So app.net will accept bitcoin if we bribe them with $10k in purchases?
You either believe in the currency and wish to implement it into your platform, or you don't.
Have they not already taken the time and effort to implement it by placing coinbase buy buttons on their website?
Am I understanding this correctly? If app.net does not receive some arbitrary amount of purchases made in Bitcoin before some arbitrary date, that they will disable Bitcoin as a payment option out of spite?
I certainly wouldn't spend any of my Bitcoin on such a hostile company.
Why is it hostile for a company to want customers to put their money where their mouth is? Anyone can say they want to pay with Bitcoin, but are those people actual customers? As a company you can't really tell that based on a bunch of internet hot air—especially about something that inspires the kind of fanaticism that Bitcoin does.
I'm not sure why this makes you so angry and where you draw your sense of entitlement from, but it's certainly not free to support Bitcoin just because you proclaim it to be.
App.net to developers: Give me money, so you can use a Twitter like infrastructure. PS. It's not open-source and you have to pay an ongoing subscription.
App.net to investors: Give me money, in return I will give you equity ownership of the technology we built thanks to the money from developers. Don't worry, the developers don't own any equity so more for you and me.
App.net to Bitcoin supporters: Give me money, blah blah blah.
It's hostile because they're threatening to remove a payment option that is literally no overheard for them to implement (all the work is being done by coinbase, they just have to cash the checks like usual).
I am not angry in the slightest, I just think it was a poor decision by app.net to place the time limit and threaten the Bitcoin community with permanent rejection of Bitcoin if they fail to cough up the $10K within 30 days.
And as an app.net 3rd party dev, I wouldn't mind paying in BTC however I'm already paid up for the next year. I'm not going to prepare several years in advance either.
So giving a 30 day window for ~$10k when they're not really actively marketing for new users just is asking for failure.
There are lasting legal, technical and support operations that we are willing to take on long term if the market's big enough to support it. Otherwise, it's not worth the effort to implement those long term.
Buyer spends 1 BTC @ $800 USD/BTC. Value of BTC goes down to $400 USD/BTC. Seller left with 1 BTC worth $400 (if they don't cash out). Buyer requests refund of value @ $800. Seller has 1 BTC @ $400.
I guess this would be mitigated by immediate exchanges... Haven't used Coinbase enough to know how well this would work, specifically their merchant services, but what's the per-transaction cost to immediately exchange BTC on transactions? Also, I've seen buy/sell prices on CB - is that the same in their merchant accounts? I see daily cashouts as a merchant option, but that doesn't entirely remove the fear of a market crash. Or even smaller daily variations (morning price high, evening price low, etc).
I could see how there would be at least some potential for long-term concern.
If you are a US citizen and purchase something from a British site in pounds, you wouldn't expect a refund in dollars would you? You assume the risk of currency fluctuation and fees.
That's not how coinbase (the company app.net is working with) works, though.
The second somebody makes a payment via BTC through coinbase for an app.net project, the BTC is cashed out on the fastest exchange possible and the fiat value of that BTC directly sent to app.net whenever they please.
> Buyer spends 1 BTC @ $800 USD/BTC. Value of BTC goes down to $400 USD/BTC. Seller left with 1 BTC worth $400
No, seller never sees BTC, buyers BTC are immediately turned into USD and seller gets USD. No fear of market crash, they're getting the instant exchange rate.
App.net is a subscription service. We have a subscription state machine that works great with Stripe. We have systems to deal with upgrades, downgrades, proration, shifting to different plans. Additionally this requires us changing our accounting systems and wading into new tax complexities.
It's fascinating to me that people think that for any retailer to accept Bitcoin it's as easy as embedding a widget on their site. I have been comparing notes with other companies that are also considering adding Bitcoin support and these are the sorts of questions that come up.
"Additionally this requires us changing our accounting systems and wading into new tax complexities."
That's only because you're setting prices in BTC instead of USD, right? I always thought accepting BTC through Coinbase for USD-denominated goods and services had no tax implications.
Even if you have Coinbase turning BTC -> USD automatically, there are still issues. Here's just one:
I purchase something on Overstock for 0.5 BTC. The item has an issue, and I want a refund. In the meantime, the price of BTC/USD has fluctuated 20%. What happens?
This question is not insurmountable, obviously. But there are tons of edge cases that need to be thought of and dealt with.
I don't see tons of edge cases. Any current logic tied to your existing payment processor must be reimplemented to handle another one as well, in this case, Coinbase. Internally, everything is dollars. Coinbase handles Bitcoin for you.
This may be good PR for App.net, but it's bad PR for Bitcoin and Coinbase if the idea that accepting Bitcoin is complicated spreads. It isn't. Using Coinbase is as easy as using Authorize.net, unless you make things hard for yourself by pricing things in Bitcoin.
There are ways to make this easier on you--for example, BitPay [1] offers to take on the burden of handling the BTC, and gives you next-day deposit in USD. Far better (read: faster) than Credit Card processing in most cases (no chargebacks).
> You either believe in the currency and wish to implement it into your platform, or you don't.
Or you implement it using something trivial like Coinbase (o BTC pricing, you get USD only, Coinbase assumes the risk) and trumpet that you accept BTC for a quick PR boost (see: most announcements in the last month).
That's exactly what they've done. There are no extra legal fees or anything to worry about like the other respondant to my original comment stated either.
They're threatening to withdraw a simpler form of payment if we don't cough up the $10k and fast, basically.
That is a rather naïve statement. Subscription services are not like one-time purchases, and even with one-time purchases other commenters have pointed out potential issues with accepting BTC even though a company like Coinbase (such as refunds).
You either believe in the currency and wish to implement it into your platform, or you don't.
Have they not already taken the time and effort to implement it by placing coinbase buy buttons on their website?
Am I understanding this correctly? If app.net does not receive some arbitrary amount of purchases made in Bitcoin before some arbitrary date, that they will disable Bitcoin as a payment option out of spite?
I certainly wouldn't spend any of my Bitcoin on such a hostile company.