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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Sotheby's, one of the world's oldest auction houses, is being acquired by Patrick Drahi, the founder and controlling shareholder of European telecom giant Altice, in a $3.7 billion deal, the company announced Monday.
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A Toronto-based investment fund manager called 3iQ is working to overturn the rejection of its proposed Bitcoin Fund by the Ontario Securities Commission, saying that it is withholding opportunities from Canadian investors and holding back advancements in fintech. FredPye, President and CEO of 3iQ joined Cheddar to discuss the battle.
During its Elevate conference this week Uber sought to sell its vision for aerial logistics. Cheddar's Hope King was there.
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As scrutiny into the practices of large tech firms increases, the House Judiciary Antitrust Subcommittee on Tuesday held a hearing on the impact platforms like Google and Facebook have on the media.
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