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Overstock is officially pivoting to blockchain

sudshr47 November 23, 2018

Overstock is getting out of ecommerce.

One of the internet’s earliest online retailers, Overstock, is preparing to sell off its entire ecommerce business in February according to its founder and CEO Patrick Byrne.

Overstock’s future? Cryptocurrency and blockchain startups.

Speaking to the Wall Street Journal, Byrne detailed his Overstock sale plans and discussed the company’s $175 million investment so far into its subsidiary Medici Ventures, which backs blockchain startups.

Overstock was founded in 1999 and initially focused on selling surplus, returned, and liquidated merchandise of all types. As of today, the company’s ecommerce focus has shifted to home decor, bedding, kitchen appliances, and jewelry. Read more…

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Minds, the blockchain-based social network, grabs a $6M Series A

sudshr47 October 22, 2018 Startups

Minds, a decentralized social network, has raised $6 million in Series A funding from Medici Ventures, Overstock.com’s venture arm. Overstock CEO Patrick Byrne will join the Minds Board of Directors. What is a decentralized social network? The creators, who originally crowdfunded their product, see it as an anti-surveillance, anti-censorship, and anti-“big tech” platform that ensures […]

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Ikea and Overstock add AR features to their Android apps

sudshr47 March 24, 2018

Google’s ARCore lets anyone take advantage of powerful augmented-reality tools on Android phones, and furniture retailers left and right are taking advantage of it. Both Ikea and Overstock have launched AR features for furniture shoppers in their app…

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Overstock and Coinbase briefly mixed up Bitcoin and Bitcoin Cash

sudshr47 January 11, 2018 Startups

A glitch on Overstock’s website allowed users to send amounts of Bitcoin Cash to Overstock when the system was expecting Bitcoin, leading to drastic discounts on many items. Given that BTC is about $14,000 and Bitcoin Cash is $2,400, the mistake could have been quite costly. Originally reported by Brian Krebs, the exploit allowed you to send the required amount of BTC in Bitcoin Cash.… Read More