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).
Tinder is offering a new feature called Plus One, allowing users to signal that they're looking specifically for a date to a wedding or are open to attending one. The app is also partnering with WeddingWire to help single guests pay for wedding season with a grant giveaway promotion.
After the Senate reached a deal to avoid a default on the U.S. debt until early December, stocks rallied and closed higher. Lisa Erickson, Head of the Traditional Investment Group at U.S. Bank Wealth Management joins Closing Bell to discuss how markets closed, and potential volatility in the fourth quarter of the year.
For the first time ever, the Food and Drug Administration authorized e-cigarette products for adults, authorizing the marketing of three new tobacco products. R.J. Reynolds Vapor Company can now sell its Vuse Solo products. According to the FDA, the company was able to show its e-cigarettes helped smokers either quit or significantly reduce their use of cigarettes. Derek Peterson, founder and CEO at Soter Technologies, joins Cheddar News to talk about the move.
