Buy Newegg gear using Bitcoin

#1

Post by randall » Fri, Jun 10, 2011, 2:40 AM UTC

Buy Newegg gear using Bitcoin
bitspend.com

Re: Buy Newegg gear using Bitcoin

#2

Post by DiabloD3 » Fri, Jun 10, 2011, 3:17 AM UTC

Interesting, but is he willing to cover lost items or shipping to insane countries?

Re: Buy Newegg gear using Bitcoin

#3

Post by ineedtosleep » Fri, Jun 10, 2011, 3:19 AM UTC

Considering how much people are charging in BTC for goods and services currently and the difficulty of earning BTC, I'd rather spend real currency.

Note that I didn't check the Newegg BTC prices. I'm only applying what I've seen so far and expecting nothing different from bitspend/Newegg.

Re: Buy Newegg gear using Bitcoin

#4

Post by webXL » Fri, Jun 10, 2011, 3:19 AM UTC

Why wouldn't this work for any store or currency? Or is this just a creative way to go long on bitcoin?

Re: Buy Newegg gear using Bitcoin

#5

Post by phamilton » Fri, Jun 10, 2011, 3:26 AM UTC

I wonder if they have to charge sales tax... (located in CA)

Re: Buy Newegg gear using Bitcoin

#6

Post by baconface » Fri, Jun 10, 2011, 3:27 AM UTC

Seems like another good technique for mining bitcoins.

Re: Buy Newegg gear using Bitcoin

#7

Post by [deleted] » Fri, Jun 10, 2011, 3:33 AM UTC

DiabloD3 wrote: post #2

Interesting, but is he willing to cover lost items or shipping to insane countries?

[deleted]

Re: Buy Newegg gear using Bitcoin

#8

Post by bitspend » Fri, Jun 10, 2011, 3:35 AM UTC

phamilton wrote: post #5

I wonder if they have to charge sales tax... (located in CA)

No sales tax. We're located in Utah :)

Re: Buy Newegg gear using Bitcoin

#9

Post by bitspend » Fri, Jun 10, 2011, 3:36 AM UTC

webXL wrote: post #4

Why wouldn't this work for any store or currency? Or is this just a creative way to go long on bitcoin?

Exactly right. We may add more currencies in the future and additional stores asap. Suggestions appreciated :)

Re: Buy Newegg gear using Bitcoin

#10

Post by sdkmvx » Fri, Jun 10, 2011, 3:37 AM UTC

It's interesting to see that this guy wants to transfer BTC -> USD in the form of Newegg shipments, but I have yet to see anyone major accept Bitcoins directly.

Newegg has something of useful value (like a hard drive). Both BTC and USD have no useful value in this sense. The actual item 1 USD is simply a piece of cotton-paper with ink on it. A BTC is a mathematical hash. Nobody major with useful objects accepts BTCs. They accept USDs.

I would think that most people trading Bitcoins are just trading it. The price goes up and up because everyone is just buying and buying so they can sell before it goes back down. At some point, enough people are going to randomly decide they're done and sell at the same time, and the transfer price will go all the way to (near) zero. I haven't seen many people actively trying to make a real economy out of it. That's why I have no confidence in Bitcoin.