124000 USD from bitcoins order from Overstock.com

[TERA]

I'm just saying people seem overexuberant about the initial number as if it may indicate every day in the future. The CEO even used the term "wow". Will he be adding dogecoin too?

[Tzupy]

Aren't you freaking out?
That is 124000 USD more worth of probable coldstored Bitcoins that are heading straight for cash out on exchange!

You are correct, but the uber-bulls don't get it. The current price is sustained largely by hoarding, keeping the ask sum and coin sales
low on the exchanges. Overstock and other merchants have to sell the coins for fiat immediately, this is bearish news.
They probably won't sell on Gox, because of the withdrawal issues, but Bitstamp may see more seller pressure.

[rampantparanoia]

124k can't do shit to the rate. 1.24m can.

[humanitee]

Aren't you freaking out?
That is 124000 USD more worth of probable coldstored Bitcoins that are heading straight for cash out on exchange!

You are correct, but the uber-bulls don't get it. The current price is sustained largely by hoarding, keeping the ask sum and coin sales
low on the exchanges. Overstock and other merchants have to sell the coins for fiat immediately, this is bearish news.
They probably won't sell on Gox, because of the withdrawal issues, but Bitstamp may see more seller pressure.

LOL

[TERA]

So bullish long term but bearish short term because the current btc price is a float lockdown play.

[Zarathustra]

So bullish long term but bearish short term because the current btc price is a float lockdown play.

Yes, on the one hand it stimulates the adoption and on the other hand it stimulates the hodlers to unhodl.

[ArticMine]

So bullish long term but bearish short term because the current btc price is a float lockdown play.

Yes, on the one hand it stimulates the adoption and on the other hand it stimulates the hodlers to unhodl.

This assumes that a BTC holder does not hedge their fiat exposure beforehand, by for example transferring fiat first to an exchange in order to purchase enough BTC to cover the intended purchase. In this case the result is that the holder will increase their BTC holding slightly since the hedge is never perfect and the purpose of the hedge is to avoid exposure to being short BTC. 

[billyjoeallen]

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?

in order to get return customers, you first need first time customers. i never bought anything at OS before yesterday. 

[Holliday]

This may indirectly reduce volatility.

For example. I am an evil Bitcoin hoarder. Besides a few test cases (Amagi and local friends) I've simply sat on my Bitcoins for years. I believe they are extremely undervalued.

Yet... there have been multiple times where the exchange rate was simply going up too far, too fast (even for Bitcoin). I do not trust exchanges enough to play these extremely volatile periods, so in a sense I'm contributing to the volatility (by being an evil hoarder).

Now, when already established (meaning I can trust them) companies start accepting Bitcoins for goods and services, I can safely make purchases with Bitcoin (when I feel the exchange rate is going too far, too fast) which I would have normally made with fiat. During the following correction, I can repurchase those coins (locally) to replenish my evil hoard (after all, he who dies with the most bitcoins wins).

So... I will be patronizing merchants which accept Bitcoin. I will be reducing volatility by "selling" high and buying low. I will be getting goods and services at discounted prices.

Win, win, win.

Although, I will have to actually speculate that I'm correct about the exchange rate going too far, too fast. I guess I will be an evil speculator as well.

There is no bearish scenario for more merchants accepting Bitcoin. Sorry.

[BitchicksHusband]

I never realized how evil I was... 

[Holliday]

I never realized how evil I was...  

I didn't either until countless freaks on this forum have made it quite clear that hoarding and speculating are both the Devil's work.

Edit: But now that I know, I embrace it...

Bwahah... bwahahahahahahahahahaha... bwahahahah... gasp... choke...

[humanitee]

I never realized how evil I was... 

I didn't either until countless freaks on this forum have made it quite clear that hoarding and speculating are both the Devil's work.

"Hoarding" is the WORST argument of all time. I've been hoarding dollars every year (even though I shouldn't because dollars are economic turds) since the year I was born.
 

I spend my bitcoin, and when I do I instantly replenish my wallet on the majority of occasions.

[Holliday]

I never realized how evil I was...  

I didn't either until countless freaks on this forum have made it quite clear that hoarding and speculating are both the Devil's work.

"Hoarding" is the WORST argument of all time. I've been hoarding dollars every year (even though I shouldn't because dollars are economic turds) since the year I was born.
 
I spend my bitcoin, and when I do I instantly replenish my wallet on the majority of occasions.

But... but... Fucking deflation man! Economic death spirals, and shit.

Aren't you frightened?

[humanitee]

I never realized how evil I was... 

I didn't either until countless freaks on this forum have made it quite clear that hoarding and speculating are both the Devil's work.

"Hoarding" is the WORST argument of all time. I've been hoarding dollars every year (even though I shouldn't because dollars are economic turds) since the year I was born.
 
I spend my bitcoin, and when I do I instantly replenish my wallet on the majority of occasions.

But... but... Fucking deflation man! Economic death spirals.

Aren't you frightened?

Yes! "NOOOO MY MONEY IS WORTH MORE NOW, WHY DID I PUT MONEY INTO THIS SHIT!?!?!"

Literally every morning I wake up, think about buying in at $5, and think "I should have bought less... way less... this deflation shit is really getting out of control."

[traderCJ]

low on the exchanges. Overstock and other merchants have to sell the coins for fiat immediately, this is bearish news.

In the short term, sure.  The holders indirectly liquidating, forcing the price of Bitcoin down.  However, you are overlooking the role that money velocity will play.  People will revert to converting USD -> BTC instead of liquidating their BTC savings accounts.  This velocity will end up driving the price of Bitcoin higher due to the lag between inflow and outflow per transaction.  Beyond this, major retailers jumping on board mean that powerful people have a vested interest in Bitcoin, potentially mitigating the threat of future regulation.  If you position the powerful to benefit from a technology, they are unlikely to regulate it.

[Chalkbot]

this is bearish news.

Oh man, we've made a big mistake guys. The key to success is not to let any more people find out about bitcoin and discourage it's acceptance for services. Then the 25 of us can refuse to sell any of it to each other for less than a million dollars each, and tally up our riches!

[humanitee]

this is bearish news.

Oh man, we've made a big mistake guys. The key to success is not to let any more people find out about bitcoin and discourage it's acceptance for services. Then the 25 of us can refuse to sell any of it to each other for less than a million dollars each, and tally up our riches!

Reasons to be a bear:
1) "No one is spending bitcoin!"
2) "No major retailers accept bitcoin!"
3) "Bitcoin isn't well known enough!"
4) "Too many people are spending! Ignore reason 1. Logical contradictions are ok!"
5) "I sold all my bitcoins!"

[the_sunship]

$124,000 is a lot? Divide that by $800 (lowball price) = 155 bitcoins.

155 seems like a pretty small number to crash the price in any way to me.

Yes, I know it's just started, but damn we have to spend some of these things to make it worthwhile to merchants and new investors, don't we?

In the meantime, keep a nice stash for yourself, and spread a little bitcoin love.

 

 

[bitrider]

Aren't you freaking out?
That is 124000 USD more worth of probable coldstored Bitcoins that are heading straight for cash out on exchange!

You are correct, but the uber-bulls don't get it. The current price is sustained largely by hoarding, keeping the ask sum and coin sales
low on the exchanges. Overstock and other merchants have to sell the coins for fiat immediately, this is bearish news.
They probably won't sell on Gox, because of the withdrawal issues, but Bitstamp may see more seller pressure.

LOL

+1

[bitrider]

this is bearish news.

Oh man, we've made a big mistake guys. The key to success is not to let any more people find out about bitcoin and discourage it's acceptance for services. Then the 25 of us can refuse to sell any of it to each other for less than a million dollars each, and tally up our riches!

Reasons to be a bear:
1) "No one is spending bitcoin!"
2) "No major retailers accept bitcoin!"
3) "Bitcoin isn't well known enough!"
4) "Too many people are spending! Ignore reason 1. Logical contradictions are ok!"
5) "I sold all my bitcoins!"

 right!