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).
Over the decades American pastimes have come and gone. From the soda fountain, to carhop diners, to roller rinks. These former staples of American life have slowly faded into the void. And today, it looks like the time has come for a few other beloved businesses.
The streaming wars could be peaking as platforms vie for a shrinking pool of new subscribers and services like Disney+ recalibrate their outlooks as the rate of new memberships slows. Jana Arbanas, the U.S. telecom, media, and technology sector leader at Deloitte, joined Cheddar to discuss the 2022 outlook for streaming platforms, expecting more than 150 million people to cancel subscriptions adding to the global churn trend. "People are signing up for a service for a very specific piece of original, compelling content, watching that, perhaps, season of content, dropping that service, and then re-upping the service again when the next season comes out," Arbanas noted.
Chris Woodfolk, Corporate Citizenship Partner, LendingTree, joins Cheddar News to discuss how charitable giving is making a comeback from the pandemic and tips to donate on a budget.
TikTok isn't just for remixing the best trending sounds. The social media platform is having a positive impact on animal shelters and helping pets find forever homes, according to Katie Grissum, the communications and design coordinator for the non-profit animal shelter charity KC Pet Project. Grissum joined Cheddar to break down just how TikTok is being used to raise money and draw more eyes to animals in need of adoption.
Head of Instagram Adam Mosseri is slated to testify this week in front of the Senate Commerce Subcommittee after a Wall Street Journal report that found the Meta-owned social media platform is negatively impacting the mental wellness of teen girls.
Nolan Church, CEO of Continuum, joined Cheddar's On The Job: The November Jobs Report to break down an increasing trend of U.S. workers quitting jobs at bigger companies to start their own businesses or self-employment ventures-- and discuss how it could affect the labor market going forward.
Elon Musk confirmed via Twitter that Tesla's eventual first Cybertruck will be updated to include 4 motors, 4 wheel steering, and a crab mode — like some of its competitors. Andrew Hawkins, a transportation reporter for The Verge, joined Cheddar to talk about how the new Cybertruck positions Tesla in the EV space as more automakers make up ground on the industry leader. "I think that this is actually Tesla saying, hey, if this is what the market wants, then we better put our best foot forward and respond as best as we can," he said, noting companies like Rivian and Hummer have already touted these features.
