Patrick Byrne A concerned citizen who has been hunting the oligarchy and Deep State since 2004. My actions forced me to abandon recently my 2,000 colleagues at Overstock.com. Help them out by going to Overstock.com and making a purchase.

A Message to My Former Colleagues at Overstock

5 min read

Dear Erstwhile Teammates, 

              As you will learn from an SEC filing today, over this past week all my shares in OSTK were sold. Before I left for Australia I put it all in the hands of Mr. Pettway (whom some of you know), for it had already become clear to me that this was the right thing to do (and I decided to come SCUBA-diving in Asia so as to be as far removed from it as possible). The riff-raff will tell you that my departure and sale were from a lack of confidence in what I left behind in Peace Coliseum: they are wrong, and I would like to tell you all the actual reasons before the yuck-yucks spin the truth.

  1. Insurance – The proximate cause for my departure was, in fact, the impossibility of our getting corporate insurance with me still at the helm. Your CFO Greg Iverson reported to the board in writing on Saturday August 17 that it was “impossible” to get insurance with me there, and on Monday August 19 in a politely worded letter our insurance brokers at Marsh said much the same thing. Just as we learned in Game of Thrones that behind the scenes the Iron Bank makes the big decisions, in Corporate America insurance companies get the last say. As I wrote the board at the time, while we could have gotten into the game of parsing what “impossible” means (like Bill Clinton arguing about “what the meaning of ‘is’ is), when it comes down to doing that with a CFO and insurance broker, it is time for the CEO to eject.
  • Controversy – You think me controversial now, but you ain’t seen nothing yet. I know enough to fry the Deep State to ashes. The Deep State and the oligarchy are entwined, and they won’t die quietly. There is going to be an enormous amount of return fire directed at me: the blather of the hedge fund choagies in the financial press against Overstock since I came forward is a manifestation of that (look back at what happened when I first came forward: there was silence for two weeks as the Bosses readied a new party line, then it came at us simultaneously from all directions at once). The agitprop press does not bother me (I hope it is helping you with traffic, though I have 0 idea, as I cut myself off from all information within the company the day I left). But wherever they go the organs of the Deep State (including the SEC) will surely follow. If I had stayed at Overstock or even remained a large owner of OSTK, they would try to break Overstock as a way of crippling me. With me no longer an executive, a board member, or even a shareholder, it becomes pointless for them to try to get at me that way. There are other ways they will come for me, but there is no edge for them to come through Overstock to do it.
  • Hedge – In both July and in August I wrote lengthy letters to shareholders, but in truth they were to you as well, so that you would know the full lay of the land after I left. As I said there, in 2019 I thought Retail’s bottom line would do ≈ $115 million – $120 million better than last: continue what you are doing, and you should be able to make another $40-$50 million in gains next year (which means Retail will spit out about that much cash after its own reinvestment needs are met). Medici is indeed a large cash drain in 2019 as its world-changing products are completed and stood up, but next year that should be significantly reduced (either though revenue from completed products, or having some of those firms reach the stage where they can begin drawing their own investors), bringing Medici’s projected cash needs under the amount Retail spits out (with perhaps a $10 million buffer). I have not seen or been told a number since I left (in fact, I think I have not spoken to an Overstock  executive since Monday, August 23) so I cannot comment past the understanding expressed in those letters. But your bottom line has been on such a recovery in the first eight months of 2019 that this general strategy seemed sound.

The reasons given above describe the course Pettway and I planned on taking (and just in case there are any questions about it someday, there are five witnesses within the company who can confirm that by August 19 I had let them know I would be selling all my shares in the week or two before the dividend, but as late as possible while still allowing me time to move out of all my holdings). Pettway and I knew we had had made the right decision, however, came when we heard over the weekend that starting last Friday, the Deep State’s pets at the SEC began leaking something to their clients JPMorgan, Morgan Stanley, and Goldman (and here as citizens I bet you thought we were their clients, right? lol) That is to say, the SEC leaked that they were going to Bazoomba our digital dividend. Once that started getting back to me, I realized that whenever I have had any question about whether the SEC would or would not do something totally outrageous in order to hurt our company to benefit their clients on Wall Street, they never let me down: they always did the evil thing. So Pettway, whose finger was poised over the button of the ejection seat, hit it, especially because he knows I need the ammo to go to war against the Deep State.

This past month I have been following the US economy and the deteriorating world situation, and I am growing worried, as I am sure you are as well. If the US enters a recession (or even worse, if The Big One comes), the strategy I just outlined above will be difficult to make work in the short term. The good news is that a collapse of Wall Street would crush your main competitor, Wayfair: so far their business model has been predicated on losing ≈ $3 billion without a remotely break-even quarter, while replenishing continually thanks to their Wall Street promoters (e.g., Goldman), but in a recession that game will end.

A downturn would hurt Overstock as well, but your firm has repeatedly shown the ability to roll with whatever punches get thrown, while Wayfair’s expense structure is so lopsided (with, as you can see, expenses that run 2X their “nectar$”), they will not be able to adjust such an event.

For these reasons it may give you some comfort to know what I am doing with the capital generated by the sale of my stock. After paying tens of millions in taxes (after all, “We didn’t build that,” right?) by Friday the rest will be in investments that are counter-cyclical to the economy: Gold, silver, and two flavors of crypto. The gold and silver are stored outside of the United States, in Switzerland, and within two weeks, will be scattered in other locations that are even more outside of the reach of the Deep State, but are places that are safe for me. The crypto is stored in the place where all crypto is stored: in mathematical mist, behind long keys held only in the memory of someone who is quite good at storing such things in memory (with paper backups in the hands of a priest I met 35 years ago who never sits foot in the West).

These acts accomplish two objectives:

  1. It provides a hedge for Overstock. If the economy craters and thus Overstock runs into tough times, those investments will soar (that’s what “hedging” a bet means) and you will have access to capital if needed. In fact, you will have not just access to capital, you will have access to the friendliest capital imaginable: my own. I have to wait six months for it to be legal, but anytime after March 17, 2020 I can provide a capital injection (if needed) by buying back into Overstock. Please remember that as you watch the global chaos. If you see the US economy cratering please do not lose the sleep you otherwise might: you will have a friend who has sunk (almost) his entire fortune into investments that will soar if a crisis occurs, and who knows your business well, and who appreciates you.
  • The other thing accomplished by the investment moves I described above is that my ammunition gets moved outside acts of retaliation from the Deep State. That is important because, in fact, I am now going to shellac them. Actually, “shellac” is too weak a word for what I intend to do to the Deep State. Sit back and enjoy the show.

You may note that I said, “almost”. I did make an investment in a business in an unrelated industry, a firm with a wonderful invention but so far afield from ecommerce or blockchain that your board had no interest in hearing about it.  I suspect that in time you may hear of it, though.

Until then, live long and prosper, my friends.

With great admiration, memories, and affection,

Patrick

Patrick Byrne A concerned citizen who has been hunting the oligarchy and Deep State since 2004. My actions forced me to abandon recently my 2,000 colleagues at Overstock.com. Help them out by going to Overstock.com and making a purchase.

Reflections on Overstock Q3 Quarterly Earnings

A number of people have asked for comment. I listened to the full recording. I will be brief. That keiretsu of blockchain companies is...
Patrick Byrne
3 min read

365 Replies to “A Message to My Former Colleagues at Overstock”

  1. well Thanks for leaving us some of us AGAIN, The settlement with Goldman was a killer now this

    I feel like its the last days in Vietnam only we have been left behind just awful

    1. Thank you Patrick.

      PB is buying “2 flavors of crypto.” AKA FlorinCoin(FLO) and Ravencoin(RVN). These are the two coins that the tZERO platform are built on. He is going to sink tens of millions into them. Ravencoin has a marketcap $150million. Oh my god. FLO has a marketcap of just $5 million.

      I’ve just went all in on Ravencoin(RVN) and Florincoin (FLO).

      Byrne mentions FLO here. The Video has only 80 views and a core part of tZERO is built on it, the DLR product:
      Listen from 37:00 to 37:30 and you will hear him mention it!

      https://youtu.be/loJNetXwuqU?t=2210

      https://floblockchain.com/tzero

      https://medium.com/datadriveninvestor/flo-tzero-and-how-the-dlr-aims-to-disrupt-5bd34634f928

      1. Man you are responsible for your own investment decisions – you knew all about the war with the hooligan shorts and bought high – deal with it, hold tight for a decade or dollar cost average if you still believe your original thesis for buying .

  2. So what are We The People going to do about corruption, censorship and surveillance by media/tech/finance giants and government? I will keep posting this plan of action for immediate change as it is the best idea I can think of for now to counter this in a peaceful,productive manner.

    1)Cancel Cable TV (All channels should be available individually so consumers don’t have to give money to stations they don’t want to)

    2)Bank with small local banks/credit unions & invest with small brokerages & insist your employer/pension fund do the same.

    3)Do Not donate money to politicians & consider boycotting companies that give them money or pay them for speeches.
    Some might decide to boycott Facebook,Twitter,Apple,Amazon and Google for censorship issues alone.

    4)Support a pardon for Julian Assange & Edward Snowden and other whistleblowers/truthtellers

    5)Join Pro freedom social network MINDS.com,where freedom of speech is respected & users earn crypto tokens.

    6)Use web browsers like Dissenter or Brave rather than Chrome or Safari when you surf the web.
    Use search engines like DuckDuckGo rather than Google or Bing for web searches.
    Use an email service like ProtonMail rather than Gmail.
    Post videos on Bitchute and MINDS rather than Youtube.

    7)Use Linux operating systems like Linux Mint,Ubuntu,Gallium or others on your computer rather than Windows , Mac or Chrome OS.
    Keep your eyes open for alternatives to apple/android smartphones in the near future.

    8) Do NOT support the “War on Drugs” which causes more crime,death,murder,gang violence and incarcerations,enriching criminals while millions of people still use illegal drugs anyway.

    9) Support a new foreign policy where We The People worldwide unite behind and promote the principles of truth/freedom/goodwill/integrity/humility/Non-Aggression Principle/Golden Rule and focus on winning hearts and minds.

    10) Support a worldwide effort to voluntarily help others in the hope that it will win over more people to these principles.

    Please share this plan of action with others via text,email & social media if you agree.Here’s a link to share this message.Thank You https://www.minds.com/newsfeed/943148464663228416?referrer=truthfreedompeace

    It is up to We The People to stand up and unite behind basic principles like truth,freedom,goodwill,integrity,The Golden Rule and the Non-Aggression principle to make positive change.

    The corrupt politicians of both corrupt parties will not care about these principles until We The People show them We care about these principles.

    Most politicians who claim to be public servants are really self servants/crony servants.

    Therefore,We The People must unite behind basic principles and take some of these simple actions if We expect things to change for the better.

    Anyone got a better idea?I’m listening….
    Thank You.

    1. PB is buying “2 flavors of crypto.” AKA Florincoin(FLO) and Ravencoin(RVN). He is going to sink tens of millions into them. Ravencoin has a marketcap $150million. FLO has a marketcap of $5 million.
      Oh my god.

      I’ve just went all in on FLO and RVN

      It’s coming. Wallstreet disruption. OCTOBER 2019. YES. Two weeks away!
      http://investors.overstock.com/static-files/dfabb325-ac1f-4f52-a703-953f2fb6a631
      Check the slideshow from August Investor Conference Call which announces FLO blockchain DLR launch in October.

      The way it works right now – if you own stock “A”, the stock sits in your brokerage account.
      Now if another person wants to short stock “A” your brokerage will lend the stock to them at 5-8% a year in interest payments.
      Your brokerage makes 5-8% per year by lending out YOUR stock. You do not receive any money for this.

      Overstock’s Tzero has implemented something called DLR on the FLO blockchain.
      What these DLR do is allow YOU to control who you lend your stock to and at what rate. OR you can give permission to a brokerage to allow them to lend it out to others while splitting the profits.
      This is HUGE. For the first time ever, stock owners will actually be able to earn 5-8% passive income by lending out their stock to shortsellers. This is disrupting billions of dollars in profit that banks and brokerages make every year.
      All of this is on the FLO blockchain!

      A quick google search shows that pension funds worldwide have over $40trillion usd. What better way to get passive and risk free profit than to lend out your stocks. These DLR on FLO blockchain are a perfect way for pension funds to increase their returns.

      Take a look:
      https://www.floblockchain.org/tzero/
      or
      https://livenet.flocha.in/address/FUDgz1Qj8HCm4F1RfNMLj4Miyq9REsQiLd

      Then take a look at the transaction data:

      “Inventory Posted: SOI(239) STI(246) Broker(1313) Account() Time(08/14/2018 08:00:01.846) Side(Sell) Symbol(GPRO.DLR) Qty(8400) Price(0.00600) OrderType(Limit) TimeInForce(DAY)”

      These are coming from tZERO DLR records that are stored on top of the FLO blockchain

      You can read a high detailed post about it here:
      https://medium.com/datadriveninvestor/flo-tzero-and-how-the-dlr-aims-to-disrupt-5bd34634f928

      AND
      Ravencoin. Well well well. We all know that Patrick has talked a lot about RVN. Simply google his name and Rvn. He is truly our humble servant.

      Thank you Patrick!

  3. Probably the smartest thing that Patrick ever done was selling out of Overstock..
    Get as far away from Overstock as he can. Don’t let the shareholders
    get beaten for him.

    Things are out of control in the stock market and the destruction of the stock has been
    something that looks like a horror film. The company will be fine but what a nightmare to watch.

    The manipulation down should be investigated by the SEC. Oh wait!

  4. PB is buying “2 flavors of crypto.” AKA Bitcoin and Ravencoin. He is going to sink tens of millions into them. Ravencoin has a marketcap $150million. Oh my god.

    I’ve just went all in on Ravencoin.

  5. Thank you Patrick.

    PB is buying “2 flavors of crypto.” AKA FlorinCoin(FLO) and Ravencoin(RVN). These are the two coins that the tZERO platform are built on. He is going to sink tens of millions into them. Ravencoin has a marketcap $150million. Oh my god. FLO has a marketcap of just $5 million.

    I’ve just went all in on Ravencoin(RVN) and Florincoin (FLO).

    Byrne mentions FLO here. The Video has only 80 views and a core part of tZERO is built on it, the DLR product:
    Listen from 37:00 to 37:30 and you will hear him mention it!

    https://youtu.be/loJNetXwuqU?t=2210

    https://floblockchain.com/tzero

    https://medium.com/datadriveninvestor/flo-tzero-and-how-the-dlr-aims-to-disrupt-5bd34634f928

  6. On Monday and Tuesday of this week Patrick Byrne sold $100 million US dollars worth of Overstock.

    He stated that by Friday this $100 million fresh USD will be invested into gold, silver, and “two flavors of crypto.” – AKA RVN and FLO.

    If this isn’t a clear buy signal from the messiah himself…

    We all know how much Ostk and Patrick Byrne love Ravencoin (RVN).

    Florincoin (FLO) is also the other backbone to the tZero product.

    Sinking $10s of millions of fresh fiat into these microcap crypto coins is going to cause a WAVE of excitement. FLO and RVN. You have until Friday to act.

    FLO is also used by Overstocks MLG to record Wyoming(USA) property records on blockchain:
    https://twitter.com/erikvoorhees/status/1076663761866436609

  7. The Deep State must be taken down and the rule of Law reestablished, if the Republic is going to survive. As it is, it’s rotten to the core. I had given up hope. Maybe a full-on Leroy Jenkins is indeed what’s needed, the only viable path? Goodspeed, Patriot Byrne.
    While you’re at it, I want to know what happened to Vince Foster, and why. And why does WTC7 look like a controlled demolition?

  8. Keep up the good work Patrick this corruption needs to be crushed. I think one of the crypto currencies you have invested in has to be xrp as it’s tipped to be the new global currency after the next crash but that’s just my opinion. Patrick keep yourself safe and record everything you know and give it to someone you trust 100 % so if anything happens to you there is still a record. Stay safe you brave man

  9. Patrick,

    I’m with Strategic Wealth Preservation, an international precious metals dealer with secure storage locations in 10 locations around the world. Our home office is in Cayman Islands. All accounts are allocated, segregated & insured. Would love to talk to you about your sales and storage needs of precious metals. Thank you,
    Dave Mullenax
    501.247.6464 / Cell

  10. Patrick I have big feet and have many shoe boxes I can store all you money call me 1-800-shoebox ask for Big Foot

  11. “Think where man’s glory most begins and ends, and say my glory was I had such friends”
    Keep safe my friend and keep us informed of the trials and tribulations you encounter on the valiant path you are navigating, much respect as always.

  12. He is not buying FLO. There is no liquidity. Check coin market cap, a 30k buy of FLO would send it to the moon… more than likely RVN and BTC

  13. if you had purchased $1,000 of shares in Delta Airlines one year ago, you would have $49.00 today! if you purchased $ 1,000 of shares in AIG, you would have $33.00. If you purchased $1,000 of shares in Lehman Brothers, you would have $0 today.

    If you purchased $1,000 worth of beer, drank all the beer,turned in the aluminum cans for recycling,you would have $214.00. Therefore the best current investment plan is to drink heavily & recycle.

    it is called the 401-Keg plan…. keep your smile and giggle.

    me thinks….lots of hugs and love from your friends and relatives who want the very best for you!

    as the world turns…….may the light of truth shine bright.

  14. Date Short Volume Total Volume Percentage Squeeze Trigger $ Value
    2019-09-19 4581140 10632969 0.43 15.66 71740652
    2019-09-18 4411074 12322154 0.36 16.43 72473946
    2019-09-17 3154955 11091800 0.28 18.57 58587514
    2019-09-16 3143909 10088815 0.31 22.42 70486440
    2019-09-13 7170733 18599902 0.39 27.01 193681498
    2019-09-12 4091270 11379779 0.36 25.12 102772702
    2019-09-11 2844226 9224992 0.31 22.98 65360313
    2019-09-10 2066086 5707031 0.36 20.5 42354763
    2019-09-09 1450115 4083335 0.36 18.27 26493601
    2019-09-06 898453 2364674 0.38 16.81 15102995
    2019-09-05 806550 1884812 0.43 15.81 12751556
    2019-09-04 732595 1587648 0.46 15.47 11333245
    2019-09-03 1026391 2113288 0.49 15.3 15703782
    2019-08-30 1240113 2628700 0.47 15.94 19767401
    2019-08-29 1009232 1966280 0.51 16.64 16793620
    2019-08-28 1328976 2716839 0.49 16.9 22459694
    2019-08-27 2118490 4440616 0.48 17.46 36988835
    2019-08-26 3232639 6505218 0.5 17.75 57379342
    2019-08-23 2377562 4571690 0.52 20.4 48502265
    2019-08-22 6196926 12430389 0.5 21.11 130817108
    2019-08-21 2017797 3687815 0.55 19.75 39851491
    2019-08-20 2446613 4440271 0.55 19.65 48075945
    2019-08-19 2373910 4507279 0.53 18.72 44439595
    2019-08-16 2951968 5900062 0.5 18.11 53460140
    2019-08-15 5011309 10843752 0.46 18.19 91155711
    2019-08-14 3081050 8946187 0.34 16.85 51915693
    2019-08-13 1947129 6934322 0.28 21.69 42233228
    2019-08-12 1250150 5606016 0.22 25.52 31903828
    2019-08-09 3041241 11151243 0.27 24.22 73658857
    2019-08-08 816761 2514631 0.32 21.59 17633870
    2019-08-07 807930 2389855 0.34 21.85 17653271
    2019-08-06 918989 2540899 0.36 21.74 19978821
    2019-08-05 991487 3279857 0.3 21.8 21614417
    2019-08-02 868818 2553734 0.34 20.83 18097479
    2019-08-01 1541614 4638771 0.33 21.8 33607185
    2019-07-31 1718803 5254529 0.33 22.57 38793384
    2019-07-30 3293218 9424076 0.35 22.72 74821913

    Total 757,465,595 1,585,465,052 47.78 34.44 26,088,172,674

    *Total includes data back to 2014-09-20. Chart truncated for viewing.

    SO you know you are a sellonly stock and they are still naked shorting

  15. No big deal yet they are chasing you down like a dog

    According to the SEC’s orders, over a period of several years, Stifel and BMO each made numerous deficient blue sheet submissions containing missing or inaccurate data, largely due to undetected coding errors. The SEC found that Stifel failed to report data for approximately 9.8 million transactions and provided inaccurate information for approximately 1.4 million transactions. Separately, the SEC found that BMO submitted missing or incorrect data for approximately 5.4 million transactions

    https://www.sec.gov/news/press-release/2019-177

  16. Very few people have the courage to expose corruption and speak truth to power on national TV like Patrick Byrne did.
    Link to his interview exposing corruption on Fox Business: https://www.youtube.com/watch?v=T5J-1rs1LJo

    Patrick had to resign from Overstock and sell all his stock to protect the company and himself.
    I think they certainly both deserve support so here are a few suggestions:

    1)Buy from Overstock and give Overstock gift certificates to others

    2)Buy stock in Overstock.Ticker symbol is OSTK. After you buy stock place a GTC(Good Til Canceled) Limit Sell order for $200 a share or more to prevent your shares being loaned out to short sellers who might try to drive the stock price down.

    3)Download the TZERO Crypto App on your smartphone and buy Ravencoin. Overstock already owns a lot of Ravencoin and TZERO is majority owned by Overstock/Medici

    4)Join Pro freedom social network MINDS where freedom of speech is respected users earn crypto tokens for using the site.Overstock/Medici owns about 24% of MINDS

    It is up to We The People to stand up and unite behind basic principles like truth,freedom,goodwill,integrity,The Golden Rule and the Non-Aggression principle to make positive change.

    The corrupt politicians of both corrupt parties will not care about these principles until We The People show them We care about these principles.

    Most politicians who claim to be public servants are really self servants/crony servants.

    If We The People unite behind someone like Patrick Byrne for having the courage to expose corruption and speak truth to power on national TV, We can not only help him but also help ourselves in making a better world. Thank You

  17. If you have the goods spill the beans They want you company and you gone for good.

    Everyone who followed you has lost 95% of what they bought The message is don’t try this again.

    So start fighting back or go enjoy the 90M

  18. Patrick can you leave us some clues as to when things unravel in the economy? Just trying to protect the 401k. Markets sound rigged, would they crash them just to get Trump out?

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