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Bobsurplus
Legendary
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Activity: 1008
Merit: 1000
Making money since I was in the womb! @emc2whale
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January 09, 2014, 09:43:05 PM |
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About $10,000 worth of Bitcoin from about 100 purchasers has already been spent since the announcement less than two hours ago,
Trust me, Its WAYYYY more then that!
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StevenS
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January 09, 2014, 09:44:13 PM |
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BTC goes to payment processor which gives fiat to overstock.
So overstock actually accepts fiat.
The payment processor is coinbase. On coinbase, a merchant has the option of keeping payments in their coinbase wallet, or enabling "instant exchanges", which exchanges it for fiat as soon as the customer pays. Does anyone know which option Overstock.com uses? I think I may have found the answer, according to this Wired article: Before each payment is made, Coinbase sets an exchange rate, immediately converts the buyer’s bitcoin into dollars, and transfers the dollars to Overstock. The retailer never holds any bitcoin.
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gateway (OP)
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January 09, 2014, 09:47:08 PM |
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Curious what the refund policy is.. the btc you paid originally or a conversion of what the US to btc exchange rate currently is.
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Bobsurplus
Legendary
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Activity: 1008
Merit: 1000
Making money since I was in the womb! @emc2whale
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January 09, 2014, 09:47:57 PM |
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Curious what the refund policy is.. the btc you paid originally or a conversion of what the US to btc exchange rate currently is.
Refund is in USD for the price paid for the item!
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igorr
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January 09, 2014, 09:48:29 PM |
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With which payment options it is cheaper to pay at Overstosk.com? 1. Bitcoin ? 2. PayPal ?
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Cлaвьcя, Oтeчecтвo нaшe cвoбoднoe, Бpaтcкиx нapoдoв coюз вeкoвoй, Пpeдкaми дaннaя мyдpocть нapoднaя! Cлaвьcя, cтpaнa! Mы гopдимcя тoбoй!
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alumar
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January 09, 2014, 09:51:36 PM |
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Curious what the refund policy is.. the btc you paid originally or a conversion of what the US to btc exchange rate currently is.
Refund is in USD for the price paid for the item! Is it me or is this a potential elephant in the room?
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blade87
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January 09, 2014, 09:53:14 PM |
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I am totally adding overstock.com to my stock portfolio for this. It may not be ideal the way they are doing it, but it's a huge step forward.
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proudhon
Legendary
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Activity: 2198
Merit: 1311
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January 09, 2014, 10:10:01 PM |
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Curious what the refund policy is.. the btc you paid originally or a conversion of what the US to btc exchange rate currently is.
Refund is in USD for the price paid for the item! Is it me or is this a potential elephant in the room? No, I think that's a pretty big issue. At the very least companies will do what Overstock has done and make a disclaimer about bitcoin refunds being in USD. I think a better option would be to give bitcoin refunds for up to 48 hours or something like that, and after that it would have to be USD.
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Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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Lauda
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Activity: 2674
Merit: 2965
Terminated.
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January 09, 2014, 10:14:14 PM |
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Very good news.
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"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion)
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Littleshop
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Activity: 1386
Merit: 1004
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January 09, 2014, 10:15:45 PM |
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Curious what the refund policy is.. the btc you paid originally or a conversion of what the US to btc exchange rate currently is.
Refund is in USD for the price paid for the item! Is it me or is this a potential elephant in the room? No, I think that's a pretty big issue. At the very least companies will do what Overstock has done and make a disclaimer about bitcoin refunds being in USD. I think a better option would be to give bitcoin refunds for up to 48 hours or something like that, and after that it would have to be USD. So everyone gets a 48 hour call option on bitcoin if it goes up? Not very good idea for overstock.com. With greater then 10% swings in Bitcoin one could find a way to make a profit that way.
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TheJacob
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January 09, 2014, 10:21:49 PM |
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So everyone gets a 48 hour call option on bitcoin if it goes up? Not very good idea for overstock.com. With greater then 10% swings in Bitcoin one could find a way to make a profit that way.
I suspect that will be fixed promptly and work as it should(you receive a credit for the value of the item).
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BitchicksHusband
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January 09, 2014, 10:22:13 PM |
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How will they do refunds? In BTC or USD?
Store credit.
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1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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Bitcoin_Evolution
Newbie
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Activity: 26
Merit: 0
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January 09, 2014, 10:23:16 PM |
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I think that couple more of such news and 2014 pump will begin
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Kouye
Sr. Member
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Activity: 336
Merit: 250
Cuddling, censored, unicorn-shaped troll.
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January 09, 2014, 10:23:57 PM |
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How will they do refunds? In BTC or USD?
Store credit. Then USD it is.
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[OVER] RIDDLES 2nd edition --- this was claimed. Look out for 3rd edition! I won't ever ask for a loan nor offer any escrow service. If I do, please consider my account as hacked.
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BitchicksHusband
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January 09, 2014, 10:24:52 PM |
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If you pay with your CC in a store, you still say the store accepts the CC. Even though they get fiat from the CC company.
The credit card itself is based on fiat. Overstock does not accept BTC for a later use to...restock itself using BTC to pay it's suppliers. Etc... That would be an actual acceptance of BTC. What they offer is a way for you to pay in BTC but what they accept is fiat. You don't know if they are not keeping some parts of profits in BTC. Anyway, it is great news, we should be all proud to be part of it. If this is not great news, i don't know what people more want to hear to understand that Bitcoin is BIG DEAL. Well if they're using Bitpay then they instantly turn it into fiat. Both Bitpay (who they don't use) and Coinbase (who they do use) allow you to select any percentage from 0% to 100% to keep in bitcoin. But apparently they've already said they are converting 100% immediately.
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1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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Melbustus
Legendary
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Activity: 1722
Merit: 1004
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January 09, 2014, 10:25:59 PM |
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I think that couple more of such news and 2014 pump will begin
We probably get some good stories tomorrow or the next day about how Overstock did thousands of orders totaling $250,000+ in their first day of bitcoin acceptance.
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Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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BitchicksHusband
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January 09, 2014, 10:33:51 PM |
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I think that couple more of such news and 2014 pump will begin
We probably get some good stories tomorrow or the next day about how Overstock did thousands of orders totaling $250,000+ in their first day of bitcoin acceptance. Everybody go buy a small token item of support.
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1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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brioche
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January 09, 2014, 10:39:26 PM |
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I think that couple more of such news and 2014 pump will begin
We probably get some good stories tomorrow or the next day about how Overstock did thousands of orders totaling $250,000+ in their first day of bitcoin acceptance. Everybody go buy a small token item of support. Sounds good. I'll head over there and get me a souvenir.
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\ \ \ \\\\\\\\\\\\\\\\◥◣◢◤//////////////// / / / ❖ North Carolina ❖ First in Flight ❖ / / / ////////////////◢◤◥◣\\\\\\\\\\\\\\\\ \ \ \
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whtchocla7e
Full Member
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Activity: 392
Merit: 116
Worlds Simplest Cryptocurrency Wallet
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January 09, 2014, 10:42:16 PM |
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Overstock is NOT accepting bitcoin. They accept USD converted from bitcoin by a 3rd party who is willing to take on the "risk". That doesn't inspire much confidence... but at least it sounds good and that's good enough for most people
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