

Overstock Unveils Blockchain-Based Equities Trading Platform - jsnathan
http://www.coindesk.com/overstock-unveils-blockchain-trading-platform-to/

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jackgavigan
I submitted a direct link to tØ this morning but it got flagged because people
didn't understand it and/or thought it was a scam:
[https://news.ycombinator.com/item?id=10008684](https://news.ycombinator.com/item?id=10008684)

The background to this is that Patrick Byrne (CEO of Overstock) isn't a fan of
Wall Street, particularly naked short selling. He became interested in Bitcoin
and potential applications of the underlying technology for trading and
settlement[0]. Last year, he hired the team behind Counterparty to actually
make it happen[1,2].

In April, Overstock filed a prospectus with the SEC, seeking permission to
issue crypto-securities [3,4]. In May it emerged that Overstock had purchased
a strategic stake in PRO Securities, a brokerage which operates an alternative
trading system[5]. Last night, he held a press conference where he laid out
plans for tØ to provide a platform/services for trading crypto-securities, and
create a market to bring together investors who are willing to loan out their
long stock positions, and short-sellers who are looking to borrow stock (this
market is currently opaque, over-the-counter and intermediated by investment
banks like Goldman Sachs).[6]

0: [http://www.wired.com/2014/02/rise-fall-rise-patrick-
byrne/](http://www.wired.com/2014/02/rise-fall-rise-patrick-byrne/)

1: [http://www.wired.com/2014/07/overstock-and-
cryptocurrency/](http://www.wired.com/2014/07/overstock-and-cryptocurrency/)

2: [http://www.coindesk.com/overstock-hires-counterparty-
develop...](http://www.coindesk.com/overstock-hires-counterparty-developers-
build-cryptosecurity-stock-exchange/)

3:
[https://www.sec.gov/Archives/edgar/data/1130713/000104746915...](https://www.sec.gov/Archives/edgar/data/1130713/000104746915006473/a2225454zs-3a.htm)

4: [http://www.wired.com/2015/04/overstock-files-offer-stock-
wor...](http://www.wired.com/2015/04/overstock-files-offer-stock-works-like-
bitcoin/)

5: [http://www.wired.com/2015/05/overstock-stakes-trading-co-
sto...](http://www.wired.com/2015/05/overstock-stakes-trading-co-stock-mimics-
bitcoin/)

6: [http://www.coindesk.com/overstock-unveils-blockchain-
trading...](http://www.coindesk.com/overstock-unveils-blockchain-trading-
platform-to/)

