Post
Topic
Board Speculation
Re: Is Overstock.com slowly draining the price?
by
Elwar
on 23/03/2014, 11:25:01 UTC
Could you provide source where they claim selling about $1 million worth of goods in bitcoin per day?
All I could find is they sell about $20-30K every day and that they "only" had a bit more than $1M in bitcoin transactions in two months.

http://techcrunch.com/2014/03/04/overstock-com-exceeds-1m-in-bitcoin-transactions-in-two-months/
http://www.geekwire.com/2014/overstock-ceo-20-30k-bitcoin-sales-every-day/

I got the $1 million per day from here:
http://www.fool.com/investing/general/2014/03/22/will-bitcoin-destroy-big-government.aspx

"Indeed, while Overstock.com may accept bitcoin, it doesn't store them -- all the bitcoins Overstock.com takes in (now worth more than $1 million per day) are converted directly to U.S. dollars."

Though from http://online.wsj.com/news/articles/SB10001424052702304815004579418962232488216 I see:
"The company will keep 10% of its revenue from bitcoin sales in the virtual currency, with the intent of eventually offering it as payment for vendors and employees. Mr. Byrne said the company now holds bitcoins worth "tens of thousands" of dollars."

This is encouraging.

Motley Fool does tend to attack Bitcoin every chance they get so they are likely misquoting the figure with no care for correcting it. They do have a bunch of worthless stocks to hock.