[2015-04-27] Wired: Overstock Files to Offer Stock That Works Like Bitcoin

[LiteCoinGuy]

Overstock Files to Offer Stock That Works Like Bitcoin

Overstock.com is one step closer to offering a new kind of stock intended to remake the stock market in much the same way the bitcoin digital currency remade our money system.

http://www.wired.com/2015/04/overstock-files-offer-stock-works-like-bitcoin/

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[kjlimo]

Very cool; perhaps the SEC can finish looking at the Winklevoss etf while they are at it.

[Chef Ramsay]

On Friday, the Salt Lake City-based online retailer filed a prospectus with the Securities and Exchange Commission that indicates it may issue up to $500 million in stock or other securities using technology akin to the online software system that underpins bitcoin. “We may decide to offer securities as digital securities…the ownership and transfer of which are recorded on a cryptographically-secured distributed ledger system using technology similar to (or the same as) the distributed ledger technology used for trading digital currencies,” the filing reads.

This past summer, Overstock’s free-thinking CEO, Patrick Byrne, said that the company was hoping to issue a “cryptosecurity” using bitcoin-like technology, and he hired both the developers and the lawyers needed to do so. Now, he and his company have taken the idea to government regulators. As Byrne puts it, he’s calling on the SEC to “sprinkle holy water” on his push towards digital securities. “This is a decision point for the establishment,” he says.

Patrick is a boss and is always trying to make moves ahead of the norm, love it and hope all goes well. One more peripheral addition to making Bitcoin the hotness that it is.

[EternalWingsofGod]

It's cool to see a forward thinking CEO like the one at overstock
Thinking about the world of tommorrow and making that future a reality.
Kind of was interesting how the counterparty devs were removed though so that  makes me a little curious what they plan to do when they use the Shelf company.

[Kaneki]

The prospect of using a blockchain-like public ledger to hold securities or other assets very exciting and one that should be explored,but we can only hope that if it really works and will not fail.

[1Referee]

Overstock CEO is a perfect example of how a CEO should be. He isn't affraid to make necessary changes where needed to make things future proof.

I'm only not sure how achievable it is. Changing something that is controlled by hard headed zombies won't be easy.

[LiteCoinGuy]

http://www.coindesk.com/sec-filing-hints-at-overstocks-plan-for-bitcoin-based-securities/