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[WIRED] The Grand Experiment Goes Live: Overstock.com Is Now Accepting Bitcoins - Page 3

post #21 of 35
Quote:
Originally Posted by whtchocla7e View Post

To be technical... Overstock doesn't accept bitcoins. They just give you a way to convert funds directly on their website. They don't keep any bitcoin assets themselves.

I don't know if this is such a good thing. It's basically telling people 'we don't believe in your money but we have a 3rd willing to take on the gamble'...

Well, yes...and no...
They basically say, if you guys wanna play with coinbase and have him give me USD for less % fee than VISA/MasterCard etc systems, by all means, go on!

In a way credit cards take your "promise" in USD, make it credit USD, and pay real USD to the vendor in return for a net % fee on the vendor's end, and a interest rate in case you delay keeping your promise paying back in time, and in real USD.

Coinbase replaces "credit USD", with "BTC" i.e. an arbitrary set "value", a "promise of value", and keeps a smaller % fee from both seller & buyer (each transaction).
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post #22 of 35
Quote:
Originally Posted by Syan48306 View Post

http://www.wired.com/business/2014/01/overstock-bitcoin-live/

So it just went live. Someone actually delivered on their promise to implement bitcoins.

EDIT:
https://help.overstock.com/app/answers/detail/a_id/5794/c/4


His comments on big banks and following through on his beliefs has made me decide to shop at their site.
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post #23 of 35
Bitcoin just got real "real". thumb.gif
Quote:
Originally Posted by HexATL View Post

https://www.ltcasics.com/

You can do this already.
I have cashed out over 100$ on that site.
I got my digital amazon codes within 1 hour of purchase.
Which stack ... and never expire once in your account.

To be fair, that site is unknown to people without any cryptocurrency knowledge.

Having "Bitcoins Accepted" site that is as large as Overstock is basically the best publicity possible
Quote:
Originally Posted by whtchocla7e View Post

To be technical... Overstock doesn't accept bitcoins. They just give you a way to convert funds directly on their website. They don't keep any bitcoin assets themselves.

I don't know if this is such a good thing. It's basically telling people 'we don't believe in your money but we have a 3rd willing to take on the gamble'...
If you pay in USD when in another a country, they convert your money too.
Edited by AlphaC - 1/9/14 at 5:26pm
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post #24 of 35
Still super pissed I skipped the Bitcoin thing when it was easy/cheap to get them. I mean...damn...I could be filthy rich right now but nooo I gotta be a broke mofo instead.
post #25 of 35
Intellectual property is the only thing I see as a semi-tangible "good" that can be transferred as quickly as the digital form of any currency.

I know this line of thought is running completely against everything I stand for as far as my track record would indicate considering the way intellectual property (hereto after referred to as IP) is being treated legally as of this current day, so let me explain further. The current push in intellectual property is to take every single new concept and turn it into something protected by the patent or copyright system. If the trend continues, laws will probably change to extend the length of time it takes for a patent to expire, and eventually every idea that has not intentionally been placed into public domain will become some kind of commodity.

It will not be an amount of time worth disregarding before processes like detecting infringement and reviewing submitted innovations will become completely automated. Essentially a market for IP will form and become regarded as analogous to the stock market we know due to the ease of comparing it's economic parameters against other IP.

All that will be needed after this becomes established is for enough ideas to fall under indefinite proprietary status, at which point there will be enough of them for everyone to trade and barter them for their value in terms of what supply and demand of real goods requires of them for legal production. At which point the concept of currency, which entails agreeing that something has intrinsic value simply because we need something to trade easily that has value, will become inferior to the more accurate valuing system of economic analysis of the supply and demand of real goods.

Go ahead and call me nostradummus. I suppose that even though this far-fetched idea has certain aspects which people like me consider complete eradication of the free world (as far as what is left of it in a philosophical sense) as we know it, I view it as the silver lining on the storm of endless regulation and rampant corporatyrany that would otherwise destroy my hope in the collective society that seems relentless in it's advance upon us.

But I digress, heavily. I'll be buying bitcoins from now until their value has increased by roughly 50% of what it has been hovering around, or until I have heard from a select few people in my life whom I have instructed to inform me when they have heard of bitcions from a source other than me. Then I will hold them as a long-term investment, and see what happens. I might just keep them as a family heirloom to pass on to the year 2140.
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post #26 of 35
Quote:
Originally Posted by AndroidVageta View Post

Still super pissed I skipped the Bitcoin thing when it was easy/cheap to get them. I mean...damn...I could be filthy rich right now but nooo I gotta be a broke mofo instead.

Aren't we all?

When they first came out I was sitting there with a couple thousand in play money going.........

"Buy about 10,000 bitcoins or a TV?"'

Guess what I didn't do? I was making fun of all the loons who were buying into this "scam", and who where going to "lose every penny".

I will not make that same mistake with Litecoin, I already am in the process of building a quad 7970 rig to mine them. That being just the start! I should have a 3 or 4 M/h Litecoin rig going by months end.
    
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post #27 of 35
Quote:
Originally Posted by PostalTwinkie View Post

Aren't we all?

When they first came out I was sitting there with a couple thousand in play money going.........

"Buy about 10,000 bitcoins or a TV?"'

Guess what I didn't do? I was making fun of all the loons who were buying into this "scam", and who where going to "lose every penny".

I will not make that same mistake with Litecoin, I already am in the process of building a quad 7970 rig to mine them. That being just the start! I should have a 3 or 4 M/h Litecoin rig going by months end.

Oh man I know...we could be flippin millionaires right now but noooooooooo I had other more important stuff to buy (stuff that I don't even own anymore because it's outdated).

I mean, at the end of the day, how could we have known? So I'm not TOO terribly upset about it...but still...it's just...yeah...dammit...
post #28 of 35
Quote:
Originally Posted by AndroidVageta View Post

Oh man I know...we could be flippin millionaires right now but noooooooooo I had other more important stuff to buy (stuff that I don't even own anymore because it's outdated).

I mean, at the end of the day, how could we have known? So I'm not TOO terribly upset about it...but still...it's just...yeah...dammit...

you cant see the future. there's opportunities right now that will explode later on, putting you in the same position as "when bitcoins cost cents".
Yet you will do nothing about it, because you don't know what the opportunity is..
post #29 of 35
Quote:
Originally Posted by felon View Post

you cant see the future. there's opportunities right now that will explode later on, putting you in the same position as "when bitcoins cost cents".
Yet you will do nothing about it, because you don't know what the opportunity is..

That's just it, I knew what Bitcoin was, my previous statement was my real situation. My ONE big reason for not buying into was that the Feds threatened to shut it down if it took off, since in the U.S. you can't have any other currency that is "official" or what have you. I told myself "The Feds will shut this down, because it is illegal under U.S. law, so what is the point?" and bought that damn TV!

Even though I had a suspicion they wouldn't be able to shut it down, because of how it works......

I am a damn fool sometimes!

I guess I kick myself in the butt a bit because I literally could have been sitting on over $10,000,000 in cash, had I sold at the $1200 high point, minus various fees.
    
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post #30 of 35
Quote:
Originally Posted by PostalTwinkie View Post

That's just it, I knew what Bitcoin was, my previous statement was my real situation. My ONE big reason for not buying into was that the Feds threatened to shut it down if it took off, since in the U.S. you can't have any other currency that is "official" or what have you. I told myself "The Feds will shut this down, because it is illegal under U.S. law, so what is the point?" and bought that damn TV!

Even though I had a suspicion they wouldn't be able to shut it down, because of how it works......

I am a damn fool sometimes!

I guess I kick myself in the butt a bit because I literally could have been sitting on over $10,000,000 in cash, had I sold at the $1200 high point, minus various fees.

You must really hate that TV. There are a lot of things in life like that. Also how the hell do you trade 10M worth of BTC?
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