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.
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Even amid the Great Resignation, the cannabis industry saw major job growth. As of January 2022, the legal industry supported more than 428,000 jobs — a 33 percent increase year-over-year, according to the sixth annual jobs report from Leafly, a website focused on cannabis use and education. Yoko Miyashita, CEO of Leafly, joined Cheddar News' Closing Bell to discuss. “You know we've got big moments coming ahead in New Jersey and New York with adult-use sales starting in New Jersey, hopefully by this fall, with New York quickly to follow," she said. "So we're hugely optimistic about the kind of job growth that those markets can drive with the right type of market setup.
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