Topic: Overstock investing in altcoins- Take your guess which ones? (Read 1680 times)
BBQcoin!
Bitcoin and Litecoin i guess.
Litecoin is dead, does not compute.
Bitcoin and Litecoin i guess.
But we do want Davy......he's the cute one!
Ummm....1967, btw, and it's a great story:
http://www.snopes.com/music/artists/hendrix.asp
Ummm....1967, btw, and it's a great story:
http://www.snopes.com/music/artists/hendrix.asp
Oops, the sixties and seventies are all a blur to me.
A very happy blur. 
But we do want Davy......he's the cute one!
Ummm....1967, btw, and it's a great story:
http://www.snopes.com/music/artists/hendrix.asp
Ummm....1967, btw, and it's a great story:
http://www.snopes.com/music/artists/hendrix.asp
Just by reading the headline I can guess that the loss is from them accepting Bitcoin (not buying Altcoins)
@OP
Did you know the online retailer Overstock accepts Bitcoin on their web site as a form of payment for merchandise ?
Where did you get the idea that the web site owners are investing in Altcoins ?
@OP
Did you know the online retailer Overstock accepts Bitcoin on their web site as a form of payment for merchandise ?
Where did you get the idea that the web site owners are investing in Altcoins ?
No, they specifically mention losses from investing in altcoins.
That article is from 2014
Yes, because the loss the reported from investing in altcoins would have been from the last fiscal year I assume.
The people who keep popping in on here and commenting that Overstock doesn't invest in alts are like the people who went to the Monkees show in 1967, saw Jimi Hendrix on stage playing Purple Haze and started screaming, "We want Daaavy!"
Get over it. Bitcoin isn't for everyone and certainly doesn't do everything (at least not well).
Just by reading the headline I can guess that the loss is from them accepting Bitcoin (not buying Altcoins)
@OP
Did you know the online retailer Overstock accepts Bitcoin on their web site as a form of payment for merchandise ?
Where did you get the idea that the web site owners are investing in Altcoins ?
@OP
Did you know the online retailer Overstock accepts Bitcoin on their web site as a form of payment for merchandise ?
Where did you get the idea that the web site owners are investing in Altcoins ?
No, they specifically mention losses from investing in altcoins.
That article is from 2014
Yes, because the loss the reported from investing in altcoins would have been from the last fiscal year I assume.
Probably the few legit ones like NXT.
Yeah someone who runs a professional multinational is going to buy a bunch of coins from two anonymous Eastern European Gopnik Bros, who put backdoors in the code (see bitcoin developer Jeff Garzik on NxT). Also all the numerous thefts and ponzis that occur in the NXT ecosystem. Overstock may as well be buying bridges in Somalia.
Last thing Overstock is going to do is buy scam shit like NxT, Aurora and PayCoin.
Quote
Now, in a new interview with CoinDesk, CEO Patrick Byrne has opened up about how Overstock may be seeking to further develop its plans for promoting decentralisation in the global financial market.
The Utah-based e-commerce giant launched a new open-source wiki page on its website on 29th July. Entitled 'How to issue a cryptosecurity', the page provides a broad overview of the topic, and lists the pros and cons of the various major players in the marketplace including Counterparty, Ethereum and NXT. The offerings all allow users to trade securities person to person, without a centralised mediator such as a stock exchange.
The Utah-based e-commerce giant launched a new open-source wiki page on its website on 29th July. Entitled 'How to issue a cryptosecurity', the page provides a broad overview of the topic, and lists the pros and cons of the various major players in the marketplace including Counterparty, Ethereum and NXT. The offerings all allow users to trade securities person to person, without a centralised mediator such as a stock exchange.
http://www.coindesk.com/patrick-byrne-overstock-block-chain-public-stock/
Nice try.
That article is from 2014
YOU MORAN!
As well that whole thing was just some wikipedia page and many alternates were on there.
https://www.o.info/How_to_issue_a_cryptosecurity
Looks like the scam artists behind NxT are grasping old moldy straws at this point. Waiting for their 50 million NxT to be worth something.
Just by reading the headline I can guess that the loss is from them accepting Bitcoin (not buying Altcoins)
@OP
Did you know the online retailer Overstock accepts Bitcoin on their web site as a form of payment for merchandise ?
Where did you get the idea that the web site owners are investing in Altcoins ?
@OP
Did you know the online retailer Overstock accepts Bitcoin on their web site as a form of payment for merchandise ?
Where did you get the idea that the web site owners are investing in Altcoins ?
Yes I did, I've purchased from Overstock using BTC before.
The idea is not an idea but a fact and comes from the quote in the OP (Overstocks director of communication to Coindesk) as well as the SEC filing.
Although they have lost money consistently from holding BTC in the past, actually the loss of $117k here does largely come from the purchase/sale (and depreciation) of altcoins
hero member
Activity: 752
Merit: 500
Bcnex - The Ultimate Blockchain Trading Platform
I heard FRK was one.
Guys, lets come back to the original topic. i would put Nxt, Vericoin and BitcoinDark into the basket.
Just by reading the headline I can guess that the loss is from them accepting Bitcoin (not buying Altcoins)
@OP
Did you know the online retailer Overstock accepts Bitcoin on their web site as a form of payment for merchandise ?
Where did you get the idea that the web site owners are investing in Altcoins ?
@OP
Did you know the online retailer Overstock accepts Bitcoin on their web site as a form of payment for merchandise ?
Where did you get the idea that the web site owners are investing in Altcoins ?
Probably the few legit ones like NXT.
Yeah someone who runs a professional multinational is going to buy a bunch of coins from two anonymous Eastern European Gopnik Bros, who put backdoors in the code (see bitcoin developer Jeff Garzik on NxT). Also all the numerous thefts and ponzis that occur in the NXT ecosystem. Overstock may as well be buying bridges in Somalia.
Last thing Overstock is going to do is buy scam shit like NxT, Aurora and PayCoin.
Quote
Now, in a new interview with CoinDesk, CEO Patrick Byrne has opened up about how Overstock may be seeking to further develop its plans for promoting decentralisation in the global financial market.
The Utah-based e-commerce giant launched a new open-source wiki page on its website on 29th July. Entitled 'How to issue a cryptosecurity', the page provides a broad overview of the topic, and lists the pros and cons of the various major players in the marketplace including Counterparty, Ethereum and NXT. The offerings all allow users to trade securities person to person, without a centralised mediator such as a stock exchange.
The Utah-based e-commerce giant launched a new open-source wiki page on its website on 29th July. Entitled 'How to issue a cryptosecurity', the page provides a broad overview of the topic, and lists the pros and cons of the various major players in the marketplace including Counterparty, Ethereum and NXT. The offerings all allow users to trade securities person to person, without a centralised mediator such as a stock exchange.
http://www.coindesk.com/patrick-byrne-overstock-block-chain-public-stock/
Nice try.
Overstock is in the business of reselling items, and I don't believe they're accumulating cryptocurrency. There's an advantage to using it for them, but I can't imagine they're just going to sit on it and not convert it to USD. They pay their employees and all their bills and everything else in fiat. Make sense?
"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 US dollars so that we receive payment for the product sold at the sales price in US dollars."
Overstock uses Coinbase as their payment processor. Both Coinbase and BitPay offer their customers the option to retain a percentage of coins in the form of BTC.
Very few businesses that use them choose to exercise this option. Overstock converts the majority of their received coins to USD but unlike most other businesses that claim to accept BTC, it also keeps a small percentage of these coins as BTC:
Quote from: CoinDesk
US retail giant Overstock lost $117,000 on its investments in cryptocurrencies during the first quarter of 2015, according to the company's latest quarterly earnings report.
Overstock listed its cryptocurrency holdings as valued at $233,000, down from $340,000 on 31st December.
Long one of the largest merchants in the digital currencies space, Overstock had previously indicated that it was holding as much as 10% of its proceeds from such sales in bitcoin.
Overstock listed its cryptocurrency holdings as valued at $233,000, down from $340,000 on 31st December.
Long one of the largest merchants in the digital currencies space, Overstock had previously indicated that it was holding as much as 10% of its proceeds from such sales in bitcoin.
Link: http://www.coindesk.com/overstock-reports-over-100k-in-bitcoin-losses-for-q1-2015/
As for what altcoins, they might have invested in - I don't know the answer to that. However, Overstock has expressed interest in asset exchanges in the past which sort of gives an indication of where they might have poured their money into:
Quote from: WIRED
Overstock.com and its swashbuckling CEO, Patrick Byrne, are hoping to create a new kind of corporate stock based on the computer software that drives bitcoin, aiming to overhaul the stock market in much the same way that bitcoin overhauled how we store and exchange money.
On Tuesday afternoon, Overstock - one of the world’s largest online retailers, with $1.3 billion a year in sales - unveiled a webpage that explores how a public company could issue a "cryptosecurity" to potential investors. In an echo of the bitcoin digital currency, this would be a stock that’s controlled by cryptographic algorithms running across a network of computers owned by people and companies spread across the globe.
On Tuesday afternoon, Overstock - one of the world’s largest online retailers, with $1.3 billion a year in sales - unveiled a webpage that explores how a public company could issue a "cryptosecurity" to potential investors. In an echo of the bitcoin digital currency, this would be a stock that’s controlled by cryptographic algorithms running across a network of computers owned by people and companies spread across the globe.
Quote from: WIRED
This spring, Byrne indicated he would let others build such a system, but the 51-year-old - a three-time cancer survivor - has a way of changing the course of his company as the mood strikes him. Asked if the new wiki showed that Overstock intended to issue a crytosecurity, he stopped short of saying so. "Before we decide if we want to issue a cryptosecurity, we want to figure out if it’s possible," he tells us. But Overstock has already held extensive discussions with the founders of a project called Counterparty, which offers software that could help drive such a cryptosecurity, and if he decides this kind of thing is possible, he intends to "open source" a blueprint of his plan, so that any other company can make use of it.
His efforts are part of a much larger movement that seeks to remake the stock market in the image of bitcoin. Several projects - including NXT, Mastercoin, and Bitshares - are working on software that’s similar to the tools offered by Counterparty, and all are mentioned in the Overstock outline. What’s more, others are looking to apply the bitcoin way to additional financial instruments, including derivatives, and some software developers are even using the idea of bitcoin’s public ledger - known as the "blockchain" - to remake tasks beyond the financial world, including secure online messaging.
His efforts are part of a much larger movement that seeks to remake the stock market in the image of bitcoin. Several projects - including NXT, Mastercoin, and Bitshares - are working on software that’s similar to the tools offered by Counterparty, and all are mentioned in the Overstock outline. What’s more, others are looking to apply the bitcoin way to additional financial instruments, including derivatives, and some software developers are even using the idea of bitcoin’s public ledger - known as the "blockchain" - to remake tasks beyond the financial world, including secure online messaging.
Link: http://www.wired.com/2014/07/overstock-and-cryptocurrency/
Their wiki page on how to issue a cryptosecurity mentions the above platforms as well as a few others:
http://www.o.info/How_to_issue_a_cryptosecurity
Probably the few legit ones like NXT.
That's likely. Nxt has a robust and seasoned Asset Exchange, which Mr. Byrne prolly considered before going with Medici.
My guess is, Nxt and Ripple.
FTC, XPM, and more of the old altcoins that had a serious cap during the 2013 bubble would be my guess.
bear in mind that procuring the balance sheet @ http://edgar.sec.gov/Archives/edgar/data/1130713/000113071315000018/ostk-20150331x10q.htm
shows $300k investments in cryptocurrencies were made in the past 12 months but prior to the past 3 months of the filing (so before Dec 31st 2015, but after March 31st 2014), and that the sales were at some time from Dec 31st to March 31st 2015 but not prior, , a loss of $117k was generated (largely due to sales of altcoins)
So whilst they may still be holding FTC and XPM, the market data doesn't seem to support their investment and subsequent sale generating such a loss of those coins.
I have a theory as to which coin they have dumped, but it's anyones guess as to which coins they still currently hold or may be interested in acquiring.
FTC, XPM, and more of the old altcoins that had a serious cap during the 2013 bubble would be my guess.
"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 US dollars so that we receive payment for the product sold at the sales price in US dollars."
What coins might Overstock be accumulating
Quark obv.
Probably the few legit ones like NXT.
Yeah someone who runs a professional multinational is going to buy a bunch of coins from two anonymous Eastern European Gopnik Bros, who put backdoors in the code (see bitcoin developer Jeff Garzik on NxT). Also all the numerous thefts and ponzis that occur in the NXT ecosystem. Overstock may as well be buying bridges in Somalia.
Last thing Overstock is going to do is buy scam shit like NxT, Aurora and PayCoin.
oh fuck i'm sorry but this just made me laugh a lot.
ha ha ha.
"Bridges in Somalia"
"Gopnik Bros"
LOL
Jump to: