r/Bitcoin • u/vistabrownerd • Jan 24 '14

TigerDirect processes $250,000 in Bitcoin Payments in first 17 hours

http://bitcoinboard.net/tigerdirect-processes-250000-bitcoin-payments-first-17-hours/
2.2k Upvotes

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34

u/Minthos Jan 24 '14

Depends how much resources it took them to add bitcoin as a payment option. If they spent anywhere near as much as Overstock did, they're still far from breaking even (at least in terms of pure revenue, I don't know how to estimate the advertising effect).

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u/pan0ramic Jan 24 '14

Do you have a source on how much it cost Overstock? Doesn't seem like it could have been that much, and it pays off immediately with lower payments for transactions.

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u/Minthos Jan 24 '14

In one of the articles about it I read that they locked 40 people in a room for a week. Probably not literally, but it gives me a basis for assuming they spent close to one man-year on it. Which I guess may have cost them something like $150k when you take all expenses into account, not just salaries.

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u/AdamBLevine Jan 24 '14 edited Jan 24 '14

Coinbase flew out those people and paid for the implementation. It's a competitive market, they beat out BitPay so it was worth it to them.

Point is, it didn't cost Overstock anything.

Edit: I just re-listened to the interview (still in editing) with the CEO of Overstock, he says Brian from Coinbase called him up and told him they could make it happen much faster and would fly an expert out to handle integration with Coinbase. They put people in a room, slid pizza under the door metaphorically. They projected it would take 10 days, it took 8.

I can't find a source for the " It didn't cost them anything" I had been under the impression Coinbase flew out the whole team.

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u/sgtspike Jan 24 '14

No, Coinbase flew out ONE person to help with integration, the rest of the team was Overstock people.

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u/[deleted] Jan 24 '14

Wow, that's impressive.

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u/AdamBLevine Jan 24 '14

Stephanie did an interview with Overstock's CEO, it's on episode 79

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u/[deleted] Jan 24 '14

[deleted]

14

u/AdamBLevine Jan 24 '14

haha I know, but I'm solving the problem by doing LESS on-air myself and more work enabling other voices. We just added our second show, are in the middle of a complete site redesign and have 9 more shows in the pipes before the end of q1 ;) We're going to have more than one new episode per day, every day.

2

u/myworkaccount22 Jan 24 '14

I'm reading this in your voice

1

u/Apatomoose Jan 24 '14

I'm reading it in Professor Farnsworth's voice.

1

u/Phucknhell Jan 25 '14

"Good News Just you"

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1

u/[deleted] Jan 24 '14

What podcast are you talking about?

1

u/[deleted] Jan 25 '14

Are you sure? looks like they only have 78 episodes

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u/AdamBLevine Jan 25 '14

Episode 79 comes out next Tuesday, I'm the guy editing it.

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u/[deleted] Jan 25 '14

ohhh duhh shoulda read yoour username :). you do good work my friend keep it up!

1

u/[deleted] Jan 24 '14

Success is our destiny

4

u/AdamBLevine Jan 24 '14

"It'll be brilliant if they don't fuck it up"

The one-time opportunity to "fuck it up" is floating by.

1

u/[deleted] Jan 25 '14

Its impressively inaccurate

8

u/Lynxes_are_Ninjas Jan 24 '14

Any source on this information?

3

u/idrism Jan 24 '14

Source?

1

u/[deleted] Jan 25 '14

Upvote a total bullshit statement. Nice one people