Overstock CEO: Bitcoin is much more than just money

Overstock CEO believes that it’s high time we should switch from fiat money to crypto
25 November 2017   251

While a lot of investors worry about the cryptocurrency bubble status, Overstock.com CEO Patrick Byrne said why he’s so confident about succesful crypto-future, during an appearance on FOX Business’ “Mornings with Maria.”

You think that’s a bubble? What do you think that fiat currency you carry around in your purse is? This dollar stuff, it’s just some fiat currency based on … the surplus taxing authority of the U.S. Treasury of which I assert there is zero ... It’s about time the world switches to real money. Either gold or bitcoin.


Patrick Byrne

CEO, Overstock.com

Overstock.com was the first web-service which began to use bitcoin.

There are also some handful companies, that support cryptocurrency movement from the very beginning, including Expedia, Dish Network and Starbucks by way of the Fold app. 

However, some of the world’s main leaders have criticized cryptocurrency over lack of regulation.

For example, Jamie Dimon, the CEO of JPMorgan Chase, said that bitcoin is nothing but a “fraud”.

Laurence Fink, the chairman and CEO of BlackRock, an American multinational investment management corporation has called bitcoin an “index for money laundering.”

First real-life cryptocurrency robbery reported in Taiwan

Four men stole 5 million Taiwanese dollar worth of Bitcoin, the police has already arrested the suspects
22 February 2018   55

Bitcoin has attracted lots of unwanted attention from hackers and scammers alike. Recently not a week passes without news of an exchange or user being hacked or some company's computers being hijacked to mine cryptocurrency. And now Taiwanese news outlets report first real-life robbery of Bitcoin in their country.

The robbery took place in Taichung, Taiwan's central city. The police reports three men being involved in the robbery itself and one as a planner. Criminals persuaded the victim to meet with them face-to-face under the guise of being interested in buying Bitcoin from him. After the victim showed the robbers the proof of his bitcoins on his phone, the men attacked him and his friend and transferred 18 bitcoins worth 5 million Taiwanese dollar via the phone wallet.

The suspects then forced the unfortunate seller to drink strong local liquor to make everything look like a drunken fight had taken place. The police arrived at the scene after receiving the reports of a fight and found two victims. Two of the offenders had fled, but the third has been arrested at the scene of the crime. He later provided investigation with information about his accomplices. They were arrested soon after.

The police later apprehended the man believed to be the mastermind behind the plan. All this was released in the yesterday's report by the Taiwanese law enforcement and the case is already viewed as “the first domestic case of bitcoin robbery”. The report doesn't mention if the crypto was returned to the rightful owner.

Similar cases has been rumored to happen in the US, but no records are released as of yet. So the unofficial governmental advice is to be more cautious of the buyers requesting face to face meetings in the light of this event.