Overstock CEO Sheds Light On Wall Street Greed and Bitcoin’s Value as the New Currency.

Posted in: Archive
March 12, 2014 8:30 AM UTC

I saw an alert on BitcoinTalk about an email from the CEO of Overstock.com. It was sent to all 41 million plus US customers.
As you can see here, it is another good one from him with a link to the story Wired did on him recently.


“Dear Valued Customer,
Enclosed, please find the Wired Magazine article, “Meet Patrick Byrne: Bitcoin Messiah, CEO of Overstock, Scourge of Wall Street”. It concerns the decade-long battle Overstock has waged to expose Wall Street mischief.
The backstory is as follows: Overstock went public in 2002. Between 2002 and 2005 I found myself mingling with various Wall Street bankers, hedge funds, and journalists, and began to form an impression (and hear) of unsavory activity. I made it my hobby to study it, and in 2005, I went public about what I had learned. For several years thereafter, the New York financial press derided and distorted my claims, often to the point of appearing to engage in a cover-up. When in 2008 what I had been saying became indisputable, Wall Street went silent about this episode. The enclosed Wired article recounts that history, and explains how it is related to Overstock’s recent decision to accept Bitcoin.
I understand that you may not be interested in tales of corruption in Wall Street and Washington, DC, and if so, please simply enjoy the coupon above. However, if you read this piece from Wired, which effectively ends a cover-up regarding the Battle of Overstock versus Wall Street, I think you will understand why I chose to share this article with 41.7 million of my closest friends.
Your humble servant,
Patrick M. Byrne, CEO
“Scourge of Wall Street”

As you can see it links to a Wired article and what caught my eye was the very first line from Cade Metz.

Patrick Byrne says the zombie apocalypse is coming, and there’s one thing that can save us: bitcoin.

With Overstock recently reporting Bitcoin sales in excess of 1 million dollars in such a short time, and the average Bitcoin purchase being higher than the average standard currency purchase not only is that sentence telling, but it is also proving out to be on the way to being correct, as well.
With Patrick Byrne’s contentious history with Wall Street, he has made a lot of detractors but also a lot of supporters and with his latest venture into Bitcoin he is proving once again to be a savvy businessman who is also plugged in to what is going on in the tech world.
I think not only do his words and actions send a clear message to Wall Street that Bitcoin is here to stay and is viable he is proving it as well with hard numbers and record sales.
His calling out of Wall Street that he was so vilified for turned out to be prophetic with the 2008 market fall and the subsequent details of many of the behind the scenes goings on of the big banks and Wall Street traders came to light.
His loud claims of naked trading were met with derision, years later after the fall of so many banks the SEC made rules to stop this in it’s tracks.
His championing of Bitcoin and thinking beyond to using the Bitcoin framework for transferring securities as well shows forward and innovative thinking.
This all bodes well for Bitcoin and crypto currencies as large players in the game are going to follow his lead into it. Some may go kicking and screaming such as Wall Street. Wall Street dislikes it for being unable to control it and does not understand it. Others like Overstock, Tiger Direct, Virgin Galactic and so many others are embracing it with open arms.

Patrick M. Byrne, CEO “Scourge of Wall Street”

All the places that accept Bitcoin are the one’s I look to first when I am going to buy something. I am glad to see it grow and have such a vociferous champion as Patrick Byrne his faults, and all as he is no Mark Karpeles. Patrick fights for his customers he does not steal from them like Karpeles does.
It is an exciting time to be involved in Bitcoin and crypto currencies.

Last modified: June 14, 2020 9:25 AM UTC

Show comments
Scott Fargo @TalonTech1

I am a disabled former Systems Admin, computer tech, business manager enjoying crytpo currencies. I am deeply involved in the mining ecosystem and physical coins, It fascinates me how it has brought people from all over the world together into a tight knit supportive community with commerce and tech.