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).
Following the recent emergence of the Omicron variant, markets are still attempting to recover after high sell-offs over the past few days. CEO and founder of Asymmetric ETF’s Darran Schuringa reacted to the further dive in markets following Fed Chairman Jerome Powell's announcement that the central bank is discussing speeding up the taper of its bond-buying program.
Black Friday and Cyber Monday are over, but even early bird shopper could find themselves with gifts in time this holiday season due to potential delivery delays as traditional mail services such as the UPS and Fedex work to get packages from mail rooms to front doors. Kassidy Bird, Senior Director of Marketing at Convey by Project44 gives an in depth look into how savvy shoppers can navigate around potential shipping issues this holiday season.
Reese Mozer, CEO and co-founder of American Robotics, joins Cheddar News to discuss innovations in edge computing and how drone technology can maximize its potential.
Elizabeth Ebert, CIO Advisory Partner for CPG, Retail and Logistics at Infosys Consulting spoke to Cheddar about why this Black Friday, with increased pressure due to inventory issues, supply chain delays, and labor shortages, shelves may not be as stocked as usual this holiday season.
Jill and Carlo cover the latest on Omicron, another school shooting in America and more. Plus, bidding farewell to 'transitory' inflation, and the controversy surrounding 'Lovely Bones' author Alice Sebold.
