maursader (OP)
Sr. Member
 Offline
Activity: 509
Merit: 250
Disrupt the banking system!
|
 |
January 10, 2014, 01:30:50 AM |
|
As the title says, seems like people were expecting some lunar performance, but got some down-to-earth performance.
Do you think that Overstock.com's acceptance was a significant thing for the price of bitcoin? If yes, let us know.
|
|
|
|
|
|
retrend
|
 |
January 10, 2014, 01:43:06 AM |
|
I think any price boost was tempered big time by the Ghash.io story
|
|
|
|
|
billyjoeallen
Legendary
Offline
Activity: 1106
Merit: 1007
Hide your women
|
|
January 10, 2014, 01:46:04 AM |
|
As the title says, seems like people were expecting some lunar performance, but got some down-to-earth performance.
Do you think that Overstock.com's acceptance was a significant thing for the price of bitcoin? If yes, let us know.
Price dropping at coinbase should be expected if Overstock is converting to dollars immediately. it's effectively a big dump of coin. could be a good buying opportunity. |
insert coin here:
Dash XfXZL8WL18zzNhaAqWqEziX2bUvyJbrC8s
1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc
|
|
|
mpattison
Member
Offline
Activity: 98
Merit: 10
|
|
January 10, 2014, 01:47:50 AM |
|
As the title says, seems like people were expecting some lunar performance, but got some down-to-earth performance.
Do you think that Overstock.com's acceptance was a significant thing for the price of bitcoin? If yes, let us know.
Price dropping at coinbase should be expected if Overstock is converting to dollars immediately. it's effectively a big dump of coin. could be a good buying opportunity. Pretty much this. Because OS doesn't hold the Bitcoin, it's flipped immediately for $ (we must assume) and this causes a drop, not a climb! |
|
|
|
|
gentlemand
Legendary
Offline
Activity: 2604
Merit: 3056
Welt Am Draht
|
|
January 10, 2014, 01:50:20 AM |
|
It's a tiny amount of Bitcoin right now. It's possible the coins will be sold directly to Coinbase customers without hitting a market. It's a useful channel for them.
Overall it's massive news and a great prospect for the long term viability. Short term it might spook some day trading types for no particularly convincing reason.
|
|
|
|
|
billyjoeallen
Legendary
Offline
Activity: 1106
Merit: 1007
Hide your women
|
|
January 10, 2014, 02:04:12 AM |
|
It's a tiny amount of Bitcoin right now. It's possible the coins will be sold directly to Coinbase customers without hitting a market. It's a useful channel for them.
Overall it's massive news and a great prospect for the long term viability. Short term it might spook some day trading types for no particularly convincing reason.
obviously you don't understand how coinbase works. they are a exchange but also the counterparty to every trade. so coinbase buys the BTC and then sells it to it's customers for a markup. they don't buy unless they already have a seller lined up. it's almost risk free for them and sucks if you are selling BTC, but hell, at least they send you your USD in a week. still waiting on a wire xfer from gox I initiated November 11. |
insert coin here:
Dash XfXZL8WL18zzNhaAqWqEziX2bUvyJbrC8s
1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc
|
|
|
|
rix5
|
|
January 10, 2014, 05:27:06 AM |
|
I think any price boost was tempered big time by the Ghash.io story
i agree with this. If the ghash.io-thing would not have been going on at the same time we would be in the 1200$-range by now. The two stories equaled each other out. Overstocks just saved us from an epic crash is my opinion. |
|
|
|
|
Michael Robinson
Newbie
Offline
Activity: 49
Merit: 0
|
|
January 10, 2014, 05:50:56 AM |
|
I think it's because this wasn't "news". Overstock announced it would be accepting bitcoin payments weeks ago, and at that point it DID boost the price.
The thing to look for is whether this is successful or not. If the merchants that agree to accept bitcoin end up seeing very little reward and give up, it will ultimately cause major trouble to bitcoin. If the exact opposite happens, we'll see even bigger merchants hop onto the bandwagon.
At this point the success of bitcoin entirely depends on people using it. Even if it's just a small percentage of your bitcoin, buy stuff with it. Or, if you don't want to lower your bitcoin balance, like me, buy stuff with it then immediately replace what you spent.
If you have bitcoin and you aren't spending any of it, you are not helping the cause whatsoever, and ultimately just hurting yourself.
|
|
|
|
|
|
_Miracle
|
|
January 10, 2014, 06:11:46 AM |
|
I had been wondering how Overstock intended to handle the transactions. Made my first Overstock and Gyft purchases today, mainly just to see (newbie). I'm interested to see what happens at every turn for bitcoin. No matter how things turn out, this is history happening right now. I may have to "suck it up" a 'little' if my $50. Target gyft card purchase now, turns into a $500. loss next year.
[insert image of toilet paper roll made of $100. bills.jpeg]
|
There 'used' to be more truth in forums than anywhere else. Twitter: @cryptobitchicks Spock: "I am expressing multiple attitudes simultaneously. To which are you referring?" INTJ-A
|
|
|
|
Voogru
|
|
January 10, 2014, 07:47:30 AM |
|
One of the advantages of Overstock, and other merchants immediately converting to US dollars, is it prevents bitcoin prices from getting too bubbly, as it forces bitcoins onto the market to be sold. It also throws out the hoarding argument a little bit.
|
|
|
|
|
|
jonanon
|
|
January 10, 2014, 07:52:10 AM |
|
It's good that BTC is becoming more widely used however the price may suffer in the immediate future due to the dumping of BTC back on to the market.
|
|
|
|
|
|
Tschai
|
|
January 10, 2014, 07:53:45 AM |
|
As the title says, seems like people were expecting some lunar performance, but got some down-to-earth performance.
Do you think that Overstock.com's acceptance was a significant thing for the price of bitcoin? If yes, let us know.
Never hear of overstock.com. Maybe a typical american-only store? |
|
|
|
|
maursader (OP)
Sr. Member
Offline
Activity: 509
Merit: 250
Disrupt the banking system!
|
|
January 10, 2014, 07:58:21 AM |
|
They do ship outside of USA, but yes, predominantly it's american. Only US-based customers may spend with bitcoin on that site.
|
|
|
|
|
|
RickJamesBTC
|
|
January 10, 2014, 08:26:11 AM |
|
The tiny amount of btc that overstock would be moving in the first day is hardly going to damage the market price. I'd bet that the news just hasn't really spread yet, tech people are busy, swamped with CES, etc. It doesn't have to cause an immediate 20% spike in the value of BTC for it to be a huge positive movement for the market.
|
|
|
|
|
Raghnar
Newbie
Offline
Activity: 58
Merit: 0
|
|
January 10, 2014, 10:59:12 AM |
|
I think it's because this wasn't "news". Overstock announced it would be accepting bitcoin payments weeks ago, and at that point it DID boost the price.e
They didn't announce that they would be accepting bitcoin payments, they announced that they PLANNED to accept bitcoin payments in about five months. That was far from a sure thing and a lot could have gone wrong before then (including changing their mind). So it is significant "news" that a major retailer is actually taking bitcoin. However the chart was already screwed up plus the recent bad news out of China and the mining bad news, so was too much to overcome. |
|
|
|
|
ljudotina
Legendary
Offline
Activity: 1260
Merit: 1029
|
|
January 10, 2014, 11:13:14 AM |
|
I think it's because this wasn't "news". Overstock announced it would be accepting bitcoin payments weeks ago, and at that point it DID boost the price.e
They didn't announce that they would be accepting bitcoin payments, they announced that they PLANNED to accept bitcoin payments in about five months. That was far from a sure thing and a lot could have gone wrong before then (including changing their mind). So it is significant "news" that a major retailer is actually taking bitcoin. However the chart was already screwed up plus the recent bad news out of China and the mining bad news, so was too much to overcome. They are accepting BTC NOW. |
|
|
|
Raghnar
Newbie
Offline
Activity: 58
Merit: 0
|
|
January 10, 2014, 11:30:14 AM |
|
I think it's because this wasn't "news". Overstock announced it would be accepting bitcoin payments weeks ago, and at that point it DID boost the price.e
They didn't announce that they would be accepting bitcoin payments, they announced that they PLANNED to accept bitcoin payments in about five months. That was far from a sure thing and a lot could have gone wrong before then (including changing their mind). So it is significant "news" that a major retailer is actually taking bitcoin. However the chart was already screwed up plus the recent bad news out of China and the mining bad news, so was too much to overcome. They are accepting BTC NOW. Yes that was my point. |
|
|
|
|
Lethn
Legendary
Offline
Activity: 1540
Merit: 1000
|
|
January 10, 2014, 03:23:44 PM |
|
Why is everyone suddenly ranting about Overstock again? Did nobody check the date on the news articles? I checked the site and don't see anything in their checkout yet, nice to see the actual CEO talking about it though.
|
|
|
|
|
|
SirWilliam
|
|
January 10, 2014, 03:38:25 PM |
|
Why is everyone suddenly ranting about Overstock again? Did nobody check the date on the news articles? I checked the site and don't see anything in their checkout yet, nice to see the actual CEO talking about it though.
Y'all didn't look too close at the checkout page on overstock did ya?  Set the country to USA, put something in the basket, go to checkout, checkout as a guest if you aren't registered and then look at the payment options... |
|
|
|
|
|
Philj
|
|
January 10, 2014, 04:10:52 PM |
|
this is another place to use bitcoin as a currency instead of as an investment which is great. Things will start to get really interesting when stores like this can actually use the btc rather than convert to $ immediately. Once they can use BTC to pay their suppliers, or their employees, then BTC will truly be a real currency and the overall value will rise.
|
|
|
|
|
|
