Overstock.com to accept Bitcoin

From: Lynn Dixon 
------------------------------------------------------
Overstock.com is set to become the largest US Retailer to accept Bitcoin:

http://money.cnn.com/2013/12/20/technology/innovation/overstock-bitcoin/index.html

Overstock is expected to have 1.3 billion in revenues in 2013.

I like this quote from their CEO:
"We're the guys who like gold," he said. "We think the monetary base should
not be something that a government can create with a stroke of a pen."

=============================================================== From: Stephen Kraus ------------------------------------------------------ So....Overstock.com has a Libertarian CEO.

=============================================================== From: William Roush ------------------------------------------------------ And notices a very tasty (mostly) untapped market. Also helps feed the deflation of BitCoin if he's using it as an investment platform. William Roush william.roush@roushtech.net http://www.roushtech.net/blog/

=============================================================== From: Lynn Dixon ------------------------------------------------------ Well... that didn't take long to get silly. Libertarian or not, its hard to dispute their success as a company. 1.3 billion in one year is doing pretty good.

=============================================================== From: Stephen Kraus ------------------------------------------------------ Quick note, I read a couple of the articles about this. They will accept Bitcoins...but will immediately convert the coins to dollars, and cash out. Once again showing that Bitcoin, while a neat medium of exchange, is nothing more than a carrying stock for the USD. If Overstock.com could not turn Bitcoins into USD, it would see no reason to accept them no doubt. And William: Bitcoin already suffers from hyperdeflation, deflating it MORE is not a good thing. And just a quick glance at Bitcoinity's Market page says that after losing HALF of its overall value, it hasn't regained more than a tenth of the lost value.

=============================================================== From: William Roush ------------------------------------------------------ Figured that's what they'd be doing, it's the only way to run a business off of BitCoins with the market so volatile, it'll also be annoying (for customers and developers, I've never had to work with a checkout system that had to run up to the minute currency conversions due to how volatile a currency is) with the BitCoin price fluctuating between browsing and checkout. Basically: OverStock isn't interested in buying drugs, or converting it's tangible goods into market speculation capital, and the market outside of those to a large corporation doesn't really exist... so straight to USDs it'll go. All it REALLY wants is money from the untapped $6b in BitCoins right now. Well if you have a ton of BitCoins, continuing to deflate it is a wonderful thing, simple market manipulation tactics. Yeah it's bad for the long-term trust of the currency, but you don't actually care about that if you're fueling the gravy train, and cashing out before it crashes. William Roush william.roush@roushtech.net http://www.roushtech.net/blog/

=============================================================== From: Stephen Kraus ------------------------------------------------------ True. Good point Wade On Dec 21, 2013 11:33 PM, "William Roush" wrote: