Whose got all this Bitcoin to dump? Three simple answers

[Ytterbium]

I'm not one to criticize but damn... this has gotta be some of the most flawed logic I've ever seen on this board.

For anyone to purchase on Overstock or any other retailer they had to get Bitcoins first.. increasing the demand!

The more merchants taking Bitcoin the more valuable it is in the short-term, long-term, and anywhere in-between.

Well, I don't think you'll have many people buy bitcoin on coinbase, then go buy stuff on overstock. Likely you'll see people with big bitcoin hoards buy stuff that they wouldn't have otherwise (since it's so easy to impulse buy with it)

In the long term, of course, it's obviously good for bitcoin. For one thing it makes all the "bitcoin is a scam" people look ridiculous if it's something you can use on major online retailers.

[justusranvier]

Obviously if retailers accept BTC the price will drop in the short term as those retailers dump btc immediately for dollars.

It's more complicated than that.

You'd be right if the payment processors got dollars by selling on the exchanges, but that's not their only source of fiat.

Payment processors sometimes have access to dark pool liquidity. There are investors who want to move into Bitcoin either gradually or else in amount larger than what the order books of the exchanges can easily handle. Those investors go to payment processors and agree to supply them with dollars in exchange for the received Bitcoins.

For that reason it's not obvious that retailers accepting BTC will affect the exchanges. It all depends on how much dark pool liquidity the payment processor those retailers use can access.

[dissident]

whiny ass crybabies only in this for profit and it shows... whining because people are using it for commerce and the retailers are converting the coins to USD and distributing them on the open market? Give me a break.

[ratedmmm]

I sure hope no other retailer accepts BTC any time soon and in fact I hope TD and Overstock stop.

Are you serious? You have got to be kidding!

[BitCoinsLOL]

BTC is falling. Who has all this BTc to sell? Three Simple Answers, you guys tell me the others:

• Tigerdirect
• Overstock
• Gyft

They are not Bitcoin believers, they are corporations, they just use BTC to sell more goods. Those BTC miners who would normally not bother to sell their BTC on Bitstamp and Coinbase, now have an easy way of getting an XBOX or a TV with it on Tigerdirect or Overstock.com so they go for it.

In fact Overstock must sell $1,000,000 worth of Bitcoins for the first month alone so it is all getting dumped on major exchanges:

http://www.techspot.com/news/55763-overstock-does-nearly-1-million-in-bitcoin-sales-in-first-month.html

No actual dollar amounts on TIGERDIRECT yet as they just started accepting it. One TD gets added to the million dollar BTC sellers, it will get worse.

And this trend will not end any time soon but will actually accelerate. Overstock will continue to sell BTC as miners go there to cash out for goods. More BTCs get mined daily and Overstock and TD will have to continue to sell more on the exchanges. They will not hold on to them because they still dont value BTC as a currency but some form of GOODs that has value and needs to be sold to pay rent and employees, well, unless they accepted BTC? huh? A currency needs a full cycle. BTC doesnt have that yet.

I sure hope no other retailer accepts BTC any time soon and in fact I hope TD and Overstock stop.

Don't they convert it to USD after a purchase almost instantly because of price fluctuation. I'm probably naive thinking all businesses convert BTC to USD almost instantly.

[BTCat]

Overstock is not selling. The CEO has said they will hold onto it like a precious metal such as gold.

[Gladdy]

Bitstamp , Btc-E ?

[keithers]

BTC is falling. Who has all this BTc to sell? Three Simple Answers, you guys tell me the others:

• Tigerdirect
• Overstock
• Gyft

They are not Bitcoin believers, they are corporations, they just use BTC to sell more goods. Those BTC miners who would normally not bother to sell their BTC on Bitstamp and Coinbase, now have an easy way of getting an XBOX or a TV with it on Tigerdirect or Overstock.com so they go for it.

In fact Overstock must sell $1,000,000 worth of Bitcoins for the first month alone so it is all getting dumped on major exchanges:

http://www.techspot.com/news/55763-overstock-does-nearly-1-million-in-bitcoin-sales-in-first-month.html

No actual dollar amounts on TIGERDIRECT yet as they just started accepting it. One TD gets added to the million dollar BTC sellers, it will get worse.

And this trend will not end any time soon but will actually accelerate. Overstock will continue to sell BTC as miners go there to cash out for goods. More BTCs get mined daily and Overstock and TD will have to continue to sell more on the exchanges. They will not hold on to them because they still dont value BTC as a currency but some form of GOODs that has value and needs to be sold to pay rent and employees, well, unless they accepted BTC? huh? A currency needs a full cycle. BTC doesnt have that yet.

I sure hope no other retailer accepts BTC any time soon and in fact I hope TD and Overstock stop.

The CEO of Overstock has said in multiple interviews that he now holds millions worth in bitcoins...so he could be subsidizing the purchases in bitcoins with his own money and holding a lot of the bitcoins that are used for purchases.

[Sage]

This thread is an utter joke.  And deserves nobody's attention.

The OP is either drunk, a troll, or just didn't take 30 seconds to think it through before posting.

[krampus]

I'm a piece of shit. I'm asking for BTC donations in my sig while spreading FUD about BTC being doomed. I wish my mom had aborted me.

We all know that OP. Now you can do everyone in this world a favor and stop wasting oxygen, just end yourself.

You are a despicable person for modifying and falsifying a quote from me. I bet you wont dare doing that in my face and in person. Heck you wont even dare to do that within my State limits over the phone. So hide behind your computer screen you coward non-existent fly ash.

And you're a fucking troll. And an incredibly stupid one, at that.

And now you're on ignore.