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Author Topic: [EXPIRED] [BOUNTY] 1000 BTC for getting a major business to accept Bitcoin  (Read 8362 times)
sirius
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October 06, 2011, 04:11:44 AM
 #41

sirius, would a non-profit qualify? Kiva.org seems interested.

They don't actually sell anything so they wouldn't qualify for this bounty. However, I'd be happy to offer a separate 500 BTC bounty if they accept BTC deposits and withdrawals to/from USD accounts.

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October 08, 2011, 07:54:14 PM
 #42

Yes, bit-pay is the only acceptable way of doing it. Proposing Bitcoin to a big company without mentioning bit-pay would never work (also, don't forget that bit-pay is limited to US only).

That just opens up another issue.  The company now has to trust bitpay.  Nothing wrong w/ bitpay but concincing a fortune 500 company to trust millions of dollars in transactions with a tiny upstart is a hard sell.

The reality is bitcoin simply isn't ready for enterprise grade integration.  It will happen but it won't happen overnight.  Even if a company trusted bitpay how do they get paid.  Bitpay uses Mt Gox behind the scenese and Mt Gox has daily withdrawal limits.  Limits that would utterly kill a  major company cashflow. 

I am sure it will happen eventually.  Enterprise grade tools for protecting wallet files, providing realtime arbitrage w/ multiple exchanges and automating  millions of dollars in fund transfers will eventually exist they simply don't exist today.

It is one thing to ask newegg (to use an example) hey accept bitcoin.  It is another to ask them to "hey accept bitcoin and build a complete enterprise back end capable of mitigating currency risk without introducing counterparty risk, avoid employee fraud/theft, and manage cashflow).  Essentially it is a non-trivial task.
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October 09, 2011, 02:29:06 AM
 #43

sirius, would a non-profit qualify? Kiva.org seems interested.

I missed that, Kiva would be pretty big, I can't wait to see a Bitcoin Accepted Here button on that site.

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October 09, 2011, 02:44:35 AM
 #44


The reality is bitcoin simply isn't ready for enterprise grade integration. 

I fully agree.  Nobody should try to approach Fortune 500 companies right now.  But, this contest is only for businesses with revenues of $50 million. There are many businesses of this size, typically considered "medium size," and I think a company like Bit-pay could quite easily handle them. They're extremely competent.
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October 09, 2011, 02:53:36 AM
 #45

The larger issue still remains.

The advantage of bitcoin is that there is no counterparty risk.  For a business that means no risk of customer fraud, chargebacks, etc.

If a very large business uses bitpay then they are trading one form of counterparty risk (chargeback) with another (bitpay gets hacked, robbed, goes bankrupt, owers run away with the coins).

Why would a business accept that risk?  For what benefit?
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October 09, 2011, 02:58:54 AM
 #46

Why would a business accept that risk?  For what benefit?
What kind of accountability would Bit Pay have in worst case scenarios?   I honestly don't know if they state this or not.

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October 09, 2011, 03:02:11 PM
 #47

A Fortune 500 can easily integrate Bitcoin themselves and doesn't need a third party payment processor.

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October 09, 2011, 05:50:56 PM
 #48

The larger issue still remains.

The advantage of bitcoin is that there is no counterparty risk.  For a business that means no risk of customer fraud, chargebacks, etc.

If a very large business uses bitpay then they are trading one form of counterparty risk (chargeback) with another (bitpay gets hacked, robbed, goes bankrupt, owers run away with the coins).

Why would a business accept that risk?  For what benefit?

I believe Bitpay typically has only 1 day's worth of sales in their system. So such risk is very limited. They're not going to be holding two fiscal quarters of revenue =)
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October 09, 2011, 06:14:30 PM
 #49

A Fortune 500 can easily integrate Bitcoin themselves and doesn't need a third party payment processor.

They still have the hurdle of having a competent developer put this sort of thing together of course, just like anybody else.  If they are given tools that they don't have to build themselves, they're that much closer to their goal.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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October 10, 2011, 06:30:56 AM
 #50



and yes, I changed "you" to "your" before I sent it.

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October 25, 2011, 08:04:56 AM
 #51

i have just asked kickstarter.com to use bitcoin as a donation method. i think that its the right way to use bitcoin, because bitcoin can be used to sent small amounts.

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October 26, 2011, 04:23:18 PM
 #52



and yes, I changed "you" to "your" before I sent it.

very good, that subject line might actually work.

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January 03, 2012, 12:42:48 AM
 #53

Just want to know if this bounty is still good since it says that it would end New Year's Eve of 2011.  The time was very short as most businesses at that level would take almost a year to make a final decision.  If it is still good I have been talking to my store director at Best Buy as well as on their suggestion DB and they seem interested.  In fact they have asked me to write up a presentation which I just completed and will submit sometime this week to the store director and/or corporate leaders.  Let me know if I will qualify for the bounty because I would like it. Cheesy

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January 04, 2012, 03:44:42 AM
 #54

...been talking to my store director at Best Buy as well as on their suggestion DB and they seem interested. ...
Yes you would qualify since Best Buy has revenue of more than $50B. I would personally add another 2000btc if this is accepted nation-wide.

I hope you make a good presentation.

Are we talking about the same "BestBuy" ?
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February 15, 2012, 04:18:38 PM
 #55

What sort of bounty is still available if I can convince the following company to accept Bitcoins publicly on their website?

Publicly traded on the Nasdaq
Stock price currently over $40
Market cap of over $500,000,000
Anual sales of over $300,000,000
Worldwide customer base.
Would greatly benefit from accepting Bitcoins as a payment method.


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February 15, 2012, 09:36:55 PM
 #56

What sort of bounty is still available if I can convince the following company to accept Bitcoins publicly on their website?

Publicly traded on the Nasdaq
Stock price currently over $40
Market cap of over $500,000,000
Anual sales of over $300,000,000
Worldwide customer base.
Would greatly benefit from accepting Bitcoins as a payment method.

I guess the bounty would be a bitcoin exchange rate above $100 and a healthy reinforcement of your bitcoin hero status (you won this in my mind with your billboard).

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February 15, 2012, 10:29:13 PM
 #57

Would greatly benefit from accepting Bitcoins as a payment method.
you should do this regardless of the bounty then Smiley
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February 16, 2012, 01:42:59 AM
 #58

I will try no matter what,  but it is going to cost a lot of money to make it happen,  so some extra Bitcoins would help a lot.

If this company comes on board,  it will be a great step,  but I don't think it will send the Bitcoin price over $100.

I will post again once there is an update.

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February 16, 2012, 03:51:12 AM
 #59

Good!

sirius
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April 02, 2012, 07:55:12 AM
 #60

Just want to know if this bounty is still good since it says that it would end New Year's Eve of 2011.  The time was very short as most businesses at that level would take almost a year to make a final decision.  If it is still good I have been talking to my store director at Best Buy as well as on their suggestion DB and they seem interested.  In fact they have asked me to write up a presentation which I just completed and will submit sometime this week to the store director and/or corporate leaders.  Let me know if I will qualify for the bounty because I would like it. Cheesy

Sorry, the bounty is closed already. Hopefully someone else would be willing to donate for the cause.

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