Large DROP in BTC PRICE can be caused by acceptance Amazon.com or other .com?

[gpucoolingmethod]

    
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[Lauda]

What the?
You mean a large spike in price?

[gpucoolingmethod]

So can BTC price be changed because of wider acceptance?

[gpucoolingmethod]

What the?
You mean a large spike in price?

[Kluge]

So can BTC price be changed because of wider acceptance?

It's really hard to say what BTC<->fiat bridge services are doing with the money. Intuitively, you'd probably assume the price to drop when major companies start taking in $hundreds of thousands in BTC and receiving cash for it. We don't know how many people buy BTC to replace what they spend, and we don't know how many new BTC users originate from merchant adoption. Way too many variables and unknowns to even begin to try understanding, IMO.

[gpucoolingmethod]

So can BTC price be changed because of wider acceptance?

It's really hard to say what BTC<->fiat bridge services are doing with the money. Intuitively, you'd probably assume the price to drop when major companies start taking in $hundreds of thousands in BTC and receiving cash for it. We don't know how many people buy BTC to replace what they spend, and we don't know how many new BTC users originate from merchant adoption. Way too many variables and unknowns to even begin to try understanding, IMO.

ok so i wanna obtain BTC anyway.Ive found a few mining contract companies.

How do I pay to them without getting scammed?What contract is best?

[jamesc760]

So can BTC price be changed because of wider acceptance?

It's really hard to say what BTC<->fiat bridge services are doing with the money. Intuitively, you'd probably assume the price to drop when major companies start taking in $hundreds of thousands in BTC and receiving cash for it. We don't know how many people buy BTC to replace what they spend, and we don't know how many new BTC users originate from merchant adoption. Way too many variables and unknowns to even begin to try understanding, IMO.

ok so i wanna obtain BTC anyway.Ive found a few mining contract companies.

How do I pay to them without getting scammed?What contract is best?

You can safely assume ALL of them are scams.

[gpucoolingmethod]

So can BTC price be changed because of wider acceptance?

It's really hard to say what BTC<->fiat bridge services are doing with the money. Intuitively, you'd probably assume the price to drop when major companies start taking in $hundreds of thousands in BTC and receiving cash for it. We don't know how many people buy BTC to replace what they spend, and we don't know how many new BTC users originate from merchant adoption. Way too many variables and unknowns to even begin to try understanding, IMO.

ok so i wanna obtain BTC anyway.Ive found a few mining contract companies.

How do I pay to them without getting scammed?What contract is best?

You can safely assume ALL of them are scams.

why? (I meant companies like progressivebtcmining.com)

[Nagle]

Does it really matter? Overstock just sends Bitcoins to Coinbase and converts them to dollars at the price Coinbase posts for that 10 minute period, then ships merchandise. You can do that yourself; send Bitcoins to Coinbase, get dollars, and buy anywhere.

Someone could create a service which let you spend Bitcoins on other sites by front-ending their checkout pages and doing the conversion for you. The problem is that, given the sleazyness of the Bitcoin world, such a site would probably steal the Bitcoins, the account information, or the merchandise.

[TooDumbForBitcoin]

Someone could create a service

Someone should sue Mt. Gox....

blah blah blah

Someone should make a list of all the things you think people should do, but you don't do yourself.

[gpucoolingmethod]

Someone should make a list of all the things you think people should do, but you don't do yourself.

[aminorex]

Does it really matter? Overstock just sends Bitcoins to Coinbase and converts them to dollars at the price Coinbase posts for that 10 minute period

This is no longer correct.   Overstock now keeps the bitcoins, does not sell them.

[chessnut]

I think that a precursor to Amazon accepting Bitcoin will be a lot of insider buying. with this in mind, the price may drop soon after this is announced.
perhaps the insider buying has occurred....

[meanig]

Does it really matter? Overstock just sends Bitcoins to Coinbase and converts them to dollars at the price Coinbase posts for that 10 minute period, then ships merchandise. You can do that yourself; send Bitcoins to Coinbase, get dollars, and buy anywhere.

Someone could create a service which let you spend Bitcoins on other sites by front-ending their checkout pages and doing the conversion for you. The problem is that, given the sleazyness of the Bitcoin world, such a site would probably steal the Bitcoins, the account information, or the merchandise.

Nagle, I followed your Bitcoin price predictions back in the day and I'm puzzled as to why a bitcoin isn't worth minus $10,000 now. Do you still see the Bitcoin price heading into negative territory in the future 

[sickpig]

Does it really matter? Overstock just sends Bitcoins to Coinbase and converts them to dollars at the price Coinbase posts for that 10 minute period

This is no longer correct.   Overstock now keeps the bitcoins, does not sell them.

Citation needed

[chessnut]

Does it really matter? Overstock just sends Bitcoins to Coinbase and converts them to dollars at the price Coinbase posts for that 10 minute period

This is no longer correct.   Overstock now keeps the bitcoins, does not sell them.

Citation needed

http://www.coindesk.com/overstock-ceo-holds-millions-bitcoin/
he may not keep them all, but he obviously keeps a lot.

[ElectricMucus]

lol another idiot using their business to secretly leverage into bitcoin long positions. It seems like the shareholders do mind that!

for fun, look at their 1 year chart to see where this is headed...

[Peter R]

for fun, look at their 1 year chart to see where this is headed...

The 1-year chart is up +57%.  

It was up even more prior to the sharp drop last week, which other retailers including Amazon also experienced.

That's a good point about using your company to leverage into a bitcoin long position.  If the price of bitcoin changes dramatically during 2014, I wonder if we'll see a correlation with the price of OSTK.  

[TooDumbForBitcoin]

lol another idiot using their business to secretly leverage into bitcoin long positions.

As opposed to using their business to publicly leverage themselves into mansions, cars, and jets? 

[Peter Lambert]

Does it really matter? Overstock just sends Bitcoins to Coinbase and converts them to dollars at the price Coinbase posts for that 10 minute period, then ships merchandise. You can do that yourself; send Bitcoins to Coinbase, get dollars, and buy anywhere.

How do you use dollars in your coinbase account to buy stuff anywhere?