Don't Worry, Overstock's New CEO Is Already 'Drunk on ...

Never before in the history of Wall Street has a single conference call mentioned the following topics: miscreants, an unnamed Sith Lord he hopes the feds will bury under a prison, gay bathhouses, whether he is gay, does cocaine, both or neither. Mark Cuban(what a surprise from this guy)

Never before in the history of Wall Street has a single conference call mentioned the following topics: miscreants, an unnamed Sith Lord he hopes the feds will bury under a prison, gay bathhouses, whether he is gay, does cocaine, both or neither, and an obligatory 'not that there is anything wrong with that,' phone taps, phone lines misdirected to Mexico, arrested reporters, payoffs, conspiracies, crooks, egomaniacs, fools, paranoia, which newspapers are shills and for who, payoffs, money laundering, his Irish temper, false identities, threats, intimidation, and private investigators. All in 61 minutes."
-Mark Cuban is now short 20,000 shares of Overstock (fuck this guy btw)
Hey guys, I started doing some crazy research and I came upon this company called Overstock.com, basically its a competitor to Amazon but unnlike its competition it also has been accepting Bitcoin since 2014.
"IN FIRST DAY WITH BITCOIN, OVERSTOCK DOES $126,000 IN SALES" (https://www.wired.com/2014/01/overstock-bitcoin-sales/) at around 500 per bitcoin now they are worth now around 1.5m. It then increased to 300k sales per day in Bitcoin. This guys says he was keeping only 50% (I think he was keeping all of it)
This company stock has doubled in the last months, but their valuation is still way off (It has Amazon potential). Backstory: the CEO Patrick Byrne (comes from an "honorable" family, he has a PHD in Philosophy, 3 time cancer survivor) got fucked by corporations like Goldman Sachs during 2008, (he later sued and won against most of the financial coporation that fucked him). He came out explaining the method of how Wall Street(Goldman Sachs and co) manipulated the market by using a technique called "Naked short selling".
Its worth investigating! (https://www.youtube.com/watch?v=BdBe5_8z53A its an 8min explanation, what he says really puts into perspective how crooked this people are) (Also SEC verified that this does happen and a lot) https://www.sec.gov/investopubs/regsho.htm
Basically what they did is put a straw in the financial system that they can suck to get money whenever they want by fucking over smaller companies. Needless to say the press came out saying he was crazy, that it wasnt true, classical defamation campaign by the way, but to be fair he said that a Sith Lord was orquestrating all this (Now I kind of believe him)
So this guy was really fucking pissed and when he heard about Bitcoin he went balls deep! I researched a bit and Overstock investing company "Medici Ventures" has been developing blockchain applications that are incredibly well developed and serve enterprise needs (this are the companies that big investors and companies will use).
You will have a hard time finding this story on the news since they mostly hate Overstock and describe it as a "obscure ecommerce platform" (https://www.cnbc.com/2017/10/17/traders-bet-on-overstock-over-bitcoins-blockchain-technology.html)
If Bitcoin/Ethereum/cyrpto performs like we hope, this is one of the companies that could make Bitcoin and blockchain go mainstream and also hit back real hard at the financial system. (Patrick Byrne personal vendetta)
What do you guys think?
TL;DR:
Overstock stock is worth looking into and basically Wall Street are treacherous pigs that will stop at nothing to get money from anyone weaker than them.
Also, after reading how Wall Street really fights (hard, dirty, illegal and fast), everyone should keep their REAL money in a hardware wallet!
submitted by odracir9212 to ethtrader [link] [comments]

Bitcoin 2017 a Comprehensive Timeline

Some of the most notable news and events over the past year:
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submitted by BitcoinChronicler to btc [link] [comments]

Never before in the history of Wall Street has a single conference call mentioned the following topics: miscreants, an unnamed Sith Lord he hopes the feds will bury under a prison, gay bathhouses, whether he is gay, does cocaine, both or neither. Mark Cuban(who else hates this guy)

Never before in the history of Wall Street has a single conference call mentioned the following topics: miscreants, an unnamed Sith Lord he hopes the feds will bury under a prison, gay bathhouses, whether he is gay, does cocaine, both or neither, and an obligatory 'not that there is anything wrong with that,' phone taps, phone lines misdirected to Mexico, arrested reporters, payoffs, conspiracies, crooks, egomaniacs, fools, paranoia, which newspapers are shills and for who, payoffs, money laundering, his Irish temper, false identities, threats, intimidation, and private investigators. All in 61 minutes."
-Mark Cuban is now short 20,000 shares of Overstock (fuck this guy btw)
Hey guys, I started doing some crazy research and I came upon this company called Overstock.com, basically its a competitor to Amazon but unnlike its competition it also has been accepting Bitcoin since 2014.
"IN FIRST DAY WITH BITCOIN, OVERSTOCK DOES $126,000 IN SALES" (https://www.wired.com/2014/01/overstock-bitcoin-sales/) at around 500 per bitcoin now they are worth now around 1.5m. It then increased to 300k sales per day in Bitcoin. This guys says he was keeping only 50% (I think he was keeping all of it)
This company stock has doubled in the last months, but their valuation is still way off (It has Amazon potential). Backstory: the CEO Patrick Byrne (comes from an "honorable" family, he has a PHD in Philosophy, 3 time cancer survivor) got fucked by corporations like Goldman Sachs during 2008, (he later sued and won against most of the financial coporation that fucked him). He came out explaining the method of how Wall Street(Goldman Sachs and co) manipulated the market by using a technique called "Naked short selling".
Its worth investigating! (https://www.youtube.com/watch?v=BdBe5_8z53A its an 8min explanation, what he says really puts into perspective how crooked this people are) (Also SEC verified that this does happen and a lot) https://www.sec.gov/investopubs/regsho.htm
Basically what they did is put a straw in the financial system that they can suck to get money whenever they want by fucking over smaller companies. Needless to say the press came out saying he was crazy, that it wasnt true, classical defamation campaign by the way, but to be fair he said that a Sith Lord was orquestrating all this (Now I kind of believe him)
So this guy was really fucking pissed and when he heard about Bitcoin he went balls deep! I researched a bit and Overstock investing company "Medici Ventures" has been developing blockchain applications that are incredibly well developed and serve enterprise needs (this are the companies that big investors and companies will use).
You will have a hard time finding this story on the news since they mostly hate Overstock and describe it as a "obscure ecommerce platform" (https://www.cnbc.com/2017/10/17/traders-bet-on-overstock-over-bitcoins-blockchain-technology.html)
If Bitcoin/Ethereum/cyrpto performs like we hope, this is one of the companies that could make Bitcoin and blockchain go mainstream and also hit back real hard at the financial system. (Patrick Byrne personal vendetta)
What do you guys think?
TL;DR:
Overstock stock is worth looking into and basically Wall Street are treacherous pigs that will stop at nothing to get money from anyone weaker than them.
Also, after reading how Wall Street really fights (hard, dirty, illegal and fast), everyone should keep their REAL money in a hardware wallet!
submitted by odracir9212 to btc [link] [comments]

Bitcoin Trading Intelligence

Hope all is well guys. We wanted to share our first Bitcoin Trading Intelligence newsletter with all off you.
Feedback and any other comments are welcome.
Bitcoin Trading Intelligence 08.10.15
Long Term
On a weekly scale, the market has been in a bearish trend for a long time before finding some support at the start of this year. From then on it has been predominantly sideways with choppy moves from 200-300. The market is moving in mini-swings as indicated by the red arcs in the weekly chart. For the bearish part of the swing, 5 SMA has been a hard resistance and has pro- vided some good shorting opportunities at the highs. The Bollinger bands in the weekly chart have become parallel and con- tracted to a great extent, which means there is great scope for break out trades from this point.
On a long term scale, market hasn’t been able to break middle Bollinger band and 34 SMA for some time, but in June and July market has successfully overcome these resistances respectively and has been trading above them for 5th consecutive week. Though RSI remains around 50 without giving much indication, MACD has been trading above the signal line for some time now and is ready to cross the zero line. If the MACD crosses and remains above the signal line, it is a double con- firmation for the launch of the bullish trend and would be an opportunity to capture good bullish moves. The proper entry points for such trades would be around 250-255 region, which has 34 SMA and middle Bollinger band as points of support. The targets could be high of previous month, upper Bollinger band of weekly and weekly 100 SMA.
If the market breaks out on the downside, then it would find good support around 214-227 region which houses weekly 200 SMA and lower Bollinger band. These prices have proven to be strong points of support in the past and are good targets for break out shorts at 250.
Mid Term
In the daily chart, the market has rallied considerably from 217.26 in June to 317.50 in July and now is in a state of correction for the move. On marking the Fibonacci retracement levels for the move, it can be observed that market is trading in between the 50%-61.8% retracement price levels. The region between 250-255 has daily 100 and 200 SMA’s and also the 61.8% re- tracement level at 255.16. Hence this zone can be considered as Zone of heavy support as it also backed by 34 SMA and Mid- dle Bollinger band from weekly chart.A crucial aspect which might indicate a trend reversal would be the ‘Golden Crossover’ of 100 and 200 SMA’s in July. The last time a 100-200 SMA crossover happened, the market continuously traded below the two SMA’s resulting in a completely bearish trend which was supported by fundamentals, Now that market is trading above the crossover, this might be the onset of the trend. Though the MACD is showing a bearish signal owing to the short term fundamental affects, RSI has been approaching the oversold region. In the medium term, it appears that 255 could be tested before the anticipated bullish move.
The decision of Bitfinex to leave New York because of BitLicense has resulted in a negative sentiment among the market par- ticipants which prompted a bearish move on Saturday with comparably low volumes. This move as shown in the hourly chart, was opposed by heavy support at 261. The lower Bollinger band flattened at this point, indicating a possible trend reversal and a good short covering rally. The MACD indicator has just crossed the signal line and even the RSI has been in the oversold region for some time now which implicates impending bullishness in the market. The possible entry points for quick momen- tum (short covering) trades would be around 262 and possible targets would be hourly middle Bollinger band and 34 SMA. With change in the trend patterns of SMAs and Bollinger bands supporting, these short term trades can be converted to medi- um term trades with targets taken from daily chart.
Fundamental Analysis
The fall of Mt.Gox was the onset of a bearish trend that has plagued the market sentiment for more than a year in Bitcoin trading. While the question about the missing coinage is still unanswered, Former CEO of Mt.Gox, Mark Karpeles was arrested in Japan on 1st of August on the suspicion that he has illicitly added a million dollars to an account under his control. While any news regarding Mt.Gox will continue to have a negative impact on the sentiment, adding to the existing woes BitLicense in New York and AB-1326 : California’s Bitcoin License have affected the market in the later part of last week. Major Exchanges like Bitfinex, Kraken, ShapeShift and many other Bitcoin related startups have blocked residents of New York from their services. While AB-1326 is engrossing similar opposition, these regulation imperative road blocks are expected to have a short term effect on Bitcoin Trading as of now. The representatives at G7 summit which was held at Germany this year in June, have pledged to support for the ‘appropriate regulation’ of virtual currencies. How would these regulations affect the current setup and crypto currency trading is to be seen.
On the positive front, NASDAQ adopting Blockchain Technology to for its stock trading platform to improve the efficiency of financial transactions has been one of the major news in the Bitcoin Circle. Launch of tØ(tee-zero) by Patrick Byrne, Chairman and CEO of Overstock.com at Nasdaq headquarters on 5th of August has fortified the sentiment among the Bitcoin community. tØ is a blockchain-powered private and public equities trading platform that can work with any decentralized ledger. Symbiont, a bitcoin startup has come up with the innovation of ‘Smart Securities’, which uses the blockchain technology to make it quicker and easier to prove the ownership of assets or transfer them between buyers and sellers. Quant specialists from Wall-Street giants are now opting to join Bitcoin startups which is a strong indication that the potential of Bitcoins and Blockchain technology has been acknowledged by Wall-Street and further applications of the same in further asset classes is not a distant dream.
From a political standpoint, US Presidential candidate Rick Perry has revealed his stance on bitcoin by saying that he supports ‘regulatory breathing room’ for digital currencies such as bitcoins. London’s Mayoral candidate Galloway has openly suggested the idea of tracking the city’s budget by putting it on blockchain and letting people know how the funds are being directed. British Prime Minister, David Cameroon’s inclusion of bitcoin company, Blockchain in the trade delegations with Asia, is an indication that UK Government maybe positioning to take up a critical role in the field of cryptocurrencies. With Australian senate’s recognition of Bitcoins as a form of currency, any news regarding the acceptance of bitcoins on the political front can reinforce positive sentiment in the market in the coming days.
Across the borders, Brazil has recorded its highest volumes last month. Brazil which is the world’s major exporter of soft commodities has seen rising levels of inflation over the years. Also with July-August being the harvest months for the crops, it might be possible that the increased volumes might be the result of the merchant transactions being carried out in bitcoins. Countries with weakening economies would likely see Bitcoins as their exit option for future. With the release that major banks like Barclays, BNP Paribas experimenting with altcoins and the Dutch ABN AMRO executives positive statements about blockchain, further adoption of Bitcoins into the existing financial services system looks more likely and is definitely going to be positive news for the Bitcoin Market Participants.
submitted by blockstreet_ceo to BitcoinMarkets [link] [comments]

"Good News Everyone!" How is the market affected by news anyway?

I wanted to try to collect all the big news since the crash (using Dec 1st) so we could discuss whether it's been priced in yet. My feeling is that there's much more good news than bad.
Good News:
Bad News:
And things which are important but unclear of their impact:
And finally a similar post by DTanner from the start of the last bubble.
submitted by HanumanTheHumane to Bitcoin [link] [comments]

The Crypto Times - Issue 1

Feb 1st 2014
INTRODUCTION
I wanted to deliver some OC (Original Content) to crypto coin related subreddits. I do a lot of research on the topic of crypto currency and thought it would be fun to share the things I unearth throughout the week. Important stories, funny comments from the past, lots of bits and bobs for your perusal. This first issue focuses solely on Bitcoin, though other currencies and news about other coins will be included in future "issues", should people enjoy the first one.
IMPORTANT NEWS LINKS OF THE WEEK
CURRENT COMMENTS FROM SOCIAL MEDIA ABOUT BITCOIN
In this section, we look at tweets from random people (some celebrities, some not) who have commented about Bitcoin recently:
  • @BitPay: "Redwood City car dealership makes first #Bitcoin transaction"
  • @coindesk: "50 Bitcoin Experts Share The Processes Needed For Mainstream Bitcoin Adoption via @FoundersGrid http://coinde.sk/1b9RPo2 "
  • @SmallLady0: "Play this fun game: Whenever you read a story involving any "Bitcoin entrepreneur," replace their name/description with "The Ferengi.""
  • @FalkVinge: "I wonder how many realize the enormous ramifications of over half of US IT workers now prefering #bitcoin over USD. http://blogs.wsj.com/moneybeat/2014/01/27/pay-me-in-bitcoin-it-professionals-say/ "
  • @Trial_N_Era: "Wow this bitcoin stuff can be pretty up and down"
THE HINDSIGHT THREADS SECTION
submitted by cryptotimes to Bitcoin [link] [comments]

[Table] IAmA: I'm Patrick Byrne, a pro-freedom supporter of cryptocurrency and school vouchers, early critic of Wall Street, three time cancer survivor, journalist at DeepCapture.com, and CEO and founder of Overstock.com. AMA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2014-05-02
Link to submission (Has self-text)
Questions Answers
What would you say to other CEOs and decision makers who are hesitant to utilize bitcoin? It depends upon what their hesitancy is.
There are business reasons to do it: save on transaction fees, eliminate fraud and charebacks, etc. There may be business reasons not to do it as well, such as the risk of volatility (but this concern can be obviated by trading out of Bitcoin immediately upon receipt, a service that the firms like Bitpay, Coinapult, and Coinbase all offer, I believe).
But if they are pro-freedom, they should want to get behind it on principle alone. Ghandi said, "Be the change you wish to see in the world."
Hi Patrick, do you have any thoughts on where the economy is heading? Are we truly in a recovery as the powers that be suggest? Do you have examples you see in business that say one way or the other? No we are not in a recovery. We have re-inflated a bubble and called it a recovery.
The government lies to us about the stats. Think of it this way: assume Alleged GDP (that is, "Nominal GDP") is growing at 3%. Inflation is calcualted to be 2%. So Real GDP is growing 3% - 2% = 1%. That is the basic equation. However, what if they are lying about inflation? Imagine it were really 5%? Then the truth, God's-eye-only view would be 3% - 5% = -2%. That is, if inflation is understated, then growth is overstated. I think this is likely the case. I think we are in a shallow dive that they are trying to make look like a level or small climb. See John Williams' site Shadow Government Statistics for more.
The Fed's policies are all about driving up asset prices (homes, stocks) in order to create a wealth effect. Your 401k goes from being worth $300,000 to $500,000. You think, "Gosh I made $200,000! I'll go out and spend $50,000 of it."
The Snoop Dogg Overstock commercial was awesome! When can we expect to see more ads from him? Thanks. It was even more fun hanging out with the guy for four hours. He is one smaaart dude. He asked me more intelligent questions about our business than any of the 80 or so VCs with whom I ever dealt. No kidding.
Also, he rolls a mean cigar.
Shouldn't the government be spending our tax dollars on putting wall street guys who caused the financial crisis in jail (instead of making them pay fines) ? Not one of them has ever been criminally convicted. But I do think the government should put more resources into policing Wall Street. The last I checked, the SEC budget was about $800 million. I think it was around the size of the budget for the Denver police force. It should be about 10X that. However, they should unplug the SEC and ship it to the DOJ. The only thing that scares these guys on Wall Street is an orange jumpsuit, and only the DOJ can issue those.
Patrick, What was your evolution toward being "pro-freedom" like? Were you always so? Was there some event that turned you in that direction? I grew up in New England and thought of myself as a Yankee Republican. Then the Republicans went crazy getting worked up over things that are none of the government's damn business. The old man with whom i sued to build stone walls in Vermont, Earl Barre, taught me that government should pave the roads, run the Post Office, and stay the hell off my porch. I think he must roll over in his grave to see the kinds of things Republicans care about today.
My friend, mentor, and teacher Milton Friedman used to say, "I'm a small-l libertarian and a small-r republican." Sounds right.
PS Thanks for seizing the term. We have a lot of people in our society who call themselves "progressives". If they can hijack the word "progress" I can hijack the word "freedom".
Hello Patrick, Thank you for doing this. Do you know when Overstock.com will be accepting bitcoin for international shipment? I've been waiting this for months! (I'm in Canada) Working on it now. Phase II was getting so we could issue credits back in Bitcoin. I think it came live last week. Phase III will be accepting it internationally. Should happen late summer +/-.
Hi Patrick! You've gotten a lot of praise for accepting Bitcoin, I think its great. But I'm curious what you've found to be the biggest challenge or drawback with accepting this new form of currency. What is something new merchents need to keep in mind before accepting bitcoin? It has been unbelievably seamless.
Coinbase made it easy. But Bitpay and Coinapult do as well, I hear.
Once integrated, it has not demanded an ounce of effort.
Where do you see Bitcoin in 1 year? What about 5? Or 10? I have no theories as to valuation.
Adoption... I would imagine SpaceCash (of one flavor or another) will gradually increase until you see 2-3% of transactions occur within it. If that day ever comes, it will leap quickly to 15-30%. (Lots of things are like that in life, rates of HIV infection in the adult population being one of them, for example.)
What percentage of transactions (# or revenue) are paid for in Bitcoin on Overstock.com? Tiny. <.1%
Did you ever reveal who the "Sith Lord" is??? Inquiring minds want to know! It was an amalgam of two people. 1) Steven A. Cohen of SAC Capital (hence, all my references to "someday I am going to sack up and tell the world...")
2) Michael Milken, who, I believe, is the Hannibal Lecter of the financial world. Read Den of Thieves. Since he was let out of prison (on his 98 count indictment) he spent a lot of money burnishing his image, but he is a really bad guy.
Is naked short selling still a problem? What do you see currently as the biggest risks to our financial system? "Is naked short selling still a problem? " Not so much, or at least, not as obviously as previously.
"What do you see currently as the biggest risks to our financial system?" Chains of title. You think you own something because you have some paperwork that says you do. However, in the central clearing systems of our economy there is slop. The slop was designed in as a way of providing fault tolerance. However, crooks figured out how to game that slop and create circumstances where more than one person thinks he owns the same thing.
Fractional reserve banking without a reserve requirement.
Nice to see you on Reddit, Mr. Byrne. I like Schiff. Opponents say, "Even a broken watch is right twice per day." But he shares my Austrian views.
Here is my question. Peter Schiff and many others think that a collapse of the dollar is imminent. What do you think about that? And what impact this collapse will have on digital currencies like Bitcoin? Yogi Berra said something to the effect, "Anything that cannot go on forever won't." We are living on borrowed time in many ways. However, it is like seeing a bridge built for 10 cars, that now has 80 driving across it. Will it collapse? I have no idea. I thought it would ahve collapsed at 20.
Did you have better experiences at Stanford, Cambridge, or Dartmouth? Which school influenced you the most, both culturally and intellectually? The day I got to Dartmouth I swore to myself that while I was there I would never enter a church, a party, or a fraternity. never did. Never had a single beer with anyone in college, went to a party, anything. I was a total grind. I did play football two years, then split, went to Asia, mucked around, came back just to graduate.
Cambridge - Marshall Fellow - Did a Master's in moral philosophy but was mostly an invalid, and spent my time with a handful of people, just reading for two years. Was in the uber-Lefty envornment of King's College (where the British traitors come from). When I got there I was Left-Curious, but when I split I was into Sowell and Milton Friedman.
Stanford - PhD They were great to me. I was an invalid there as well for much of the experience. Started in mathematical logic, ended up doing stuff in development economics, jurisprudence, and political philosophy. As a grad student my major influences were the other grad students, with whom one forms close bonds. Martin Jones (Oberlin?) and Taylor Carmen (Barnard?). Ask them.
What convinced you to damn the torpedoes and what other examples, successful or not, can you give of this full speed ahead orientation with respect to your life? So that has focused my mind tremendously. Lot of things I want to get done, and none of them have to do with knuckling under to the Combine. In fact, they largely have to do with blowing up the Combine. (Gold star to the first who can say where the expression "Combine" comes from.)
Combine = "Our Benefactors" in the half-life universe. HL3 confirmed! One Flew Over the Cuckoo's Nest.
Organised crime on Wall St -- Can you elaborate? Yes. Wall Street started to be infiltrated by Organized Crime. It sttarted with Michael Steinhardt in the 1970's (his dad, Sol Steinhardt, was the biggest Mob fence in America, and went to Sing Sing, from whence he put his son Michael through Wharton, who then started what was arguably the first hedge fund in 1968, funded over time by cash from his dad's cronies.)
Google "Operation Uptick": the largest Mob arrest in US history was 120 goons from around Wall Street.
The Gambinos and Genovese fought over Wall Street in the 1990s. The Genovese won. Wherever Genovese are, there is Russian Orgnized Crime (the Genovese sponsored the Russian OC into the US like you or I would sponsor a family from Laos). See "Red Mafiya."
Anywhere you see "bucket shops" you are seeing OC.
I also work as an editor and journalist at DeepCapture.com, which explores this subject in hundreds of posts.
Mr. Byrne, No opinion on such companies.
What is your take on companies that operate solely in Bitcoin (i.e. Blockchain, Bitcoinstore.com, etc)? Are you offering your employees to take a percentage of their salary in Bitcoin? Not offering it to employees yet, but there is always the year-end bonus to consider!
Thank you for doing this AMA, and thank you for your activism and conviction you have shown over the years! Hindsight is 20/20, what is one decision that you would make, or wouldnt make, if you had to start Overstock.com all over again? When someone is dishonest, do not try to cajole or coach them. Get rid of him.
Hello patrick first i will like to say thank you for all you do. i have 3 questions 1. who are your favorite philosopher's and what book on philosophy do you recommened for enlightenment? Who are your favorite philosopher's and what book on philosophy do you recommened for enlightenment?
I admire tesla as a person and for his work, have you heard of the keshe foundation? where do you stand on free energy? I admire tesla as a person and for his work, have you heard of the keshe foundation? where do you stand on free energy? NO THOGHTS.
Will the criminal cabal who runs the united corporation of america fail? Will the criminal cabal who runs the united corporation of america fail? I'M WORKING ON IT, I'M WORKING ON IT.
I'm a computer programmer, so I'd like to ask a technical question if it's not a secret - what do you use for source control? Ironically enough: Subversion.
As a successful entrepreneur, what advice would you give to someone just starting up their own (tech) company? Calculate how much capital it is going to take to start your business, and how many years. Then square both those numbers.
I'd like to thank you for the nice red lounge chairs I got from Overstock. I was able to get a good price for them at a garage sale later. My question is how do you ensure a stable inherent value in cryptocurrency? Unlike Gold, which is a tangible thing, or a Federal Reserve Note which has value simply because the government says it does, with something like Bitcoin how can it retain value and trust without some "official" endorsement and tie in to a national currency? - if you DID tie it to something like the dollar.. then what would be the point? Right. Some say that Bitcoin is a figment of someone's imagination. But as I said on Fox or CNN or something recently (search my name on Youtube, you'll find it), I would be happy to debate the metaphysical properties of Bitcoin versus whatever the metaphysical properties are of those 65 billion figments Janet Yellen createde last month.
An opponent would say that those 65 billion figments are backed by the taxing authority of the US government. To which I respond: But if that taxing authority is tapped out (which it obviously is, otherwise we would not be in the fiscal state we are as a country) then those 65 billion things are backed by... nothing. At least there are a limited number of Bitcoin figments!
You have previously mentioned in a interview with Forbes that you are very intersted in a "Bitcoin version of the stock market" and having the ability to conduct more than just simple transactions via a blockchain. I am a bit confused about what you are asking. My fight with Wall Street came about because I became convinced in 2004 that the market's mechanisms for clearing and settling trades had been corrupted by bad elements. It all started there. Hence, the peer-to-peer aspect of Bitcoin et. al. deeply attracats me.
NXT - the first second generation cryptocurrency is doing this with it's new features being launched in the upcoming weeks and months. Have you looked into it and / or considered accepting it for overstock? I do not know NXT, but I am interested in finding (and even potentially investing in) efforts to create a peer-to-peer capital market. In fact, if a good solution emerges, you might even see Overstock be the first issuer of a stock or bond in such a market, just to help things get going! (Incidentally, we were the first to do a Dutch auction IPO, for precisely that reason.)
Clearly bitcoin has the potential to rid the world of much corruption. Have you thought of publicly endorsing it in this manner. Because most people do not understand the countless benefits that this technology has to offer to our society. All our new commercials end with a "Now Accepting Bitcoin" under the logo. Look for them.
Your top executives (Stormy Simon, Johnathan Johnson, Dave Nielsen) make $350K a year in salary, while Amazon pays their around $160K. This information is made public in SEC fillings. How is your executive compensation determined? One must look at cash and non-cash together.
When and from whom have you first heard of Bitcoin, and what was your first reaction? About two years ago I read a short piece about it in Wired, or Fast Company (perhaps). It struck a bell, from my computation studies at Stanford. I was also struck by how it has properties similar to gold's.
Edit: I also want to thank you for pioneering the way with cryptocurrencies and exposing Wallstreet corruption. Your work is very much needed and greatly appreciated! However, I think the crowdfunding movement is spectacular, and might be considered as well.
You mentioned the term bust out in your presentation on Ecomonic Warfare. You taught that an example of this was the S&L crisis. Where do you see the next bust out occurring? I don't know. Wherever you see an industry get over-leveraged, I suppose. Look for whatever sector has the most cronies of Michael Milken: thta would be a good guess.
I've heard from multiple sources that the stock market is due for a major retraction this year because its been artificially propped up by the FED's QE. Your thoughts? It is true that the Fed is propping it up, but they are not going to stop. They cannot stop lest we slide back into a deeper recession/depression.
However, eventually reality has a way of happening.
Remember, we used to refer to "The Great War" before we learned enough to start numbering them. The same will be true someday of "The Great Depression".
What do you think of the issues cryptocurrencies have been having in terms of security (Mt Gox "break-in", Flexcoin, etc all)? Will people ever be able to overcome their bias of Bitcoin or will it need to rebrand as a more secure currency or more user friendly to gain wider acceptance? So did Target.
It won't "rebrand" deliberately because there is no owner. It will morph and evolve to be better and better. I suspect that as other currencies develop traction, Bitcoin will harvest their better attributes and make them its own. However, switching costs are not too high... Other currencies may fare well.
I admire your position and fight for school vouchers, now that charter schools have become more common, do you feel that charter schools can replace the need for school vouchers? Charter schools are less controversial but not as readily available due to the lottery system. 1) Backpack funding (e.g., Oakland) - Send your kid to any public school in the district that you want, and the funds travel with him (in his "backpack" so to speak). Something like Henry Ford saying, "You can buy a Model T in any color you want as long as it's black." But it's a start.
2) Charter schools - As you say, these have momentum.
3) Vouchers (or their economic equivalent, tuition tax credits). These create the most freedom of all the methods.
Thanks for doing this Mr. Byrne. I was curious if overstock held a small % of the btc from purchases or is it all automatically sold on the market? 10%.
Sorry if this has been mentioned already but how would you suggest the community as a whole informs the general public about bitcoin? Obviously mainstream media isnt doing a great job since their main focus are the negative stories relating to bitcoin since thats what sells. Like Ho Chi Minh, make it a war of the ants against the elephants.
My company's CEO thinks there are more important things to take care of rather than bitcoin payments. What would you say to him? Beat the rush.
Hi Patrick! I'd just like to say it's great working here at Overstock. Would you rather fight 100 duck-sized horses or 1 horse-sized duck? Having been nibbled to death by a duck, I would rather fight the horses of whatever size.
What do you like about Utah and what do you do for fun here? What do you like about Utah and what do you do for fun here? BUILD OVERSTOCK.
Any chance the Ostk benefits would include more than the Snowbird pass discount? Maybe more resorts discounts benefits? Any chance the Ostk benefits would include more than the Snowbird pass discount? Maybe more resorts discounts benefits? NO. WOULD RATHER JUST PAY THE CASH.
I'm sorry that you contracted cancer numerous times, do you have any ideas about what caused it? Also, Bitcoin :-} Nope. Just lucky I guess.
What was the last thing you bought from overstock.com? A book about Camille Claudel, I think.
What the fuck was the deal with Snoop? Stormy just wanted to meet the guy, so you waste MILLIONS on an ill-fated promotion that is so at odds with your brand? You mean this? Link to www.youtube.com
Note our appearance in his video: Link to www.youtube.com
It has 2.5 million hits. Seems to have struck a chord for some.
What are you, racialist?
"three time cancer survivor" Did you grow up under power lines? Or did you just like the way lead-based paint tasted? Some guys just get lucky.
Related note: Seriously, no one is out to get you! Quit moving your damn office every three months! 3) I move my office because we are a flexible, agile environment. Sounds like that was something you could not grasp during your tenure here.
Do you know who's behind the Satoshi twitter account? No.
I work over at castle and I challenge you to a game of ping pong. You're on.
My paycheck against yours?
(Joke: I don't get paychecks, I believe.)
Truly. The beautiful thing about bitcoin is that we can all be a small part of this change. The peer to peer aspect makes it truly pro-freedom. True dat.
Thank you for accepting bitcoin Patrick. I've made several purchases on Overstock instead of Amazon because of it. Thanks. Spread the word! We took a chance by taking it. Help make it pay off by getting more people to think like you.
(Notice Amazon recently dissed Bitcoin? They do not want to appear as Me-too'ers.)
Hello Mr. Byrne, I became a strong believer in several ways. 1) As a grad student at Stanford I studied computation thory, which underlies public key encryption, and so when cryptocurrencies came along it was not as magical-sounding to me as it might have been. 2) I am a proponent of the Austrian School of Economics, which, in general, eschews fiat currency in favor of a gold standard. The goal is not really the gold standard, however: the goal is to have a form of money that is intrinsically limited. Bitcoin et. al. accomplishes that. In addition, cryptocurrencies are SpaceCash (a word I think I just made up) that can be beamed across the galaxy! (Henceforth in my answers I will use "SpaceCash" top refer to all cryptocurrencies.)
Clearly bitcoin and other cryptocurrencies have the potential to change how our world does money for the better. What made you such a strong believer in bitcoin, and how would you spread this knowledge to other CEOs like yourself.
It's my understanding that since Overstock.com uses a Coinbase to facilitate the transaction Overstock does not sit on any Bitcoin; just the cash after the fact. Correct. Acutally, I think we are accumulating 10% of what gets spent with us in Bitcoin, as Bitcoin.
Just want to say you sound like a really cool mega rich person. Thanks. If so, it helps that I was a really cool person before I became a rich guy.
Last updated: 2014-05-06 21:05 UTC
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INTERVIEW WITH OVERSTOCK CEO: BITCOIN IS MORE POWERFUL THAN PHYSICAL MONEY Overstock CEO: bitcoin a 'form of sound money' Overstock.com CEO: Main event of bitcoin is blockchain CEO of Overstock thinks the Govt Should do this for Bitcoin Overstock com CEO: How Bitcoin Will Change America

Don’t Worry, Overstock’s New CEO Is Already ‘Drunk on Bitcoin’s Kool-Aid’ Digital retail platform Overstock.com’s new CEO is not planning any major changes to the company’s ... Overstock got its start in 1997 as an Internet marketplace for excess inventory. Byrne took over the Utah-based company in 1999 and turned it into an e-commerce giant that specializes in home ... Overstock CEO Patrick M. Byrne has resigned. Also in the release, Byrne discussed the future of Overstock. He founded the Midvale-based e-commerce company in 1997 but has recently been looking to ... Related story: Overstock CEO is a Bitcoin fan. Monday's news is the latest in the Silk Road bust that began in October with the arrest of the website's alleged founder. Federal agents managed to ... The outspoken CEO of online home goods retailer Overstock.com, Patrick Byrne, resigned days after he issued a press release entitled "Comments on Deep State" that claimed he helped the FBI carry ...

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INTERVIEW WITH OVERSTOCK CEO: BITCOIN IS MORE POWERFUL THAN PHYSICAL MONEY

CEO of Overstock, Patrick Byrne, talks with me at Porcfest about the financial system, and what he believes should be the government's role in bitcoin. This ... Overstock.com CEO Patrick Byrne talks with CNN's Zain Asher about the potential strengths of bitcoin during a dollar crisis. Overstock CEO Patrick Byrne on Gary Johnson, Trump vs. Clinton, ... Bitcoin focus could be in future of Overstock.com - Duration: 7:13. Fox Business 1,454 views. 7:13. Overstock.com's CEO Wants To Undermine Wall Street With The Tech Behind Bitcoin (HBO) - Duration: 7:30. VICE News 70,981 views On Aug. 18, the United States Senate Intelligence Committee released volume five of its investigation into Russian interference in the 2016 election. The new...

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