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

[traderCJ]

1) Velocity of money will naturally increase the price of Bitcoin.  As long as the retailer coin liquidation isn't synchronized for some weird reason, it will get lost in the noise of the market.  The more people use a currency, the higher its value due to nothing more than the delay between inflow and outflow.

2) Overstock saved the market from a more serious correction yesterday.  Ghash cancelled Overstock, regardless of whether you think it was all FUD or not.

[1714716988]

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[maursader]

1) Velocity of money will naturally increase the price of Bitcoin.  As long as the retailer coin liquidation isn't synchronized for some weird reason, it will get lost in the noise of the market.  The more people use a currency, the higher its value due to nothing more than the delay between inflow and outflow.

2) Overstock saved the market from a more serious correction yesterday.  Ghash cancelled Overstock, regardless of whether you think it was all FUD or not.

This. As long as they're steadily liquidating the BTC, there isn't much in the ways of needing to worry about the dip in price. It's only at times where if they decide to dump all their BTC at the same time (which would be stupid on their part.. they'd be losing money) that BTC would be affected in a not-so-good way.

[CoinHoarder]

Overstock accepting Bitcoin is huge.

I think the number of large retailers accepting Bitcoin will grow exponentially in 2014 and beyond!

[DoomDumas]

Didnt found a way to pay with Bitcoin at the checkout.. was'nt anywhere in the billing option ??
Is this already effective or what ?

EDIT : The option do not appears in the mobile version of the web site.. switching to classic site I can see the Bitcoin paiement option

[Lauda]

Didnt found a way to pay with Bitcoin at the checkout.. was'nt anywhere in the billing option ??
Is this already effective or what ?

Yes, quite some $ have been processed in bitcoins already.

[maursader]

Didnt found a way to pay with Bitcoin at the checkout.. was'nt anywhere in the billing option ??
Is this already effective or what ?

Yes, quite some $ have been processed in bitcoins already.

Is your account address based in continental USA? Must be in order to pay with BTC from what's been reported.

[QuestionAuthority]

Just placed my order. I love overstock!

[DoomDumas]

Didnt found a way to pay with Bitcoin at the checkout.. was'nt anywhere in the billing option ??
Is this already effective or what ?

Yes, quite some $ have been processed in bitcoins already.

Is your account address based in continental USA? Must be in order to pay with BTC from what's been reported.

Im in Canada, and I just been told Bitcoin paiement are just availlable for US customer..
Quite ironic for a currency without borders

Told support that I wont order then.

[maursader]

Didnt found a way to pay with Bitcoin at the checkout.. was'nt anywhere in the billing option ??
Is this already effective or what ?

Yes, quite some $ have been processed in bitcoins already.

Is your account address based in continental USA? Must be in order to pay with BTC from what's been reported.

Im in Canada, and I just been told Bitcoin paiement are just availlable for US customer..
Quite ironic for a currency without borders

Told support that I wont order then.

Yeah, I mean, they're a pretty big business in USA, so they're probably going to need to be super careful about accepting currency from customers outside of USA (tax reporting purposes). I'm also from Canada too. It's natural to expect that eventually Canadians will be able to order from there with bitcoin.

[CornedBeefHash]

This is a great thing for Bitcoin. I wonder how many people that don't use Bitcoin will notice that it's accepted at Overstock?

[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.

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.

They aren't the same at all.

Suppose all but one person agreed with you, and spent their bitcoins. This would cause the price to skyrocket as merchants adopted it, and the one hold-out would make a killing by hoarding. On the other hand, suppose that 99.99% of bitcoin holders disagreed with you, and hoarded. The other 0.01% spend their bitcoins. This would cause a bubble that would quickly burst, causing the price to plummet. The 0.01% who already spent their coins would make out well, while the other 99.99% would be stuck with coins worth nothing.

Neither scenario is realistic, and reality falls somewhere between two extremes. As long as people expect the price to rise, they will be more likely to hoard. When the price stabilizes, people will spend more. This is inevitable in the early days of cryptocurrency.

In an open market people act in their own self-interest, not in the best interests of the group of competing players.

[hyphymikey]

Buy the rumor, sell the news.

You are looking for a price rise too soon, probably will not be for another 2 weeks once new money is finally in, from the people buying this news alone that is.

[btc4ever]

Please support overstock and gyft and all the bitcoin merchants you can.

Don't fear, you can still HODL.   The key is to always exchange dollars for BTC, then buy with BTC.

For you it doesn't change your BTC hodlings and is equivalent to buying with fiat.   But for the merchants it is a big vote in favor of bitcoin, and it also increases the velocity of money in the bitcoin economy.

hodl and spend people.  hodl and spend.

[BTCisthefuture]

Please support overstock and gyft and all the bitcoin merchants you can.

Don't fear, you can still HODL.   The key is to always exchange dollars for BTC, then buy with BTC.

For you it doesn't change your BTC hodlings and is equivalent to buying with fiat.   But for the merchants it is a big vote in favor of bitcoin, and it also increases the velocity of money in the bitcoin economy.

hodl and spend people.  hodl and spend.

the problem with this currently is that due to various fee's you'd actually be spending more money than if you just paid outright with fiat.  the more expensive the item the more you end up paying.

this is something that needs to be, and I think will be improved upon in coming years. Currently it's still 1) a bit of a hassle  2) actually more expensive in many cases   to use fiat to buy btc and then use the btc to buy an item.   The only time it works out in your favor is if the value of bitcoin has rose during that time period.

[Giulio Prisco]

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.

Not (necessarily) for the price of Bitcoin, but certainly for the consumer acceptance and utility of Bitcoin. I am persuaded that as long as Bitcoin is only used for speculation it will never amount to much. But if a real Bitcoin economy takes off, with consumers everywhere buying and selling things, and if more and more people become able to "live in Bitcoin" (that is, earning BTC and spending BTC for all basic needs including food, clothes, housing, education, entertainment...), then Bitcoin will start really changing the world and making it a better place.

[zolace]

WTG overstock, we all should support retailers who accept bitcon and rid of the corrupt Paypal.  

[bitkoyun]

When I heard that overstock.com begins accepting bitcoin I could not help myself giving it a try. Unfortunately the famous online store only accepts bitcoin for items delivered to United States addresses. Being a Turkish resident I don't have a US address, yet I don't have any friends in the US that I can send gifts. So I decided to buy a gift using my bitcoins for the president Barack Obama.

Read the story: Nasreddin Hodja to meet President Obama
http://bitcoin-turkiye.blogspot.com/2014/01/bitcoin-tale-nasreddin-hodja-to-meet.html
https://twitter.com/bitcoin_turkiye/status/421981135761985536

[armodilloben]

Overstock accepting Bitcoin is huge.

I think the number of large retailers accepting Bitcoin will grow exponentially in 2014 and beyond!

That is exactly what I am thinking. A major company accepting Bitcoin will be the first domino stone to drop, forcing other big companys to follow. This could be the beginning of something very huge...

[billyjoeallen]

Their accepting the wrong coin.

Much better coins about IMO.

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

Because nobody cares about your useless scamcoins.

Standard brainwashed response.You should come up with something original. I mean, you are a sr member now after all  

old miner. hmmm. Old Miner. someone who can no longer mine BTC profitably and now is pushing altcoins. GTFO, buddy.

update: OS refunded my order in BTC! I made a repurchace at the $900/BTC price. lol. bought cowboy boots for 0.1 Bitcoin. life is good.

[maursader]

Realistically the only other alt currency I can see being adopted by major retailers other than BTC would be LTC (Naturally, due to market cap, right?)