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).
While Facebook didn't unveil a name change in its Q3 results, it did reveal a new reporting structure, separating its revenue into two separate businesses: its slate of social networking apps, and Facebook reality labs.
This distinction comes as Facebook continues to ramp up its augmented and virtual reality efforts as it plots its foray into the metaverse. Angelo Zino, Senior Industry Analyst, CFRA Research, joined Cheddar's Opening Bell to discuss.
Logitech reported a record quarter, with sales up 82 percent since the same period two years ago. It comes as the company continues to benefit from current market trends including working and learning from anywhere, video everywhere, and the popularity of gaming. Bracken Darrel, CEO, Logitech, joined Cheddar's Opening Bell.
President Biden expected to unveil details on a Covid-19 vaccine mandate for businesses in coming days.
This comes just days after The White House issued separate vaccine mandates for federal contractors across the country. Mark Kluger, Founding Partner, employment law firm Kluger Healey joined Cheddar's Opening Bell to discuss.
Christie's has announced the sale of Beeple's first ever physical artwork and video NFT called 'Human One.' The hybrid piece is expected to fetch over $15 million at its upcoming auction. Noah Davis, Christie's Head of Digital Art joined Cheddar's Opening Bell.
The U.S. is introducing a new travel system on November 8, opening up our borders to millions of international visitors. But, it will make reentry more difficult for unvaccinated Americans and reinforce the Biden administration's efforts to increase vaccinations. Adit Damodaran, economist at the travel app Hopper, lays out the new policy and what travelers can expect to pay for airfare this holiday season.
Later today House Republicans will grill Snap, Tiktok and Youtube on how their products affect the mental health of teenagers. It comes after a report revealed that Facebook's photo sharing platform, Instagram, can be harmful to teen's mental health. Rishi Bharwani, Director of Partnerships and Policy, Accountable Tech joined Cheddar's Opening Bell to discuss.
Facebook is changing its company name to Meta. The social media giant is rebranding itself to focus on building the metaverse, a futuristic, immersive experience that would allow people to interact virtually on a daily basis. Steve Sosnick, Interactive Brokers' Chief Strategist, joined Cheddar to discuss the implications of the metaverse and why Facebook is making the move now.
As the White House and Congressional leaders work towards finalizing the legislative framework of the Build Back Better budget deal, paid family leave, one of the hallmarks of President Joe Biden's Social Safety Net agenda, still stands in flux. Molly Day, Executive Director, Paid Leave for the U.S. joined Cheddar's Opening Bell to discuss why the finalization of this bill is imperative.
Gayle Jennings-O'Byrne, Co-Founder of WOCstar Fund, and Tracy Gray, Founder & Managing Partner of The 22 Fund, discuss the mission behind forming The Ally Capital Collab, and how investing in women-led startups can change the U.S. economy.
