-1 vote

Bitcoin and Overstock Plummet in Tandem

Greater Bitcoin adoption was supposed to mean higher Bitcoin prices and accepting Bitcoin was supposed to boost Overstock's prospects.

Neither Happened.

Since Overstock started accepting Bitcoin earlier this year, both Bitcoin and Overstock's stock price have fallen dramatically.

Bitcoin has fallen from around $1000 to about $450.
Overstock has fallen from $28 to $16.

Will Greater Adoption Mean Higher Bitcoin Prices?:



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that's ok- you are helping people

and making something in the process.
Can't fault that!

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If you were just introduced to Bitcoin

If you were just introduced to Bitcoin and were told that you should buy some and each time you used it to buy something you would have to keep a tax record of each gain or loss on the use would you think it more convenient than using cash or credit card?
Would it make you go out and get some to use for purchases?

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tax FUD

that would suck if it were true.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

You won't be able to write off the loss of Dollar to zero


The Red Coats are coming!

right you are!

But if the dollar goes to zero paying taxes won't be an issue

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One mustn't overestimate the

One mustn't overestimate the law. Silly laws tend to get ignored. I'm sure the IRS will try to set an example and try to prosecute people for disobeying the law, but silly laws are silly laws. I see the IRS blinking before the people do.

I wish you were right

Prison, however, has a way of making silly laws seem serious

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more tax FUD


Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

You better get a wallet

I find it funny that those that value gold / silver due to it's benefits as a tool within a monetary collapse do not understand that BTC is just another tool in your arsenal to survive what is coming.

The Red Coats are coming!

don't disagree , just not at $450

can always get some when needed at a much lower price or another crypto

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lol, needed for what?

i don't think you quite understand how altcoins work. you seems like a dogecoin guy to me though.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

yet another smaulgd attack on bitcoin

for god's sake if you don't like bitcoin don't buy it. Do you think you are going to convince someone who believes in bitcoin that it's a bad idea? Why do you give a crap? If you don't like it, don't buy it. End of story. I believe in bitcoin and I'm sick to death of your 'I told you so' posts. It's down, it's true. It may crash and go to zero. It may save the world. It may do something in between. I don't know and neither do you. However, it is not a scam or a Ponzi scheme or any of the other crap that you allege. Why are you so invested in making bitcoin look bad?

I never called it a scam or a ponzi scheme

I never called it a scam or a ponzi scheme.
My concern with bitcoin is with PRICE and price alone.
It's just not worth more than $2

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you don't get it

you don't understand the ecosystem and think any old altcoin will do, lol.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

ok Ben Bernanke - $2 is what it's worth. Let's fix it at that

The value of btc is determined by a free market. And in case you haven't heard, there aren't any free markets / exchanges left that are not manipulated. Since there are a set amount of BTC's available, the price will be discovered through demand.

Demand is speculative, and transactional. Over time, as the infrastructure is built out, the transactional demand will increase. Right now, most demand is speculative, thus the volatile price.

The Red Coats are coming!

You are correct Matt

"And in case you haven't heard, there aren't any free markets / exchanges left that are not manipulated"

There are no markets just interventions and manipulation

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it's not an attack it's an observation

there is a difference.

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Amazon their biggest competitor has almost the same pattern in valuation and trading cycles, and they don't accept bitcoin.

So not only are they the biggest online retailer they have been going down for the past almost 2 years, and today both are up 2.5% and 3%.

Amazon does not have the same trading pattern as Overstock

Overstock has fallen about sixty percent in six months like Bitcoin
Amazon has not

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Your right amazon is ONLY down -30% that is clearly a really good number and has to do with suppliers. wut?

Yes but shouldn't the Bitcoin Boost have helped Overstock?

Overstock has other issues -Bitcoin acceptance didn't help it
Amazon also was massively overvalued earlier this year-Overstock was not

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More importantly, I thought that "greater Bitcoin adoption"

was supposed to boost bitcoin's fortunes, it didn't.

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Adoption is already contained

Adoption is already contained in the price. But China has been the heavier factor. Because formerly, prices rose dramatically because of China and in a minor manner because of adoption in the rest of the world. And China is BIG. They were the real driver of liquidity. Now bitcoin is still being rapidly adopted, but that adoption cannot compare to the loss of liquidity where China is concerned. So prices crash, despite adoption continuing in the rest of the Western world.

Yep and if China can out weigh adoption

think what a few more countries banning or restricting bitcoin will do to the price of bitcoin

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It will have little effect.

It will have little effect. Russia and Vietnam are perfect examples. Basically did something similar as China, yet it barely had any effect on the price. That's because these countries barely provided any liquidity, unlike China. The US banning bitcoin would have a major effect, but other countries not so much.

the US has made it very inconvenient to use bitcoin

the US has made it very inconvenient to use bitcoin as a currency due to the tax treatment of bitcoin as an asset.

WHY would any main stream consumer go out and get bitcoin so they can have tax reporting requirements that they would not have with cash or credit cards?

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more tax FUD

Greg Broiles, an attorney specializing in estate planning, trust and probate, who spoke on bitcoin and taxation at Bitcoin 2013, argues that accountants have a concept called “materiality“. This essentially argues that transactions should only be included for accounting purposes when they’re significant enough. An $8 sandwich paid for in bit coins probably doesn’t count. A $30,000 Harley probably would, though.

btc tax law is still being crafted so please stop the tax FUD.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

Well, bitcoin isn't really

Well, bitcoin isn't really for the mainstream...yet. It's funny, because the anarchists actually want to keep the mainstream out of bitcoin. Similar to how the early internet adopters had this quote towards mainstream users:

"The internet is full. Go away."

So anyways, bitcoin's mainstream adoption is quite awhile off. It will only happen after Wallstreet steps in. Prior to that, it will be the hipsters and other early adopters that will step into bitcoin. The reasoning of these people are different than mainstream users, so the logic is different as well. The early iphone adopters went for those phones, even though it really didn't deliver that much value at the time. The app store wasn't as well developed yet, so they were basically buying a glorified calculator phone.

it won't happen for two reasons

-it's a dumb idea-money created out of thin air but with artificial scarcity!
-but more importantly the full weight of governments will come down on it. Think about what they've done to gold. they won't allow any threats to their fiat world

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I'm a realist, so I do think

I'm a realist, so I do think that there's a chance that this artificial scarcity will one day be compromised. But even so, the system doesn't need to be perfect. It needs to be a system robust enough to exist for several decades (50 years or so) and it will be good enough IMO. But in return for a limited lifespan, it does need to provide unique services that no other system can.

The system is setup in a way where it will be VERY hard to change the limit of 21 million btc. The FED was able to easily increase the money supply, because they centralized decision making. If the people were able to have a say, it would have taken several decades before you could have persuaded people to devalue their own money. The 21 million limit can only be changed if all the people that use the software decide to upgrade their clients to the new client. That's an almost impossible task. We would need some serious mass brainwashing for such a situation to occur. Because of the above, artificial scarcity behaves very much like natural scarcity. That's good enough for me.

As long as the bitcoin network can provide some unique services, even in the event that the internet goes down for an extended time through some disaster and destroys bitcoin, an internet coin will still have some demand in the market when the internet goes back up. Because the services that an internet coin provides are a scarce resource. Thus it will always have utility and will always have a market price.

As for governments, one must not mistake government as a single entity. They are not a monolithic entity. Some branches may be pro bitcoin, while others might be heavily against. Either way, because of the complexity of the government, any decision making tends to be on the slow side. And the bitcoin world moves much faster than they can move. I've been watching the bitcoin space for awhile, and 1 month in bitcoin is like 1 year in realtime. It's evolving THAT quickly. Before the government moves against bitcoin, it will probably be too late to stop. But that's just my take on it. I'm aware that you are skeptical and respect your opinion.