Well it is not all that bad.

The fiat money, which overstock actually accepts, has to come from somewhere. This means someone has to go and buy those BTC used to purchase stuff from overstock. So you have an ongoing "circulation" and people buying BTC signifies a demand for it which means a higher value for BTC, which means "cheaper" (relatively speaking) items on overstock, which means people might be motivated more to buy BTC,...etc 

Which also means nothing happens without using fiat money.

Well if they're using Bitpay then they instantly turn it into fiat.

I'm in the process of placing an order for a Rolex thanks to overstock!

BTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTC

That's how you make money on innovation. Overstock is going to wish they did it earlier.

Already done!

 

Overstock.com ‏@Overstock 2m
@mmeijeri Hi, international is in the works! We'll make an announcement when it's live.

well this was an unexpected announcement for today imo

Yes, they're likely converting most to fiat right now. The CEO has expressed this necessity given duties to investors as Overstock is a publicly-traded company. Bitcoin's volatility is indeed a problem in that light. Obviously that concern lessens as time goes by and bitcoin acceptance goes up.

This insta-convert-to-fiat period is a necessary step on the path to a more true closed-loop bitcoin economy.

And note that the CEO *does* believe in bitcoin for all the right reasons, and has expressed as much a number of times. Again, his post from Tuesday:
http://www.cnbc.com/id/101315433

And check him out on twitter: @OverstockCEO

thats great buying from overstock with btc only helps btc!

Awesome.


And I just placed my own (small) order. Overstock is the first of many. #goodtimes