Giant US Retailer to Accept Bitcoin

Overstock to Accept Bitcoin Starting In 2014 – 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.

Postscript:  Barry Ritholtz points out that Overstock is not that big. For example, Amazon is around 100 times bigger.

He also points out that Overstock has frequently run afoul of the SEC.

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  • Tonto

    Ah, yes… And where did BitCoin originate?

    It came from the CIA. And, pretty soon you’ll be able to buy insurance for your BitCoin losses.

    How so? How could insurers know how much to charge?

    Because this is all part of the plan. What is being created is a yet another criminal con-job financial scheme, whereby consumers are going to be systematically fleeced and gouged. This isn’t as complex as the “equity” markets con-job. (AmeriTrade will give you UP TO $600 for opening an account. Ha-ha!) But the BitCoin con-job is twice as secretive and completely unregulated.

    This is about separating the victim from their hard-earned money with another get-rich quick scheme. It’s more sophisticated than the buy gold to safeguard of your wealth scheme. People can see gold has fallen dramatically. Gold is very easy to manipulate. The BitCoin is going to be even easier to manipulate. The digital sleight of hand works at an amazing speed.

    GW recommended readers buy gold when it was $900. GW hasn’t haven’t rescinded that recommendation yet, as gold drops below $1200 and is still heading south.

    And the government has given BitCoin its wholehearted blessing. They gave the mortgage industry and the student loan industry their wholehearted blessings too! How’d that work out for you clowns?

    There’s a sucker born every minute.

  • Kashfiya Rafa

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    Have a nice day 🙂