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).
President Joe Biden announced during a briefing on supply chain bottlenecks that a host of businesses and parcel delivery services have committed to moving more goods to their intended destinations during overnight hours as part of the 24-hour LA port service expansion. Walmart, FedEx, and UPS were named by the president in his speech.
A judge has temporarily put on hold United Airlines' unpaid leave policy for workers who claimed either religious or medical exemptions from COVID vaccinations. Six workers filed a suit against the company, calling the policy unreasonable.
President Joe Biden took to the podium to discuss the deal that will keep the Port of Los Angeles open for business 24 hours a day, seven days a week as the nation grapples with supply chain issues.
Tesla is rolling out its latest self-driving software beta testing program, offering access to a limited number of Tesla owners. The closed beta will cost an additional $10,000 up front or $199 per month for the opportunity to test the system.
"Star Trek" actor William Shatner's voice broke with emotion as he recounted his trip into space on the Blue Origin New Shepard rocket to Jeff Bezos on October 13, 2021.
