Overstock Files to Offer Stock That Works Like Bitcoin

[tokeweed]

Last year, Overstock became the first major online retailer to accept payments in bitcoin. Like so many others, Byrne argues that the digital currency can free our economy from the grip of big banks and big government. Now, he’s bringing this same attitude to stocks. His project is just one of many that seek remake the stock market using bitcoin technology, such as NXT, Mastercoin, Bitshares, and Counterparty. At one point, Overstock hired some of the primary developers behind Counterparty, but these engineers have since left the company.

On Friday, Overstock filed what is called a “shelf registration.” Basically, this would allow the company to sell any kind of security—common stock, preferred, debt, warrants, etc.—if and when it chooses to. Such filings are not uncommon–though this one is unusual in that it says the company could issue the securities in digital form.

According to Overstock’s filing, the company would offer its digital security through what’s called an alternative trading system, or ATS. This is essentially a stock market alternative that must be registered with the SEC. Overstock would have to make arrangements with an existing ATS or somehow create a new one. It must also answer any SEC objections from the SEC.

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

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[Chew Kok]

I have never Tokeweed. Have you ever Chewed... ?

[kennyP]

and so it begins ....

[Searing]

the article in question again


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



the article does NOT rule out bitcoin...I really can't see him using anything else BUT Bitcoin myself notice this


quote

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.

unquote

quote

Basically, Byrne hopes to offer stock that’s controlled not by a central stock exchange such as the NYSE or the NASDAQ, but by a network of machines spread across the internet—machines outside the control of any one central authority.

unquote

Unless there is some big advantage of making his own blockchain or coin or whatever from scratch and getting ANOTHER mess of decentralized machines to do your
transactions etc...it looks to me like he would use the bitcoin network for this project. (or heck maybe Litecoin?) ....I mean why not go with the leader ie Bitcoin?

Shoot me down if I have this wrong...but looks positive to me (so far)

others..your thoughts?

[EvilDave]

One word: control.
Regardless of how much PB loves BTC, the Overstock board is not going to place an important part of their future business strategy in the hands of a 3rd party.
Overstock will create their own blockchain for the Medici project, the only real question is what they will base it on.

[brekyrself]

One word: control.
Regardless of how much PB loves BTC, the Overstock board is not going to place an important part of their future business strategy in the hands of a 3rd party.
Overstock will create their own blockchain for the Medici project, the only real question is what they will base it on.

Exactly.

They have the funds to build their own chain, especially with all the open source leg work that has been accomplished by the community.  It would however be a huge victory for the crypto space if they used an already established chain with User Issues Assets such as BitShares https://bitsharestalk.org/index.php/topic,15988.0.html

[Spoetnik]

Has any of you actuality used Overstock ? I haven't.
I have used lots various places like Newegg, Tigerdirect and others.

Interesting story though and I agree with the rest of you guys I think..

I also noticed the TV Show "Hotel Hell" (season 2) with Gordon Ramsey had the remake furniture stuff etc in each show supplied by Overstock.
What else are they in to ? 

[Sentinelrv]

It sounds to me like they want to recreate the Peershares platform. Each Peershares implementation runs on its own blockchain. Businesses can create their own Peershares implementation and raise funds by issuing equity or shares to people who purchase them. Any profit made by the company can be distributed to all shareholders in the form of Bitcoin, Peercoin or any crypto they want to use. All shares in a company are also tradable just like any other crypto.

NuBits/NuShares already use a heavily customized version of Peershares and the upcoming B&C decentralized exchange will use it as well. It's not necessary to customize it though. It can be used by a business just as a way to sell equity and distribute dividends. Nu has made some great advancements to Peershares as well, including decentralized motion voting and data feeds which allow a user to subscribe to another person's voting feed in case they're too busy to keep up with the news. Another upcoming feature is the ability to vote to offer new shares, which means the supply can always be increased at the will of shareholders. It would dilute existing shareholders, but it would allow them to sell the new shares and raise more money.

What's important here is that it lines up with this...

One word: control.
Regardless of how much PB loves BTC, the Overstock board is not going to place an important part of their future business strategy in the hands of a 3rd party.
Overstock will create their own blockchain for the Medici project, the only real question is what they will base it on.

Using Peershares, they're not dependent on Bitcoin, NXT or any other 3rd party blockchain. They control their own.