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Women losing coverage under Obamacare, too
Topic - Patrick Byrne
Salt Lake City-based Overstock.com Inc. says it's the first major retailer to accept digital Bitcoins as payment for goods.
In a battle over who should collect online sales tax, Overstock.com's chief said Thursday that Internet stores have an inherent right to collect fewer taxes than traditional retailers because they take up less space and don't use such city services as roads, schools, police and fire departments.
"The whole luxury business is up for grabs because people are changing their habits," said Patrick Byrne, CEO of Overstock.com, which sells Prada, Gucci and other top designer brands at up to 40 percent discounts.
The $1 billion company is tapping into a new market of buyers who use the online currency, and other major retailers will lose market share if they don't follow suit and accept Bitcoins, Overstock CEO Patrick Byrne said.