Newegg is now accepting Bitcoin • Hacker News Board

Re: Newegg is now accepting Bitcoin

#21

Post by sanswork » Tue, Jul 01, 2014, 9:50 AM UTC

user24 wrote: post #16

sanswork wrote: post #11

Earlier quoted context omitted.

Where are you seeing it? Overstock the most regularly promoted name as a retailer has only seen dropping numbers since they started. Notice bitpay stopped reporting 7 months ago? Coinbase has also been called out on posting contradictory numbers on their blog posts in the past which lead to them deleting most of their posts related to numbers.

I'd like to see a source for your claim that "Overstock ... has only seen dropping numbers since they started." I think you're probably getting it from the FOX Business interview in May, but that's not really as cut-and-dried as you're making out. [1] http://www.coindesk.com/overstock-ceo-patrick-byrne-1-6m-bit...

http://onbitcoin.com/2014/01/31/bitcoin-executives-testify-i...

http://www.coindesk.com/overstock-million-bitcoin-sales-futu...

http://www.coindesk.com/overstock-ceo-patrick-byrne-1-6m-bit...

Jan 1 - 170K

Jan 2-29 - $15K/day average

Next 36 days to March 4th they do $400K - $11K/day average

Next 83 days to May 27th they do $600K - $7200/day average

Re: Newegg is now accepting Bitcoin

#22

Post by user24 » Tue, Jul 01, 2014, 9:51 AM UTC

sanswork wrote: post #2

Pay 1% more(or 3%-8% more if you have a cash back card and depending on where you bought your coins) to save them 2% and lose all consumer protections in the deal. It's no wonder there is almost no consumer growth in the bitcoin world while new merchants are announced every other day.

> almost no consumer growth in the bitcoin world

There are quite a few metrics on http://www.bitcoinpulse.com/ that seem to indicate otherwise.

Re: Newegg is now accepting Bitcoin

#23

Post by sfjailbird » Tue, Jul 01, 2014, 9:51 AM UTC

Nursie wrote: post #18

sfjailbird wrote: post #14

Earlier quoted context omitted.

> lose all consumer protections Nonsense. Consumer protection laws apply no matter the payment method.

Not true in all places. In the UK part of your protection is the fact that there is a third party involved (your credit card issuer) who has a variety of responsibilities to the consumer over and above the responsibilities of the retailer. In practice this means you get better protection as the money can be taken back from the retailer by a third party with a big stick.

Credit card chargebacks have nothing to do with consumer protection laws. It is just a feature of the credit card payment system (good or bad, depending on point of view).

Re: Newegg is now accepting Bitcoin

#24

Post by sanswork » Tue, Jul 01, 2014, 9:53 AM UTC

sfjailbird wrote: post #14

sanswork wrote: post #2

Pay 1% more(or 3%-8% more if you have a cash back card and depending on where you bought your coins) to save them 2% and lose all consumer protections in the deal. It's no wonder there is almost no consumer growth in the bitcoin world while new merchants are announced every other day.

> lose all consumer protections Nonsense. Consumer protection laws apply no matter the payment method.

Yes I meant payment system features and reversibility without having to go to court(if its even an option for you on international orders).

Re: Newegg is now accepting Bitcoin

#25

Post by oleganza » Tue, Jul 01, 2014, 9:53 AM UTC

sanswork wrote: post #2

Pay 1% more(or 3%-8% more if you have a cash back card and depending on where you bought your coins) to save them 2% and lose all consumer protections in the deal. It's no wonder there is almost no consumer growth in the bitcoin world while new merchants are announced every other day.

Paying in Bitcoin makes a lot of sense:

1) You don't have to provide private info like CC number.

2) If you bought bitcoins at X and now they are valued at 10X you may effectively enjoy 90% discount on all purchases.

All these mythical user-protecting chargebacks are almost never used by consumers for refunds (companies who care about brand help them settling refunds) and almost always for the cases when you CC details got stolen and used by someone else. Of course, bitcoin payments do not leak your private keys, so the entire class of problems goes away.

Re: Newegg is now accepting Bitcoin

#26

Post by sanswork » Tue, Jul 01, 2014, 9:56 AM UTC

oleganza wrote: post #25

sanswork wrote: post #2

Pay 1% more(or 3%-8% more if you have a cash back card and depending on where you bought your coins) to save them 2% and lose all consumer protections in the deal. It's no wonder there is almost no consumer growth in the bitcoin world while new merchants are announced every other day.

Paying in Bitcoin makes a lot of sense: 1) You don't have to provide private info like CC number. 2) If you bought bitcoins at X and now they are valued at 10X you may effectively enjoy 90% discount on all purchases. All these mythical user-protecting chargebacks are almost never used by consumers for refunds (companies who care about brand help them settling refunds) and almost always for the cases when you CC detai…

1) You're ordering something to be delivered you have to provide the same info.

2) True, but now once you've spent them does it make sense to buy them back and do it again?

Because most companies are afraid of chargebacks and will take steps to avoid them. Bitcoin payments don't but any minor lapse in personal computer security likely will.

Re: Newegg is now accepting Bitcoin

#27

Post by sanswork » Tue, Jul 01, 2014, 9:57 AM UTC

user24 wrote: post #22

sanswork wrote: post #2

Pay 1% more(or 3%-8% more if you have a cash back card and depending on where you bought your coins) to save them 2% and lose all consumer protections in the deal. It's no wonder there is almost no consumer growth in the bitcoin world while new merchants are announced every other day.

> almost no consumer growth in the bitcoin world There are quite a few metrics on http://www.bitcoinpulse.com/ that seem to indicate otherwise.

Which ones? The number of accounts on a website? The number of transactions is flat as is the transaction volume.

Re: Newegg is now accepting Bitcoin

#28

Post by Nursie » Tue, Jul 01, 2014, 9:59 AM UTC

sfjailbird wrote: post #23

Nursie wrote: post #18

Earlier quoted context omitted.

Not true in all places. In the UK part of your protection is the fact that there is a third party involved (your credit card issuer) who has a variety of responsibilities to the consumer over and above the responsibilities of the retailer. In practice this means you get better protection as the money can be taken back from the retailer by a third party with a big stick.

Credit card chargebacks have nothing to do with consumer protection laws. It is just a feature of the credit card payment system (good or bad, depending on point of view).

False.

Here in the UK the credit card company, as a party to an incurred debt, has a legal responsibility to the consumer that encompasses various things like product quality and returns/refunds. If the retailer does not live up to their responsibilities then the CC provider has a legal responsibility to return the money.

This is under section 75 of the Consumer Credit Act.

Re: Newegg is now accepting Bitcoin

#29

Post by user24 » Tue, Jul 01, 2014, 10:03 AM UTC

sanswork wrote: post #21

user24 wrote: post #16

Earlier quoted context omitted.

I'd like to see a source for your claim that "Overstock ... has only seen dropping numbers since they started." I think you're probably getting it from the FOX Business interview in May, but that's not really as cut-and-dried as you're making out. [1] http://www.coindesk.com/overstock-ceo-patrick-byrne-1-6m-bit...

http://onbitcoin.com/2014/01/31/bitcoin-executives-testify-i... http://www.coindesk.com/overstock-million-bitcoin-sales-futu... http://www.coindesk.com/overstock-ceo-patrick-byrne-1-6m-bit... Jan 1 - 170K Jan 2-29 - $15K/day average Next 36 days to March 4th they do $400K - $11K/day average Next 83 days to May 27th they do $600K - $7200/day average

Thanks! Hmm. It is only to be expected that the initial spike would drop off. It'll be interesting to see if that downwards trend continues or not.

Re: Newegg is now accepting Bitcoin

#30

Post by soup10 » Tue, Jul 01, 2014, 10:04 AM UTC

sanswork wrote: post #2

Pay 1% more(or 3%-8% more if you have a cash back card and depending on where you bought your coins) to save them 2% and lose all consumer protections in the deal. It's no wonder there is almost no consumer growth in the bitcoin world while new merchants are announced every other day.

Bitcoin is still mostly a speculative vehicle. 9/10 links about bitcoin are not real news and are just propped up by people with a stake in it. Nobody else cares.