Quote from: Patel on January 10, 2014, 02:08:46 AM

Quote from: BittBurger on January 10, 2014, 02:03:15 AM

Quote from: Patel on January 10, 2014, 01:16:46 AM

The problem with this is that it drives the price down.

using Bitpay or Coinbase, and settle in USD, they are just driving the price down.

You realize that you completely failed to explain why you think they're driving the price down, right?

You state your theory but then have nothing to back it up. Why is it necessary to back it up? Because many would disagree with you on this.

Many feel that adoption (which is the other side of this coin you present) balances out, if not increases price of bitcoin.

So why do you feel it outweighs and in fact nullifies any benefit of increased adoption?

-BB-

People can disagree and thats fine. Most of the people who spend the Bitcoins on these sites, already had them. Meaning they aren't buying at market price just to spend them. Meaning, fiat is not coming in, rather Bitcoin is leaving into fiat.

So when new companies get 1,000 btc worth of sales, their payment processors are going to dump that 1k btc to settle the merchant in USD. Thus driving the price down.

Its helps bitcoin investors cash out easily, rather than bringing new money into bitcoin.

You do seem to be saying "Everybody hold so I can dump mine at a ridiculous price"

But just for the sake of moving the conversation forward: What makes you so confident that Bitpay and Coinbase are dumping coins immediately? They both allow merchants to keep coins instead of dollars.

Further to this what if I were to tell you I have evidence that coins sold to Bitpay actually are sold to SecondMarket?