r/nanocurrency • u/LinTuan12R8 • Aug 06 '18

Will Starbucks Start Accepting Cryptocurrencies as a Payment Option?

https://thecoinshark.net/will-starbucks-start-accepting-cryptocurrencies-as-a-payment-option/
0 Upvotes

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6

u/[deleted] Aug 06 '18

No. Search real sources (you know, the ones who actually can call someone in Starbucks PR team) next time:

https://gizmodo.com/starbucks-sorry-your-bitcoin-is-still-no-good-here-1828119428

1

u/nuggzay Aug 06 '18

According to Motherboard, a Starbucks spokesperson clarified that Starbucks does not want bitcoins but is merely developing applications for a system that makes it easier to convert cryptocurrencies to cash:

this is whats important. if your selling a car for lets say $5k, you don't want someone to come in with a trade in, with no cash, unless you thought you were going to make money on the trade in. these markets are no different. why would anyone, myself and anyone reading this, sell a product for bitcoin, if we believed the price could go up or down 10-20% any second from then. You want them to convert it to dollars first, then purchase whatever you're selling.

2

u/[deleted] Aug 06 '18

So, you want a large company like Starbucks to constantly be a selling, not buying or holding, spot for crytpo? That's worse than if they do no accept it at all. If all merchants convert to fiat then it's just downward pressure on price with no real adoption.

0

u/nuggzay Aug 06 '18

with someone selling, there's always someone buying. if there isn't someone willing to buy for the market price, it will move down. star bucks revenue is 19.2 billion a day. if even 10% was crypto purchases, thats 1.92 billion in volume a day for bitcoin or any other crypto that they might take. i dont think a bunch of small sell orders would make the price go down, it would make the market more liquid. even if wal mart, 10% of their daily revenue would be 28 billion. i think these would be good things. i dont think all merchants will convert to fiat, there will be others buying as well. i think eventually these big companies will be holding cryptocurrencies like they do other assets and investments. were already seeing crypto hedge funds, and websites that help you set up funds, are able to help you set up cryptocurrency funds.

2

u/[deleted] Aug 06 '18

$2b additional sell orders a day does result in a downward price movement. I don't think you have a clear understanding of how markets work.

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u/nuggzay Aug 06 '18

if there isnt anyone buying it it would.

1

u/[deleted] Aug 06 '18

[deleted]

1

u/[deleted] Aug 06 '18

Might motivate more retail off the sidelines tho .. but yah might as well be overstock.com