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I hope that they are actually planning on implementing this and it is not a well-timed PR stunt to get Overstock.com in the news just in time for last minute Ch

I hope that they are actually planning on implementing this and it is not a well-timed PR stunt to get Overstock.com in the news just in time for last minute Christmas shopping. If so, it will be a huge boon for the Bitcoin economy and could be an important catalyst for other companies to follow suit.

Avalaxy 13y ago
Well, the CEO seems pretty convinced that bitcoin is awesome and worth trying. And he's right; why not? If you convert it to dollars with bitpay, there isn't much risk, and there's a PR bonus.
- yapcguy 13y ago
  It would be terrible cash management for Overstock to hold onto Bitcoins given the volatile swings. Better to let Bitpay shoulder the burden.
  - hmsimha 13y ago
    I doubt Bitpay is shouldering the burden, more likely they're just pumping the bitcoin they receive back into one of the exchanges.
    - aianus 13y ago
      They're shouldering the burden between the time the invoice is issued until it's paid. They eat the price change in that (potentially up to 15 minute) window.
whyenot 13y ago
That is certainly possible, but the CEO mentioned 1 1/2 months ago that they were considering this move. See this NY Times article from 10/31/2013: http://www.nytimes.com/2013/10/31/technology/bitcoin-pursues-the-mainstream.html http://www.nytimes.com/2013/10/31/technology/bitcoin-pursues...
- fragsworth 13y ago
  What's taking them so long? It's pretty trivial to integrate something like Bitpay or Coinbase for merchant accounts. Maybe they're negotiating a deal with one of those companies?
  - whyenot 13y ago
    From the Marketwatch article: The project is in an early stage, with no decision yet on whether Overstock.com OSTK would work with bitcoin companies to allow bitcoin payments or create its own system. A team of six to 12 people is expected to work on bitcoin payments at the company, said Byrne. http://blogs.marketwatch.com/thetell/2013/12/19/overstock-com-to-accept-bitcoins-ceo-says-money-is-too-important-to-leave-in-the-hands-of-government-officials/ http://blogs.marketwatch.com/thetell/2013/12/19/overstock-co... It doesn't sound like they have quite figured out what they are doing yet.
  - gizmo 13y ago
    Not so trivial. * Presumably they need to integrate with their backend systems for reporting, inventory and tax purposes. * They need to integrate with their customer support system so bitcoin payments are recognized as such. * They have to update their refund policy and other legal docs to take bitcoin payments into account It's not just about making the right API call, you know.

Avalaxy 13y ago

Well, the CEO seems pretty convinced that bitcoin is awesome and worth trying. And he's right; why not? If you convert it to dollars with bitpay, there isn't much risk, and there's a PR bonus.

yapcguy 13y ago
It would be terrible cash management for Overstock to hold onto Bitcoins given the volatile swings. Better to let Bitpay shoulder the burden.
- hmsimha 13y ago
  I doubt Bitpay is shouldering the burden, more likely they're just pumping the bitcoin they receive back into one of the exchanges.
  - aianus 13y ago
    They're shouldering the burden between the time the invoice is issued until it's paid. They eat the price change in that (potentially up to 15 minute) window.

whyenot 13y ago

That is certainly possible, but the CEO mentioned 1 1/2 months ago that they were considering this move. See this NY Times article from 10/31/2013: http://www.nytimes.com/2013/10/31/technology/bitcoin-pursues-the-mainstream.html http://www.nytimes.com/2013/10/31/technology/bitcoin-pursues...

fragsworth 13y ago
What's taking them so long? It's pretty trivial to integrate something like Bitpay or Coinbase for merchant accounts. Maybe they're negotiating a deal with one of those companies?
- whyenot 13y ago
  From the Marketwatch article: The project is in an early stage, with no decision yet on whether Overstock.com OSTK would work with bitcoin companies to allow bitcoin payments or create its own system. A team of six to 12 people is expected to work on bitcoin payments at the company, said Byrne. http://blogs.marketwatch.com/thetell/2013/12/19/overstock-com-to-accept-bitcoins-ceo-says-money-is-too-important-to-leave-in-the-hands-of-government-officials/ http://blogs.marketwatch.com/thetell/2013/12/19/overstock-co... It doesn't sound like they have quite figured out what they are doing yet.
- gizmo 13y ago
  Not so trivial. * Presumably they need to integrate with their backend systems for reporting, inventory and tax purposes. * They need to integrate with their customer support system so bitcoin payments are recognized as such. * They have to update their refund policy and other legal docs to take bitcoin payments into account It's not just about making the right API call, you know.