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BTCisthefuture
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January 10, 2014, 07:22:41 PM |
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I don't know if those are larger than expected numbers , but this type of thing should likely lead to other large merchants accepting bitcoin. I know newegg is a name that keeps popping up in regards to merchants who may start accepting btc.
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Phoen1x
Newbie
 Offline
Activity: 15
Merit: 0
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January 10, 2014, 07:24:43 PM |
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Aside from the free PR, this seems like a bigger monetary win for Coinbase since they are the ones processing the bitcoin transactions, right?
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stayeduptolate (OP)
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January 10, 2014, 07:30:34 PM |
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I don't know if those are larger than expected numbers , but this type of thing should likely lead to other large merchants accepting bitcoin. I know newegg is a name that keeps popping up in regards to merchants who may start accepting btc.
I really hope newegg starts accepting BTC  |
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BTCisthefuture
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January 10, 2014, 07:33:00 PM |
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Aside from the free PR, this seems like a bigger monetary win for Coinbase since they are the ones processing the bitcoin transactions, right?
depends what payment plan they are going in. coinbase has a 1% flat rate plan so that would be like $1,240 they made in a day, but they also offer 0% fees on the first $1million dollars worth of transactions with that plan, so in that would most likely mean they didn't make any money today from overstock. also i remember overstock saying they paid 2% on credit card transactions so if they are using coinbase's 1% payment plan then i believe that means both any money coinbase makes is also the same amount in extra savings overstock gets, so its pretty equal on whos benefitting more. |
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cypherdoc
Legendary
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Activity: 1764
Merit: 1002
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January 10, 2014, 07:33:56 PM |
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"Overstock makes $124K from 780 Bitcoin hoarders, within 24 hours of accepting it as payment"
you see what i did there?
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BTCisthefuture
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January 10, 2014, 07:41:55 PM |
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"Overstock makes $124K from 780 Bitcoin hoarders, within 24 hours of accepting it as payment"
you see what i did there?
still a step in the right direction for getting more adoption. quite a few things need to change for bitcoin to be a realistic day to day means for shopping, but we certainly keep moving closer to closer to that day. |
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Lethn
Legendary
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Activity: 1540
Merit: 1000
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January 10, 2014, 07:46:11 PM |
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"Overstock makes $124K from 780 Bitcoin hoarders, within 24 hours of accepting it as payment"
you see what i did there?
I'll be honest, that's what most of the news outlets are going to report it like "Hurr durr! Doesn't mean a thing! Deflationary currencies suck! Always will because we say so! Bitcoin is still volatile!" Fox news have already parroted the volatility argument to the Overstock CEO lol. |
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stayeduptolate (OP)
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January 10, 2014, 08:06:08 PM |
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"Overstock makes $124K from 780 Bitcoin hoarders, within 24 hours of accepting it as payment"
you see what i did there?
I do I like it LOL |
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exstasie
Legendary
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Activity: 1806
Merit: 1521
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January 10, 2014, 08:11:34 PM |
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"Overstock makes $124K from 780 Bitcoin hoarders, within 24 hours of accepting it as payment"
you see what i did there?
still a step in the right direction for getting more adoption. quite a few things need to change for bitcoin to be a realistic day to day means for shopping, but we certainly keep moving closer to closer to that day. It for sure is...and it is helping those 'hoarders' to actual spend some BTC! Not sure what they were anciticipating, or what percentage of their total orders this is, but definitely a step in the right direction. |
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Jcw188
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January 10, 2014, 09:26:53 PM |
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BTC guys, just gotta keep spending it and at some point they'll HAVE to take us seriously! lol
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Gate.io | | |
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GigaCoin
Sr. Member
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Activity: 308
Merit: 251
Giga
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January 10, 2014, 09:28:01 PM |
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nice! i'm surprised ppl spent so many coins.
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Frost000
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January 10, 2014, 09:28:46 PM |
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As another user said, I have no clue if they even had a target, but this should go some ways into showing other businesses that BTC is a viable payment option that's worth implementing.
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stayeduptolate (OP)
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January 10, 2014, 09:34:28 PM |
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nice! i'm surprised ppl spent so many coins.
this is a great thing though because it goes to show that the other companies are missing out on profit. Come on newegg and amazon !!! |
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stayeduptolate (OP)
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January 10, 2014, 09:37:13 PM |
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Update from the twitters CEO
Patrick M. Byrne @OverstockCEO 11m
#Bitcoin's first full day on @overstock.com was a huge success: 840 orders, $130,000 in sales. Almost all new customers. #stunned
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exstasie
Legendary
Offline
Activity: 1806
Merit: 1521
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January 10, 2014, 09:42:22 PM |
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Update from the twitters CEO
Patrick M. Byrne @OverstockCEO 11m
#Bitcoin's first full day on @overstock.com was a huge success: 840 orders, $130,000 in sales. Almost all new customers. #stunned
That was another thing I was going to ask...how many of them were new customers? I've never used Overstock.com, but definitely browsed the site for a bit. This could be huge news for others thinking about adding BTC as a payment. |
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stayeduptolate (OP)
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January 10, 2014, 09:47:13 PM |
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Update from the twitters CEO
Patrick M. Byrne @OverstockCEO 11m
#Bitcoin's first full day on @overstock.com was a huge success: 840 orders, $130,000 in sales. Almost all new customers. #stunned
That was another thing I was going to ask...how many of them were new customers? I've never used Overstock.com, but definitely browsed the site for a bit. This could be huge news for others thinking about adding BTC as a payment. ya it sounds like they got a bunch of new customers! |
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Wilikon
Legendary
Offline
Activity: 1176
Merit: 1001
minds.com/Wilikon
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January 10, 2014, 09:59:06 PM |
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Aside from the free PR, this seems like a bigger monetary win for Coinbase since they are the ones processing the bitcoin transactions, right?
depends what payment plan they are going in. coinbase has a 1% flat rate plan so that would be like $1,240 they made in a day, but they also offer 0% fees on the first $1million dollars worth of transactions with that plan, so in that would most likely mean they didn't make any money today from overstock. also i remember overstock saying they paid 2% on credit card transactions so if they are using coinbase's 1% payment plan then i believe that means both any money coinbase makes is also the same amount in extra savings overstock gets, so its pretty equal on whos benefitting more. It's 1% after your first 1M transaction. https://coinbase.com/docs/merchant_tools/pricing |
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JorgeCassio
Newbie
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Activity: 11
Merit: 0
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January 11, 2014, 12:28:10 AM |
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Nice, paving the way for the future
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Kyt Dotson
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January 11, 2014, 02:59:15 AM |
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Color me impressed. Going live with BTC acceptance before the reported date that it was going to happen, getting the word out rapidly enough to do $130k in sales, and then get to brag about the 24/hr rate. That's something of a coup for Overstock.com and the use of Bitcoin for a trade of value in of itself.
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