A big glitch in cryptocurrency is impacting some shoppers online. Last week, a bank security firm uncovered Overstock.com unknowingly accepted Bitcoin Cash instead of Bitcoin as payment for a product. The glitch has since been fixed. Overstock.com CEO Patrick Byne responds to this mix-up.
Byne explained that there was no glitch with Overstock but rather a glitch at Coin Base. He estimated that the impact was less than $100 and did not severely impact any of their consumers. Byne was overall surprised by the amount of attention the story had received compared to the minimal impact it had.
Byne explains that Overstock is not expecting to create their own cryptocurrency. For the time being, they are happy to accept US dollars and Bitcoin.
Overstock.com is excited to be utilizing revolutionary crypto and developing their own blockchain technology for their platform. At this point, Overstock.com has made it a priority to use blockchain tech and develop it in the new year. Byne's goal is to build the most value per share of stock, and that's what he tells shareholders as CEO.
The E-V maker Tesla has had a wild year. The company managed to continue to dominate the U.S. electric vehicle space despite growing competition and production delays. As the end comes to an end, Tesla finds itself growing richer and richer. Author of Risk Ritual Newsletter Richard Smith, joined Cheddar to discuss more.
Paul Travers, CEO of Vuzix, joins Cheddar News to discuss the different scenarios that its augmented reality smart glasses can be used for and his outlook for this technology in 2022.
This year saw big developments in the sector, including the rise of cryptocurrency, announcements about new metaverse and virtual worlds, increased consumer interest in wearable tech, and more. What does 2022 have in store for these aspects of the tech world, and what else can we expect? Hatem Dhiab, Managing Partner at Gerber Kawasaki, joins Cheddar News' Closing Bell to discuss.
