DISH Network Goes Virtual: We'll Take Your Bitcoin

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May 29 (Bloomberg) -- Bitcoin Shop CEO Charles Allen and Mediabistro CEO Alan Meckler discuss DISH to accept payments in Bitcoin and the future of regulating virtual currencies. They speak with Trish Regan and Matt Miller on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)

Development.

You have a major company coming out on the heels of -- overstock.com but also lord and taylor.

I have used bitcoin in so many different stores by various third-party applications.

I bought lunch for weeks that whole food with bitcoin.

I bought all my business presence with bitcoin.

This is kind of a different deal because it's almost a direct payment.

You can use a number of other companies like bit pay to process these payments, but it's pretty exciting.

It is pretty interesting.

Does this mean is going to become more acceptable overall, the idea that you have these big companies now accepting it?

Will this help the currency in its infant stages?

The first challenge is regulation.

It's uncertain and people don't know what to do.

When you have large retailers accepting it, it means there is the potential for mass adoption sooner.

It will force regulators to make a decision on what to do with it.

The challenge is how do you get a bank account if you are a bitcoin user?

Some are quite hostile to it.

You look at the legal marijuana trade.

Why did the ceo decide to do this?

Why would a company decide to do this right now?

Why do it?

It's clearly a company or an individual who realizes the future is now.

This is happening, and those who get in earlier are going to reap the fortunes.

There are now several million people using it.

Almost every day there is an announcement of another company that is coming in.

More importantly, i think, is some of the really big names in venture capital are behind it.

We recently saw mark andreessen behind it.

You have guys like richard branson who has just come in.

They are smart, forward thinking, they believe in free capital markets.

How is this going to work?

Can i ask about the technicalities?

If i buy something with bitcoin, and i have to do it through going base?

You don't have to go through going base.

-- coin base.

There are other payment processors.

We know how volatile it is.

It's kind of all over the place.

If you are directv come you don't want to take the currency exchange.

Coin base is taking that exchange.

The price is locked in most likely for 15 minutes.

It's another payment processor which is an alternative solution.

But the urgent does not take the risk associated with the -- not always.

Another -- and number of merchants do take bitcoin directly.

It's up to you what currency you want to hold it in.

It depends on what business you are in also.

Of course they can go down 100%. charles, you spent a lot of time in this space.

You are leaving for hong kong shortly to host a big bitcoin conference there.

What is your sense of what is going to happen as far as regulation, and the u.s. government so far has been on the sidelines.

All the initiatives we have spoken about are slowly -- i was around at the beginning of the internet revolution and there were so many people who said i would never give my social security number online.

I would never make a payment online.

This is the same situation, it's just 20 years later.

A lot of people in that bitcoin community think regulation needs to happen.

If you talk with matthew mallon or the winkle bost wins, our own max raskin who used to work your at bloomberg, they are trying to go to washington and be very proactive.

Regulation is going to happen whether the bitcoin community is with or against washington.

There are a lot of people in the community who don't really care.

Bitcoin is not going to be stopped by anyone who doesn't like it.

There is no way to stop the inner not -- the internet.

Nobody is going to shut it down.

I don't know if i would call that gold.

It's not just about currency and transactions.

It's really about a decentralized trust.

You could see voting.

You could see so many different aspects.

Property rights.

This is so much bigger than currency.

Everyone is getting confused, and that's the easy story.

This is like the beginnings of the internet in terms of the number of ways it's going to change and cause creative destruction on how we keep records and do transactions of all types.

There is a report out today that you are selling your company.

We didn't sell media bistro.

We sold our media assets to prometheus global media.

We now will become known as meckler media.

We will only be doing bitcoin shows and 3-d printing shows.

We are doing 25 of them this year.

You are cashing in on bitcoin and 3-d printing.

This text has been automatically generated. It may not be 100% accurate.

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