124000 USD from bitcoins order from Overstock.com

[lynn_402]

http://www.cryptocoinsnews.com/2014/01/10/overstock-com-processed-bitcoin-orders-124-000-usd-after-just-21-hours/

[T.Stuart]

http://www.cryptocoinsnews.com/2014/01/10/overstock-com-processed-bitcoin-orders-124-000-usd-after-just-21-hours/

Very well done to all those who went there to spend.

Keep up the good work America.

As soon as they deliver to Europe I'll dive in the game myself!

If you have the time post something, specs, photos, anything, about what you bought please do so at: https://bitcointalk.org/index.php?topic=407448.40

[adamstgBit]

http://www.cryptocoinsnews.com/2014/01/10/overstock-com-processed-bitcoin-orders-124-000-usd-after-just-21-hours/

Very well done to all those who went there to spend.

Keep up the good work America.

As soon as they deliver to Europe I'll dive in the game myself!

If you have the time post something, specs, photos, anything, about what you bought please do so at: https://bitcointalk.org/index.php?topic=407448.40

yup I be doing some shopping there too when they go international

[TERA]

This number doesn't really have that much significance. Obviously every bitcoin user is going to rush and make an order the first day to test out the system (or inflate the numbers). But what does it say about sales over a whole year? Or how many new users it'll attract?

[BitcoinAshley]

This number doesn't really have that much significance. Obviously every bitcoin user is going to rush and make an order the first day to test out the system (or inflate the numbers). But what does it say about sales over a whole year? Or how many new users it'll attract?

??
No one has made that claim.
It's initial sales data from right after they started accepting a niche new payment system with lots of fanboys. I think most people realize that $124,000 in 21 hours says little about long-term effect.
But Amagi Metals isn't complaining and they've been accepting for over a year IIRC. There isn't exactly a slew of companies CANCELLING their bitpay accounts so I think that says enough to satisfy your concerns ;-) No one's forcing them to do it so a reasonable assumption is that it remains profitable.

[Holliday]

This number doesn't really have that much significance. Obviously every bitcoin user is going to rush and make an order the first day to test out the system (or inflate the numbers). But what does it say about sales over a whole year? Or how many new users it'll attract?

When your margins are as low as they need to be in order to compete in this market, adding something like an option for Bitcoin payments, which is paid for by the customer during checkout (processor fee), is a no-brainer.

I do not have an account at overstock. I never planned on having an account at overstock, nor did I plan on ever making a purchase on overstock. Yet, I am now a potential new customer thanks to the fact that they've added an option for Bitcoin payments.

You can argue that attracting bitcoiners is like tossing a pebble into the sea, but when there is no drawback in doing so, it only makes sense. You might consider how quickly the bitcoin user base is growing as well. These are long term plans.

[Holliday]

Amagi Metals

Another company that I would have normally never considered, yet became a customer of simply because they began accepting Bitcoin payments.

[T.Stuart]

This number doesn't really have that much significance. Obviously every bitcoin user is going to rush and make an order the first day to test out the system (or inflate the numbers). But what does it say about sales over a whole year? Or how many new users it'll attract?

Oh ye of little faith!  

It's simply a question of jumping in and supporting the initiative.

We're only at 10 Jan 2014 - not even one full business week out of the holidays. The business world is like a vast unexplored playground for Bitcoin - almost inconceivably large and diverse compared to where we are at this moment. The US government is giving its stamp of approval for Bitcoin to run out and play right now! With all the start ups kicking off and anyone who wants to jump in and start a Bitcoin business able to do so without the restrictions they would have to navigate if the software wasn't open-source, things are poised to go very viral...

[pbody]

This number doesn't really have that much significance. Obviously every bitcoin user is going to rush and make an order the first day to test out the system (or inflate the numbers). But what does it say about sales over a whole year? Or how many new users it'll attract?

??
No one has made that claim.
It's initial sales data from right after they started accepting a niche new payment system with lots of fanboys. I think most people realize that $124,000 in 21 hours says little about long-term effect.
But Amagi Metals isn't complaining and they've been accepting for over a year IIRC. There isn't exactly a slew of companies CANCELLING their bitpay accounts so I think that says enough to satisfy your concerns ;-) No one's forcing them to do it so a reasonable assumption is that it remains profitable.

I made that claim and for some reason my post got deleted. ? ?

I basically said other retailers will jump on the bitcoin bandwagon seeing that overstock had a profit increase as a result of it. TERA was responding to my statement.

[damiano]

This number doesn't really have that much significance. Obviously every bitcoin user is going to rush and make an order the first day to test out the system (or inflate the numbers). But what does it say about sales over a whole year? Or how many new users it'll attract?

It's 100k more than they had the day prior.

Even if it only generates 50k for the remaining months (Only figuring USA )

That's 700k

Good for them

[Rdeschain]

This number doesn't really have that much significance. Obviously every bitcoin user is going to rush and make an order the first day to test out the system (or inflate the numbers). But what does it say about sales over a whole year? Or how many new users it'll attract?

Yeah but you have to admit it's a pretty nice way to kick things off.  

That said,  I do agree that solid annual numbers would be of more significance.

[pbody]

This number doesn't really have that much significance. Obviously every bitcoin user is going to rush and make an order the first day to test out the system (or inflate the numbers). But what does it say about sales over a whole year? Or how many new users it'll attract?

Yeah but you have to admit it's a pretty nice way to kick things off.  

That said,  I do agree that solid annual numbers would be of more significance.

Its an extra 124k in sales (on 1 day!) for little effort, little cost, and little risk. why not except btc?

[Rdeschain]

This number doesn't really have that much significance. Obviously every bitcoin user is going to rush and make an order the first day to test out the system (or inflate the numbers). But what does it say about sales over a whole year? Or how many new users it'll attract?

Yeah but you have to admit it's a pretty nice way to kick things off.  

That said,  I do agree that solid annual numbers would be of more significance.

Its an extra 124k in sales (on 1 day!) for little effort, little cost, and little risk. why not except btc?

You're preaching to the choir bud! 

I just hope Amazon is keeping a close eye on this. Probably safe to assume they are. But also probably safe to assume they're going to want a bigger sample size of data (as Tera is alluding to)before jumping in.

[Chalkbot]

I do not have an account at overstock. I never planned on having an account at overstock, nor did I plan on ever making a purchase on overstock. Yet, I am now a potential new customer thanks to the fact that they've added an option for Bitcoin payments.

Just FYI Holliday, I made a purchase there yesterday with no account. They have an option to check out as guest, so it's pretty easy for us bitcoiners.

[Holliday]

I do not have an account at overstock. I never planned on having an account at overstock, nor did I plan on ever making a purchase on overstock. Yet, I am now a potential new customer thanks to the fact that they've added an option for Bitcoin payments.

Just FYI Holliday, I made a purchase there yesterday with no account. They have an option to check out as guest, so it's pretty easy for us bitcoiners.

Thanks for the info!

[proudhon]

I just can't get excited about this what with all the Chinese language sources confirming so much bad news.

[ErisDiscordia]

Wow that's some serious money flow right there. I wonder what Overstocks average daily turnover is?

[MatTheCat]

http://www.cryptocoinsnews.com/2014/01/10/overstock-com-processed-bitcoin-orders-124-000-usd-after-just-21-hours/

Very well done to all those who went there to spend.

Keep up the good work America.

As soon as they deliver to Europe I'll dive in the game myself!

If you have the time post something, specs, photos, anything, about what you bought please do so at: https://bitcointalk.org/index.php?topic=407448.40

Aren't you freaking out?

That is 124000 USD more worth of probable coldstored Bitcoins that are heading straight for cash out on exchange!

SELL SELL SELL!

[Holliday]

http://www.cryptocoinsnews.com/2014/01/10/overstock-com-processed-bitcoin-orders-124-000-usd-after-just-21-hours/

Very well done to all those who went there to spend.

Keep up the good work America.

As soon as they deliver to Europe I'll dive in the game myself!

If you have the time post something, specs, photos, anything, about what you bought please do so at: https://bitcointalk.org/index.php?topic=407448.40

Aren't you freaking out?

That is 124000 USD more worth of probable coldstored Bitcoins that are heading straight for cash out on exchange!

SELL SELL SELL!

Indeed. Then bitcoiners who purchased items at overstock get a huge discount when they buy their bitcoins back at a lower rate.

[T.Stuart]

Its an extra 124k in sales (on 1 day!) for little effort, little cost, and little risk. why not except btc?

Well to get it up and running so quick apparently the CEO did have to lock 40 people in a room for 10 days - software engineers, graphic designers, a lawyer, an accountant, etc. - slipping them pizzas under the door (in his own words). But I happen to think it was well worth it!