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).
The Bayou State has been through some tough times with massive storms on top of the COVID-19 pandemic, but the state is looking to rebuild by leaning into its reputation as a tourist destination. Lt. Governor Billy Nungesser joined Cheddar to talk about Louisiana's work to reacquaint travelers with its renowned food, music, culture, Mardi Gras — and its Celebration Gator float at the Macy's Thanksgiving Day Parade. "Well they won't let us throw throws so we'll be going along the route handing out beads, stuffed alligators, telling people to book a trip to Louisiana," he said of the event.
Bryan Palma, senior manager of industry and solutions marketing at Kinaxis, joined Cheddar News to preview what this year's Black Friday will look like for retailers and consumers amid supply chain constraints and inflation.
Major retailers The Gap and Nordstrom reported third quarter earnings on Tuesday, both falling short of expectations. Ahead of Black Friday, Ethan Chernofsky, CMO of marketing at Placer.AI, discusses why these are just two of the many retailers hoping to make up for 2020 losses.
