BTC is falling. Who has all this BTc to sell? Three Simple Answers, you guys tell me the others:
They are not Bitcoin believers, they are corporations, they just use BTC to sell more goods. Those BTC miners who would normally not bother to sell their BTC on Bitstamp and Coinbase, now have an easy way of getting an XBOX or a TV with it on Tigerdirect or Overstock.com so they go for it.
In fact Overstock must sell $1,000,000 worth of Bitcoins for the first month alone so it is all getting dumped on major exchanges:
http://www.techspot.com/news/55763-overstock-does-nearly-1-million-in-bitcoin-sales-in-first-month.htmlNo actual dollar amounts on TIGERDIRECT yet as they just started accepting it. One TD gets added to the million dollar BTC sellers, it will get worse.
And this trend will not end any time soon but will actually accelerate. Overstock will continue to sell BTC as miners go there to cash out for goods. More BTCs get mined daily and Overstock and TD will have to continue to sell more on the exchanges. They will not hold on to them because they still dont value BTC as a currency but some form of GOODs that has value and needs to be sold to pay rent and employees, well, unless they accepted BTC? huh? A currency needs a full cycle. BTC doesnt have that yet.
I sure hope no other retailer accepts BTC any time soon and in fact I hope TD and Overstock stop.