2014-10-15 Hour 2 Patrick Byrne (Video Archive):
2014-10-15 Hour 2 Patrick Byrne from Ernest Hancock on Vimeo.
CEO of Overstock.Com
Overstock Chooses Counterparty for Decentralized Stock Exchange; XCP Price Rises
On Monday, Overstock CEO Patrick Byrne announced the online retailer had hired two Counterparty developers to build a decentralized stock exchange to issue corporate stock for Overstock and other companies.
Byrne confirmed the exchange, code-named "Medici," would operate atop the Counterparty platform. This news caused the XCP price to soar (XCP is the native currency for the Counterparty platform).
Also Read: Overstock to Donate 4% of Bitcoin Revenue to Organizations Promoting Bitcoin Adoption
Overstock Announces Decentralized Stock Exchange
As WIRED reported, Overstock today announced that it has hired two Counterparty developers, including co-founder Robby Dermody, to build a digital decentralized stock exchange. Code-named "Medici," Overstock hopes the exchange will serve as a decentralized alternative to traditional Wall Street brokers and exchanges.
The Medici exchange–which Byrne hopes will achieve regulatory compliance–will operate atop the Counterpary platform (which itself functions on top of the Bitcoin blockchain) and allow users to buy and sell corporate stock. Overstock will issue their corporate stock on Medici, and they anticipate other companies will follow suit.
The planned exchange should tremendously reduce the difficulty and cost associated with stock trading. This increased efficiency could help average consumers make their first forays into the stock market.
Read the rest of the article at CryptoCoinsNews.Com
New Report Details Bitcoin's Potential Threat to the Federal Reserve
The Congressional Research Service, aka "Congress' Think Tank," recently made public their report on Bitcoin, Bitcoin: Questions, Answers, and Analysis of Legal Issues. The fascinating report details in sparkling prose the history, uses, threats and regulatory implications of the world's best-known cryptocurrency.
The report's most interesting part deals with the impact Bitcoin might have on the Federal Reserve. According to these experts, widespread adoption of Bitcoin could severely curtail the effectiveness of the Fed's monetary policy.
The report describes the Federal Reserve's mission as aimed at achieving "stable prices, maximum employment, and financial market stability." It's impossible to know the counterfactual. But many are entirely unsatisfied with both the nation's employment rate and the continuing financial crises which led to its most recent rise.
Read the rest of the article here
Bitcoin: Questions, Answers, and Analysis of Legal Issues (Online PDF)