Meet Patrick Byrne: Bitcoin Messiah, CEO of Overstock ...

Overstock CEO Patrick Byrne says bitcoin sales to add 4 cents to EPS in 2014

Just saw this tweeted by Zerohedge, who referenced an interview with Reuters. Will update with source when I can find actual interview.
Link to tweet: https://twitter.com/zerohedge/status/499652943445233664
submitted by itsjoeco to Bitcoin [link] [comments]

Overstock CEO Patrick Byrne to Keynote Bitcoin 2014 Conference

Overstock CEO Patrick Byrne to Keynote Bitcoin 2014 Conference submitted by CVLT to Bitcoin [link] [comments]

[VIDEO] BITCOIN 2014 - Overstock CEO Patrick Byrne's Opening Keynote Speech

[VIDEO] BITCOIN 2014 - Overstock CEO Patrick Byrne's Opening Keynote Speech submitted by pmelt to Bitcoin [link] [comments]

BITCOIN 2014 - Keynote - Dr. Patrick Byrne, Overstock CEO

BITCOIN 2014 - Keynote - Dr. Patrick Byrne, Overstock CEO submitted by teelm to Bitcoin [link] [comments]

BITCOIN 2014 - Keynote - Dr. Patrick Byrne, Overstock CEO

submitted by MuchBitcoin to MuchBitcoin [link] [comments]

Patrick Byrne, CEO of Overstock.com, Named As Keynote Speaker For Bitcoin 2014 Conference

Patrick Byrne, CEO of Overstock.com, Named As Keynote Speaker For Bitcoin 2014 Conference submitted by BTCNews to BTCNews [link] [comments]

Overstock CEO Patrick Byrne to Keynote Bitcoin 2014 Conference

Overstock CEO Patrick Byrne to Keynote Bitcoin 2014 Conference submitted by BTCNews to BTCNews [link] [comments]

Overstock’s Patrick Byrne: Bitcoin Sales Will Add 4 Cents to 2014 EPS

Overstock’s Patrick Byrne: Bitcoin Sales Will Add 4 Cents to 2014 EPS submitted by BTCNews to BTCNews [link] [comments]

Video: Patrick Byrne Keynote at Bitcoin 2014

Video: Patrick Byrne Keynote at Bitcoin 2014 submitted by BTCNews to BTCNews [link] [comments]

Overstock 1Q2015 gems...

From http://edgar.sec.gov/Archives/edgadata/1130713/000113071315000018/ostk-20150331x10q.htm ...
All customer Bitcoin payments are converted 100% to dirty, filthy fiat at transaction time:
At present we do not accept bitcoin payments directly, but use a third party vendor to accept bitcoin payments on our behalf. That third party vendor then immediately converts the bitcoin payments into U.S. dollars so that we receive payment for the product sold at the sales price in U.S. dollars.
And while they hold some coins, it's ... uh ... not workin' out all that well for them:
We hold cryptocurrency-denominated assets such as bitcoin and we include them in other current assets in our Consolidated Balance Sheets. Cryptocurrency-denominated assets were $233,000 and $340,000 at March 31, 2015 and December 31, 2014, respectively, and are recorded at the lower of cost or market based on an average unit cost ... Losses on cryptocurrency holdings were $117,000 and zero during the three months ended March 31, 2015 and 2014, respectively.
They do not appear to have increased their holdings in Bitcoin at all. Unfortunately, it doesn't seem as though they give any indication of BTC transaction volume in their quarterly filings.
submitted by JustPraxItOut to Buttcoin [link] [comments]

A Spy in the House of Byrne—The Ledger

_(This week’s Ledger newsletter is by David Z. Morris)_The crypto industry can be roughly divided into two groups. On the one hand, there are “crypto native” companies creating new things from scratch (think Binance or Brave). On the other hand are existing operations trying to use blockchain tech to get a further edge (think ICE’s Bakkt or Facebook’s Libra).
And then there was Patrick Byrne, who had a foot in both worlds—sometimes uncomfortably.
The CEO for two decades of e-commerce pioneer Overstock.com, Byrne became a vocal crypto proponent around five years ago, and has worked since then to position the company as a blockchain leader. Overstock was the first major online retailer to take payments in Bitcoin, starting in early 2014. The same year, Byrne began work on “tzero,” a blockchain-based alternative to traditional securities exchanges. Then he founded Medici Ventures, a venture fund and incubator that houses 18 blockchain startups within Overstock.
And now, it appears, he’s gone. Byrne resigned suddenly as CEO of Overstock last Thursday, after mounting controversy surrounding his past romantic relationship with alleged Russian agent Maria Butina. Butina is now serving an 18 month prison sentence for conspiring to promote Russian interests through conservative U.S. political groups.
Byrne’s statements on the matter have been vague and conspiratorial, including references to the “Deep State” and “Men in Black” who Byrne says drew him into “certain government matters.” He subsequently made detailed claims that the FBI directly encouraged his relationship with Butina circa 2016 as part of an investigation into Russian activities (claims dismissed by then-FBI director James Comey). Byrne says he’s resigning because these entanglements “may affect and complicate all manner of business relationships,” and that he’ll be “disappearing for some time.”
This is the sort of weirdness you’d expect from the wild-west world of crypto-natives, not a public company valued at more than $1 billion as recently as a year ago. But Byrne was known as a bit of a loose cannon well before Bitcoin was invented, most notably for his aggressive (and also frequently conspiratorial) campaign against naked short sellers. (You can read _Fortune’s_coverage of those battles here.)
This very enjoyable profile from Forbes dives into Byrne’s privileged and unconventional background—he has a PhD in philosophy from Stanford, and is apparently close friends with Warren Buffet through Byrne’s father. It also paints Byrne as easily distractable, and Overstock’s blockchain ventures as a boondoggle that’s destroying a once-profitable company.
The boondoggle part might wind up coming true, but if Overstock’s blockchain efforts are a risky bet, they’re anything but a lark. I spent some time at the company’s headquarters in Salt Lake City this past spring, and with Medici, Byrne has built a team that’s both technically savvy and fairly unified in its deeply-held crypto-native worldview. Most notably, Medici is a hotbed of thoughtful skepticism towards government, with managers and coders ranging from left-wing anarchists to free-market libertarians. There are even signs that Overstock’s presence is helping turn Salt Lake City into a blockchain hub with its own unique feel—for instance, the Off Chain conference there caters to the overlap between crypto, firearms, and “prepping.”
Byrne himself often described his worldview in libertarian terms, and he’ll be succeeded by Jonathan Johnson, who shares much of Byrne’s outlook on both politics and blockchain. Johnson is currently head of the Medici unit, and he’ll shoulder Byrne’s CEO duties on an interim basis. He’s a steady, composed counterpoint to Byrne’s swashbuckling verve, as well as a thoughtful strategist. Most significantly, his rise to the head job, even if temporary, signals that Overstock intends to stick with its blockchain bets.
The question now is whether some of those bets hit before Overstock’s retail revenues fade.
One final note: We’re running lean here at The Ledger this month, in part because Jeff Roberts is on book leave (look for his cryptocurrency magnum opus from Audible soon). That’s why they handed the reins over to me, the new guy. I recently joined the Fortune team from BreakerMag, a now defunct but much-loved blockchain-focused publication. In addition to reporting on the world of digital assets and decentralized technologies, I’ll be writing about A.I., Tesla, and other techie matters. I’ll also be authoring this newsletter every once in a while—hopefully, from here on out, with a header that actually has my name on it. Glad to know you.
David Z. Morris |@davidzmorris| [email protected]
* More Details Here
submitted by acerod1 to Business_Analyst [link] [comments]

Don’t Worry, Overstock’s New CEO Is Already ‘Drunk on Bitcoin’s Kool-Aid’

Don’t Worry, Overstock’s New CEO Is Already ‘Drunk on Bitcoin’s Kool-Aid’

https://preview.redd.it/pukm1vmei3j31.png?width=860&format=png&auto=webp&s=7c577dcd469d5664fb51749bb4200b8ae92e1132
News by Coindesk: Nikhilesh De
Digital retail platform Overstock.com’s new CEO is not planning any major changes to the company’s blockchain efforts after the departure of its founder.
Patrick Byrne, the now-former CEO of Overstock, made headlines Thursday after announcing his resignation as both the head of his company and a member of its board. He wrote in a letter to shareholders that he did not want to “disrupt possible strategic discussions” by remaining in his positions following his admission that he had a three-year relationship with Russian spy Maria Butina (at, according to Byrne, the FBI’s behest).
Over the past several years, Byrne has championed blockchain tools and projects, overseeing the growth of Medici Ventures, Overstock’s blockchain-focused subsidiary, and tZERO, the security token trading platform.
These projects will continue, said Jonathan Johnson, who was named interim CEO upon Byrne’s resignation.
“The fact that I am stepping into the CEO role means more of the same and more of the same focus for our blockchain business,” he said.
He told CoinDesk that he’s “all in” on Overstock’s blockchain efforts, noting that he had been running the day-to-day operations at Medici over the past three years and has even accepted his bonus in bitcoin in the past.
Johnson will retain his previous position as president of Medici concurrently with his new duties as interim Overstock CEO.
“I wasn’t just doing it for a paycheck, I’m doing it because I’m a full-on believer,” he said, adding:
“Not only have I drunk the Kool-Aid, I’m drunk on the Kool-Aid.”
As such, he does not expect much of Overstock, Medici or tZERO’s operations to change with his assuming command of the company.
“This isn’t an example of the board [of directors] saying, ‘We need a new CEO because the vision’s wrong,’” he said.
Specifically, Medici Ventures will continue to grow its portfolio, albeit more slowly than it has over the past three years.
Johnson said during Overstock’s Q2 earnings call earlier this month that the company would be less aggressive about growing its keiretsu (a Japanese term for a group of interlocking businesses), a statement he echoed Friday.
“We’re not stopping building out the keiretsu,” he said, adding that the company intends in particular to “flesh out the identity column.”
However, he noted, “In the last three years we’ve gone from four to 18,” and this rate would slow.

Moving forward

While Johnson does not have any specific plans at this stage for where to take Overstock, he expressed support for the various blockchain projects and hinted that the digital retail platform may begin accepting additional cryptocurrencies as payment methods (Overstock has accepted bitcoin since 2014).
“I would love to see Overstock accepting ravencoin, I just think that would be great. My view is any kind of widely accepted cryptocurrency, Overstock should be accepting,” Johnson said.
He did not speak to when Overstock may begin accepting other cryptocurrencies, noting he was “less than 24 hours into this.”
As for Overstock’s blockchain-focused subsidiaries, Johnson said they too will continue.
“I’m fully behind what we’re doing at tZERO, I’m chairman of the board,” he said.
Since its launch, tZERO has seen a limited amount of trading volume. The company opened the platformto non-accredited investors on Aug. 12, which likewise has not yet resulted in any massive growth.
Asked about what sort of timeline he was looking at before reassessing tZERO, Johnson said:
“I think the question is, once tZERO has five or 10 quality tokens trading on the exchange, ‘What has that done to the overall liquidity on the exchange?’ I think it’s about bringing in quality tokens not [putting it on a timeline].”
He also pointed to Voatz and Bitt as examples of two other portfolio companies Medici will continue to support.
“Someday in the not too distant future everyone’s voting on mobile phones on a blockchain app and we’ll wonder ‘How did we do it the old way?’”he said of Voatz in particular.
Overstock will hold an investor call on Aug. 26 at 8:30 a.m. EDT, where Johnson will seek to reassure shareholders.
“[The crypto community] should not see it as a seismic tremor, they should just see it as a passing of the baton,” he said.
Johnathan Johnson image via Nasdaq
submitted by GTE_IO to u/GTE_IO [link] [comments]

Overstock.com just started accepting bitcoins ahead of schedule

As the artice was released there was a quick crash on all markets, Don't know if it was a whale looking to crash before the news hit or what happened but either way I just changed flair.
http://www.wired.com/business/2014/01/overstock-bitcoin-live/
Overstock.com is now accepting payments in bitcoin, making it the first major online retailer to embrace the increasingly popular but controversial digital currency.
Since December, Overstock’s free-thinking CEO and chairman, Patrick Byrne, has been telling anyone who would listen that his company would adopt bitcoin sometime in the next six months. But Byrne is an impatient man. Last Tuesday, the company struck a deal to handle bitcoin payments through a service operated by the suddenly hot San Francisco startup Coinbase, and since then, a team of Overstock engineers has worked almost every waking hour to prepare the site for what is undeniably a key moment in the digital currency’s short history.
“I felt I had tipped my hand,” Byrne says. “I didn’t want someone else to beat us.” ‘I felt I had tipped my hand. I didn’t want someone else to beat us.’
— Patrick Byrne
So, just minutes ago, Overstock started accepting bitcoin payments for everything it sells, from laptops and TVs to faucets and bar stools. Byrne believes this can ultimately boost the company’s bottom line, but that’s not his only aim. For Byrne, a rather opinionated libertarian who’s unafraid to take his company places others fear to tread, embracing the cryptocurrency is as much a political statement as a business decision. Like so many others, he believes bitcoin can free the world from the control of big banks and big government. “It helps us fight the machine,” he says.
submitted by the_viper to BitcoinMarkets [link] [comments]

Tzero: Security Token Exchange Analysis

TZero, a blockchain subsidiary of e-commerce retail giant Overstock
Overstock.com is an online retailer that sells a wide range of goods. At its origins, it was a platform for selling the surplus of electronic goods or those which had been returned, but it then started to offer new products, which have attracted more of the public. The platform was founded in 1999 by Patrick Byrne, who is the current CEO of the company. The company is headquartered in the USA. In 2014, it became the first major retailer to start accepting Bitcoin as a form of payment.
TZero has created a modular, adaptable platform. The platform integrates with trade participants to create a real-time, authenticated, immutable ledger. That ledger can host ICOs that are compliant with FINRA and SEC regulations to bring the platform to life, TZero partnered with RenGen LLC and the Argon Group.
“Now, by combining our expertise with Argon’s advisory services and RenGen’s electronic trading, deep liquidity and market making capabilities, we are in a position to launch the only U.S. SEC compliant token trading venue,” explains Dr. Patrick M. Byrne, CEO of Overstock.
“tZERO has been at the forefront of the blockchain revolution for years, working closely with regulators since 2015 – launching the world’s first SEC compliant ATS for blockchain assets, the first private blockchain bond offering, and the first ever public issuance of a blockchain security.”
While tZERO originally limited the maximum amount of tokens to $250 million, it is currently unclear how much it raised during the round. In June, tZERO signed a letter of intent with Beijing-based investment company GSR Capital for the purchase of $160 million in tZERO Security Tokens at a price of $10.00 per token...
https://icodog.io/tech-analysis/security-token-exchange-analysis-tzero/
By Chris from icodog.io
submitted by EnriqueZGZ to ico [link] [comments]

Tzero: Security Token Exchange Analysis

TZero, a blockchain subsidiary of e-commerce retail giant Overstock
Overstock.com is an online retailer that sells a wide range of goods. At its origins, it was a platform for selling the surplus of electronic goods or those which had been returned, but it then started to offer new products, which have attracted more of the public. The platform was founded in 1999 by Patrick Byrne, who is the current CEO of the company. The company is headquartered in the USA. In 2014, it became the first major retailer to start accepting Bitcoin as a form of payment.
TZero has created a modular, adaptable platform. The platform integrates with trade participants to create a real-time, authenticated, immutable ledger. That ledger can host ICOs that are compliant with FINRA and SEC regulations to bring the platform to life, TZero partnered with RenGen LLC and the Argon Group.
“Now, by combining our expertise with Argon’s advisory services and RenGen’s electronic trading, deep liquidity and market making capabilities, we are in a position to launch the only U.S. SEC compliant token trading venue,” explains Dr. Patrick M. Byrne, CEO of Overstock.
“tZERO has been at the forefront of the blockchain revolution for years, working closely with regulators since 2015 – launching the world’s first SEC compliant ATS for blockchain assets, the first private blockchain bond offering, and the first ever public issuance of a blockchain security.”
While tZERO originally limited the maximum amount of tokens to $250 million, it is currently unclear how much it raised during the round. In June, tZERO signed a letter of intent with Beijing-based investment company GSR Capital for the purchase of $160 million in tZERO Security Tokens at a price of $10.00 per token...
https://icodog.io/tech-analysis/security-token-exchange-analysis-tzero/
By Chris from icodog.io
submitted by EnriqueZGZ to ico [link] [comments]

Overstock CEO: "Modern Financial System Is A Big Keynesian, Magic Money Tree Ponzi Scheme"

Overstock CEO, Patrick Byrne, is a cryptocurrency believer. He believes the modern financial system "is a big Keynesian, magic money tree Ponzi scheme" that will collapse in the coming years and trigger mass adoption of cryptocurrency.

In a recent interview with crypto YouTuber Naomi Brockwell, a New York-based YouTube channel focused on all things Blockchain, Byrne pointed out countries like Venezuela, where crypto adoption has already flourished, should demonstrate what is coming to the developed world.
“People turn to it where they collapse, like Venezuela or Cyprus or Syria, something like that. When people start getting into it is when their own financial systems collapse.So yes, given that I think the entire modern financial system is a big Keynesian, magic money tree ponzi scheme, I do expect that the day will come when people turn to crypto.
Now, whether Bitcoin is the one, whether Bitcoin has solved its speed problems or it’s another cryptocurrency, only time will tell," said Byrne.
Talking about government regulation of cryptocurrency, Byrne emphasized the importance of know-your-customer, as well as, anti-money laundering requirements and believes that this could thwart criminals from using coins.
Byrne also said there are threats to the US even as some people branded him as a revolutionary person while a few others regarded him as a national security libertarian. He is worried about the threats coming from the emerging asset class. That is why he is favoring KYL and anti-money laundering and does not want to criticize them.
"He [Byrne] is not the only person to say that the modern financial system is a Ponzi scheme. There were already others who are voicing similar concerns in the past. For instance, the head has likened cryptocurrencies to Ponzi schemes. Significantly, bitconnect indicated early this year that it was forced to down the shutters following the accusation of running a Ponzi scheme. Therefore, Byrne comparing crypto with Ponzi schemes are nothing new," said Crypto Vibes.
It is also known that Overstock was one of the first big retailers that started accepting cryptocurrencies in 2014.
Full interview: CEO of Overstock thinks the Govt Should do this for Bitcoin
submitted by rotoreuters to zerohedge [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(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]

My LTC wishes for 2014 : MtGox, ZipZap, Coinbase, Coinkite, Bitcoiniacs, Coinkite, Lamassu ATMs and so much more...

What I expect for the new year :
Well, I think it will be enough for the first part of the new year... And you, what do you expect for the new year ? (I may have been a little shy about my predictions...)
Happy end-of-year celebration from Paris, France.
submitted by notsogreedy to litecoin [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]

Overstock has lost 111% of it's yearly profit to bitcoin.

http://seekingalpha.com/article/2868556-deteriorating-prospects-for-overstock?page=2
Also relating to cryptocurrency, is the matter of currency write-downs. In January 2014, Patrick Byrne estimated $8mm in Bitcoin revenue for the year. Given the significant drop in Bitcoin value throughout the year, that exposed the company to meaningful write-downs. Based on his statement, I predicted write downs would be in the realm of $4mm. Byrne, however, was way off on his $8mm revenue prediction. The actual Bitcoin sales figures came in at $3mm. Adjusting for sales that were lower than management expected, and continued deterioration of Bitcoin value, shows a currency write-down of $1.45mm that will take place in 2015. As a reference that is 111% of Q4 net income.
submitted by bankerfrombtc to Buttcoin [link] [comments]

My Investment notes on Overstock OSTK

OSTK This is an example of some investment notes I continually put together. These notes relate to Overstock.com (OSTK). We are not suggesting or implying that anyone should buy, sell or hold TASR. We are merely supplying some investment notes I put together. Our internal notes are much more in depth and include various financial modeling.
Please read disclaimer at bottom of this page.
My full notes have tables and pictures, etc. which has not been posted here. I have only supplied a link to my notes on onedrive. I apologize if some of you think it is intended as promotion. I have been sharing my notes, and am not familiar of how else I could post them here, and still be within proper compliance.
The full notes can be found at this link:http://1drv.ms/1y4J4r9
November 5, 2014 (23.93)
I am fairly meticulous on the stocks we own, and notes I take for such investments. This was not one of those typical scenarios. We currently have a ~3.0% position, with an average cost of $16.08. The annual low was $13.80, and I bought it after reading a Value Line on it. OSTK had dropped nearly 50% since mid 2013. I am also intrigued with CEO, Patrick Byrne. John Byrne was Patrick’s father, and was a CEO at GEICO, and if I recall correctly he was a person credited for their turnaround. I think John was one of Buffett’s favorite lieutenants. Patrick has been known as a somewhat “wacky” guy, and he had issues with alleged naked short sellers years back. I was intrigued because he was the son of a respected Buffett protégé. He appears long term minded, and realistic. New HQ in Salt Lake City, UT is being constructed. OSTK is focusing on technology spending.
I expect to own this as long as revenue, earnings, cash flow and such continue to move along positively. ROE is a key metric. Earnings will be brought down by technology infrastructure build and new SLC headquarters being built. Expected occupancy is August 2016.
As of June 30, 2014, Fairfax Financial owns 3,184,677 shares, or 13.25% of the company. OSTK is 5.55% of FFH’s total holdings.
Insider activity has not had much selling.
Yield is 0.00% ($0.00). Earnings expected at $0.55 for 2014, which would give a P/E of 43.51X. Dividend payout has averaged N/A% for the last 10 years. The payout ratio was N/A% in F2012, and N/A% in F2013. Dividend payout ratio expected to be 0.0% and 0.0% for F2014 and F2015 respectively. ROE has averaged NMF% for the last 10 years. ROE is expected to be 11.0% for F2014 and 14.5% for F2015. Average P/E for the last 10 years has been NMFX. Projected eps for F2015 is $1.00 which equates to a forward P/E of 23.93X. VL gives it ‘B’ financial strength, and a Safety rating of 4. VL projects a price between $17 - $30 between 2017 – 2019 (8/15/14).
Morningstar Credit Rating is Not Followed with debt/assets of 0.0%.
3Q14 10Q notes
24M shares outstanding. We are projecting minimal to no dilution through 2015. OSTK does not typically dilute. Fully diluted weighted average shares are 24,290.
Free cash flow is difficult to assess, as the corporate headquarters might be included. The following is a quick and generic table:
See http://1drv.ms/1y4J4r9
As of September 30, 2014 OSTK has investments in precious metals of $8.9M. The precious metals are presented at lower of cost or market. I find the owning of precious metals odd, yet what would be surprising about that with Mr. Byrne at the helm.
As of September 30, 2014 OSTK owned $346K of Bitcoin. Bitcoin is a cryptocurrency.
“We seek to invest efficiently in technology, including web services, customer support solutions, website search, expansion of new and existing product categories, and in investments in technology to enhance the customer experience, improve our process efficiency and support our logistics infrastructure. We continue to seek opportunities for growth in our business, including expanding our international sales and ourdistribution capabilities and multi-channel fulfillment services. We have also begun to broker insurance products, and offer consumer financing products through a third party, to our customers. We are also working to develop financial service software that utilizes the bitcoin network and its protocols, subject to the resolution of technical, legal,and regulatory constraints. As a result of these and other initiatives, we expect to continue to increase our technology expenses, and these expenses may be material.” Overstock.com 10Q
September 30, 2014
“Our current estimate of the total cost of the development and construction and related equipment and furniture of our new headquarters is approximately $96 million. We have entered into a syndicated senior secured credit facility with U.S. Bank and other banks that is intended to provide us with construction and term financing of $45,760,000. The facility is designed to convert to an approximately 6.75-year term loan upon completion of construction.”
Earnings release and conference call 10/23/14:
“Q3 total net revenue was $353 million, a 17% increase from last year. Q3 gross profit dollars increased 13% to $67.1 million. Q3 contribution was $41.6 million, a 13% increase from last year, and contribution margin was 11.8%.“
“Let me give you an internal goal. People ask us and do a lot of analyses I see and I want to be clear about what it is we're trying to do, so you can judge us on whether we accomplish our mission or not. My goal is in each year to grow by -- it's really quite simple. I've got two primary goals: grow the contribution dollar 15% or more and goal number two is half of that increase in dollars I would like to see fall to the bottom line to the pretax operating income line.
Those are my two goals and I think that you can judge us at the end of each year -- I'm saying now that those are the two things we want to accomplish. I guess we could arguably say there's a third thing, which is top line growing 15% or more as well. But really the contribution dollar growing 15% and half of those increased dollars flowing to the bottom line.
I see people get somewhat hung up on sort of tiny shifts quarter to quarter and how one quarter did on one thing versus the same quarter the prior year, and that to me is sort of a lot of noise. What we are managing the business for is to accomplish those two principles. Not saying that we will accomplish it this year, both because we got off to a bit of a slower start and because this year, as I have said at the beginning, we had realized that this was a year of really reinvestment in some large projects.
But just so you know, those were what we are running the business around: keeping the top line at 15% or more on an annual basis, the contribution line on 15% or more growth, and then half of those dollars coming to the bottom line on an annual basis. Don't ask us to try to hit those quarter to quarter and such because we don't look at it on a quarterly basis.” Patrick Byrne – CEO
“I used to, maybe somewhat stupidly, say 10 years ago we are not a tech company. We are a retailer. We are a lemonade stand with a computer in it. But that is not it-- that was because we ran on old-fashioned retail values.
But we have more and more morphed into a tech company and we know that because there's all kinds of technology under the hood that we have in the past had third parties providing for us because we couldn't do it ourselves as well. But over time, our tech teams have grown. We
now have about 330 developers. In 2007 I think we had seven or 12.” Patrick Byrne – CEO
“We have a really robust tech department now with lots of scientists, smart folks, and we are developing our own technologies internally and wetest them against those third-party providers. And we've gotten to the point that an awful lot of our technologies are better than any commercially available third-party. That's why you see us sort of losing some of those integrations.
But anyway, that is where I am going and I'm not at all worried about that kind of expense. I like that we are building our tech expense like that. We are seeing so many opportunities -- so I am not worried about that.
I think that there's probably a lot of attention played -- maybe a bit too much attention paid to one quarter versus the same quarter last year on the bottom line. It all comes down to the fourth quarter.
I think we are going to have a really good year this year. So going forward I'm just reminding people, don't get all hung up in the first quarter on what the bottom line did, some giblet changes versus the previous year, because we really -- we don't really anticipate seeing those first three quarters of each year change a lot in the years ahead, in the next few years ahead. It is the big change we hope is in the fourth quarter each time.” Patrick Byrne – CEO
OSTK discussed the annual debt service of $46M, and reminded investors to consider the rent expense which would have occurred had they not owned the new corporate headquarters. The annual difference on a 10 year lease would have been around $5.4M. OSTK discussed that they now have double the space, and the building will be owned. “So it saves us $1 million a year, it gives us much more space, and we think that there's going to be a lot of synergy by getting the two halves of the brain into the same skull.” Patrick Byrne – CEO
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Overstock.com up another 15% thanks to the crypto / Bitcoin angle.

This is the best tl;dr I could make, original reduced by 78%. (I'm a bot)
The stock has hit four-year highs on mounting excitement around the company's venture into blockchain, the technology behind bitcoin.
The latest gains in Overstock shares come as major companies announce blockchain-related projects.
Over the last three years, Overstock's CEO Patrick Byrne has quietly developed a blockchain-focused division of the company called Medici Ventures.
Shares shot up 23.5 percent on Sept. 27 to their highest since January 2014 after Overstock announced tZero is entering a joint venture with two financial services companies to launch an alternative trading system for trading digital coins.
A CNBC analysis using financial search engine AlphaSense found a rising trend in mentions of "Blockchain" and related words in documents from U.S. companies with a market capitalization of more than $5 billion.
Forte expects a traditional financial company to invest in Overstock's blockchain-development division, to the benefit of the e-commerce company.
Summary Source | FAQ | Feedback | Top keywords: company#1 Overstock#2 blockchain#3 stock#4 share#5
Post found in /Bitcoin, /NBCauto and /BitcoinAll.
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Dr. Patrick Byrne - tØ - The North American Bitcoin ... Overstock's Patrick Byrne on Bitcoin, Net Neutrality, and ... Opening Remarks: Patrick Byrne  Debate Clip  Bitcoin Is More Than a Bubble And Here To Stay Patrick Byrne: Bitcoin Will Immensely Disrupt Financial Industry Patrick Byrne on Changing a Billion Lives, and Stopping Corruption with Blockchain - Full Interview

WASHINGTON, D.C. (March 25, 2014) — The Bitcoin Foundation is pleased to announce that Patrick M. Byrne, CEO and Chairman of Overstock.com, will be the keynote speaker at Bitcoin 2014 taking place 15-17 May at the Passenger Terminal Amsterdam. Byrne began to express interest in Bitcoin publicly last December, shortly after U.S. Senate hearings on digital currencies. Since then, Byrne has ... (Bitcoinist recently interviewed Mr. Patrick Byrne click here to read it.) Major events: ... Thank you for reading this article. I hope you have enjoyed the 2014 Bitcoin Year in Review. While there have been many negative events, there have also been several great ones. Bitcoin continues to grow and influence the world. The revolutionary technology changes the way money can be used and ... If you are wondering how accepting Bitcoin changes Overstock, Patrick Byrne was a supporter of Cryptocurrencies like Bitcoin as its value is decided not by the Fed or the big banks. Overstock is the first major online retailer to accept Bitcoin. “Someday, either zombies walk the Earth or something close to that,” says Byrne, “Bitcoin is the solution.” Coinbase helped implement Bitcoin ... Patrick Byrne says the zombie apocalypse is coming, and there's one thing that can save us: bitcoin.. He tells me this during a phone call from his car, a black Tesla Model S that's winding its ... Patrick Byrne, as you might be aware, is the CEO of Overstock.com. He rose to fame in the bitcoin community last year, when he announced (to NEWSBTC first) that his company would soon be accepting bitcoin. During my interview with Patrick, he originally aimed toward the second half of 2014 as a projected start date. But due to overwhelming ...

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Dr. Patrick Byrne - tØ - The North American Bitcoin ...

Patrick Byrne about Bitcoin (at Bitcoin conference in Amsterdam 2014) Patrick Byrne was a guest of the Humans of Bitcoin Podcast, where he talked about the power of Blockchain, his relationship with Warren Buffet, his story with Wall Street and future plans. Listen ... Published on Oct 21, 2014. Jason Burack of Wall St for Main St had on American entrepreneur, e-commerce pioneer, CEO and chairman of Overstock.com and Bitcoin entrepreneur, Patrick Byrne. Patrick ... Patrick Byrne heads up Overstock.com, one of the world’s largest online retailers, with over $1.3 billion in sales annually. An ardent proponent of Bitcoin a... Patrick Byrne: We were the first. We were the first — there was a — the largest company then accepting bitcoin was an $800,000 a year restaurant diner in western Australia. We stepped up and ...

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