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.
Amazon founder Jeff Bezos has officially stepped down as CEO of the company he started out of his Seattle garage in 1995.
Software company Kaseya says the cyberattack it experienced over the July 4th holiday weekend but that it was never a threat and had no impact on critical infrastructure.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
The race for an exchange-traded fund (ETF) based on bitcoin is heating up despite multiple delays from federal regulators.
A federal judge has dismissed antitrust lawsuits brought against Facebook by the Federal Trade Commission and a coalition of state attorneys general, dealing a significant blow to attempts by regulators to rein in tech giants.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
Danish toymaker Lego has presented its first building bricks made from recycled drinks bottles — an experimental project that if successful could eventually go into production.
John McAfee, the creator of the McAfee antivirus software, has been found dead in his cell in a jail near Barcelona, a government official has told The Associated Press.
After weeks of regulatory crackdowns and public denouncements, the Chinese government has delivered a crushing blow to bitcoin mining in the country.
The Supreme Court has ruled that a Pennsylvania public school wrongly suspended a cheerleader over a vulgar social media post.
