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

[Stan]

Dan's immediate reaction was positive and grew more so the more he talked about it in several interviews immediately following the speech (which was awesome).

While it would have been a nice feather in the BTS hat to list them, it would have been a distraction from the bigger goals we are pursuing.  We wouldn't want them to hire away our core team would,we?

Meanwhile we can use all the legal help we can get.  It was gratifying they picked the same law firm we have been working with all year.  Now our law firm will be properly funded to find all the answers we all are seeking.

It is true that building on top of Bitcoin is a serious flaw, but we view it as an opportunity!  Dan is eager to see them start trading so we can accelerate their market by an order of magnitude with bitOverstock!

All in all this will give a sagging coinmarketcap a big shot in the arm and attract new interest to the industry. 

And it's nice to let someone else be the tall poppy with the regulators!

[donkeypong]

Maybe you guys can recall that I said this should be the focus of bitshares technology instead of dns and music?

I lost alot of respect for you with this kind of I-told-you-so-trolling.............

The regulatory hurdles for a securities market would be so much higher.

[Gentso1]

Maybe you guys can recall that I said this should be the focus of bitshares technology instead of dns and music?

I lost alot of respect for you with this kind of I-told-you-so-trolling.............

[jsidhu]

Its nice to see their is a change in attitude. This is a competition and the best technology isn't necessarily going to be the winner, It could simply be the first one that gets their without a major screw
up. But lets not get lost here it's one company and they have to build from the ground up.  We have time but we should understand time is a factor in everything thats happening right now.  Once
overstock launches this exchange they have a globally recognized name and a legal team that has experience in crypto to jump through SEC hoops. If you read the article it should be noted they
aren't just going to try to launch something for Overstock but a exchange that they will try to attract any "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. " All they need now is a bitUSD (their is no reason they shouldn't implement market pegged assets) and wow it is starting to sound alot like bitsharesX.

If they wanted to go that route they would have implemented it.. but I think the fear of the peg holding up kept them out... or the centralization of a price feed... anyways... in a new world you wouldnt need pegged assets.. but assets unpegged doign proper price discovery are just fine and maybe something byrne envisioned with stocks anyways... if they want to match the current stocks 1:1 to this new system then yea its just like btsx.. and Id say their interface has a head start... but the underlying technology might be a bit behind btsx.

As others have pointed out he wants to own the exchange, IF he can get away with it.  The big question imho will be if we can polish the exchange AND provide liquidity and how quickly. I think even with them having the overstock name we can give them a run for their money, besides any marketer worth his salt will now go to competitors and give them the "can you afford not to, look what overstock is doing".

If he OWNS the exchange its not truly decentralized then is it.. unless he owns it for the sake of making fee revenue but has no ability to change structure of the exchange.. otherwise its just a decentralized system within a centralized box and not much has changed!

[Gentso1]

Its nice to see their is a change in attitude. This is a competition and the best technology isn't necessarily going to be the winner, It could simply be the first one that gets their without a major screw
up. But lets not get lost here it's one company and they have to build from the ground up.  We have time but we should understand time is a factor in everything thats happening right now.  Once
overstock launches this exchange they have a globally recognized name and a legal team that has experience in crypto to jump through SEC hoops. If you read the article it should be noted they
aren't just going to try to launch something for Overstock but a exchange that they will try to attract any "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. " All they need now is a bitUSD (their is no reason they shouldn't implement market pegged assets) and wow it is starting to sound alot like bitsharesX.

If they wanted to go that route they would have implemented it.. but I think the fear of the peg holding up kept them out... or the centralization of a price feed... anyways... in a new world you wouldnt need pegged assets.. but assets unpegged doign proper price discovery are just fine and maybe something byrne envisioned with stocks anyways... if they want to match the current stocks 1:1 to this new system then yea its just like btsx.. and Id say their interface has a head start... but the underlying technology might be a bit behind btsx.

As others have pointed out he wants to own the exchange, IF he can get away with it.  The big question imho will be if we can polish the exchange AND provide liquidity and how quickly. I think even with them having the overstock name we can give them a run for their money, besides any marketer worth his salt will now go to competitors and give them the "can you afford not to, look what overstock is doing". 

[Riverhead]

Maybe you guys can recall that I said this should be the focus of bitshares technology instead of dns and music?

Cute. Who are you?

Just a has-been that loves a good I-Told-You-So. Apparently one company's decision to choose a product is something to gloat about. It's too bad Overstock is the only way for a product to be successful...oh wait.

[jsidhu]

Its nice to see their is a change in attitude. This is a competition and the best technology isn't necessarily going to be the winner, It could simply be the first one that gets their without a major screw
up. But lets not get lost here it's one company and they have to build from the ground up.  We have time but we should understand time is a factor in everything thats happening right now.  Once
overstock launches this exchange they have a globally recognized name and a legal team that has experience in crypto to jump through SEC hoops. If you read the article it should be noted they
aren't just going to try to launch something for Overstock but a exchange that they will try to attract any "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. " All they need now is a bitUSD (their is no reason they shouldn't implement market pegged assets) and wow it is starting to sound alot like bitsharesX.

If they wanted to go that route they would have implemented it.. but I think the fear of the peg holding up kept them out... or the centralization of a price feed... anyways... in a new world you wouldnt need pegged assets.. but assets unpegged doign proper price discovery are just fine and maybe something byrne envisioned with stocks anyways... if they want to match the current stocks 1:1 to this new system then yea its just like btsx.. and Id say their interface has a head start... but the underlying technology might be a bit behind btsx.

[Gentso1]

Its nice to see their is a change in attitude. This is a competition and the best technology isn't necessarily going to be the winner, It could simply be the first one that gets their without a major screw
up. But lets not get lost here it's one company and they have to build from the ground up.  We have time but we should understand time is a factor in everything thats happening right now.  Once
overstock launches this exchange they have a globally recognized name and a legal team that has experience in crypto to jump through SEC hoops. If you read the article it should be noted they
aren't just going to try to launch something for Overstock but a exchange that they will try to attract any "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. " All they need now is a bitUSD (their is no reason they shouldn't implement market pegged assets) and wow it is starting to sound alot like bitsharesX.   

[oldman]

“Building this—and being the company that owns this—can be more valuable than Overstock,” he says. “It can be more valuable than Alibaba.”

He is merely recreating what already exists and consequently this in not a competitor at all - his platform is explicitly centralized and designed to extract profit for the 'owners'.

This explains why he did not jump on Bitshares: he wants to own Wall Street. The irony.

Sad, I had high hopes for Patrick.

He seemed to understand that centralization is the root of the Wall Street/Big Bank evil he frequently rails against.

Ah well.

[jsidhu]

have you looked at counterwallet? It's pretty polished and easy to use.. I was able to create a wallet and start using it like 10 seconds literally... and looked at the asset exchange etc.. sure it doesnt have market pegged assets but maybe its meant to users to be able to issue assets for stocks/companies or anything for use without the need to check against a price feed like bitUSD does. It may work for a stock exchange that has nothing to do with the outside world.. you come in and things are priced in XCP rather than worrying about pegging and all the problems that come with that. The down side is that the exchange needs high amoun tof capital and marketing to get off the ground if at all, while doing the pegging will allow the system to fit within the confines of the current system to ease people into it before (if at ever) something like btsx becomes the defacto currency of choice rather than cumbersome fiat exchanging.

Immediately I found that its alot faster than btsx web based wallet... its using ASPX generating queries in the backend instead of ajax, maybe thats why? Not sure but its pretty easy to use and doesnt seem laggy... even loading charts.

All that being said...

A system the is geared for our current financial world is bitsharesx... and nothing competes... a system that would work in the future with a high seed capital that would allow people to "live" within it without fiat exchanges or conversion is something like counterparty... although bitsharesx can become that if the notion of USD or pegged assets are removed.

[charleshoskinson]

Maybe you guys can recall that I said this should be the focus of bitshares technology instead of dns and music?

[santaclause102]

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!

The only reason bitshares is not as well known has little to do with a lack of marketing and pr imho.

The problem is that the entire pow community either bashes and sells fud about the technology constantly or outright ignores it like its ron paul at a republican convention.  Obviously the best candidate, but too disruptive to even those interested in disruption.

Imho...bitshares is not compatible with overstock regardless. Why? Because overstock is not going to give anything to pts/ags.   

However for anyome thinkin this isnt competiton...do you really think overstock is foing to accept bitUSD now?

If BitUSD gets on a decent payment processor, yes, I still see it as a possibility.

Nothing would have to be given to PTS/AGS. Overstock would have been a user issued asset.

[Method-X]

However for anyome thinkin this isnt competiton...do you really think overstock is foing to accept bitUSD now?

I don't think it will matter to be honest. They're just one retailer of many.

[Final_Acclaim]

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!

The only reason bitshares is not as well known has little to do with a lack of marketing and pr imho.

The problem is that the entire pow community either bashes and sells fud about the technology constantly or outright ignores it like its ron paul at a republican convention.  Obviously the best candidate, but too disruptive to even those interested in disruption.

Imho...bitshares is not compatible with overstock regardless. Why? Because overstock is not going to give anything to pts/ags.   

However for anyome thinkin this isnt competiton...do you really think overstock is foing to accept bitUSD now?

If BitUSD gets on a decent payment processor, yes, I still see it as a possibility.

[fuzzy]

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!

The only reason bitshares is not as well known has little to do with a lack of marketing and pr imho.

The problem is that the entire pow community either bashes and sells fud about the technology constantly or outright ignores it like its ron paul at a republican convention.  Obviously the best candidate, but too disruptive to even those interested in disruption.

Imho...bitshares is not compatible with overstock regardless. Why? Because overstock is not going to give anything to pts/ags.   

However for anyome thinkin this isnt competiton...do you really think overstock is foing to accept bitUSD now?