Overstock.com Plans To Accept Bitcoin 202
Posted
by
timothy
from the totally-a-flash-in-the-pan dept.
from the totally-a-flash-in-the-pan dept.
SonicSpike writes "Overstock plans to become the first big U.S. online retailer to accept Bitcoin, as Patrick Byrne, the company's libertarian chief executive, warms to the virtual currency as a refuge from government control. Mr Byrne told the Financial Times that Overstock planned to start accepting Bitcoin next year – possibly by the end of the second quarter – a decision that he said was driven mainly by his own political philosophy. '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,' Mr Byrne said."
Re:Guesses as to end effect? (Score:4, Informative)
Same way they do at the moment. All BTC conversions would be subject to a known conversion rate to USD and tax would be charged as appropriate, i.e. so long as AMZN feel it is in their best interests to do so.
Re:Guesses as to end effect? (Score:5, Informative)
The inflation rate in the US is what, 2% per year? 3%? 4? And when was the last time it suffered serious deflation? The difference in value between what I can buy in a shop today and what I can buy in a shop in one month is likely to be a fraction of a percentage point different.
Whereas Bitcoin has inflated by literally thousands of percentage points over the last year, has recently deflated by about 200% in the last MONTH, and regularly moves 10% or more on a DAILY basis. I have literally no idea whether a Bitcoin in my metaphorical pocket will buy me 10x more or 10x less goods by value next month compared to this month. Unless that situation changes, that is simply not a workable situation. As a sort of grand online casino game Bitcoin is great, but as a currency it is an unworkable disaster.