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Ripdon007 (OP)
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May 03, 2014, 02:18:30 PM |
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https://coinreport.net/overstock-holds-earned-bitcoins/Byrne posted a response to one bitcoiners concern of when the bitcoin payment option would make its way to Canada. He said:
“Working on it now. Phase II was getting so we could issue credits back in Bitcoin. I think it came live last week. Phase III will be accepting it internationally. Should happen late summer.”
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bryant.coleman
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May 03, 2014, 03:31:29 PM |
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Great. So international buyers will be able to pay for their goods in Bitcoin very soon, and it will happen within the next few months. I was waiting for the last few months to hear this.  |
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hilariousandco
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May 03, 2014, 03:34:44 PM |
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https://coinreport.net/overstock-holds-earned-bitcoins/Byrne posted a response to one bitcoiners concern of when the bitcoin payment option would make its way to Canada. He said:
“Working on it now. Phase II was getting so we could issue credits back in Bitcoin. I think it came live last week. Phase III will be accepting it internationally. Should happen late summer.” I wondered if they would actually hold (hodl ) on to any of their coins as an investment, but don't they use a payment processor for all their transactions, so how do they hold onto 10% of them? |
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bryant.coleman
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May 03, 2014, 03:43:53 PM |
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I wondered if they would actually hold (hodl ) on to any of their coins as an investment, but don't they use a payment processor for all their transactions, so how do they hold onto 10% of them? I think there is option in Coinbase / Bitpay to either delay the exchange of BTC to fiat, or to allow a partial exchange. Anyway.... Overstock is one of their largest customers, so the payment processing company will tweak the system according to their demands. |
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Ibian
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May 03, 2014, 04:32:19 PM |
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Right, time to give Overstock a look, see if they have things I want. One concern if my coins suddenly become worth millions is an easy way to convert to spendable money, since my country tends to be technologically backwards. Simply spending them directly is ideal.
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Look inside yourself, and you will see that you are the bubble.
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Ripdon007 (OP)
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May 03, 2014, 05:32:53 PM |
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I'm actually really glad to hear that they DO hold on to atleast 10% of their bitcoins which is actually really amazing given the fact that bitcoin prices have been bipolar recently...
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guybrushthreepwood
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May 03, 2014, 09:40:13 PM |
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I'm actually really glad to hear that they DO hold on to atleast 10% of their bitcoins which is actually really amazing given the fact that bitcoin prices have been bipolar recently...
I'm sure theyre keeping hold of them for a long-term investment. I think the CEO is wise and can see the potential as an investment opportunity. I hope it pays dividends for him. |
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cryptoanarchist
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May 03, 2014, 09:57:09 PM |
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Smart move. Give em 2 years and they'll leave Amazon in the dust.
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I'm grumpy!!
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bryant.coleman
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May 04, 2014, 04:51:13 AM |
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Smart move. Give em 2 years and they'll leave Amazon in the dust.
I don't know whether they will be able to overtake Amazon or not, but for sure the Overstock CEO is a very genuine guy and they are very innovative. Their business will grow much faster than that of the Amazon. |
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hilariousandco
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May 04, 2014, 09:01:08 AM |
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Smart move. Give em 2 years and they'll leave Amazon in the dust.
I don't know whether they will be able to overtake Amazon or not, but for sure the Overstock CEO is a very genuine guy and they are very innovative. Their business will grow much faster than that of the Amazon. They'll never get anywhere close to Amazon. Amazon is the greatest of all giants as a merchant and is pretty much untouchable regardless of wether they accept Bitcoin or not. If Bitcoin keeps growing to where it is large enough it's probably only a matter of time before Amazon starts accepting them though. I'm sure the benefits will present themselves clearly over time and they'll regret not getting in sooner. I bet they're watching Overstocks acceptance of them quite closely. |
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bryant.coleman
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May 04, 2014, 11:34:57 AM |
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They'll never get anywhere close to Amazon. Amazon is the greatest of all giants as a merchant and is pretty much untouchable regardless of wether they accept Bitcoin or not. If Bitcoin keeps growing to where it is large enough it's probably only a matter of time before Amazon starts accepting them though. I'm sure the benefits will present themselves clearly over time and they'll regret not getting in sooner. I bet they're watching Overstocks acceptance of them quite closely.
I don't think that Amazon is untouchable. Overstock revenues are growing at around 30% per year, while the Amazon revenues are growing more slowly. It is just like the Yahoo vs Google battle during the 2000-2003 period. |
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hilariousandco
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May 04, 2014, 11:38:26 AM |
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They'll never get anywhere close to Amazon. Amazon is the greatest of all giants as a merchant and is pretty much untouchable regardless of wether they accept Bitcoin or not. If Bitcoin keeps growing to where it is large enough it's probably only a matter of time before Amazon starts accepting them though. I'm sure the benefits will present themselves clearly over time and they'll regret not getting in sooner. I bet they're watching Overstocks acceptance of them quite closely.
I don't think that Amazon is untouchable. Overstock revenues are growing at around 30% per year, while the Amazon revenues are growing more slowly. It is just like the Yahoo vs Google battle during the 2000-2003 period. They might be growing by a decent percent but I doubt Overstock will ever be a threat to them. What is their actual revenue compared to Amazon's though? |
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Lethn
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May 04, 2014, 12:50:02 PM |
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I'm actually really glad to hear that they DO hold on to atleast 10% of their bitcoins which is actually really amazing given the fact that bitcoin prices have been bipolar recently...
People keep complaining about Bitcoin volatility but looking at what's going on now in the global market I would rather have something that goes up and down but stays valuable as opposed to something that is getting devalued every second. |
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bryant.coleman
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May 04, 2014, 12:50:38 PM |
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They might be growing by a decent percent but I doubt Overstock will ever be a threat to them. What is their actual revenue compared to Amazon's though?
Revenues are far off. For Overstock it is only about $1.3 billion per year. Amazon is having revenues of around $75 billion. Not impossible to catch up, but far way off.  |
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Ripdon007 (OP)
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May 04, 2014, 05:20:15 PM |
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Smart move. Give em 2 years and they'll leave Amazon in the dust.
Amazon really is THE giant of our times... even with bad quarterly results the wallstreet still loves them... they are here to stay for a long long time.. |
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hilariousandco
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May 04, 2014, 06:40:43 PM |
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They might be growing by a decent percent but I doubt Overstock will ever be a threat to them. What is their actual revenue compared to Amazon's though?
Revenues are far off. For Overstock it is only about $1.3 billion per year. Amazon is having revenues of around $75 billion. Not impossible to catch up, but far way off. Yeah, thought as much. Suddenly that 30% growth doesn't seem that much compared to Amazon, but I wish them all the best. I really admire their CEO and even more-so after he got his company to accept BTC. |
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ElCamaleon
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May 05, 2014, 12:29:57 PM |
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What I hope is that you can buy abroad. There are many things I would like to buy at Overstock, and I've been waiting for months, but live outside USA is a shame.
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Rygon
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May 05, 2014, 02:08:54 PM |
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Smart move. Give em 2 years and they'll leave Amazon in the dust.
Amazon really is THE giant of our times... even with bad quarterly results the wallstreet still loves them... they are here to stay for a long long time.. Wall Street keeps pumping the cash into Amazon, so they can afford to push out competitors by offering lower prices, even at a loss. I always check Overstock before buying something at Amazon, but most of the time they don't even have the same thing in stock. And if they do, the price isn't even close to what Amazon is charging. I'm sure Overstock beats Amazon in some categories, I just haven't figured out what they are yet. :-/ |
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bryant.coleman
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May 05, 2014, 03:27:35 PM |
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Wall Street keeps pumping the cash into Amazon, so they can afford to push out competitors by offering lower prices, even at a loss. I always check Overstock before buying something at Amazon, but most of the time they don't even have the same thing in stock. And if they do, the price isn't even close to what Amazon is charging. I'm sure Overstock beats Amazon in some categories, I just haven't figured out what they are yet. :-/
Sad to hear this. We all know that the wall street is hostile to Overstock. They are facing problems regarding access to banks and similar stuff. |
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