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> a 3rd of the lower end of their claim $5M USD in Bitcoin sales is pretty astonishing, actually. EDIT: 1/5 of $15M is still pretty astonishing. I expected so

• sanswork 12y ago
  I made a mistake in typing that it was $3m. 1/3rd of which was in the first week. I'll correct it above.
• justincormack 12y ago
  Well the money laundering from Silk Road and Silk Road 2 etc (eg $70k on a Tesla) was probably much of it.
• roel_v 12y ago
  $3M in sales is the yearly turnover of a small local bakery chain with a few retail points. Every village of more than 5000 people has several companies with this turnover. $3M is nothing. For a retailer of low-margin goods like Overstock, they must have spend more on implementing bitcoin payments than they made on the sales that were paid with them, and that's not even counting costs of converting back to $ etc.
  • avasdvasdv 12y ago
    > and that's not even counting costs of converting back to $ etc. Even worse, it's not counting the loss of the value of bitcoins. Lots of people dumped bitcoins on overstock when it was worth much more than $200. They need to convert those bitcoins into cash to pay taxes, rent, etc. Overstock lucked out by not doing more business in bitcoins because they would have lost even more due to the drop in bitcoin price...