safely describe the market (a collection of people) the same way.  Markets likely react more strongly to individual negative events than individual positive ones such that it takes more consecutive positive events to overcome the strength of the market's memory of strong enough negative events or collections of events.

[FandangledGizmo]

My 2cents...

People are just selling now because it's the weekend and there has been a tendency for prices to remain flat or fall on weekends.
(Presumably because banks/exchanges clear less new funds over weekends. So sellers > buyers.)

BTC held up much better than anticipated regarding China news, but considering that no large new deposits are going into the exchanges there and it's the weekend, people are selling on anticipation of a much bigger than usual weekend downturn. Though most have every intention of buying back on Sunday. If the downturn is less than expected, say the weekend holds above $550 then next week will be a big week when people will start reacting to all the positive news.

[Ecurb123]

I'm happy to hear that overstock is taking bitcoin, and are they somehow connected to amazon.com? But I'm also happy the price didn't go crazy.

[bitpop]

O.co mother fuckers

[stompix]

I just saw Overstock will accept BTC in 2014.  I checked the BTC price, I figured this would help it go up, but it's not really moving.  When did the news come out?

One company planning to accept bitcoin in 6 months versus a country almost starting a war on bitcoin right now.
It's still pretty good price isn't dropping anymore.

Besides , we don't need just merchants willing to adopt bitcoin , we need persons using those services.
And here we have a real problem.

[bitpop]

Don't get too excited, this is just for their marketing, stock and profits, but still gives us legitimacy

[granathus]

Nothing will move the price much before we get China out of our system.

[bitpop]

They will drop it in a heart beat if the regulatory atmosphere went negative in any way.

[desired_username]

Besides , we don't need just merchants willing to adopt bitcoin , we need persons using those services.
And here we have a real problem.

Why would this be a problem with such an infant digital currency? One of the most important issues with the current economy is too much and artificially pumped consumption anyways.

Having said that, If I need something I always check if it's available for btc and I'm sure many others do the same - because using bitcoin is a lot better.

If everyone would go on a spending spree now, the price would crash easily as businesses convert most of the bitcoins to fiat through companies like bitpay at the POS.

Reading these posts/threads makes an impression that the average bitcoiner is an impatient 12 year old with only quick profits on their mind.

[stompix]

Besides , we don't need just merchants willing to adopt bitcoin , we need persons using those services.
And here we have a real problem.

Why would this be a problem with such an infant digital currency? One of the most important issues with the current economy is too much and artificially pumped consumption anyways.

Having said that, If I need something I always check if it's available for btc and I'm sure many others do the same - because using bitcoin is a lot better.

If everyone would go on a spending spree now, the price would crash easily as businesses convert most of the bitcoins to fiat through companies like bitpay at the POS.

Reading these posts/threads makes an impression that the average bitcoiner is an impatient 12 year old with only quick profits on their mind.

The problem is that the number of merchants accepting bitcoin has grown quite a bit in the last 12 months while the number of transactions , ..
http://blockchain.info/charts/n-transactions

Bitcoin is not used mainly as a currency right now , and I have the impression that month after month we're getting more and more away from this

[Doublelucky]

It was definitely a strategically genius marketing move and a "win win" situation for Overstock to announce this early its acceptance of Bitcoin in late 2014

Either way works out as good news for the Bitcoin community

[hilariousandco]

I'm sure BTC's value will rise when they actually make serious steps to implement it. July is still a way away. Maybe they'll pull out of accepting it and/or only ever intended to get some free publicity out of it anyway. I'd never even heard of Overstock until they announced it, so it worked either way.

[tabnloz]

It is good publicity for overstock. Their CEO is something of a libertarian having had major dust ups with wall st and MSM stock pundits like Cramer.

This is his one finger salute to the financial sector that tried to destroy his business.

For overstock there is little downside: they get publicity and if bitcoin reaches 1% of their transactions its happy days. As Patrick Byrne said, for a business that operates on a 1% margin, saving 2% on transaction fees is huge. I believe they'll look to convert to USD immediately anyways.

[cdog]

The problem is that the number of merchants accepting bitcoin has grown quite a bit in the last 12 months while the number of transactions , ..
http://blockchain.info/charts/n-transactions

Bitcoin is not used mainly as a currency right now , and I have the impression that month after month we're getting more and more away from this

I dont know what chart you are looking at, but I see one going UP, showing more than double the transactions we had last December.

I agree, there is indeed way too much speculation and hoarding going on, and this isnt healthy for the BTC economy. But people are using it.

I try to spend between .1% and 1% of my BTC every month, if its a big purchase I buy additional BTC so it wont deplete my savings.

Spending BTC and giving .1s away to friends and family is the only way this whole thing will ever get mainstream.

Everyone needs some BTC. Even people who arent sophisticated, tech savvy, financially prudent, or outright incredulous.

Teenagers really need to get into BTC today, and going into 2014, for our new Digital Economy to take off tomorrow (2020-2050).

 Its also a great learning tool about the internet, cryptography, computers etc; young people are quite adept at learning and are not averse to change. They are who will be our leaders when we want to retire and never use fiat again. So prepare them now.

Just give a little away. Its that time of the year to be generous. Nephew, niece, daughter, son, god-son, stepbrother, any young friends you have.

[bitpop]

Every single person I know will lose it or post the qr on imgur
Qr thefts will be a new fad this Christmas