California legalize bitcoin and STARBUCKS / AMAZON will use them.

[mocrotasje]

http://www.latimes.com/local/political/la-pc-brown-legis-20140628-story.html
http://www.theverge.com/2014/6/29/5854838/california-bill-legalizes-alternative-currencies-like-bitcoin-and-dogecoin
http://www.ibtimes.co.uk/cryptocurrency-round-california-embraces-bitcoin-silk-road-auction-dogecoins-mcshibe-1454674

http://researchthetopic.wikispaces.com/file/view/neil%20armstrong%20rocket.GIF/369172186/384x288/neil%20armstrong%20rocket.GIF

We are the new wealthy elite plz quote this in 4 years.

[mocrotasje]

No one cares about good news ?
haha fucking bear forum.

[blatchcorn]

PANIC BYUING!!!!!!!!!!!!!!

[bananaControl]

No one cares about good news ?
haha fucking bear forum.

Besides gox and china there haven't really been ANY BAD news for the last half year. Also, it was already on reddit yesterday or something.

[bitcon]

bad news bears?

[BetMoose]

Where does it say Amazon/Starbucks will use them? It just says they also have 'alternative payment methods'...

Relevant wager about this:

___________

Amazon will accept Bitcoin by end of 2014Options: Yes, without discounts | Yes, with discounts | No

[jbrnt]

I am usually skeptical when I read these kind of news on not-so-reputable sites.
So, I googled it. It is on reuters too!

http://www.reuters.com/article/2014/06/24/us-usa-california-bitcoin-idUSKBN0EZ07O20140624

It said the bill now goes to California Governor Jerry Brown, a Democrat, for his approval or veto. Is he likely to pass the bill?

[Torque]

Now if we can just get Nevada onboard.  Think of the explosion of bitcoin usage when you can use it to gamble in every casino in Vegas!  All those thousands of slot machines retrofitted to accept a quick btc deposit! Woot!

[zimmah]

Where does it say Amazon/Starbucks will use them? It just says they also have 'alternative payment methods'...

he probable means this:

“In an era of evolving payment methods, from Amazon Coins to Starbucks Stars, it is impractical to ignore the growing use of cash alternatives,” Dickinson said in a recent statement.

but that does not mean Amazon and Starbucks accept bitcoin, it just means their 'point systems' are no legal currency or something, just like bitcoin.

[Raystonn]

I am usually skeptical when I read these kind of news on not-so-reputable sites.
So, I googled it. It is on reuters too!

http://www.reuters.com/article/2014/06/24/us-usa-california-bitcoin-idUSKBN0EZ07O20140624

It said the bill now goes to California Governor Jerry Brown, a Democrat, for his approval or veto. Is he likely to pass the bill?

He signed it this weekend.

[wobber]

If Starbucks, Amazon and eBay altogether start to accept bitcoin, this means almost nothing. Just a small fraction of BTC owners will use to buy goods, rest holds and speculates.

Also, all bitcoins will be sold on exchanges, neither Amazon or Starbucks will hold a single BTC for more than 30days.

So this would mean nothing. Maybe some good publicity and bigger sell volumes on exchanges.

[Habeler876]

I haven't seen anything about Starbucks or Amazon.... just the bill that Jerry Brown signed. I have heard rumors of Amazon bidding on some of the SR coins -- any links to anything about that?

[inca]

If Starbucks, Amazon and eBay altogether start to accept bitcoin, this means almost nothing. Just a small fraction of BTC owners will use to buy goods, rest holds and speculates.

Also, all bitcoins will be sold on exchanges, neither Amazon or Starbucks will hold a single BTC for more than 30days.

So this would mean nothing. Maybe some good publicity and bigger sell volumes on exchanges.

Not sure you understand the world we live in.

If a tranche of giant internet and main street companies start accepting bitcoin then there will be a stepwise increase in its utility and it will suddenly become globally legitimised in the eyes of the public. Overnight there will be a complete change in coverage in the MSM, from slightly negative and hostile to positive. The little b sign will be ubiquitous.

The biggest secret of bitcoin are its economic strengths - a deflationary commodity money with fixed inelastic supply. That secret has been leaking out for the last five years.

The world ran on commodity money from the beginning of time until 1971. Every year between 1971 and now has been an aberration.

What do you think the tech savvy youth of the world are going to want to save there funds in when they re-discover deflationary commodity money? You think people like holding fiat in a bank at 0%? ZIRP is great for bitcoin.

Nothing is set in stone but sometimes it pays to look at the big picture and slightly longer timeframes than the typical daytrader.

[Robert Paulson]

ebay can't accept bitcoin, bitcoin doesn't currently support more than 7 transactions per sec.

[Bernard Lerring]

Maybe not directly, but what if you could pre-load a Paypal/eBay/Bitpay account with enough to cover whatever you're bidding on? Once the money's transferred into your eBay account/eBay cash pool it could be managed with eBay software until your change is spat back out onto the blockchain.

[Robert Paulson]

Maybe not directly, but what if you could pre-load a Paypal/eBay/Bitpay account with enough to cover whatever you're bidding on? Once the money's transferred into your eBay account/eBay cash pool it could be managed with eBay software until your change is spat back out onto the blockchain.

and then ebay turns into a bitcoin bank, next thing you know they start printing ebay "bitcoins" just like banks print fiat today.

[Bernard Lerring]

This would only be a problem if BTC value was volatile while your balance was with eBay. If it goes mainstream then it's predicted that volatility will settle (eventually).

Anyway, to go mainstream as a day to day shopping currency it seems third party companies like Bitpay/Amazon coin will be needed.

[Robert Paulson]

This would only be a problem if BTC value was volatile while your balance was with eBay. If it goes mainstream then it's predicted that volatility will settle (eventually).

Anyway, to go mainstream as a day to day shopping currency it seems third party companies like Bitpay/Amazon coin will be needed.

its a problem regardless of the bitcoin volatility.
one of the core principles of bitcoin is that there will never be more than 21 million of them.
if we start accepting off chain ebay bitcoins that means ebay can create as many of them as it wants.
if people wanted an inflatable currency we already have it, its called the USD.

[zimmah]

If Starbucks, Amazon and eBay altogether start to accept bitcoin, this means almost nothing. Just a small fraction of BTC owners will use to buy goods, rest holds and speculates.

Also, all bitcoins will be sold on exchanges, neither Amazon or Starbucks will hold a single BTC for more than 30days.

So this would mean nothing. Maybe some good publicity and bigger sell volumes on exchanges.

you're an idiot.

first of all, neither Amazon not Starbucks confirmed they have plans to use bitcoin. (eBay neither, but the ceo of eBay is pro-bitcoin so Ebay is likely to accept it)

also it would mean a lot, even if they sell all their coins (which is not even a given fact, as overstock does not do that either and neither of those companies have the need to do that either, as they can spare a few % to hold in bitcoin and speculate). It would still generate more volume and demand, plus a lot of publicity and perceived legitimacy.

More sell pressure will be countered by all the people who bought bitcoins to spend at starbucks/amazon/eBay and most smart bitcoin owners will buy their bitcoins back right after spending them (f they have any fiat left on the bank of course).

[UnDerDoG81]

Why legalize? Are bitcoins illegal in us?