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Giant US Retailer to Accept Bitcoin

George Washington's picture




 

Overstock.com – the American internet retailer with over a billion dollars per year in sales – will accept Bitcoin starting in 2014.

As Overstock CEO Patrick Byrne told the Financial Times:

I think a healthy monetary system at the end of the day isn’t an upside down pyramid based on the whim of a government official, but is based on something that they can’t control.

 

If there’s going to be some part of the population which adopts it… I think that we’ll get that business. And the people who switch to it will respect that we started adopting it.

Europe has rolled out its first Bitcoin ATM. And a bitcoin ATM in Vancouver, Canada did $1 million dollars worth of transactions within the first 29 days.

Mobile gift card company Gyft – which allows users to purchase gift cards at more than 50,000 retail locations in the U.S., including Brookstone, Lowe’s, GAP, Sephora, Gamestop, American Eagle, Nike, Marriott, Burger King and Fandango – partnered with BitPay earlier this year to start accepting bitcoins within its app.

According to the Bank of England’s Chief of Financial Stability, this may be a big step towards breaking up the monopoly of the too big to fail banks.

 

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Sat, 12/21/2013 - 08:37 | 4266381 Loan Gunman
Loan Gunman's picture

Aren't you going to have a heck of a time finding someone who accepts the alt coins...at the present time?  I'm just getting into alternative currencies, haven't bought any yet.  I'll get my head around it but it will take time.  

Fri, 12/20/2013 - 22:22 | 4265940 Zero-risk bias
Zero-risk bias's picture

overstock.com? That pretty much says it all.

Not meaning to besmirch any form of money/currency, but who wants anything from there? Seriously?

Sat, 12/21/2013 - 11:01 | 4266496 Jumbotron
Jumbotron's picture

I didn't even know they still existed. 

Welcome to Pets.com, Overstock.  If you are THAT desperate for cash and / or brand recognition to accept Shitcoin......then I suppose that says it all.

Sat, 12/21/2013 - 10:19 | 4266457 Bendromeda Strain
Bendromeda Strain's picture

Poor Patrick Byrne, desperately trying to become relevant. On the bright side, anyone moaning about future bitcoin short sellers will have a shoulder to cry on.

Fri, 12/20/2013 - 19:24 | 4265555 Kina
Kina's picture

Don't know why so many act so butt fucked over Bitcoin. Acting exactly like the establishment.

 

I can see the problems with Bitcoin, but recognise it as legitimate and useful, once it goes through its growing pains, survives and stabalises. I don't have any, don't plan to get any soon. But set up bitcoin mining to see what was involved and quickly saw that it is a wast of money trying to mine bitcoins without some decent computer power...so closed down that exercise.

 

Bitcoin will be just another way to hold some money out of the system...and way to transact. But does have some vulnerabilities that as for all monied things people need to be aware of.

Fri, 12/20/2013 - 19:59 | 4265624 CH1
CH1's picture

Don't know why so many act so butt fucked over Bitcoin. Acting exactly like the establishment.

And the insane NSA stuff... honestly, I think it's FUD.

Fri, 12/20/2013 - 20:25 | 4265684 Evil Bugeyes
Evil Bugeyes's picture

http://www.reuters.com/article/2013/12/20/us-usa-security-rsa-idUSBRE9BJ...

(Reuters) - As a key part of a campaign to embed encryption software that it could crack into widely used computer products, the U.S. National Security Agency arranged a secret $10 million contract with RSA, one of the most influential firms in the computer security industry, Reuters has learned.

Fri, 12/20/2013 - 21:25 | 4265813 CH1
CH1's picture

Wow... that proves everything!

Sat, 12/21/2013 - 04:05 | 4266254 the tower
the tower's picture

The NSA already has access to SWIFT so they can see each and every transaction, nationally and internationally. Not an argument for or against Bitcoin.

Fri, 12/20/2013 - 18:48 | 4265500 steveo77
steveo77's picture

parabolic rise in shark attacks around Hawaii as flotsam is detected also.

http://nukeprofessional.blogspot.com/2013/12/bubble-in-tiger-shark-attacks-makena.html

Fri, 12/20/2013 - 18:47 | 4265496 nmewn
nmewn's picture

BitSteria!

Buy BitStawks!!!

Sat, 12/21/2013 - 05:40 | 4266287 Element
Element's picture

 

 

Give a little bit
Give a little bit of your love to me
Give a little bit
I'll give a little bit of my love to you
There's so much that we need to share
Send a smile and show you care
 
I'll give a little bit
I'll give a little bit of my love to you
So give a little bit
Give a little bit of your time to me
See the man with the lonely eyes
Take his hand, you'll be surprised
 
Give a little bit
Give a little bit of your love to me
I'll give a little bit of my love for you
Now's the time that we need to share
So find yourself, we're on our way back home
 
Going home
Don't you need to feel at home?
Oh yeah, we gotta sing  
Supertramp iPO
Fri, 12/20/2013 - 17:38 | 4265347 Evil Bugeyes
Evil Bugeyes's picture

Nakamoto, SAtoshi = NSA ?

Fri, 12/20/2013 - 20:34 | 4265708 TheHound73
TheHound73's picture

Yup, run away as fast as you can and hide as best as you can.

Fri, 12/20/2013 - 21:25 | 4265816 CH1
CH1's picture

The NSA must have put GW on its troll list.

Sat, 12/21/2013 - 03:04 | 4266226 TheHound73
TheHound73's picture

Think it's time to turn off our computers for good?  Just to be safe, do I have to unplug it from the wall, too?

Sat, 12/21/2013 - 11:36 | 4266518 Jumbotron
Jumbotron's picture

That won't help.

Have you seen the wireless chargers for phones lately ?  A little black pad that you place your phone on and the power from the black pad travel wirelessly into your phone's batteries.

http://www.getpowerpad.com/

http://www.powermat.com/

 

Well......I've seen a demo of that but at longer ranges where they wirelessly send enough juice to a computer on the other side of a wall to turn it on just the hard drive and extract data.  This is an off shoot of the tech they use to turn on a computer that is turned off but still plugged into the mains. 

What many people don't realize is that the Ethernet standard....( that' the slightly wider phone type jack called ethernet cable or CAT 5 cable ) allows for power to travel along the cable to juice low power devices.  Same as USB and the newer interface standards such as Display Port and Thunderbolt.

You would just about have to disconnect every external AND internal power cable to your storage devices AND still may not be TOTALLY safe.

Besides.....you're screwed once you plug eveything back in and jack into the Net.

Have a beer, get online, shut things down for the night and rest peacefully knowing that if the Feds ever do snoop into your files that you included in EVERY document and email on your hard drive a text easter egg that says:

FUCK YOU NSA, CIA, FBI, IRS, HOMELAND SECURITY, and the FED.

LOL !!!

You also might want to install and learn to use and read the output of something like Wireshark and Ettercap.  These are great tools to snoop on any potential snoopers.  It's dense....but there is lots of help online and on Youtube to get you started.

 

http://ettercap.github.io/ettercap/

https://www.wireshark.org/

 

Also start here.

https://prism-break.org/

 

This is a list of free and open source software that can help as well.  But remember.....even though most of this software can be installed on Windows and Mac computers.....if you use those you are screwed from the start.  First things first.   USE LINUX.  If you don't......then don't worry about the rest.  Plain and simple.

Otherwise.....relax, have a beer and love your family and know ultimately you are on Prison Planet.  These regimes have a way of destroying themselves sooner or later.  Which history shows time and time again.  It just sucks to realize that we may be that unlucky generation to see it happen as when these regimes collapse they take a lot of innocent people with them.  That's why you love your family.....and RAISE and TRAIN them to rebuild the system from the ashes in a way as to mitigate the rise of the next Fascist regime......which will come, because that is human nature.  But maybe our kids and grandkids can lengthen the time out for that to happen again,

Fri, 12/20/2013 - 16:35 | 4265156 ultraticum
ultraticum's picture

Man this site has nearly been overrun with the normalcy-biased naysayers who fear resistance to the status quo (disguised as cynicism).  Most of the negative comments about Bitcoin reflect a near total ignorance of how it works, that a merchant can practically elminate exchange rate exposure if they want, etc.  I applaud Patrick Byrne for not being an lemming.  He is willing to take a risk; I'm sure more on the sake of principle than whether or not he is certain Bitcoin will work out long term.

Naysayers:  keep subsidizing the bankster cartel with 3%+ top line transaction fees on your beloved digital dollar fiat.  Once those with the cojones to resist from an early stage have worked out all the kinks in getting off the cartel debt-notes, we'll let you know.  Maybe that system will be Bitcoin, maybe it will be junk-silver, maybe gold-backed Renminbi . . . but we hope it will be some combination of non-fiat alternatives.

Sat, 12/21/2013 - 11:43 | 4266534 Jumbotron
Jumbotron's picture

Here is ALL you need to know about Shitcoin

You did NOT WORK to EARN Shitcoin.

You let a BACKDOORED GLORIFIED CALCULATOR which transmits data to and from Shitcoin servers through a BACKDOORED ROUTER to another BACKDOORED ROUTER(S) to be crunched and calculated until a special number deemed worthy by an individual is spit back through BACKDOORED ROUTER(S) along a totally captured INTERNET BACKBONE to your BACKDOORED ROUTER.....to your BACKDOORED CALCULATOR so you can run down to your local coffee bar....( the only one that accepts Shitcoin by the way ) to get your double shot espresso with frothed organic goat's milk......( by the way.....that was a goat milked by VIRGINS in Switzerland.....which means it's EXCEEDINGLY RARE )

THAT'S all you need to know about Shitcoin.  Money FROM and FOR absolutely NOTHING.

 

Sat, 12/21/2013 - 07:07 | 4266327 smacker
smacker's picture

Whatever alternatives to fiat currency emerge and however superficially successful they turn out to be, government can always step in and make transactions using them unlawful.

At that point, Bitcoin becomes nothing more than an underworld currency and the whole shooting match goes down the tubes. A lot of suckers lose a lot of money.

That is a reality.

THAT government has not yet stepped in and totally banned the use of Bitcoin tells me that it is watching the subject very closely to see how it develops and whether it should take control for its own benefit. For instance: many of us already know that governments would like to introduce digital currencies to enable ever more control over monetary transactions (automated audit trails etc).

Bitcoin may turn out to be exactly the embryo of such a system.

Sat, 12/21/2013 - 08:33 | 4266380 painlord-2k
painlord-2k's picture

"...government can always step in and make transactions using them unlawful."

They did it in Argentina and Zimbabwe (to say some) and it changed nothing.
They just drove the use of US$ underground but people continued to use US$ anyway.
Why? because they want eat every day, two-three times a day. 
People is always three skipped meals in a row from doing something illegal and 12 skipped meals in a row from doing a revolution.

Sat, 12/21/2013 - 08:33 | 4266379 painlord-2k
painlord-2k's picture

"...government can always step in and make transactions using them unlawful."

They did it in Argentina and Zimbabwe (to say some) and it changed nothing.
They just drove the use of US$ underground but people continued to use US$ anyway.
Why? because they want eat every day, two-three times a day. 
People is always three skipped meals in a row from doing something illegal and 12 skipped meals in a row from doing a revolution.

Fri, 12/20/2013 - 17:12 | 4265270 Seer
Seer's picture

[dp]

Fri, 12/20/2013 - 22:49 | 4265987 putaipan
putaipan's picture

muchless a total disregard for the good works of patrick byrne .....

Fri, 12/20/2013 - 17:11 | 4265268 Seer
Seer's picture

"but we hope it will be some combination of non-fiat alternatives."

Who is this "we" kemosabe?

The existing System is collapsing because there's insufficient growth.  Telling others what they ought to do in the face of this is a bit pretentious.

As I am all FOR diversity I couldn't agree more that there needs to be a combination.  I don't, however, wish to tip TPTB as to what "we" have decided lest they find a way to circumvent and or otherwise gain control (which is kind of how it's appearing now).

Sat, 12/21/2013 - 16:18 | 4266985 ultraticum
ultraticum's picture

As I mentioned in my comment, the "we" are the ones willing to take some risks to resist/disrupt the status quo.  If TPTB gain control - which everybody acknowledges as a potential threat, Bitcoin users will immediately go elsewhere:  most of them are participating in the crypto-currency movement based on principle, and a huge percentage of them are already hard money PM investors. 

 

And exactly how are TPTB gaining control, kemosabe?

Fri, 12/20/2013 - 17:00 | 4265244 Seer
Seer's picture

And the cheerleaders DON'T allow something as important as who/what is behind a currency to be discussed?  When are you going to ensure that it's illegal to question Bitcoin?

Is it NOT clear that fiat's days are numbered?  Sheesh!  I thought that it was widely known in these here circles that fiat only has a lifespan of about 41 years.  Quite interesting that now that the shortcomings of fiat are well too obvious that there's a magical "solution" "offerred." (and it comes on top of a handy state-controlled infrastructure to boot!)

The future is the past.  Barter...

Sat, 12/21/2013 - 01:08 | 4266149 Bunga Bunga
Bunga Bunga's picture

The average life expectancy for a fiat currency is 27 years.

http://www.resourceinvestor.com/2011/01/24/is-this-time-different-for-th...

Fri, 12/20/2013 - 16:43 | 4265186 Victorio
Victorio's picture

Just curious....

What determines the order of posts in the comments section?  It's certainly not chronological.

 

 

Fri, 12/20/2013 - 16:57 | 4265238 Prisoners_dilemna
Prisoners_dilemna's picture

Now im convinced you really are retarded.

Fri, 12/20/2013 - 17:14 | 4265280 Victorio
Victorio's picture

By convention the first "new" comment on a post would be seen first.  

The first comment of this post has been plcaced lower down the list.

Like I said, just curious, or retared or whatever...

ass

 

Fri, 12/20/2013 - 17:03 | 4265256 Seer
Seer's picture

There's a difference between REPLY and NEW, maybe that's the point?

Fri, 12/20/2013 - 14:32 | 4264625 NotApplicable
NotApplicable's picture

Given Patrick Byrne's outspoken past...

IRS/SEC/FinCen/your mom investigations into Overstock in 3.. 2.. 1..

 

Fri, 12/20/2013 - 15:13 | 4264793 Cannon Fodder
Cannon Fodder's picture

Or DHS will just drone strike'em...

Fri, 12/20/2013 - 16:56 | 4265232 Seer
Seer's picture

The final bit of evidence is to follow the money. Who is currently using and promoting bitcoin? One group is drug dealers. Sadly, the world's largest drug dealers are the CIA and NSA. This is a primary source of their hidden income. Another group promoting bitcoin is the military (such as the US Air Force). For those not familiar with the NSA, it is actually a branch of the military and has a very close relationship with the Air Force. Why else would the Air Force get involved in promoting a digital currency based on an NSA flawed encryption method?

Anyone thinking that Ronald Reagan and Ollie North wouldn't have given their left nuts for something like this are sadly mistaken.  Being able to utilize the power of the US military without a trace...  you know, when it's all cloak and dagger then all that it'll be is cloak and dagger- impossible to know the real truth.

Fri, 12/20/2013 - 14:29 | 4264603 One And Only
One And Only's picture

Bitcoin is dead you fucks. China banned it, didn't you hear? It's dead.

Fri, 12/20/2013 - 16:36 | 4265152 Seer
Seer's picture

As far as I can see it's still alive.

I doubt that it will cease to exist.

The ISSUE is whether it gains widespread adoption.  My belief is that widespread adoption is unlikely for these reasons:

1) General global decline in growth (less disposable wealth/incomefor things mostly available through tech-based avenues);

2) Reliance on highly controlled/controllable infrastructure (Internet);

3) Lack of infrastructure for the majority of humans on the planet;

4) Demographics- populations are aging- It's been my experience that it's a bit tougher to get older folks learn new tricks (keep in mind that it's the older folks that have the bulk of today's wealth).

It's posts like yours that kills any meaningful rebuttal to crypto-currencies' proponents when they claim that those who question it are anti-libertarian or, worse, PRO fiat (or, are dooming all of mankind!).

Sat, 12/21/2013 - 10:51 | 4266493 Matt
Matt's picture

I suspect it may take off more in developing countries, like Africa. #3 can be addressed by cell phones, which is how many places are leap-frogging past desktop computers and wired line internet access. Africa and a few other places also have growth, both economic and population, so lots of young people and more resource extraction to look forward to.

Heck, if we have a major bail-in in North America, I'm sure plenty of people will be looking for escape routes.

Fri, 12/20/2013 - 16:27 | 4265116 MeelionDollerBogus
MeelionDollerBogus's picture

the fiat exchanges are a ponzi. China wants to ensure that doesn't take hold in a corruption-rich environment.

On the other hand if this company can actually get goods trading for btc instead of the fiat-exchange ponzi bag-holder scam then perhaps something good will come of it.

It still needs the grid but the company needs to use the grid regardless so for them that wouldn't be a concern.

Fri, 12/20/2013 - 20:31 | 4265695 TheHound73
TheHound73's picture

Startup BitPay Exceeds $100,000,000 in Bitcoin Merchant Sales Processed

Where can I find statistics on how much Gold is used in commerce?  I know where to find how much fiat we are all spending between us.

Sat, 12/21/2013 - 04:48 | 4266268 Philippines
Philippines's picture

Yep, for all those saying Bitcoin isn't "real" money, it may not be "real" in the same sense as the USD. However, startups like GoCoin are getting over $500k in startup funds, it's hard to argue bitcoin has no value.

What would be interesting is when a cryptocurrency is backed by and redeemable in metals.. kind of like how banking is supposed to work. 

Sat, 12/21/2013 - 17:41 | 4267087 MeelionDollerBogus
MeelionDollerBogus's picture

500,000 US dollars, not 500-830 bitcoins?

Hmmmmm

Sat, 12/21/2013 - 01:01 | 4266147 Bunga Bunga
Bunga Bunga's picture

Where can I find statistics on how much Gold is used in commerce?

I don't know where to find that, but for sure more gold ist bought with bitcoins than stuff is bought with gold.

http://www.coinabul.com/

Fri, 12/20/2013 - 21:29 | 4265827 MeelionDollerBogus
MeelionDollerBogus's picture

you'd need to count physical swaps of gold with central banks. Quite a lot relaly, then.
And all that's moved to Iran via Dubai.
Are you going to single-count each dollar and each bar or will you count each transaction in say, a year, or total, even though the same dollars / ounces will have moved in multiple transactions over time?

Fri, 12/20/2013 - 22:05 | 4265908 TheHound73
TheHound73's picture

I am looking for info on retailers selling goods and services to private citizens for gold.

Sat, 12/21/2013 - 03:23 | 4266238 MeelionDollerBogus
MeelionDollerBogus's picture

the whole point of doing so is to ensure none of it's reported - I don't think we should report cash transactions either.

Sat, 12/21/2013 - 04:02 | 4266250 TheHound73
TheHound73's picture

Some people claim Silk road-like transactions are the whole point of bitcoin.  But that $100m report from a single BTC processor are above board transactions.  

Stacking gold is smart as insurance. But taking dollars from a bank and spending them on a merchant who puts them back in a bank just feeds the beast we're spending resources on protecting ourselves from.  Counter-fucking-productive.  Are goods and services not worth spending "honest money" on?  Why the fuck buy them them?  Are the merchants you choose to do business with not honest enough to receive "honest money"?  Do people suck so bad at their jobs that nobody would pay them "honest money" for their labor?  'Good money drives out bad' but there's an infinite amount of fiat.  We're gonna need a bigger shovel.

Sat, 12/21/2013 - 17:31 | 4267076 MeelionDollerBogus
MeelionDollerBogus's picture

I would strongly encourage merchants to deal in honest money.
However, to be rid of dollars and be a public merchant means having the government show up at your door with guns and put you in prison.
In the end we will have no choice but to be better armed and arrest THEM when they come for US.

Sun, 12/22/2013 - 06:37 | 4268083 TheHound73
TheHound73's picture

Source?

Do NOT follow this link or you will be banned from the site!