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Overstock's First Day Of Bitcoin: $130,000 Sales, 840 Transactions, CEO "Stunned"

Tyler Durden's picture




 

Submitted by Michael Krieger of Liberty Blitzkrieg blog,

Upon the conclusion of the Senate hearing on Bitcoin this past November, I tweeted that I thought we had entered Phase 2 of the Bitcoin story. A month later, following news that Andreessen Horowitz had led an venture capital investment of $25 million in Coinbase, I wrote:

As I tweeted at the time, I think Bitcoin began phase two of its growth and adoption cycle upon the conclusion of the Senate hearings last month (I suggest reading: My Thoughts on the Bitcoin Hearing).

 

I think phase two will be primarily characterized by two things. More mainstream adoption and ease of use, as well as increasingly large investments by venture capitalists. In the past 24 hours, we have seen evidence of both.

Phase 2 so far is going even more positively than I had expected. Overstock.com accelerated its plans to accept BTC by many months, and the early rollout has been a massive success. The company’s CEO just tweeted:

 

 

This is absolutely huge news and any retail CEO worth their salt will immediately begin to look into Bitcoin adoption.

I hope financial publications that missed the biggest financial story of 2013 continue to mock it with covers of unicorns and waterfalls. It’s the most bullish thing I can imagine.

Furthermore, the purchased items are varied...

The apparent ease of acceptance and use has spurred demand for Bitcoin itself which has pushed back above $1000...

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Sat, 01/11/2014 - 17:00 | 4323322 aphlaque_duck
aphlaque_duck's picture

Crtitical mass, bitchez.

Sat, 01/11/2014 - 17:02 | 4323328 Stackers
Stackers's picture

Rumors floating around that NewEgg is next.

Sat, 01/11/2014 - 17:15 | 4323367 SimplePrinciple
SimplePrinciple's picture

The question is how lasting will this be?  Early buyers of bitcoins are probably hoping to cash them in without having to pay a capital gains tax.  That can only go on for so long.

Sat, 01/11/2014 - 17:22 | 4323376 One And Only
One And Only's picture

As more and more merchants adopt it...why convert to fiat at all?

You can already buy:

homes

cars

planes

(anything on overstock)

websites on wordpress

groceries

gold

an island (yes an island) just check out this site if you want your mind blown http://www.bitpremier.com/

and literally tens of thousands of other things

Sat, 01/11/2014 - 17:23 | 4323388 john39
john39's picture

ever so methodically, the hidden hand draws the masses to supernational digital fiat currency...

Sat, 01/11/2014 - 17:26 | 4323396 SimplePrinciple
SimplePrinciple's picture

And that hidden hand will tax it, too.  It will tax paychecks if they are ever made in bitcoin, and it will tax capital gains where the basis will be reported by those that are allowed to exchange fiat for bitcoin.  A virtual currency is indeed the game, and control of it is the aim.

Sat, 01/11/2014 - 17:36 | 4323419 jbvtme
jbvtme's picture

maybe i'm thinking like a luddite...but i see currency and commercial collapse with this bitcoin concept

Sat, 01/11/2014 - 18:31 | 4323567 Soul Glow
Soul Glow's picture

Who knows the rate that bitcoins are increasing and the increase of overall supply?  Do they keep track of circulation?  Can someone counterfeit bitcoins?

Sat, 01/11/2014 - 19:16 | 4323678 TheHound73
TheHound73's picture

Bitcoin follows a Controlled Supply that is coded into each version of the Bitcoin client. The public ledger uses a lot of resources and can leak privacy information... The whole purpose of it is to protect ourselves from counterfeits.  

Sat, 01/11/2014 - 19:50 | 4323751 DoChenRollingBearing
DoChenRollingBearing's picture

 

 

Watch in near real time:

blockchain.info

Prices of BTC, gold, silver, platinum and palladium:

https://ounce.me/

Sat, 01/11/2014 - 20:35 | 4323858 fonestar
fonestar's picture

Slowly, people will catch on that government fiat is no longer in their best interest to own.  I still say that at $1,000 BTC you will be considered a very, very early adopter.

Sun, 01/12/2014 - 13:40 | 4324815 TruthHammer
TruthHammer's picture

very quickly, any time people are given a legit way to exit BTC for a profit, people will happily get out.  This is good news, the more average people are able to reap their profits and exit the trap, the better.

 

hopefully only shills and 20%ers will be left as final bag holders.

Sat, 01/11/2014 - 21:02 | 4323917 fonestar
fonestar's picture

I just signed up at Overstock.com and placed an order for a new CRKT M16 folding knife (I have lots of fixed blades, not many folders).  Apparently, Bitcoin is not a payment option for Canadians at this time but I still wanted to show my support for a company that is going to bat for us.  This is a beautiful moment in history when people are standing up and demanding control of their own lives and their own money.

Sat, 01/11/2014 - 21:06 | 4323925 TheHound73
TheHound73's picture

Aye, I'm in the same boat.  Their payment processor that handles international customers IS working on implementing bitcoin, roll out maybe in 2 months.

Sat, 01/11/2014 - 21:18 | 4323946 fonestar
fonestar's picture

I will be contacting eBay and letting them know that Overstock.com will be getting my business until they too accept Bitcoin.

Sat, 01/11/2014 - 21:24 | 4323953 akak
akak's picture

I will be contacting Overstock.com and letting them know that I will not be doing any business with them because they are now accepting Bitcoin.

Sat, 01/11/2014 - 21:49 | 4324000 fonestar
fonestar's picture

....because you are another fake f*cking libertarian who is trying to force people into dollars.  The dollar was an abusive relationship and it is coming to and end.  Too bad for you loser.

Sat, 01/11/2014 - 22:37 | 4324069 akak
akak's picture

Oh yes, I just LOVE my fiat dollars!  Every post I have ever made here on ZH supports that sentiment and hypothesis.  Akak the statist!

 

(/sarc)

Sat, 01/11/2014 - 22:41 | 4324076 fonestar
fonestar's picture

So how many businesses have you contacted about accepting your silver coins?  Oh right, none.

Besides six and seven digit BTC, here's another prediction for you guys...  Twenty years from now it's the crypto-anarchists, the Julian Assanges, the Aaron Swartzes who are remembered as the real heroes of this generation.  Not the do-nothing, lame "stackers" on Zerohedge.

Sat, 01/11/2014 - 22:54 | 4324090 akak
akak's picture

Phoneystar, you're funny when you're bitcoinpumping.

Bitcoin is just Tulipmania for geeks.

And MY prediction is that twenty years from now, bitcoins will be just a footnote in the history of extraordinary popular delusions and the madness of crowds.

Sat, 01/11/2014 - 23:05 | 4324103 Rock On Roger
Rock On Roger's picture

Those that grew up with their eye on the screen,

twerking the button,

don't realize that virtual is fake.

 

Stack On

Sat, 01/11/2014 - 23:18 | 4324124 fonestar
fonestar's picture

So the operating system on the computer you are typing on is "fake"?

Fucking morons.

Sat, 01/11/2014 - 23:33 | 4324142 wintermute
wintermute's picture

They really must think their own comments on ZH are fake, the last email they sent was fake, the last iTunes track they bought was fake, the balance in their internet current account is fake. Omigod the whole world is going FAKE!

Sat, 01/11/2014 - 23:54 | 4324156 Haole
Haole's picture

It's utterly astounding at this stage of the game isn't it..?

Sun, 01/12/2014 - 00:13 | 4324182 Rock On Roger
Rock On Roger's picture

It surely is.

Sun, 01/12/2014 - 13:44 | 4324828 TruthHammer
TruthHammer's picture

straw man on brave bafoons, cause really, operating systems and e-mails, which are actually abstract contructions, are good examples of why BTC is as real as true anti-fiat currencies....

 

Bitcoin is 50% commodity (virtual at that), 50% penny stock, and 50% payment system, 100% Super Cereal though :D

Sun, 01/12/2014 - 00:13 | 4324180 A Nanny Moose
A Nanny Moose's picture

"the last email they sent was fake..."

It is fake. just ask the NSA.

Sun, 01/12/2014 - 00:47 | 4324209 fonestar
fonestar's picture

"Omigod the whole world is going FAKE!"

Don't worry, according to these geniuses we will be going back to steam power, snail mail, Wells Fargo wagon payments and six guns any day now!  You just wait for it and us Bitcoiners are gonna be sorry we ever doubted them!

Sun, 01/12/2014 - 01:05 | 4324223 Rock On Roger
Rock On Roger's picture

I know I have the skills to live and raise my family if those type of days come to pass.

I'm suggesting that watching a screen and twerking buttons gives no skills at all.

Or wisdom for that matter.

 

Stack On

Bitchez

Sun, 01/12/2014 - 01:23 | 4324244 fonestar
fonestar's picture

Yeah, I'm sure the "skills" involved in wiping your kid's ass is easily comparable to developing a global crypto-currency.

Are you raising your kids to be ignoramuses as well?

Sun, 01/12/2014 - 01:43 | 4324253 Rock On Roger
Rock On Roger's picture

Yes I am, they are not 'gamers'. They know what real work is.

They also have the wisdom to know that there are zero quick rich schemes that work.

Your worship of the virtual is astonishing.

 

Stack On fonestar.

Sun, 01/12/2014 - 02:10 | 4324276 fonestar
fonestar's picture

I am not a "gamer" but Bitcoiners are playing the new great game.  I doubt someone like you could ever understand the meaning of "real work".  Working in software, computing and project management requires a lot more education and skill than someone changing oil or tires or pouring concrete.

Sun, 01/12/2014 - 02:58 | 4324300 Rock On Roger
Rock On Roger's picture

I said my children weren't 'gamers', but now I know fonestar. And I have poured the concrete, changed the oil, and trained my teenage daughter how to change the tire. She knows how to do it fonestar, do you?

And since I've been managing a couple of different projects, concurrently, over the last couple of decades, that include the use of software and computing, and labour, and procurement of services, and operating rotating equipment, on the ranch and in the field I would suggest that I know the meaning of 'real work'.

Need a real job fonestar? I've got the power to give you a career. Go west fonestar, just like ian tyson sang.

 

Four Strong Winds...

Sun, 01/12/2014 - 00:47 | 4324208 tmosley
tmosley's picture

akak, you posess an irrational hatred of bitcoin.  One would think you were molested as a child by Satoshi or some such nonesense.

Seriously, what the living fuck is wrong with you?  Where are the letter writing campains against retailers taking central bank issued confetti?  You think that isn't just a little bit hypocritical?  You think you aren't a tool of the oppressor?

Honestly, this post actually makes me wish deadly harm on you.  Stop that shit.

Sun, 01/12/2014 - 00:51 | 4324212 fonestar
fonestar's picture

It's not "irrational" if you're playing for the enemy.  

This place is probably just as infected as GLP or ATS.

Sun, 01/12/2014 - 01:56 | 4324263 akak
akak's picture

Lighten up, tmosley; not every utterance, here or elsewhere, need be taken at face value (even when that value is expressed in bitcoins).

Sun, 01/12/2014 - 10:27 | 4324516 tmosley
tmosley's picture

So what, you're just trolling now?  Do I need to label you under the "troll" heading and ignore everything you say in the future?

That would be a shame.

Sun, 01/12/2014 - 11:30 | 4324600 Chump
Chump's picture

C'mon dude.  You 'wish deadly harm' on someone for expressing a tongue-in-cheek opinion?  And he's the troll?

I enjoy both your and akak's posts, but you need to get a grip and relax a little.

Sun, 01/12/2014 - 15:22 | 4325042 akak
akak's picture

I'll be happy to have everyone on ZH consider me a troll when I make even a quarter as many anti-bitcoin posts as Fonestar makes pro-bitcoin-pumping posts.

Sun, 01/12/2014 - 18:08 | 4325378 walküre
walküre's picture

Why is the location or nationality of the purchaser from overstock.com and pays in BTC an issue? BTC transactions are tracked and recorded and made available to authorities upon request. No other reason why they'd refuse to take Canadian BTC for your purchase and ship you the package unless they're waiting for the ink to dry between Overstock and Canadian IRS. Something like that. By the way you can buy in the US online and use a third party shipping address, then drive across your border and pick it up in the closest US bordertown.

But Overstock.com is scrutinizing Canadian BTC purchases (for now). Weird. Anyway, why is BTC any different than Canada's or US Fiat? Once the price settles somewhere around $1000 it's just like any other fiat but with less banking issues.

TPTB hate cash and cash transactions. That's the real story. Cash is not printed and banks are stingy handing out actual cash because it leaves their system and the lose the opportunity to create leverage.

Sun, 01/12/2014 - 20:38 | 4325773 TheHound73
TheHound73's picture

Because they use a different Payment Processor for international shipments.  For in-country purchases they use their own in-house system but figuring out shipping, foreign exchange rates, and language support for international customers they use a different system.  Probably cheaper to work with a system that specializes in these situations rather than roll their own software.  This other system is working to implement Bitcoin also, just not available yet.

Sat, 01/11/2014 - 20:08 | 4323791 Duke of Earl
Duke of Earl's picture

Everyone.  Yes.  No.

Sat, 01/11/2014 - 20:31 | 4323852 chemystical
chemystical's picture

Holy crap the zealous believers are now issuing down arrows for asking questions.  If that's not a sign that we should just up and convert all holdings to Btc, then wtf is? 

Sounds rather statist.  Perhaps they went to the Nancy Pelosi School of Economics and demand that we need to buy before we get to see what's in it.

 

Sat, 01/11/2014 - 20:36 | 4323861 fonestar
fonestar's picture

Right, if you don't like something just accuse if of being "statist" or "socialist".  Anyone with a brain knows that Bitcoin is the polar opposite of statism.

Sat, 01/11/2014 - 21:24 | 4323955 silvermail
silvermail's picture

Bitcoin?! LOL!

Bankers finally found a way to rob people via "market way" and to stay away. I mean, is good way for banksters, to rob people and do not stay after guilty.
Only the market, only the market, nothing personal. LOL

Sat, 01/11/2014 - 17:42 | 4323420 One World Mafia
One World Mafia's picture

The NSA wrote Bitcoin mining hashing algorithms (SHA256) and wrote half the private key generation. For the other half of the private key gen bitcoin uses RIPEMD160 which is hackable for NSA exploit.

http://blog.skullsecurity.org/2012/everything-you-need-to-know-about-has...

and Bitcoin uses elliptic curves

"Prefer conventional discrete-log-based systems over elliptic-curve systems; the latter have constants that the NSA influences when they can." (Bitcoin uses the latter)
http://www.theguardian.com/world/2013/sep/05/nsa-how-to-remain-secure-su...

 

Sat, 01/11/2014 - 17:47 | 4323441 One And Only
One And Only's picture

secp256k1 is not compromised; secp256r1 is.

And bitcoin is double hashed.

http://bitcoinmagazine.com/7781/satoshis-genius-unexpected-ways-in-which...

Sat, 01/11/2014 - 18:34 | 4323473 One World Mafia
One World Mafia's picture

"nearly impossible to invert"

Before Snowden secp256r1 was thought secure by many. 

 

Sat, 01/11/2014 - 18:41 | 4323594 gold-is-not-dead
gold-is-not-dead's picture

bitcoin has one advantage at the time being, unbeatable, added value to serpentine array… it's a swarm crowded and metastatic… kill it, bam, another one better appears… in fact there's so many honestly backed currencies these days by math, o glory days…

Sat, 01/11/2014 - 23:22 | 4324127 Dick Buttkiss
Dick Buttkiss's picture

In other words, the state is now engaged in a global game of Whack-A-Mole, with a predictable result:

http://i1-win.softpedia-static.com/screenshots/Whack-A-Mole_1.png

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