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

[Bitcoi2n2n]

Sucks they only accept it for US orders...
Also, the shop seems really overpriced.
900€ for a Samsung Galaxy S4?! It is 440€ on Amazon.  Wtf?

[mmeijeri]

Yeah, somehow euro prices are higher than dollar prices, which is absurd.

[cdog]

Cliff notes, overstock is truly awesome but not for everything. Buying a new bedroom set at clearance prices, shipped for free in the USA and paying no state tax? Awesome.

Buying a new phone from Europe? Apparently not so much.

The Worldstock section of overstock is an amazing project which brings unique handmade items from around the world to your door - and now for bitcoins!

But anyway, great news for Bitcoin, Coinbase, and Overstock.

Buying things with BTC is so much better for taking profits than converting to fiat, which is just...ewwww. Gross!

Now, time to do some shopping! 

www.overstock.com

[Bitcoi2n2n]

Cliff notes, overstock is truly awesome but not for everything. Buying a new bedroom set at clearance prices, shipped for free in the USA and paying no state tax? Awesome.

Buying a new phone from Europe? Apparently not so much.

The Worldstock section of overstock is an amazing project which brings unique handmade items from around the world to your door - and now for bitcoins!

But anyway, great news for Bitcoin, Coinbase, and Overstock.

Buying things with BTC is so much better for taking profits than converting to fiat, which is just...ewwww. Gross!

Now, time to do some shopping! 

www.overstock.com

So about the "houseware" stuff, the prices aren't as overpriced as for the electronic stuff?

[Romyen]

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?)

I agree it would probably be litecoin, but disagree on the reason. Market cap is a meaningless concept when applied to cryptocurrencies. It's calculated by multiplying the number of coins in existence by the price per coin at the time of the last sale. A little more meaningul would be trade volume in a fixed time peried, measured in common units, e.g. BTC or USD. However even that isn't very meaningful because some trade volume involves mixing or moving coins already held.

Litecoin seems to me to have the most established market among the altcoins at this time, but its standing might change in the future.

[guybrushthreepwood]

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?)

I agree it would probably be litecoin, but disagree on the reason. Market cap is a meaningless concept when applied to cryptocurrencies. It's calculated by multiplying the number of coins in existence by the price per coin at the time of the last sale. A little more meaningul would be trade volume in a fixed time peried, measured in common units, e.g. BTC or USD. However even that isn't very meaningful because some trade volume involves mixing or moving coins already held.

Litecoin seems to me to have the most established market among the altcoins at this time, but its standing might change in the future.

Marketcap isn't meaningless. If there's billions or trillions of coins in existence then there always going to be worth very little.

[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?)

I agree it would probably be litecoin, but disagree on the reason. Market cap is a meaningless concept when applied to cryptocurrencies. It's calculated by multiplying the number of coins in existence by the price per coin at the time of the last sale. A little more meaningul would be trade volume in a fixed time peried, measured in common units, e.g. BTC or USD. However even that isn't very meaningful because some trade volume involves mixing or moving coins already held.

Litecoin seems to me to have the most established market among the altcoins at this time, but its standing might change in the future.

Marketcap isn't meaningless. If there's billions or trillions of coins in existence then there always going to be worth very little.

Couldn't agree more.

[guybrushthreepwood]

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?)

I agree it would probably be litecoin, but disagree on the reason. Market cap is a meaningless concept when applied to cryptocurrencies. It's calculated by multiplying the number of coins in existence by the price per coin at the time of the last sale. A little more meaningul would be trade volume in a fixed time peried, measured in common units, e.g. BTC or USD. However even that isn't very meaningful because some trade volume involves mixing or moving coins already held.

Litecoin seems to me to have the most established market among the altcoins at this time, but its standing might change in the future.

Marketcap isn't meaningless. If there's billions or trillions of coins in existence then there always going to be worth very little.

Couldn't agree more.

... well unless everybody on the planet starts dealing with these crapcoins then they might be worth something if you hodl them long enough, but that's not gonna happen, so no, you're not gonna become a millionaire of those millions of DOGEs youre holding lol.

[phazon307]

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?)

I agree it would probably be litecoin, but disagree on the reason. Market cap is a meaningless concept when applied to cryptocurrencies. It's calculated by multiplying the number of coins in existence by the price per coin at the time of the last sale. A little more meaningul would be trade volume in a fixed time peried, measured in common units, e.g. BTC or USD. However even that isn't very meaningful because some trade volume involves mixing or moving coins already held.

Litecoin seems to me to have the most established market among the altcoins at this time, but its standing might change in the future.

Marketcap isn't meaningless. If there's billions or trillions of coins in existence then there always going to be worth very little.

Couldn't agree more.

I disagree with you one could use these crap coins to buy low and sell high for a period of time and end up getting a nice profit from it. Maybe not a millionaire but well off perhaps.

... well unless everybody on the planet starts dealing with these crapcoins then they might be worth something if you hodl them long enough, but that's not gonna happen, so no, you're not gonna become a millionaire of those millions of DOGEs youre holding lol.

[guybrushthreepwood]

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?)

I agree it would probably be litecoin, but disagree on the reason. Market cap is a meaningless concept when applied to cryptocurrencies. It's calculated by multiplying the number of coins in existence by the price per coin at the time of the last sale. A little more meaningul would be trade volume in a fixed time peried, measured in common units, e.g. BTC or USD. However even that isn't very meaningful because some trade volume involves mixing or moving coins already held.

Litecoin seems to me to have the most established market among the altcoins at this time, but its standing might change in the future.

Marketcap isn't meaningless. If there's billions or trillions of coins in existence then there always going to be worth very little.

Couldn't agree more.

... well unless everybody on the planet starts dealing with these crapcoins then they might be worth something if you hodl them long enough, but that's not gonna happen, so no, you're not gonna become a millionaire of those millions of DOGEs youre holding lol.

I disagree with you one could use these crap coins to buy low and sell high for a period of time and end up getting a nice profit from it. Maybe not a millionaire but well off perhaps.

You can make a bit doing this, but I doubt you're going to strike it rich, but they're certainly not going to be useful or worth anything in the longrun.

[allthingsluxury]

They aren't holding their coins, so all sales immediately create a supply in bitcoin. This could cause a temporary price drop if sales are high enough. I doubt this is much cause for concern although.

[Romyen]

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?)

I agree it would probably be litecoin, but disagree on the reason. Market cap is a meaningless concept when applied to cryptocurrencies. It's calculated by multiplying the number of coins in existence by the price per coin at the time of the last sale. A little more meaningul would be trade volume in a fixed time peried, measured in common units, e.g. BTC or USD. However even that isn't very meaningful because some trade volume involves mixing or moving coins already held.

Litecoin seems to me to have the most established market among the altcoins at this time, but its standing might change in the future.

Marketcap isn't meaningless. If there's billions or trillions of coins in existence then there always going to be worth very little.

Market cap is meaningless because prices are determined on the margin. Say you premine a billion coins, and sell one for a dollar. That doesn't make you an instant billionaire because you can't sell the rest of them for a billion, or even anything close to that. Developers make prices artificially high by making coins artificailly scarce, and selling a few of them to suckers. Their coins look like they are doing well, based upon market cap rankings, but as I said, it's really meaningless. The market is being manipulated through artificial scarcity.

[joesmoe2012]

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.

Did they refund the exact same amount of bitcoin or did they adjust for price fluctuation?

[Romyen]

They aren't holding their coins, so all sales immediately create a supply in bitcoin. This could cause a temporary price drop if sales are high enough. I doubt this is much cause for concern although.

I don't think that people buying things on overstock rather than holding their coins could explain a temporary price drop because the number of coins spent in one day on overstock (if I recall correctly, about 135,000 USD) is tiny compared to the daily bitcoin trade volume (about 40,000,000 USD). A lot of the bitcoin volume is caused by people just mixing and moving their coins around, but even then, overstock accounts for about 0.33 percent of the total trade volume. I'll agree that even such a small change could have a noticable effect on price, but there exist so many other possible explanations, and no way of knowing for certain the real cause.

It's human nature to over-analyze, and determine a cause for everything, even when It can't be known for certain. If I showed a random signal, people would claim that it follows a deterministic pattern.

[smoothrunnings]

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.

The US Government is going to sell the FBI's stash of Silk Road's bitcoins this week so expect the price of bitcoin to drop to $5.00 per BTC

[kavin2468]

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.

The US Government is going to sell the FBI's stash of Silk Road's bitcoins this week so expect the price of bitcoin to drop to $5.00 per BTC

Is this true? Link?

[lucretiamyreflection]

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.

The US Government is going to sell the FBI's stash of Silk Road's bitcoins this week so expect the price of bitcoin to drop to $5.00 per BTC

I'm interested in reading more about that.  Source please!

[keithers]

I think it was huge.  The price of 1 btc has still gone up recently despite a slight downtrend over the past few days.   I think the bigger factor is that other major companies will follow suit based on the success of bitcoin rollout to overstock customers

[Nagle]

@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.

There are still fees for using Bitcoin. Coinbase has about an 0.5% spread, and a 1% fee.  So it costs Overstock about 1.5% to accept Bitcoin.

[Romyen]

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.

The US Government is going to sell the FBI's stash of Silk Road's bitcoins this week so expect the price of bitcoin to drop to $5.00 per BTC

Is this true? Link?

Of course it's not true. The guy was obviously joking. Even if the feds were dumb enough to do this, they couldn't legally, because the legal process hasn't completed.