Ravencoin Multimillion Investment Revealed: Overstock CEO and bitcoin pioneer explains his long-standing crypto play and his philosophy on life
Script: Byrne:Well I'm not really interested in cryptocurrencies per se. Although in general, I guess there's nothing wrong with me saying there is an open-source project of which I'm really letting something big out of the bag here. I'll tell you. But there's an open-sourceproject called Ravencoin, which Overstock has put millions of dollars into teams. We have people contributing to this open-source project. We think this coin actually has quite a future. It's about - it's bitcoin, but a thousand times more energy efficient. And there's other real interesting virtues to it - so Ravencoin. But other than that , I stay out of the cryptocurrency game. I'm building the - we're focusing on applications of this technology and not just betting on coins themselves. Silverstein:And is that the primary purpose of Ravencoin is to be a more energy efficient version of some of these other cryptocurrencies? Byrne:That's - I'd say that's the first feature it brings to the world. What I hear - from the open-source community and on the message boards - I know what they are working on and it seems - it's really quite a - I think it has - it was launched January 3 and it's as this open-source project . And I think it has more - last I heard - the number of miners who are now working on it - or it has spread faster than any number of miners of any coin introduced. It's really quite a phenomenon this Ravencoin. So - and what's nice it's democratized. Yeah, it - what happens is, you know, all these coins like bitcoin and such are built on - there's a processor that's solving mathematical problems. And it's possible to build chips that specialize in just that problem. And so you really can't - with your home computer, you're not going to mine any bitcoin anymore unless you have this dedicated ASIC chip. Well, Ravencoin was designed, so you can't do that - it's ASIC resistant. And that's because the problem that you solve keeps flipping randomly among a bunch of class of problems. Anyway, you can't solve it efficiently with an ASIC's chip, which means it redemocratizes mining. Anyone can download this software, and you don't have an advantage by having this big mining warehouse in China. Edit: Source: https://www.google.com/amp/s/amp.businessinsider.com/bitcoin-pioneer-overstock-ceo-explains-long-standing-crypto-play-ravencoin-2018-2
"Economists are focusing on the fact that Bitcoin is not a perfectly formed currency and ignoring the development that the by-product of a computer program released 5 years ago can now be used to buy Persian rugs on Overstock.com simply because people have agreed that it has value."
Anybody know why Overstock.com does not accept Bitcoin Cash? Although they accept Bitcoin-Legacy and a number of alt-coins through shapeshift, BCH option not available.
Its been this way for several months, I thought maybe it was a glitch at first. They even accept Bitcoin Gold, but do not accept Bitcoin Cash. Pretty disappointing considering they were one of the first companies to accept Bitcoin.
Introducing spendabit, the world's first "Bitcoin product search engine". Find more than 1.5-million things you can buy with Bitcoin, including products from Newegg, Overstock.com, TigerDirect, and many more.
Because of bitcoin and Overstock/Newegg, I am able to do to Amazon what Amazon has been doing to brick-and-mortar stores
I will admit that I prefer to browse and research products on Amazon over other web stores. Their search and categorization are better. Their customer-submitted reviews are terrific. Their product photos and descriptions are well done. Lately though, once I find an item that I would like to buy on Amazon, I then head over to Newegg (tech item) or Overstock (all other items) to actually make the purchase...in bitcoins, of course. So, just as Best Buy and other stores are the "showrooms" for Amazon, for me and my bitcoins, Amazon is becoming the "browse and research" site for Overstock/Newegg.
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