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.
Country music fans watching the Academy of Country Music Awards tonight will be doing so in a different way than years past. The ceremony will not be broadcast on network TV and will air exclusively on Amazon Prime Video. This will be the first time a major awards show will be live-streamed exclusively on a subscription video-on-demand platform. Shelly Kramer, co-founder and lead analyst of Futurum Research, joins Cheddar News' Closing Bell to discuss.
The Russia-Ukraine crisis is doing more than just sending the price of oil skyrocketing — it's also impacting the electric vehicle sector thanks to rising prices of key metals and materials necessary for battery and EV production. How can the relatively new industry steel itself as prices rise and consumers potentially lose what little interest they had in making the switch to an electric car? John Loehr, managing director of AlixPartners Automotive and Industrial Practice, joins Closing Bell to discuss.
Atomic bills itself as an investing API that allows fintechs and banks to easily integrate investing into their products by bringing the power of investing to everyone, with no account minimums. In November, the company announced its launch along with a $25 million Series A funding round. David Dindi, co-founder and CEO of Atomic, joins Cheddar News' Closing Bell to discuss.
Apple is set to unveil a new fleet of tech and services at its Peek Performance event on Tuesday. Luke Miani, a content creator, joined Cheddar News to discuss what might be expected to get unveiled, from mid-range Mac desktops to 5G service for the iPhone SE. "As 5G becomes more available and these products continue to be used, these are the types of features that consumers really need to see going forward," he said.
Verizon recently unveiled its new streaming hub management service called +Play to help its users bundle their myriad streaming platforms in one place. Manon Brouillette, CEO of Verizon Consumer Group, joined Cheddar News to explain the new portal. "There is a proliferation of subscription models with any type of industry, and when we asked our customers, we realized that there was a pain point there. They were losing track of how many subscription services they were paying every month," she said.
