Overstock.com's News on Accepting Bitcoin, Underwhelming Price Boost.

[Mowcore]

crap selection of gpu's...cough cough

[SirWilliam]

crap selection of gpu's...cough cough

Haha, it is overstock after all. There is a couch I am eyeing however..

[Romyen]

If you have bitcoin and you aren't spending any of it, you are not helping the cause whatsoever, and ultimately just hurting yourself. 

Not quite. Individual self-interest conflicts with group self-interest. As long as people expect the price to dramatically increase, they won't spend. Virtually no one will spend coins out of altruism to the group of all bitcoin holders.

[Romyen]

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.

Look again. I saw bitcoin as a payment option in the checkout cart a couple of hours ago.

[Mowcore]

crap selection of gpu's...cough cough

Haha, it is overstock after all. There is a couch I am eyeing however..

Yeah lol, when they first announced they were going to be accepting bitcoin I was all like "I could have that little table, that nice comfy bed, that armchair, big TV blah and blah...". They are really expensive though! and I am in ye ol'england!

But I am all for the hodling and tbh, buying stuff I actually really need!

Like an Island, or a planet

...or a galaxy..



mwahahaha

[The Observer]

Well overstock should be happy, Just spent $6,800 dollars with them in bitcoin that i would not have spent if they didnt accept bitcoin. Got a new camera, laptop, a new coffee table, 24 inch computer monitor and a ton of other stuff. It was a smart decision on their part no matter how it affects the community. I would have never bought from them if they didnt take bitcoin.

[Anddos]

Thats because miners are making free money, so its like free goods to them

[Melbustus]

Well overstock should be happy, Just spent $6,800 dollars with them in bitcoin that i would not have spent if they didnt accept bitcoin. Got a new camera, laptop, a new coffee table, 24 inch computer monitor and a ton of other stuff. It was a smart decision on their part no matter how it affects the community. I would have never bought from them if they didnt take bitcoin.

@OverstockCEO just tweeted that in the first 21hrs of bitcoin acceptance, they did the equivalent of $124,000 in sales across 780 orders. By my calcs, that's about 4% of their total daily business. And double the margin (their avg margin is 2%, and with bitcoin, they save 2% on the lack of credit card fees). Not bad at all.

[Mowcore]

It's crazy, back in April when I got into bitcoin I was thinking of all the things I could be buying with bitcoins if I actually had them due to the price spike. Now I have a handful which are like worth a fuck ton more than what they were back then, now, I'm like " hmm".

I guess I just got sucked into the community , that or I just got wiser? nah fuck that lol. I just want my planetary system!

[ghosty101]

Super brand new to the forum community, but not new to bitcoin. Too bad I didn't know about here until just recently. But along with Overstock taking bitcoin, up here in Denver(yes up, mile high city remember?) there are all kind of startups now taking bitcoin. Definitely a good thing in terms of long term investment in bitcoin.

[Michael Robinson]

Why take on a slow ass coin like BTC when theres better coins around 

Because it ISN'T slow.  Like many have said to people pumping alt-coins, "There are hardly any problems an alt-coin could solve that the bitcoin community can't solve as well."  It isn't about the base protocol, it is about the applications built on top of the protocol.  Overstock works through Coinbase.  The exact instant I initiated my bitcoin payment through Coinbase to Overstock, the payment was successful. 

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.

My point was that this doesn't matter.  If Amazon announces they will be accepting bitcoin payments and the price goes up $1,000 overnight, but then only goes up $1 the day they actually start accepting payments, you can't turn around and say "Amazon's news on accepting bitcoins was underwhelming". 

If you have bitcoin and you aren't spending any of it, you are not helping the cause whatsoever, and ultimately just hurting yourself. 

Not quite. Individual self-interest conflicts with group self-interest. As long as people expect the price to dramatically increase, they won't spend. Virtually no one will spend coins out of altruism to the group of all bitcoin holders.

I disagree.  Individual self-interest is the same as group self-interest in this case.  If people don't spend their bitcoins, major retailers will announce they are no longer accepting them.  This would have a devastating effect on the value of bitcoin, period.  Therefore, bitcoins must be spent.  If everyone holds onto theirs expecting someone else to do the spending, it's over.  If you are worried about losing future value, simply immediately replace the bitcoins you spend, problem solved.  In the meantime, for your self interest AND the group's self interest, spend bitcoin.

[hilariousandco]

If you have bitcoin and you aren't spending any of it, you are not helping the cause whatsoever, and ultimately just hurting yourself. 

Not quite. Individual self-interest conflicts with group self-interest. As long as people expect the price to dramatically increase, they won't spend. Virtually no one will spend coins out of altruism to the group of all bitcoin holders.

Instead of buying stuff with cash, buy Bitcoins and use them straight away. You can still hoard whilst promoting BTC.

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.

I agree. I hope this will happen in the future.

[Lethn]

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...

Found it! That's some pretty poor web design though for such a big company.

[proudhon]

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.

No.  We have already confirmed via sources that bitcoin is pretty much done.  Not everyone knows this yet, but as more people become aware of the facts, the price will fall to $0.  Proof ------> 充分證實和真實

[SirWilliam]

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...

Found it! That's some pretty poor web design though for such a big company.

Well it ain't all that bad. For normal US customers it comes up automatically. The website design is a pretty clean and simple visual marketplace that lets people browse through their endless products.

For people outside the US it is hard to find though, and the checkout is a bit clunky.

[SirWilliam]

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.

No.  We have already confirmed via sources that bitcoin is pretty much done.  Not everyone knows this yet, but as more people become aware of the facts, the price will fall to $0.  Proof ------> 充分證實和真實

Cheeky bastard, I thought you were serious for a sec there until I looked at your other posts hahahaa. Guess it is all confirmed bad news via sources and all though so...

[pontiacg5]

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...

Found it! That's some pretty poor web design though for such a big company.

Well it ain't all that bad. For normal US customers it comes up automatically. The website design is a pretty clean and simple visual marketplace that lets people browse through their endless products.

For people outside the US it is hard to find though, and the checkout is a bit clunky.

Only US shipping address for BTC payment ATM. Overstock has said intl. orders are coming soon.

[begcoin]

Plenty of junk websites and businesses are using bitcoin as a marketing gimmick, overstock is so far the largest online.
 
If you wouldnt buy it with fiat, don't be duped into buying it with bitcoin, just because you can.
 
I don't think I've ever seen an established business offer competitive prices for their wares in bitcoin, there always seem to be a few % premium tagged on top to tale advantage of those being caught up in the hype.
 
Yesterday was the first time I've been on overstock in months and nothings changed, everything is cheaper elsewhere.

[2tights]

Plenty of junk websites and businesses are using bitcoin as a marketing gimmick, overstock is so far the largest online.
 
If you wouldnt buy it with fiat, don't be duped into buying it with bitcoin, just because you can.
 
I don't think I've ever seen an established business offer competitive prices for their wares in bitcoin, there always seem to be a few % premium tagged on top to tale advantage of those being caught up in the hype.
 
Yesterday was the first time I've been on overstock in months and nothings changed, everything is cheaper elsewhere.

yeah, I was not impressed with what I saw their. It was also my first time there in a very long time...and I still didn't buy anything.

[BTCisthefuture]

the fear of prices going down because someone like overstock ends up having bitcoins dumped doesn't seem all that problematic. based on the sales overstock did int he first day, if all coins were dumped at once it would only have changed the price of btc by about $10.  I also agree with others that more adoption and transactions going on should help decrease volatailty hopefully.