Overstock.com’s CEO denied reports the company suffered any significant losses because of a glitch in cryptocurrency systems, and said that, despite the media coverage, he still believes Bitcoin holds a lot of potential for the company.
“Right now we’re doing a tZero ICO raising $300 million...People are telling me that’s a business they think has a 3 billion or 4 billion value,” Patrick Byrne told Cheddar Friday.
“I literally have people on Wall St. saying, if I pull off the tZero ICO, and then over two years we do what we think we can do, they say that’s a $40 billion enterprise. People have no idea, yet how much of the financial system we intend to augment.”
Reports emerged earlier this week that a bug created a big opportunity for arbitrage, allowing customers to purchase items with Bitcoin Cash, which trades at roughly $2,500, and return them in exchange for Bitcoin, priced at more than $13,000.
Byrne said the issue was caused by the overwhelming trade volume at payment partner Coinbase. He claims the mix-up, which lasted milliseconds, did not result in any material losses.
For full interview [click here](https://cheddar.com/videos/overstock-ceo-responds-to-bitcoin-mix-up).
Instagram CEO Adam Mosseri faced a bipartisan Congressional grilling this week as the Senate inquired about safety practices for protecting the mental wellbeing of young people on the platform. Sen. Marsha Blackburn (R-Tenn.) joined Cheddar to talk about the hearing and how she was disappointed in Instagram coming unprepared with relevant information or documents. Blackburn also offered concern that the platform could continue with building a kids-only version despite having drawn significant opposition from the public.
Cheddar Innovates gets a look at the satellite that's searching for the earliest light from the big bang, plus a former Nike executive breaks down what the new era of sportswear looks like.
Research finds that the market for plant-based foods is worth $7 billion, but a lot of the plant-based and vegan options on our shelves aren't as healthy as they seem. Enter 'Cool Beans.' Tyler Mayoras joins Cheddar Innovates to talk about his whole-food, plant-based burrito brand.
Dominique Broadway, CEO and founder of Finances Demystified, joined Cheddar to talk about the rising number of buy now, pay later (BNPL) services that are available to online shoppers. She noted that the desire for instant gratification among younger shoppers is at least one driver behind these services but said that without restraint it can be easy to fall into a mountain of debt. However, Broadway said this reverse layaway concept could be a huge opportunity for small and medium-sized businesses to increase their sales.
Ford Pro has teamed up with Salesforce to launch 'VIIZR.' a new software service designed to help small businesses and tradespeople succeed. The newly launched tool will help small businesses simplify commercial activities including invoicing, scheduling and managing requests, from one integrated, cloud-based platform. Ted Cannis, CEO, Ford Pro, joined Cheddar to discuss.
The Great Resignation has shown some signs of slowing in October with the number of those who quit their jobs falling by 4.7 percent to 4.16 million. This comes as worker strikes and calls for unionization ramp up. Jane Oates, president at WorkingNation joined Cheddar's "Opening Bell" to discuss the implications.
Cresco, a publicly traded, vertically integrated cannabis and medical marijuana company, recently reported its third quarter earnings. The company met expectations for EDITDA, but slightly missed on revenue, and reported a pretty significant widening of losses this year compared to the same time last year. Charlie Bachtell, CEO of Cresco Labs, joined Cheddar to explain what happened and his hopes for the future of the company.
a new study by The Buy Safe America Coalition shows retail theft has ballooned to over $68 billion per year. Most of these thefts are the result of something called organized retail crime. Those stolen goods are resold to unsuspecting consumers, often on popular online marketplaces like Facebook marketplace, eBay, OfferUp, and letgo. Mike Combs, Director of Organized Retail Crime Investigations at The Home Depot, joined Cheddar to discuss organized retail crime, how to identify it, and what can be done to stop it.
MARLOWE., the men's skincare and grooming brand, has announced 23-year-old professional boxer Ryan Garcia as "Chief Marlowe Officer" and co-owner of the brand. In this role, Ryan will help boost brand awareness, oversee product design, and strategize digital marketing content for his signature products. Ryan joined Cheddar to discuss the partnership and his boxing career.
Online broker TradeStation Group has landed on Wall Street. The company went public via SPAC deal, valuing the combined venture at $1.4 billion. John Bartleman , President & CEO TradeStation Group, Inc. joined Cheddar's Opening Bell to discuss.
