Overstock.com has filed this Form S-3 which proposes to sell securities using Bitcoin blockchain technology. The S-3 has not yet been declared effective.
First question: What the heck in blockchain technology? CFTC Commissioner J. Christopher Giancarlo described it as follows:
“The 20th century underpinnings of the current “closed ledger” financial system are inefficient and unstable. At present, centralized third parties authenticate financial information in generally three-day settlement timeframes that add undue risk, cost and volatility to the marketplace. The 2008 financial crisis revealed that a portion of the recordkeeping infrastructure of the multi-trillion dollar swaps market was recorded on handwritten tickets faxed nightly to the back offices of market counterparties.
http://www.jdsupra.com/legalnews/overstock-com-to-sell-securities-using-98491/
