Buying cryptocurrencies after throwing away $100 million in stock, the former CEO of Overstock called the blockchain to make him safer

Patrick Byrne, the former CEO of Overstock, a well-known US e-commerce platform, announced last night that it had thrown away 13% of Overstock's shares (worth $100 million) and used the funds to buy cryptocurrencies and precious metals.

Byrne wrote in a blog post on its that by the end of the week he will reinvest all proceeds into "a counter-cyclical investment in the economy."

“Buy in gold, silver and two cryptocurrencies,” Byrne wrote.


(Photo: Patrick Byrne, former CEO of Overstock)

It is reported that Byrne has long been a cryptocurrency supporter, and that Overstock was one of the first companies to accept cryptocurrency payments. Later, he also launched the tZERO securities token trading platform, and then acquired the company behind Ravencoin.

And recently, because of some scandals, external pressure forced Byrne to resign last month.

Resigned due to involvement in the scandal

Last month, the Overstock executive pleaded guilty to the Russian spy Maria Butina (currently in jail) and resigned from Overstock to try to prevent his company from being further affected by personal scandals.

Byrne confirmed the matter in a letter to shareholders and to the Securities and Exchange Commission (SEC), claiming that he had served as a law enforcement secret line.

Byrne said Warren Buffett advised him to confess and then quit his job to prevent Overstock from further involvement in a business-related espionage war.

Proposed cryptocurrency dividend policy, but was jointly suppressed by Wall Street banks

Byrne's last strategy (the cryptocurrency dividend rule approved in July) last week pushed Overstock's share price to a 52-week high, but with the failure of the plan, Overstock's share price went through.

After yesterday's stock market close, Byrne submitted a statement to the US Securities and Exchange Commission (SEC) saying it had sold 4.7 million shares of Overstock, valued at nearly $100 million.

It is reported that Byrne's blog post was published after Overstock's announcement. After a report in the New York Post detailed description of the behind-the-scenes operation, he announced that he would stop the cryptocurrency dividend policy. Byrne wrote in the article: "They leaked Our digital dividend plan."

This dividend is actually a digital allotment, which can only be traded through the Dinosaur Financial Group's brokerage account, and can only be traded after being held for a six-month waiting period.

According to the New York Post, cryptocurrency dividends are a means that Byrne envisions, used to squeeze overstock short sellers, who know that these short sellers will reject their complicated rules and end their positions.

The plan actually worked, because Overstock's share price soared after that. However, according to the Post, Morgan Chase and Morgan Stanley's agents are saving Overstock's short sellers and providing them with dollars worth the equivalent of blockchain stocks.

Byrne wrote in his blog that he took action when he learned that Wall Street Bank had intervened.

“When I started to realize this, I realized that whenever I had any questions about whether the SEC would do something completely shameless for the benefit of Wall Street customers, they never let me down, they always It would be a bad thing. So, Pettway decided it was time to bounce, especially because he knew I needed ammunition to fight against the Dark Forces."

Claiming to put assets on the blockchain is safer

Byrne said that if Overstock bottoms out in the upcoming economic crisis, he will buy its shares again, and the cryptocurrency assets he chooses to buy will increase his assets in this case.

“You will see a friend who puts (almost) all of his property into the investment, and in the event of a crisis, these investments will soar.”

At the same time, Byrne said that his net worth and "ammunition" would be safer on the blockchain because it would keep him away from the enemy.

"The cryptocurrency is stored in the fog of mathematics, hidden behind long keys, and only those who are very good at storing these things in memory can remember…"

“Another thing I did in the investment action described above is that my ammunition was transferred to places where the savage actions of the Dark and Deep Power Group could not reach. This is very important, I am going to apply them to shellac now. On the other hand, the word "shellac" is too weak. I want to do something about this dark and deep power group, sit down and enjoy the performance,"

Byrne added.