Overstock.com Accepts Bitcoin As of Today

January 9th, 2014   Submitted by Seth King

overstockNo need waiting until June. Overstock didn’t want the competition to get the jump on them. If you’re in the U.S. you now have a ton of new consumer items to purchase with Bitcoin, thanks to Overstock.com.

http://www.wired.com/business/2014/01/overstock-bitcoin-live/

46 Responses to “Overstock.com Accepts Bitcoin As of Today”

  1. Ethan GloverNo Gravatar says:

    It’s an overpriced store that lies about its prices. I wouldn’t use it.

  2. Seth KingNo Gravatar says:

    How does it lie about its prices? You think you’re getting billed $50 or something but the bill on your credit card is $60? I don’t get it.

  3. Martin BrockNo Gravatar says:

    From your link:

    “Before each payment is made, Coinbase sets an exchange rate, immediately converts the buyer’s bitcoin into dollars, and transfers the dollars to Overstock. The retailer never holds any bitcoin.”

    In other words, Overstock.com does not accept Bitcoin.

    “Coinbase … converts the buyer’s bitcoin into dollars” means that Coinbase sells the Bitcoin for dollars (or accepts the arbitrage risk of doing so), so Coinbase receives Bitcoin and Overstock.com receives dollars, not Bitcoin, for each sale.

    • Seth KingNo Gravatar says:

      I’m not having this argument with you again. If I can go to Overstock.com and see a pay with Bitcoin link, it’s good enough for me.

      • Martin BrockNo Gravatar says:

        I’m not discussing what’s fine with you. I’m discussing what the vast majority of people, including practically every economist, mean by the words “accept Bitcoin”.

        • Eren BustlewoodNo Gravatar says:

          Seriously, fuck up.

        • Foo QuuxmanNo Gravatar says:

          Seriously? Who gives a flying statist what they do with the BTC after the transaction? I give them bitcoin, they give me stuff. That satisfies any non-pleading definition of “Accepts Bitcoin”

          • Martin BrockNo Gravatar says:

            The issue is what Overstock.com does not do with the Bitcoin before the transaction. Overstock does not accept the Bitcoin. You do not give Overstock Bitcoin. You give Coinbase Bitcoin, and Coinbase gives Overstock dollars at a rate of exchange specified before the transaction. Overstock never holds the Bitcoin even for a nano-second, so “Coinbase accepts Bitcoin” is factually incorrect.

            Only people who don’t understand economics and finance think this distinction insignificant. Since Bitcoin holders must sell Bitcoin for dollars to purchase goods at Overstock, Overstock gains in this venture only by driving up the demand for dollars exchanged for Bitcoin. If you’re holding Bitcoin, and measuring your gain in a Bitcoin investment in dollars, Overstock’s success in this venture can hardly be a plus.

            If Overstock really does accept Bitcoin, to hold or to trade for other goods exchanged for Bitcoin, this effect on the Bitcoin/dollar market does not exist. The effect does exist precisely because the dollar, and not Bitcoin, is Overstock’s money in these transactions, so this announcement does not indicate any increase in the utility of Bitcoin as money. If you’re holding Bitcoin, betting that Bitcoin’s value should rise as its utility as money rises, this news does not support your rationale at all.

            • Martin BrockNo Gravatar says:

              Correction: Overstock never holds the Bitcoin even for a nano-second, so “Overstock accepts Bitcoin” is factually incorrect.

              • BrodieNo Gravatar says:

                Who cares? Change it to “Overstock lets you buy stuff on their site with Bitcoins”. Happy? Now get over yourself.

                • Martin BrockNo Gravatar says:

                  That statement isn’t accurate either.

                  “Overstock facilitates the sale of Bitcoin for dollars for customers spending the dollars at Overstock. Customers pay all transaction fees.”

            • Tyler CrossonNo Gravatar says:

              That’s a silly comment to make because if you say that then you’re also by proxy saying that no store really accepts debit or credit cards either since there’s a merchant provider involved that REALLY accepts the debit / credit cards and then converts the payment into cash in the business owner’s bank account the next day or two. Coinbase is doing the exact same thing and both help to mitigate some risk to the business owner at a cost.

              • Martin BrockNo Gravatar says:

                When I use a debit card, a merchant accepts dollars from me, not my debit card. I don’t leave my card with the merchant. The merchant does not exchange goods for my card. No one says that my credit card is money in this transaction. People do say that Bitcoin is money, so “Overstock accepts Bitcoin” strongly suggests “Overstock accepts Bitcoin as payment” rather than “Overstock accepts dollars as payment through a network of Bitcoin/dollar exchanges”.

                Overstock accepts dollars through a service that facilitates the sale of Bitcoin for dollars to be spent at Overstock. Saying “Overstock accepts Bitcoin” is no more accurate than saying that Overstock accepts Google shares when I sell a share of Google to buy something at Overstock.

                • Tyler CrossonNo Gravatar says:

                  You’re making a big stretch to fit your agenda, which is fine – we all like to fit things to our agenda… But it’s extremely disingenuous and something I think any reasonable person would laugh at.

                  Good luck though, I just hope people don’t listen to what you say here about this particular subject because it is extremely flawed logic. (In my humble opinion)

                  • Martin BrockNo Gravatar says:

                    You don’t dispute anything I say. You only attach a lot of unflattering adjectives to it.

                    • KathyNo Gravatar says:

                      Here’s my question, Martin: You state that the BTC goes to Coinbase, who immediately converts the funds to dollars, and give said dollars to Overstock. Do you know that for a fact? That every single BTC that is sent to Overstock via Coinbase is converted to dollars? How do you know, for a fact, that the owner doesn’t siphon a portion off to a separate wallet to keep? Do tell, how do you know that? For someone who deals in absolutes, I’d love to know your source. No source, no truth. You just love to hear yourself talk.

                    • Martin BrockNo Gravatar says:

                      Bitcoin goes to Coinbase which sells the Bitcoin for dollars. Overstock receives dollars from Coinbase at a price specified before the transaction.

                      Yes, I know it for a fact. I only assume that Seth’s article, linked above, is reliable. The article explicitly asserts this fact. If the article’s assertions are false, then my assumptions are false.

                      No Bitcoin is ever sent to Overstock, according to the article. That’s precisely my point. That’s why I dispute “Overstock accepts Bitcoin”.

                      Coinbase may sell the Bitcoin for more or less than the dollar price owed to Overstock. I have no problem with that, but holding the Bitcoin exposes Coinbase to considerable arbitrage risk. The article explicitly discusses this risk. I suggest you read it.

      • FranzNo Gravatar says:

        Seth, for every blog, there is at least one troll. Don’t feed the trolls! It just keeps them coming back for more.

    • HReardenNo Gravatar says:

      You can pay for the merchandise at Overstock.com with Bitcoin. Thus, Overstock.com accepts Bitcoin as a form of payment. That’s the bottom line.

      • Martin BrockNo Gravatar says:

        No. Overstock does not accept Bitcoin at all. You can sell Bitcoin for dollars and then spend the dollars at Overstock. You could do that before this announcement. The deal with Coinbase only makes the sequence of transactions more convenient, thus encouraging Bitcoin holders to spend dollars at Overstock, rather than another retailer, after liquidating their holdings.

        Again, a brokerage service could offer retailers a “Google Pay” button enabling holders of Google shares similarly to liquidate their shares before purchasing goods at a retailer. This service does not transform Google shares into money.

        A “500 Pay” button, liquidating shares of an S&P 500 index fund, is also possible, and the market cap of the S&P 500 is greater than the market cap of Bitcoin by several orders of magnitude, so if this announcement heralds growing use of Bitcoin as money, we must start calling shares of the S&P 500 “money” as well and compare the Bitcoin to the S&P 500 when evaluating the competition.

  4. Martin BrockNo Gravatar says:

    Needless to say, if someone owns Bitcoin and wants to sell it for dollars before buying something at Overstock.com, that’s fine with me. Owning Bitcoin is fine with me. Selling it for dollars is fine with me. Buying something at Overstock is fine with me. Calling this sequence of events “Overstock.com accepts Bitcoin” is not so fine with me, because it’s extremely misleading to people buying Bitcoin expecting the price the rise on the grounds that Bitcoin’s utility as money is increasing. This sequence of transactions doesn’t make Bitcoin money any more than it makes a share of Google money.

    • BrodieNo Gravatar says:

      If you say so. So what is your point again?

    • Tyler CrossonNo Gravatar says:

      Why do/should people care what’s “fine with you”?

      • Martin BrockNo Gravatar says:

        No one needs to care. I’m only telling you that I see nothing wrong with people buying and selling Bitcoin, using it to avoid Chinese currency controls or whatever. I’m not anyone’s stereotype of an “anti-Bitcoiner”. I’m not anti-Bitcoin, but I’m not pro-Bitcoin either.

        • MacianoNo Gravatar says:

          Brian,

          You can use bitcoins to pay at Overstock. As a user I (can) profit.

          If you’d actually follow bitcoin news, like us pro-bitcoiners do, you’d know that Overstock would like to keep bitcoins, but because there’s no hedge possibility yet to defend this move towards shareholders.

          Overstock wanted to be first big retailer, they used the $/BTC model for the time being. They wanted to be first, because by the time this is possible they want to be set up & ready.

          But a true bitcoin-neutralist wouldn’t give a shit anyway, right?

          • Brian DrakeNo Gravatar says:

            Bitcoin neutral, but strongly anti-equivocation and pro-logical and honest dialog (something I’m only seeing provided by Martin in these comments). That’s my dog in this fight.

            So are you basically admitting that Martin is correct, as of now, but that the situation will change in the future?

            • MacianoNo Gravatar says:

              The only thing I’m saying is: crypto will be as transformative as the internet. I’ve been studying the subject a lot. If you don’t at least see that this is a possibility of what enthusiasts say it is, you’re not being very imaginative IMO.

              But pls don’t buy bitcoins, keep telling yourself there’s no utility, it’s not a currency, people board, bubble, ponzi, whatever,… In 5 years I won’t tell you I told you so. I’ll be here still saying the same thing.

              I recommend you guys watch YT vids by Konrad Graf “bitcoin decrypted”, or any talk by Andreas Antonopoulos. No hard feelings, we’re all in same strubbel. Honest dissent.

              • Brian DrakeNo Gravatar says:

                “If you don’t at least see that this is a possibility of what enthusiasts say it is, you’re not being very imaginative IMO.”

                Where have I said anything even remotely that this would be an honest evaluation and response to?

                “keep telling yourself there’s no utility, it’s not a currency, people board, bubble, ponzi, whatever,…”

                I haven’t said any of this.

                “Honest dissent.”

                Strawmen and red herrings aren’t honest.

          • Martin BrockNo Gravatar says:

            >If you’d actually follow bitcoin news, like us pro-bitcoiners do, you’d know that Overstock would like to keep bitcoins, but because there’s no hedge possibility yet to defend this move towards shareholders.

            Coinbase hedges the risk in this scenario, i.e. it agrees to pay a specified dollar price without an assurance that it can sell the Bitcoin it accepts for this price.

            >But a true bitcoin-neutralist wouldn’t give a shit anyway, right?

            I don’t give a shit. I’m happy for you to sell Bitcoin for dollars before buying stuff at Overstock. I don’t want to interfere with your transactions in any way. I’m only discussing the nature of the transactions here.

            My point is not that you’re doing anything wrong either by buying Bitcoin expecting its dollar value to rise or by selling Bitcoin to buy things at Overstock. I don’t think you’re doing anything wrong in either case.

            My point is that using Bitcoin this way does not make Bitcoin money and does not increase the likelihood that Bitcoin ever becomes money. Money really is a very useful thing, and fiat money is not my preference, but Bitcoin is not the only possible alternative to fiat money. Countless alternatives exist, and assuming that an alternative can replace fiat money anywhere, I don’t expect Bitcoin to win this competition ultimately.

            If, when you buy Bitcoin, you’re betting that Bitcoin ultimately becomes money, understanding these distinctions can help you make a more informed decision, but you’re free to ignore me, dismiss me as a “troll” or whatever.

    • BrodieNo Gravatar says:

      “Needless to say, if someone owns Bitcoin and wants to sell it for dollars before buying something at Overstock.com, that’s fine with me. Owning Bitcoin is fine with me. Selling it for dollars is fine with me. Buying something at Overstock is fine with me.”

      Great. No one asked if it was fine with you.

      “Calling this sequence of events “Overstock.com accepts Bitcoin” is not so fine with me, because it’s extremely misleading to people buying Bitcoin expecting the price the rise on the grounds that Bitcoin’s utility as money is increasing.”

      And yet utility increased. Maybe you define utility differently than I do. http://dictionary.reference.com/browse/utility – the state or quality of being useful; usefulness, it is now more useful because I can now buy goods on Overstock.com whereas I could not before.

      “This sequence of transactions doesn’t make Bitcoin money any more than it makes a share of Google money.”

      And yet, I can’t buy goods on Overstock.com with Google shares. Maybe you just don’t understand what money is.

      • Martin BrockNo Gravatar says:

        You can buy things on Overstock.com with Google shares by selling the Google shares for dollars and using the dollars to buy things on Overstock.com.

        I refer to “utility as money”. Bitcoin’s utility as money does not increase when Overstock.com makes it easier to sell Bitcoin for dollars when you spend the dollars at Overstock.com. If Overstock does the same thing with Google shares, Google shares don’t become money either.

        • BrodieNo Gravatar says:

          And yet you cannot buy anything on overstock.com with a google share. The fact you don’t recognize the difference between google shares and bitcoins on overstock.com speaks volumes about your ability to understand the situation. Obviously, you are not reasonable, and so there is no point in continuing to talk to you.

          • FranzNo Gravatar says:

            Brodie, please stop feeding the troll. Trolls show up simply to argue, even if they have to invent facts, ignore other facts, argue against points never made, or change the topic. They contribute nothing meaningful to the dialog.

  5. FranzNo Gravatar says:

    Rumor (but probably true): From a friend who works for a Philadelphia venture capital firm who knows the Goldman Sachs people working with Coinbase: There were 934 Bitcoin purchases on Overstock.com in the first eight hours after the announcement.

    I just bought something from Overstock.com I didn’t really need, with Bitcoin. The transaction cleared immediately (within 20 seconds), which might imply that Coinbase is acting as a broker as well as a clearing house, since the transaction cleared before any blockchain confirmations could be received (well, one confirmation perhaps). But, when you think about it, Overstock.com has many hours to rescind any sale transactions if the Bitcoin confirmations are not received, since it takes many hours to prepare an order for shipment.

    The next step for Bitcoin, in my estimation: The replacement of stacks of paper currency with Bitcoin in auction transactions, particularly for container loads of novelties and small tools landing in Long Beach. It’s already happening for junker car auctions in the UK.

    I would also expect Bitcoin to replace IMS barter dollars for B-to-B transactions. If it does not, that means that the tendency to hold Bitcoin for speculation rather than spend it, even in a closed community, is too strong a temptation just now.

    I expect to see Obama’s fascist White House start to pay ever more trolls to show up on sites like The Daily Anarchist to try to deny the Bitcoin revolution is in process.

    Now, all I have to do is try to figure out in which closet to stuff the new iPod docking station I just bought from Overstock.com.

    To the barricades, comrades! May the Bitcoin deniers and fascists be swept away in the tsunami of history! (Or other inflammatory slogans, none of which I can remember at the moment).

    • Martin BrockNo Gravatar says:

      Your eagerness to use Bitcoin, even to buy something you don’t need, explains Overstock’s arrangement with Coinbase. It’s a marketing strategy. If Patrick Byrne is actually a Bitcoiner, he doesn’t need Coinbase. He specifies a price in Bitcoin and settles for Bitcoin. He creates a wallet for Overstock and accepts Bitcoin directly.

      You’re right that Coinbase is a broker as well an arbitrageur itself. It must hold enough dollars itself to exchange Bitcoin for dollars, to satisfy its contract with Overstock, before selling the customer’s Bitcoin for dollars.

      Why replace stacks of paper currency with Bitcoin? The vast majority of transactions, in the dollar and other currencies, are already electronic. My paycheck is deposited electronically. Most of my bills are paid by bank draft. I use paper or coin in a small fraction of my transactions, much less than 10%, now.

      If a junker car auction involves questionable title (like the cars are stolen), sellers might prefer paper, but why would I use a stack of paper dollars, rather than my debit card, otherwise?

      Bitcoin has these uses on the black market, and some of them (like skirting Chinese currency controls) are praiseworthy, but the market for Bitcoin as money, rather than a vehicle for speculation, is very limited otherwise.

  6. FranzNo Gravatar says:

    My wife just got a great deal on bedsheets and she decided to pay in Bitcoin. It was her first Bitcoin payment, ever, although she started buying Bitcoin about 18 months ago. We are typical early-adopters in our household, I guess. By the way, she is 70 and I am 63. Technology early adopters AND revolutionaries. Isn’t that just the way? We both switched from MtGox to Coinbase after MtGox stopped taking Dwolla deposits, because we like to use EFTs to fund our accounts, and not deal with making deposits in cash (bank notes), and Coinbase allows the use of EFTs. It’s always fun to be on the leading edge of a revolution, before all the cowards show up later to take credit for it. Reminds us of our college years! Revolution through consumerism. Who would have thought?

  7. TomNo Gravatar says:

    Returns & Credits

    You may only return orders paid with Bitcoin for Overstock.com In-Store Credit. If your item is damaged or defective, you may return it for a replacement of the exact item. Replacement orders will ship once we receive and process your original item return at our warehouse. All other Returns Policy terms and conditions apply. Standard Returns Policy for more information.

    Any service credit for orders paid with Bitcoin is issued to your Overstock.com account as in-store credit, excluding cancelled orders. Cancelled orders qualify for a refund in Bitcoins. Any refund is issued for the full USD value of the order and processed at the Bitcoin exchange rate at the time the refund is completed.

    https://help.overstock.com/app/answers/detail/a_id/5794/c/4#retur n

  8. FranzNo Gravatar says:

    The expatriot remittance market is certainly large, and Bitcoin is a natural fit to that market. Companies like Zoom.com, for example, advertise (very) heavily on US cable TV, marketing to Indian and Pakistani expats working in the US, but their fees are very high. The following story indicates that the named Philippine company intends to make most of their money from brokerage, not from charging fees. They will therefore undercut the competition by potentially a very large amount (several percentage points per transaction) on a fee basis.

    http://www.coindesk.com/new-phillipino-bitcoin-exchange-targets-r emittance-market/

    • Martin BrockNo Gravatar says:

      For states like China that restrict the export of currency, Bitcoin is an option for subjects of the state to skirt the restriction, and I’m happy for these subjects to have this option; however, Bitcoin is not the only option. I don’t expect a monopoly provider of this service. China’s monopolization of the currency of its subjects is precisely why I celebrate the options.

      The problem for Chinese subjects wishing to export currency is that they must still exchange yuan for Bitcoin to do so, and the Chinese state can effectively restrict these exchanges, at least in the short term, as indicated by the collapse in trading volume at btcnCNY. I’m not happy about this fact, but it’s a fact.

      For states without these restrictions, Bitcoin offers no similar advantage, and most of the world’s wealth is not restricted this way, for reasons that you presumably appreciate, i.e. restricting these exchanges limits wealth creation by limiting comparative advantage.

  9. FranzNo Gravatar says:

    Something for the Bitcoin deniers, fascist trolls coming in here on the government payroll, and other assorted fools:

    http://www.coindesk.com/bitcoin-explained-five-year-old/

    • Martin BrockNo Gravatar says:

      That’s a fair introduction to the double spending problem and the distributed ledger solution. I like the distributed ledger idea, and this solution is not why I expect Bitcoin, as currently designed, to fail to become money.

      My skepticism involves the formulaic limitation of the supply of Bitcoin. This formula is itself a central plan that a central banking authority might impose, though most central bankers these days would not impose it. Central bankers in the past did impose similar limitations, through a statutory gold standard for example, and I don’t like this central banking formula either.

      I rather suppose that market forces should determine the supply of money, so the supply should respond elastically to the demand for money, as the supply of corn or milk responds to the demand for these goods. If demand for corn rises, farmers allocate more acreage to growing corn or otherwise increase their yield. If demand falls, farmers shift productive resources to other crops.

      Central bankers these days often claim to regulate the supply of fiat money this way, and they’re often lying, but this fact doesn’t change my preference.

      When the demand for indirect exchange increases, the money supply should increase, and when demand falls, the money supply should decrease. Arbitrarily limiting the supply of such a valuable good is what I expect a monopolist to do, to create monopoly rents. Bitcoiners can’t force Bitcoin to circulate as money or create monopoly rents, without the aid of states, so I don’t worry about that, but I don’t expect Bitcoin to become money either.

      Some other accounting system employing a distributed ledger to solve the double spending problem could become money, and I’m all for it. This other system could be a revision of Bitcoin, using the same IT infrastructure, and that’s fine with me too. I don’t know why anyone thinks me “anti-Bitcoin”, much less a state worshipping fascist, for this reason.

  10. Brian DrakeNo Gravatar says:

    I’m not pro or con bitcoin. Nothing against it, just not interesting to me at this time. Can’t there be “bitcoin neutral”?

    But unless there’s some long history with Martin Brock here at DA I’m unaware of where he’s been intelligently debated and defeated and yet belligerently holds to disproved arguments, I must say I find his treatment in these comments to be rather unimpressive. I think he makes rather calm, seemingly well-reasoned arguments. Maybe he’s wrong and if I spent more time learning about the topic, I’d see that. But on the surface, his arguments certainly don’t appear frivolous and I find myself agreeing that having Coinbase in the mix as a “money changer” so that Overstock never actually deals with Bitcoins does make the phrase “Overstock.com accepts bitcoins” seem like equivocation. I’m no expert on the theory of money, but thinking about how a common medium of exchange is the solution to the “finding a double-coincidence of wants” problem in a barter system, it seems that USD/FRN are still the common medium of exchange in the Overstock.com scenario, which is why Coinbase is needed.

    Again, perhaps his point of view has been more thoroughly engaged and debunked elsewhere, but judging from these comments alone, he really seems like the sole voice of reason, and the rest of you a bunch of petulant true-believers.

    • Martin BrockNo Gravatar says:

      I’m a skeptic, even a contrarian, by nature, but other than Bitcoin, I have no serious disagreements with the folks here. I know that Bitcoiners don’t want to hear my opinion. Bitcoin excites a lot of people now, but unless the system reforms itself, I expect it to disappoint more people later.

      I could be mistaken, needless to say, but if I’m not, statists will crow loudly when the last Bitcoin bubble bursts, and people should remember that not every libertarian was selling Bitcoin as the world’s next reserve currency, bound to rise to millions of dollars per coin, so I offer my opinion here anyway.

      As a possible form of money, Bitcoin is an important innovation, but I don’t expect it to be the last of its kind, anymore than the Wright Flyer was the last powered aircraft. The whole idea of Bitcoin as the last word on money worldwide seems ridiculous to me. Anarchists of all people should be suspicious of a monopolistic claim of this sort.

      I rather suppose that information and communications technology make competing currencies more practical than ever before, so even if stateless monies challenge fiat money successfully, I don’t expect a single, stateless currency to prevail over all others. Why should it? Why should anyone welcome this outcome?

      If technology makes currency exchange (like the Bitcoin/dollar exchange at Overstock.com) so easy, why would anyone expect a single currency? I see Peercoin prices and pay with Peercoin. You see dollar prices and pay with dollars. Seth sees Bitcoin prices and pays with Bitcoin. The very fact that Bitcoiners herald this strategey at Overstock suggests that Bitcoin should not become the only stateless currency, even if it ultimately becomes one of them.

      As an investment, Bitcoin (holding the currency itself, not building the infrastructure) is hardly the first of its kind. If Bitcoin is not destined to be widely used as money, then investments in the tokens themselves look more like a speculative mania, inflating only while believers outbid disbelievers and deflating when the wave of new believers ceases to expand.

      Investments of this kind don’t end well and can discourage investments in stateless money generally. Bitcoiners don’t want to hear that either, but it seems true to me, so I’ll keep saying it.

  11. Don DuncanNo Gravatar says:

    If an independent communication system (private satellite system) were safe from any govt. interference, then the ‘net could not be shut down, and the international banking cartel could be boycotted. Until then, I hoard gold/silver coins only converting to dollars (very reluctantly) as needed. Given the choice I would spend gold/silver directly. But most people will not accept gold/silver as payment.
    When I hear: “What if they outlaw gold and take it away?”, I know I am hearing a collectivist mindset. That would make transactions more difficult as they would all go underground, but how can govt. take my gold if I don’t give it?
    BTC can be outlawed as well. Is it as safe as gold? I don’t know. I know I can spend my gold anywhere in the world, legally or illegally. When I am just as sure about BTC I will use it.

  12. FranzNo Gravatar says:

    Overstock.com CEO Patrick Byrne rips the fascist, criminal faux economist, mouthpiece for the Goldman-Sachs’-owned Washington DC kleptocracy, Paul Krugman, in an interview; hopes Bitcoin will “destroy the central banking system.”

    http://www.zerohedge.com/news/2014-01-15/overstock-ceo-slams-unet hical-krugman-hopes-bitcoin-destroys-central-banking

    I love it!

Leave a Reply

Notify me of followup comments via e-mail. You can also subscribe without commenting.