Retail giant Overstock.com accepting Crypto Currency and their CEO's statement about government fiat money garbage is.... GOLD. | Complete Overview since 2014!

in #bitcoin7 years ago (edited)

Overstock.com and ShapeShift have now partnered to accept more than 60 cryptocurrencies as payment at its online stores.


I saw this news break yesterday and was just too tired to do anything with it then but holy cow, this is big news.

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The online retail giant started accepting Crypto in 2014! They have remained tied to the blockchain movement ever since and have a dedicated arm of the company working to that end.


Overstock CEO Patrick Byrne:

Byrne said:

"Overstock is pro-freedom, including the freedom of individuals to communicate information about value and scarcity without relying on a medium created through the fiat of unaccountable government mandarins."

How awesome is this statement from a major CEO about Liberty and the sham that is government????

Patrick on Twitter: https://twitter.com/OverstockCEO

Overstock on Twitter: https://twitter.com/Overstock


Customers can now use bitcoin / dash / bitcoin cash / ether / litecoin and a lot more, at checkout, as the early adopter to crypto payments for retailer continues its march to liberty and helping customers.


From a NASDAQ.com article August 8th:

First major retailer to accept bitcoin continues to lead the way in adoption of cryptocurrency payments
SALT LAKE CITY, Aug. 08, 2017 (GLOBE NEWSWIRE) --

Overstock.com, Inc. (NASDAQ:OSTK) announces an integration with ShapeShift, the world's leading instant digital asset exchange, that allows customers to use all the major cryptocurrencies, including Ethereum, Litecoin, Dash, Monero, and the new Bitcoin Cash, to buy online from Overstock's selection of nearly 4 million products, including, furniture, accessories, bedding, décor, rugs, DIY, and more.

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"Overstock is pro-freedom, including the freedom of individuals to communicate information about value and scarcity without relying on a medium created through the fiat of unaccountable government mandarins. For that reason, we have been an early proponent and adopter of cryptocurrencies," said company CEO and founder Patrick M. Byrne. "ShapeShift has provided an elegant way for users of any digital currency to transact seamlessly and privately across chains, and we're excited to harness that ability to the benefit of our customers."

"Overstock's long history with bitcoin and blockchain technology demonstrates their commitment to innovation," said ShapeShift CEO Erik Voorhees. "The ShapeShift team could not be more excited for this partnership and are pleased our technology will be helping the next generation of Overstock customers."


I also referenced this CoinDesk article today for some of the backstory. (Source below)

Jonathan Johnson is the chairman of the board of Overstock and the president of Medici Ventures, the Overstock subsidiary focused on advancing blockchain technology in financial systems and beyond.

I went to learn more about him, look at this picture of him I found and look at where he is speaking!

He is a political figure as well in the Utah area. I may blog more on that another day.

-- He was a candidate for the Republican nomination in the 2016 Utah gubernatorial election.

I pulled this following info from CoinDesk's "Bitcoin Milestones" series, from months ago where Johnson discusses his involvement in Overstock's decision to become the first major US merchant to accept bitcoin along with the influences that led it to kickstart the huge retail industry involvement with cryptocurrency.

At this time, I was the president of Overstock and, I sheepishly admit, it was the first I'd heard of bitcoin. I began studying bitcoin and watching how it was used. Unbeknownst to me, my business partner, Overstock CEO Patrick Byrne, was doing exactly the same.

As bitcoin interest and adoption grew, we saw technological, capitalistic and philosophic reasons to offer our customers a secure, decentralized, immutable way to buy products. In December 2013, wanting to make it possible for bitcoin users to purchase products from us, we included our senior management team in the discussion.

--

Straight away, we formed a team that began work the week between Christmas and New Year's.

Wanting to be undistracted and uninterrupted, the team locked themselves in a room (and asked that pizza be slid under the door) so they could work on integrating the technology into our website.

(At Overstock, we often create special project teams and give them their own "war room" so they can focus on the project.) This was just such a case.

The team was singularly focused on the project over the holidays. They were bitcoin believers and it showed in their dedication to the project.

After just two weeks of hard work, on 9th January, 2014, Overstock became the first major retailer to accept bitcoin.

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The buzz among the bitcoin community was huge. The press was quick to tout our pioneering action. Bitcoin holders came to Overstock in droves to purchase products.

In the following weeks and months, Patrick and I were asked to speak about bitcoin and why Overstock decided to accept the cryptocurrency.

While the decision to accept bitcoin seems like an easy and smart one, in retrospect, there were a number of factors that led our team to conclude an alternative currency was a good fit for Overstock.

Overstock is a technology company at its core. We built our brand around leveraging technologies to provide our customers with the best possible shopping experience. Because of this, we constantly experiment with new technologies across a variety of applications.

Bitcoin was no exception. As we began to better understand bitcoin’s underlying technology – the blockchain – it was clear the decentralized and distributed infrastructure allowed for almost no possibility of exploitation. That, when combined with the immutable nature of the ledger, provided a level of security and transparency never before seen in a currency.

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When we began accepting bitcoin, we accessed a new demographic of customers with plenty of bitcoin to spend, but few places to spend it.

The bitcoin community is a loyal and engaged one, and we believed they would return Overstock's faith in the currency with continued patronage. We were right.

Fiscally, the decision made a great deal of sense, too. We eliminated credit card transaction costs on bitcoin purchases, thus increasing our profit within the tight margins of e-commerce.

Bitcoin still combines the convenience, transparency and security of an online-based payment method with the virtues of a currency that has a finite supply of infinitely divisible units and predictable growth patterns. This duality supports our belief that a limited government, without the power to create currency at will for self-sustaining purposes, is the best business model for any nation.

--

While you might not hear much about its retail use cases anymore, Overstock still accepts bitcoin.

The digital currency's non-governmental nature still allows for easy global adoption, leading to efficient trade between individuals and companies without the cumbersome currency exchange processes and costs.

Just as the internet allowed the world the freedom to communicate across borders and cultures, bitcoin and other non-governmental cryptocurrencies allow the world the freedom to trade goods in much the same way.

Other retailers and industries soon followed our lead and the public began to see bitcoin less as a fringe idea.....


Sources:

http://www.nasdaq.com/press-release/overstockcom-now-accepts-all-major-altcoins-including-bitcoin-cash-through-integration-with-20170808-00685

https://www.coindesk.com/ether-litecoin-overstock-now-accepts-cryptocurrencies-payment/

https://www.coindesk.com/into-the-war-room-overstock-looks-back-on-bitcoin-embrace/



Thanks for reading, have a nice day.








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Please note -- I will have limited internet access for awhile -- so PLEASE do not be upset that I cannot reply right away, or to everyone. I am dealing with some changes, and will have limited time online and will be happy if I get a few blog posts up a week.

Sort:  

I have never used Overstock but I have taken notice of his logical statements on this overreaching gov't.

What excellent news. I wonder how many other companies will see this and not want to be left behind in sales. Online retail is centrally a very large economy, if they see simply expanding the payment methods they allow increase sales why they should already be having meetings about this!

The 2nd guy I kept digging for info on was a hidden gem, I have told a few people that. I feel smarter today having written this LOL

Thanks man.

I was definitely energized doing this!!!!

Barry,

This is fantastic and very positive news. Pioneers like this can only help speed the adoption of cryptocurrencies.

"...the fiat of unaccountable government mandarins."

Hahahahahaha! What a great dig! :D

😄😇😄

@creatr

I almost choked up when I saw that, so I want to give these 2 guys a big

#BroHug

at Overstock now (:

That is partially why I put in the related Twitter accts too!!!!

Nice post! :)

No thanks we don’t want your spam. Perhaps try adding some context to why it’s a “nice post” would be more helpful.

I just tagged you moments ago in a related LOL from today

(:

I really got find a solution for seeing when I'm tagged. DOh!

and some more here and elsewhere the last 90 mins dude

LOL

It went into Steemit today via our friend @timcliff

on things the users want to see changed - they are looking at and using my "Steemit Needs' series to gauge what ppl. most want.

Annnd that is an UV for ya

LOL

Don't mess w @enjar baby!!

I just went to your comments tab and you are spamming your replies with 1 or 2 words and basically nice post 'ing everyone.

Do you want to be flagged for spam or try interacting meaningfully here????

Will I even get a reply here on my....

nice post

Come on!!!

I saw your comment appear when my blog went up, after about 30 seconds, so I knew you never read it!

Fiat = Fake Illegal American Tender

Flagged In All Truth

lol

Thankfully I don’t have much of that. I’d burn it. But those who deeply treasure over it would put cuffs on my wrists!

Boom. Well said.

@enjar is a boss. He knows what's up!

There is now a war on spam incase you have not read about it!

I think in this post alone, I have tagged you 5 or 8 times already alone, let alone other stuff lately and today

Lots of F words could be inserted here.

Ya, I was trying to avoid the worst of them and settled on Fake.

Rad! 🤙 Thanks for sharing @barrydutton

Thanks for commenting today.

I was not aware of this - thank you for sharing!

The subsequent quotes from the CEO, and Chairman of the board were fascinating to read. It is nice to see smart, and liberty minded people leading companies.

I know, I know!!! I was suuuuper excited!

That is also why I kept digging on the 2nd guy in the article I named today, that is a hidden gem of info I was able to find.

I'm glad you did. The article became all the more interesting with that second layer.

Greetings I have a gif for you! Please take a moment to read this. You have been marked. Have a great day and enjoy the #waronspam.

What makes this so "good" that is my question to you.

Upvoted. I'll check out the site.

The quotes in here are awesome!

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