Overstock.com to accept Bitcoin for payment in 2014

Holdfast said:
Ahh...I'm sick of Bitcoins on this Silver Stacker Forum.

I'm sick of sponsors pumping Bitcoin for their own benefit.

So much so...I'm not going to support those sponsors who continually "push" Crypto currencies.

From today...you will not get my fiat for your metal...there's plenty of other dealers who are happy to sell metal and adopt a neutral stance.

This is a silver stacker forum (Precious Metals).


H
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Well, maybe you should refrain from visiting this sub forum.
It is called DIGITAL CURRENCIES for a reason.
Also, I am pretty sure the sponsors you are talking about are expressing a personal opinion and not talking in the name of their business - but I'll them clear it up for you.
This comes across as pretty childish IMO, all you need to do is not visit this section of the forum.
 
Holdfast said:
Ahh...I'm sick of Bitcoins on this Silver Stacker Forum.

I'm sick of sponsors pumping Bitcoin for their own benefit.

So much so...I'm not going to support those sponsors who continually "push" Crypto currencies.

From today...you will not get my fiat for your metal...there's plenty of other dealers who are happy to sell metal and adopt a neutral stance.

This is a silver stacker forum (Precious Metals).


H
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I'm just wondering who forced you to visit the "Digital Currencies" sub-forum? Is someone holding a gun to your head ?

This thread in particular should have been pretty easy to avoid, it even has the word Bitcoin in the title.

And if you use the "New Posts" button, you can even use the 2nd column there to see what subforum the thread is in.

And if that still fails, there is always the "Delete Account" option
 
Credit Crunch said:
beeteecee said:
Credit Crunch said:
^ the retailer received $2,000 or 4 bitcoin at the sale, but then a week later refunds the 4 bitcoins which are then worth $4,000 - hence the retailer is out $2,000.
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Apologies, I had misunderstood. I guess I could add on to what Emanance mentioned and say that retailers have the freedom to run things however they would like - either offer no refunds, or fiat value refunds, or bitcoin value refunds, or partial refunds. If the customers don't like it, they'll go somewhere else.
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In Australia, consumers have a legal right to refunds (albeit under certain conditions that dont include "i dont want it anymore"). So if a product is faulty for example, its the businesses last one in stock, they have to offer a refund by law...but a refund in what? dollars? or the means by which you paid ie bitcoins? It becomes a bit of uncharted waters.
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It's amazing how fast a customer can find a skewed interpretation of consumer law to cover what at the end of the day was their own hasty decision. Had guy come into work the other day who bought a big ticket item last week that dropped in price overnight by a few hundreds of dollars in the boxing day sales (we start them early). Basically threw a tantrum saying we would hear from his lawyers & he'd attack us on social media if we didn't take the item back and re invoice it at the cheaper price. Got his way in the end. Wish I could do that on BTC-E when a trade don't go my way. When I used to work for a company that mostly dealt in web based sales, just as many people would find a way to make their decisions work out for themselves, mostly when they found out that they would be up for the cost of shipping the goods back to the warehouse, and the fact that our warehouse manager would happily reject the returned item delivery coming back from the customer if the goods weren't packed correctly or damaged during transit. In many ways new technology like the shift from bricks & mortor stores to web based retail, along with non reversible 2 party payment methods like bitcoin, will go a long way to rebalance the scales as far as businesses are concerned.
 
Bitcoin is currently volatile and unsuitable for most businesses to keep as a store of wealth.
As we stack silver here: Look at what has silver and gold have done in the last year compared with bread, milk and rice prices?.
How would a companies profits look if silver was their store of wealth?. Peter Schiff surely won't independently mention this aspect.

The above aspect aside, I find it incredibly bullish for Bitcoin that many people within the precious metals stacking community don't get it.
These people in general should have more chance than the greater public due to an interest in money/currencies.
As we approach 2014, there is much confusion regarding Bitcoin and that is exciting, IMHO. Early days indeed.
 
Holdfast said:
Ahh...I'm sick of Bitcoins on this Silver Stacker Forum.

I'm sick of sponsors pumping Bitcoin for their own benefit.

So much so...I'm not going to support those sponsors who continually "push" Crypto currencies.

From today...you will not get my fiat for your metal...there's plenty of other dealers who are happy to sell metal and adopt a neutral stance.

This is a silver stacker forum (Precious Metals).

H.
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Keep supporting that beloved Fed fiat. Some of us are interested in alternatives with 21st century utility.
I gather you don't get annoyed at threads regarding the Fed fiat currencies of the world or threads on music choice etc.
 
Buzz
Load of Bullion said:
Bitcoin is currently volatile and unsuitable for most businesses to keep as a store of wealth.
As we stack silver here: Look at what has silver and gold have done in the last year compared with bread, milk and rice prices?.
How would a companies profits look if silver was their store of wealth?. Peter Schiff surely won't independently mention this aspect.

The above aspect aside, I find it incredibly bullish for Bitcoin that many people within the precious metals stacking community don't get it.
These people in general should have more chance than the greater public due to an interest in money/currencies.
As we approach 2014, there is much confusion regarding Bitcoin and that is exciting, IMHO. Early days indeed.
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indeed early days..That's what makes it more exciting..I have spoken with many people so far and the few who have heard of it BTC have only listened to mainstream media which paints a very negative view obviously as they have no gain in promoting it..I think we will be having a very different discussion in 12 months..and for those of us who have been in it will be of a positive nature..
 
Load of Bullion said:
Holdfast said:
Ahh...I'm sick of Bitcoins on this Silver Stacker Forum.

I'm sick of sponsors pumping Bitcoin for their own benefit.

So much so...I'm not going to support those sponsors who continually "push" Crypto currencies.

From today...you will not get my fiat for your metal...there's plenty of other dealers who are happy to sell metal and adopt a neutral stance.

This is a silver stacker forum (Precious Metals).

H.
Click to expand...

Keep supporting that beloved Fed fiat. Some of us are interested in alternatives with 21st century utility.
I gather you don't get annoyed at threads regarding the Fed fiat currencies of the world or threads on music choice etc.
Click to expand...

those who fail to let go of old ideas will get left behind..I was a sceptic of BTC when I seen it crash to 1c and thought..see..I was right..NOW? eyes and mind open folks..the world never stays the same therfore to say you KNOW is to form a rigid perception of the world..rigid things break under the slightest pressure..be flexible and move with it! ;)
 
Bullion Baron said:
Businesses need a stable currency, not necessarily a long term store of value and especially not a currency that can drop 50% in a matter of days.
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Stating the bleeding obvious here (again, a sign of poor understanding). Obviously, Bitcoin is very young and too volatile at the moment. That is why this problem has been sorted out via Bitpay and no doubt there are other options coming.
Obviously, currencies such as the USD or AUD provide better stability. Obviously, they are the superior choice by far compared to Bitcoin at this time for most companies.

Bitcoin is not perfect, nor is it competing with perfect. Bitcoin is not 'Supercurrency', the theoretical ultimate solver of all the worlds financial problems.

Would you suggest silver is an alternative for businesses?. I shudder to think what a companies books would look like considering silvers ups and downs.
Bullion Barron & Peter Schiff would never independently point this out for people. The waggling finger is reserved for Bitcoin only.
The silver market surely has it's share of speculators. I'm a part of that aspect.

Bitcoin's utility is in the early stages and but growing like a little infant. It will be interesting to see how things play out over the coming decades.
 
Load of Bullion said:
Bullion Barron & Peter Schiff would never independently point this out for people.
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Bullion barron, If you are independently pointing out the flaws of silver without a challenge from the likes of me, as they pertain to arguments against Bitcoin, I salute you.

I'm yet to hear Peter Schiff apply some of his arguments against Bitcoin to the metals he sells.

I have not read all your posts. Like Bitcoin and silver, I am not perfect.


Edit>>> Metals vs Bitcoin is a bit of a crazy mix, physical vs digital! Lol. Similar but "not" also. Not worth a whole lot of comparison. The markets decide value, bubbles and all.
In 2011 people were prepared to pay $48 dollars plus premiums for standard 999 silver 1oz coins. Worth it?. Would I pay that today?. What changed?.
 
Overstock Just went live with their acceptance of payment in Bitcoin: http://www.overstock.com/bitcoin?TID=PRODPG:Bitcoin

Every product now has a "Buy Now with Bitcoin" button prominently displayed beneath each & every product.

The buzzosphere has just started spruiking the news in the last hour and already Bitcoin has climbed $60 on the news.
 
Overstock say bitcoin spenders have spent $500,000 USD worth of items since January 9th. according to a Forbes report.
Below is the list of items bitcoin users are spending most of their bitcoins on via Overstock.com.

1. Sheets

2. Cell Phone Accessories

3. A/V Accessories

4. Appliances

5. Computer Accessories

6. Computers

7. Men's Shoes

8. Hard Drives

9. Bedroom Furniture

10. Keyboards & Mice

11. Men's Watches

12. Computer Hardware

13. Storage & Blank Media

14. Living Room Furniture

15. Shirts

16. Perfumes & Fragrances

17. Networking

18. Cookware

19. Memory Cards

20. Towels

21. Area Rugs

22. Computer Components

23. Decorative Accessories

24. Fiction Books

25. Lighting & Ceiling Fans

Source: http://www.forbes.com/sites/erikamo...at-bitcoin-users-are-buying-on-overstock-com/
 
Sheets!?

Where is the drug paraphernalia and sex toys on that list? You could almost claim that Bitcoin is being used by normal people! Oh wait..
 
Very interesting, thanks!
I am not really surprised though, people who bought at say $10, can spend a few bitcoins for everyday stuff. :)
 
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