notung
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Activity: 67
Merit: 10
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January 10, 2014, 11:17:37 PM |
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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!" 6) Introducing some FUD here and there price will go down and I'll buy some coins cheaper... |
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31337157
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Activity: 111
Merit: 10
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January 10, 2014, 11:53:56 PM |
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Sometimes, well actually a lot of the time, I question why some of you are even registered on this board. A HUGE online retailer just started accepting bitcoin and you're complaining that $124k of sales in one day using a new, never before seen cryptocurrency that has a lot of growing to do isn't enough!?
How do you not comprehend the whole idea of natural growth? Nothing just comes out one day and is at 100% percent mainstream working status. When all of the major retailers start accepting btc and it has grown to an level never before seen, then you'll all complain that it's too big and will fail! Ridiculous.
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N_S
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January 11, 2014, 02:12:46 AM |
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Sometimes, well actually a lot of the time, I question why some of you are even registered on this board. A HUGE online retailer just started accepting bitcoin and you're complaining that $124k of sales in one day using a new, never before seen cryptocurrency that has a lot of growing to do isn't enough!?
How do you not comprehend the whole idea of natural growth? Nothing just comes out one day and is at 100% percent mainstream working status. When all of the major retailers start accepting btc and it has grown to an level never before seen, then you'll all complain that it's too big and will fail! Ridiculous.
::throws acorn at the ground:: "Where's my damn tree?!" |
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TERA
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January 11, 2014, 02:45:31 AM |
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buy all the stuff!!!  Is it using gox price? |
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BitcoinAshley
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January 11, 2014, 03:21:23 AM |
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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!" This is pretty accurate.  |
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thezerg
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Activity: 1246
Merit: 1010
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January 11, 2014, 03:32:34 AM |
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So 40 people 10 days. Let's assume 100k average salary which I think is probably high. So (40*100k/365 days per year) * 10 days is kind of the amount of money spent on this effort -- although in practice how productive would those people have been doing other stuff right after xmas?
But I digress. Total cost = 109k. So in the FIRST DAY revenue (124k) was greater than development cost. Anyone know overstock.com's markup? Retail varies widely from 100% down to clearance items at 0%, but internet stores tend to be on the low side. Let's just make up a number. Say 10% markup.
So 12k profit, or ~10% of the cost to develop the feature was paid back in one day. That's some pretty amazing numbers, regardless of what happens tomorrow.
PS: to all you people who think that people buying stuff will crash the price. I generally hate to be so blunt but you are freaking morons, even if you are just saying it because you are short. If enough product was sold to even depress the price it would be the top financial news item worldwide.
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favelle75
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January 11, 2014, 04:02:09 AM |
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buy all the stuff!!! Holy crap.....epic! |
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byronbb
Legendary
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Activity: 1414
Merit: 1000
HODL OR DIE
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January 11, 2014, 04:08:10 AM |
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So 40 people 10 days. Let's assume 100k average salary which I think is probably high. So (40*100k/365 days per year) * 10 days is kind of the amount of money spent on this effort -- although in practice how productive would those people have been doing other stuff right after xmas?
But I digress. Total cost = 109k. So in the FIRST DAY revenue (124k) was greater than development cost. Anyone know overstock.com's markup? Retail varies widely from 100% down to clearance items at 0%, but internet stores tend to be on the low side. Let's just make up a number. Say 10% markup.
So 12k profit, or ~10% of the cost to develop the feature was paid back in one day. That's some pretty amazing numbers, regardless of what happens tomorrow.
PS: to all you people who think that people buying stuff will crash the price. I generally hate to be so blunt but you are freaking morons, even if you are just saying it because you are short. If enough product was sold to even depress the price it would be the top financial news item worldwide.
Their margin is 2%. CEO said btc was attractive because it's frictional cost is lower than credit card. http://www.zerohedge.com/news/2013-12-28/overstock-ceo-bitcoins-gold-austrian-economics-and-zombies |
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TERA
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January 11, 2014, 04:35:44 AM |
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buy all the stuff!!! Holy crap.....epic! What? He didn't send any miner fee. That bastard! |
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billyjoeallen
Legendary
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Activity: 1106
Merit: 1007
Hide your women
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January 11, 2014, 08:20:16 AM |
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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.
we need more "evil" speculators. the smart ones profit and reduce volatility while the dumb ones give us money! |
insert coin here:
Dash XfXZL8WL18zzNhaAqWqEziX2bUvyJbrC8s
1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc
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billyjoeallen
Legendary
Offline
Activity: 1106
Merit: 1007
Hide your women
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January 11, 2014, 08:25:18 AM |
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update: OS refunded my funds after the glitch...in bitcoins! even though the price went up. will be buying from them in the future.
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insert coin here:
Dash XfXZL8WL18zzNhaAqWqEziX2bUvyJbrC8s
1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc
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Tirapon
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January 11, 2014, 07:26:27 PM |
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Went to buy something but they don't accept BTC internationally? That's strange, BTC is completely borderless, surely its the easiest way to accept international orders?
Oh well, I'll wait until I can spend my BTC there, and then every time I want to buy something I will see if I can get it from overstock.com before looking elsewhere.
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the_sunship
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January 11, 2014, 07:31:20 PM |
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Went to buy something but they don't accept BTC internationally? That's strange, BTC is completely borderless, surely its the easiest way to accept international orders?
Oh well I'll wait until I can spend my BTC there, and then every time I want to buy something I will see if I can get it from overstock.com before looking elsewhere.
yeah, I don't get that either. They could have done 200K in one day easy. Maybe it has something to do with international finance/trade laws? Can anyone knowledgeable opine on this? |
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Holliday
Legendary
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Activity: 1120
Merit: 1010
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January 11, 2014, 07:50:12 PM |
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Went to buy something but they don't accept BTC internationally? That's strange, BTC is completely borderless, surely its the easiest way to accept international orders?
Oh well I'll wait until I can spend my BTC there, and then every time I want to buy something I will see if I can get it from overstock.com before looking elsewhere.
yeah, I don't get that either. They could have done 200K in one day easy. Maybe it has something to do with international finance/trade laws? Can anyone knowledgeable opine on this? OS has already said they are working on it. |
If you aren't the sole controller of your private keys, you don't have any bitcoins.
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ElectricMucus
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Activity: 1666
Merit: 1057
Marketing manager - GO MP
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January 11, 2014, 08:46:37 PM |
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lol as you can see it's all chumps buying useless crap to prop up the myth that "bitcoin is a currency". Come back and see if they dare to publish sales statistics in a year.
Anybody remember wordpress, humble bundle or reddit? Yeah their figures haven't been stellar overall.
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HeliKopterBen
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January 11, 2014, 09:47:20 PM |
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buy all the stuff!!! Still hard to believe that is only 11 btc. |
Counterfeit: made in imitation of something else with intent to deceive: merriam-webster
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JorgeStolfi
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January 11, 2014, 10:25:49 PM |
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One who buys only 900 USD worth of merchandise with 1 BTC obviously does not believe that 1 BTC will be worth 10,000 USD in 2015...  |
Academic interest in bitcoin only. Not owner, not trader, very skeptical of its longterm success.
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T.Stuart
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January 11, 2014, 10:32:33 PM |
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One who buys only 900 USD worth of merchandise with 1 BTC obviously does not believe that 1 BTC will be worth 10,000 USD in 2015... Got to get the economy going. It's part of the whole thing. If Overstock adopts Bitcoin and has zero sales what do you think will happen then? People spending now are doing every other Bitcoiner a huge service! |
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segeln
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January 11, 2014, 11:03:03 PM |
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If Overstock adopts Bitcoin and has zero sales what do you think will happen then? People spending now are doing every other Bitcoiner a huge service!
so , thanks to all overstock-bitcoin -customers |
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