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.
Earlier this week, crypto investors who got in on a 'Squid Game'-inspired coin were shocked when the asset turned out to be part of a scam. The people involved made off with close to $3 million after the Netflix-inspired coin's valuation went from $0.01 to $3,000 and back down to $0 within several days. CoinDesk Anchor Christine Lee joins Cheddar News' Closing Bell to discuss the pump-and-dump scheme, how investors can be on the lookout for similar scams, and what crypto platform Binance is doing to investigate the incident.
More American tech companies continue to pull their businesses out of China as the Communist Party cracks down on firms — both foreign and domestic. Yahoo and Fortnite have become the latest companies to withdraw from the country, and the withdrawals come just days after Microsoft announced it would take LinkedIn offline. Shehzad Qazi, managing director at China Beige Book International, joined Cheddar to provide some insight into how the crackdowns in China would also impact the tech companies at home in the United States.
Sian Morson, founder and editor of The Blkchain, talks about the challenges digital artists of color face getting opportunities to advance their careers and ways NFTs are redistributing wealth.
A new report out by the Center for Countering Digital Hate shows how just ten publishers are responsible for the bulk of climate change misinformation on social media--and companies like Facebook and Google are making money off them. Imran Ahmed, CEO of the Center for Countering Digital Hate, joined Cheddar to discuss.
Yahoo has officially pulled out of China after its two-decade relationship with the mainland. This comes as a result of China's tech crackdown which has been impacting several sectors. As of November 1st, the country has also implemented one of the strictest data privacy laws. Tech Reporter at MarketWatch Jon Swartz joined Cheddar to discuss more.
Dr. Rachel Cleetus, Policy Director and Lead Economist of the Climate and Energy Program for the Union of Concerned Scientists, joined Cheddar News to discuss the COP26 summit.
A CDC advisory committee as unanimously voted to recommend the Pfizer Covid-19 vaccine in children ages 5 to 11. Dr. Amesh Adalja, Infectious Disease Specialist and Senior Scholar at Johns Hopkins Center for Health Security, joined Cheddar News to discuss.
A Freitag pod with Carlo and Baker, talking about the upcoming federal vax-or-test deadline, the most shocking upset of this week's elections, an incredible story of selflessness and Love, Hate, Ate.
