jbreher (OP)
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August 04, 2015, 06:53:56 PM
Last edit: August 05, 2015, 12:30:09 AM by jbreher |
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Purportedly Patrick Byrne's twitter account: https://twitter.com/OverstockCEO/status/628567358219657216If real, I find this very exciting. The linked website however, is devoid of anything sans logo and mechanism for signing up for a spam list has gone live since this post was first made: http://t0.com/Anyone have any more details? News a month ago was that he was planning on launching a securities exchange (a la NYSE, NASDAQ, or similar) where all trades happen on the blockchain. More specifically, on the Bitcoin blockchain. " Though Byrne originally told WIRED the bond would not be issued on the blockchain proper, it indeed will." - http://www.wired.com/2015/06/overstock-will-issue-private-bond-powered-bitcoin-tech/Byrne's a rockstar. From exposing the nefarious issuances of naked shorts on the major trading platforms, to an early rollout of Bitcoin acceptance for a vast catalog of internet order products. I am very interested to see where this goes. |
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"If you don't want people to know you're a scumbag then don't be a scumbag." -- margaritahuyan
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unamis76
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August 04, 2015, 06:59:49 PM |
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Looks pretty interesting, trades on the blockchain would be simply amazing... But I don't think this is it. Only time will tell, though  Watching. |
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randy8777
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August 04, 2015, 07:06:40 PM |
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Looks pretty interesting, trades on the blockchain would be simply amazing... But I don't think this is it. Only time will tell, though Watching. everything looks good if they just speak about it. action speaks louder than words. i want to see it with my own eyes before we take it for granted. and yes, only time will tell. |
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CoinBateman
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August 04, 2015, 07:32:43 PM |
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Still don't understand what this is meant to be?
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@CoinBateman | Killer Crypto Instinct
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jbreher (OP)
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August 04, 2015, 11:54:28 PM |
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Just learned that Byrne is conducting a public webinar right now. Looks to be 50 minutes into a scheduled two-hour presentation. http://www.ustream.tv/channel/overstockceo |
Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.
I've been convicted of heresy. Convicted by a mere known extortionist. Read my Trust for details.
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jbreher (OP)
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August 05, 2015, 12:26:21 AM
Last edit: August 05, 2015, 01:49:21 AM by jbreher |
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One topic of his talk:
Securities lending is responsible for about 40-45% of the Wall Street giant's revenue - probably much more on a profit basis. This is enabled because securities lending is an opaque process where these institutions link lenders with borrowers, extracting a very high rent in the process.
t0.com is a platform where these lending rights are tokenized, and freely exchanged in a transparent manner on the blockchain.
Example: a retirement fund might loan its stock to a hedge fund (in order to cover an option), through one of these intermediaries. While I have no knowledge of these tings, his example was the loaning fund receive $1, for something the hedge fund pays $20 - a $19 spread pocketed by the middleman.
Observed that this opaque process -- even if done by the rules -- is manipulative. However, it further happens in the dark, with little checks and balances. The implication is that fraud is rampant in the system. Accordingly, there is a social benefit as well by driving out fraud, and by relying on technology rather than enforcers to do so.
By using a ledger to disintermediate this matching, fund makes (perhaps) 10x, hedge fund saves half. Not a bad deal.
The system couples the trade with the settlement. Indeed, they are one and the same.
Would not answer which blockchain. Indicated it could be targeted at any with relatively little work.
Observed that this opaque process -- even if done by the rules -- is manipulative. However, it further happens in the dark, with little checks and balances. The implication is that fraud is rampant in the system. Accordingly, there is a social benefit as well by driving out fraud, and by relying on technology rather than enforcers to do so.
Talk was evidently held at NASDAQ. He made the point that NASDAQ had its origins in making trading transparent relative to other exchanges.
My commentary: if indeed 40% of wall street's revenues can be disintermediated, this is big. Very big.
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Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.
I've been convicted of heresy. Convicted by a mere known extortionist. Read my Trust for details.
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jbreher (OP)
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August 05, 2015, 12:27:26 AM |
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Cool! The site has gone live since I opened this thread! |
Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.
I've been convicted of heresy. Convicted by a mere known extortionist. Read my Trust for details.
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hodlmybtc
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August 05, 2015, 01:41:01 AM |
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If you search a BTC address/transaction it will show up. Also it supports colored coins, which would be expected ofcourse. Try it for yourself. |
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ticoti
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August 05, 2015, 01:42:31 AM |
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Is this like a trading platform but for enterprises?
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Za1n
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August 05, 2015, 01:46:31 AM |
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Looks pretty interesting, trades on the blockchain would be simply amazing... But I don't think this is it. Only time will tell, though Watching. everything looks good if they just speak about it. action speaks louder than words. i want to see it with my own eyes before we take it for granted. and yes, only time will tell. I agree with your sentiment about actions speaking louder than words, but at least it is being backed by someone with the bankroll to actually make it happen. Anyway, this type of news is always helpful to counter the negative Bitcoin seems to get a lot of lately. |
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Dire
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Crypto-Games.net: DICE and SLOT
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August 05, 2015, 08:20:04 AM
Last edit: August 05, 2015, 08:41:40 AM by Dire |
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'Overstock Unveils Blockchain Trading Platform at Nasdaq Event' - http://www.coindesk.com/overstock-unveils-blockchain-trading-platform-to/Good article. I like Byrne, hearing him speak is enlightening and he really pitches for Bitcoin. The article says that although he didn't mention Bitcoin much at the NASDAQ event, he did give all attendees $25 worth of Bitcoin. Clever guy. Really interested to see how his platform pans out. It could be the big one. Edit: They've also added an 'Asset Address' tied to each BTC address in their explorer. Similar, but a touch different to Counterparty's explorer/wallet. That means every single Bitcoin address in existence has its own blockchain asset receiving address for this protocol. That's way cool. In a nutshell, I can send APPLE shares to your Bitcoin address (assuming they create shares with this protocol) and you have control of those shares because you have the private keys already. This is really big. |
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ashour
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August 05, 2015, 11:19:09 AM |
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Purportedly Patrick Byrne's twitter account: https://twitter.com/OverstockCEO/status/628567358219657216If real, I find this very exciting. The linked website however, is devoid of anything sans logo and mechanism for signing up for a spam list has gone live since this post was first made: http://t0.com/Anyone have any more details? News a month ago was that he was planning on launching a securities exchange (a la NYSE, NASDAQ, or similar) where all trades happen on the blockchain. More specifically, on the Bitcoin blockchain. " Though Byrne originally told WIRED the bond would not be issued on the blockchain proper, it indeed will." - http://www.wired.com/2015/06/overstock-will-issue-private-bond-powered-bitcoin-tech/Byrne's a rockstar. From exposing the nefarious issuances of naked shorts on the major trading platforms, to an early rollout of Bitcoin acceptance for a vast catalog of internet order products. I am very interested to see where this goes. Any idea who their partner will be ? I think that they will partner up with blockchain.info or ethereum to power the platform. |
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