Online casino players take advantage of the Overstocks Mistake of BTC/BCH, which Results In Huge Discounts. A technical hitch on Overstock, the online retail giant, benefits many clients. Many people who are exchanging Bitcoin on Overstock get huge discounts. But this happens for a short while. Overstock is trying all means to resolve the issue. On January 9, the company writes in reply to a customer. In the statement, the company agrees there is a hitch.
How Did Overstock Mistake BTC For Bitcoin Cash?
The technicality allows clients to pay with either with the Bitcoin or Bitcoin Cash. Above all, this leads to a customer getting huge discounts. After the incident, The Verge goes on to say that it is a lesson to the site. The Journal says, “This is a lesson in how not to offer cryptocurrency payments.”
Accepting Digital Currency Since 2014
Overstock is accepting Bitcoin since 2014. But it seems that the technical hitch gets the site unaware. For some time, clients trading get a golden arbitrage opportunity. The hitch results in some of the fantastic discounts anyone will ever get. For instance, the site is charging either BTC or BCH a rate of 1:1. Besides, it is good news for anyone who wants a refund. All refunds come in BTC. Also, This gives a client huge discounts especially if a client is paying in BCH.
Brian Krebs At KrebsOnSecurity
The client who brings this hitch to the public attention is Brian Krebs. He is from KrebsOnSecurity. Brain raises a claim on January 9. He encounters this hitch when he is in Overstock to buy solar lights. The price for the solar lights is $78.27. Brian is paying for the solar lights using Bitcoin Cash. To his surprise, Overstock charges him the same rate as if he is buying using digital currency. Also, This results in Brian paying $12.02 for the solar lights. Brian then requests a refund. At this point, Overstock refund Brian’s money. To add surprise over another, Brian receives a refund in Bitcoin. He earns $77.80 at the same time.
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Overstock Blames Coinbase For The BTC/BCH Error
Later, Overstock reacts to Brian’s concern. Overstock says the company is suffering a technical hitch. But Overstock blames Coinbase for the hitch. At the same time, Overstock says the situation is normal. After this, Overstock goes public to make a statement. The site says they are making sure everything is now working.
“We were aware of an issue affecting cryptocurrency transactions and refunds. The message reaches us by an independent researcher [Krebs]. We’re working with the researcher to confirm the finding. We are so far disabling the payment and refunding process. We are also working with our integration partner. In the end, everything will come back to normal,” Overstock says. In a quick reply, Coinbase writes Krebs. In the statement, Coinbase tells Krebs that they are resolving the issue. But the company is quick to point out that the problem is not theirs. In fact, Coinbase says the problem is with Overstock.
Coinbase says, “The issue comes from a merchant partner. The partner is using the return values in our merchant integration API. No other Coinbase customer has this problem. After becoming aware on Saturday, Coinbase and Overstock work together. We deploy a fix within hours. The hitch affects a small number of transactions.”
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