On: Blockfi agrees to pay $100M in penalties and pursu...

[danbruc]

Does Newegg do anything with the Bitcoins or are they immediately converting them into Dollars?

[bduerst → danbruc]

IIRC Newegg is using Bitpay, which costs ~1% and settles to USD daily. It also means no refunds allowed (even in USD) to the customer using it, only store credit.

[mbesto → bduerst]

Which is an entirely pointless way to transact commerce for 99% of the population. I get my paycheck in USD and then buy goods and services with it. If it converts to BTC and then BTC back to USD then whats the point? It's just paying with a credit card with extra steps.

What's the use case here?

[bduerst → mbesto]

Oh I'm not defending it. It's a garbage way to pay considering the competitive alternatives they allow.

It's marketing to a specific niche of tech bro, which is probably a large enough segment of Newegg's customers to justify it.