Bitcoin is the most interesting technology of my lifetime as it has the power to have far-reaching effects besides just the currency. Currency is the first app which utilizes the blockchain technology. The other uses include eliminating the 3-day settlement of stock trades and eliminating the problem with pre-borrowing shares in order to short them. These are the issues Overstock.com’s (NASDAQ:OSTK) Bitcoin arm called Medici is working on.
Since my excitement about Bitcoin is so high, I thought it would be a great idea to learn more about what Overstock.com is doing in the space. There seems to be a cloud of distrust over Bitcoin as investors seem to believe the $3.2 million Overstock.com spent on Medici last quarter was a waste of money. Hopefully, this interview helps investors learn about the amazing achievements of Medici and the bright future it has.
The CEO of Overtsock.com, Patrick Byrne, direct messaged me Judd Bragley’s email address. Judd Bragley is the Director of Communications at Overstock.com. I emailed him my questions and he responded with the answers below. My questions are in italics.