Is Overstock.com slowly draining the price?

[BTCtrader71]

No one in their right mind will convert fiat to an exchange buy bitcoin then buy something off overstock after loosing all the fees and probably lost on the price fluctuation.

Paying on Overstock with bitcoin means that you don't have to enter personal credit card information which can get stolen. That is not an insignificant thing, when you consider things like the recent theft of credit card data from Target, or the catastrophic Heartbleed bug.

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[TERA]

Where do you get the figure $1 Million per day? I thought it was more like $1 million per month.

You can't argue against adoption, at any point. Adoption is the only thing that is going to turn bitcoin from a speculation bubble into something that actually has a fundamental value. It's just a weird and unintuitive journey to get from one point to the other. Coins SHOULD be getting spent and not hoarded. Let the hodlers dump their coins into merchants - it's a healthy decline that has to reverse eventually as long as adoption continues, and then it will be much stronger.

[JoelKatz]

Because bitcoin is currently a medium of speculation, not a medium of exchange, the big retailers' participation in the whole bitcoin craze is not healthy at this point in time. Basically, bitcoin is NOT ready to be used in this manner. If and when major retailers like Amazon start taking bitcoins, it will crash the price. It's better that these retailers stay the f**k away from bitcoins, so it can go To Da Moon.

That makes no sense, and common sense suggests the opposite. Which is more valuable, a crypto-currency that you can spend on Amazon or an otherwise identical crypto-currency that you can't spend on Amazon? The only thing that will make Bitcoins valuable for something other than speculation is value as a means of exchange.