Overstock.com Assembles Coders to Create a Bitcoin-Like Stock Market

[Riverhead]

Let them slug through the regulatory quagmire while we work on bitUSD.

[jsidhu]

I think overstock is a first, but their competition may use bitshares or something else to compete against a potential decntralized market arms race

[santaclause102]

This isn't competition if they don't plan on issuing market pegged assets.

Must not be competition. They have hired a top notch law firm and will do much of the law / regulatory, lobbying, and PR and media work.

Do you think there will only be one such crypto exchange? Probably not!

Counterparty is not based on sustainable technology if they don't change something fundamentally but what they are very good at is forming partnerships, PR, having a sense for what the public / people needs. Learn from it!

BTSX was to young. But the time will come!

[BldSwtTrs]

It's great news for the overall crypto economy. I personnal enjoy this news very much.

And don't be too sad, there is more than one stock exchange in the traditionnal financial world :)

[donkeypong]

It's different. Both COULD cover the same ground but are aiming in different directions now. BTSX is like a bank + commodities + forex exchange, whereas Byrne's product would be like a stock exchange. It would be like the non-existent BitShares Me for companies, not like BitShares X.

[BldSwtTrs]

Guys... Counterparty protocol is working since last January.

[Xeldal]

This isn't competition if they don't plan on issuing market pegged assets.

That's true.  BitShares X is much bigger than just a decentralized stock market.  It replaces forex, futures, equities and a hand full of other things.
Not to mention, its already here, and working.

[Method-X]

This isn't competition if they don't plan on issuing market pegged assets.

[Final_Acclaim]

Direct competition with deep pockets, looks like we just need to double out efforts. We just might need to find someone that wants to beat Overstock to market that supports BitShares.

[carpet ride]

We should rally to fight this, let others know who was first

[Xeldal]

He must have missed the memo I sent him.

[CLains]

This really annoys me. Seems to me we are better across the board, and we have bitAssets.

I hope the crew will give one last shot at trying to form some sort of a partnership. We have a mutual enemy.

[CLains]

The Salt Lake City-based company recently hired two of the developers behind CounterParty ... Code-named "Medici," the project aims to democratize Wall Street in much the same way bitcoin seeks to democratize currency and payments. By operating separate from traditional stock exchanges and the big corporate banks, it could eliminate certain loopholes in the system and reduce the costs associated with issuing and juggling stock ...We think we have the first string in all positions," Byrne says, referring to Perkins Coie and CounterParty ...The ultimate aim of the project is to create a stock system that operates, in large part, outside the control of the big incumbent banks ... Byrne is committing between five and ten percent of Overstock's cash flow—"single-digit millions"—to the company's cryptosecurity project. "Building this—and being the company that owns this—can be more valuable than Overstock," he says. "It can be more valuable than Alibaba."

http://www.wired.com/2014/10/overstock-com-assembles-coders-build-bitcoin-like-stock-market