iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
17,003 Blog Posts

“The Fly” Steps into “The Blockchain”, Bigly: $OSTK

Instead of watching everyone else get high, floating around Main Street stoned, I decided to borrow a hypodermic needle and inject some pure opium into my muscular arms. Gone are the days of Fly shitting on the blockchain, chalking it up to ‘nothing more or less than a red faced scam, purported by fuckbags for the purposes of getting liquid.’

Instead of fighting this “trend”, I am joining you and I am now one of you — both an entrepreneur and a wastrel. I cannot lose.

I bought the shares of consummate crybaby, Patrick Byrne, aka Overstock.com — because of their exposure to the MUH blockchain.

“It is encouraging to see legacy financial services acknowledging the potential of the blockchain to disrupt and transform the financial services industry,” Forte said. “This is adding further fuel to the Overstock fire as investors [see the company’s] early stage investments in blockchain.”

Over the last three years, Overstock’s CEO Patrick Byrne has quietly developed a blockchain-focused division of the company called Medici Ventures. The unit’s majority-owned subsidiary tZero has emerged as a front-runner in applying blockchain technology to trading stocks and digital coins.

Long-time short seller Marc Cohodes first heard about Overstock’s blockchain investments in May. He then visited Byrne in June, the first money manager to do so in a decade. The meeting turned Cohodes into a buyer of the stock.

“You’re not paying anything for blockchain and you’re getting retail at a steep discount,” the independent investor said in a phone interview last week. “I think the stock’s going to go to $100,” or 230 percent above Monday’s close.

Pray tell me, with this sort of logic and facts, how can I lose?

Friday bonus. A very rough raft of one section of Chapter 2 of BUST, part 2 of 3 of my series documenting the dot com boom and bust.

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32 comments

  1. halfbloodpope

    Poor Winklevoss twins who were denied the ability to open a bitcoin ETF back in March. They would be in super homo rowing heaven had they landed that whale of a fund.

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  2. acehood

    When it does crash will you please revert back to calling out and shaming the “faggots”?

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  3. soupbone

    the technology has gained much praise. central banks and countries driving toward cashless society would seem to benefit most. no more cash in the mattress nor any unreconcialable transactions is the dream come true for goverment…gold will survive and so will barter.

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    • bob smith

      We already have a central-bank controlled “currency.” Crypto is nothing more than another version of this. Crypto enthusiasts are just falling for the next tulip mania and are too proud/conceited to admit it. It will be their ruin notwithstanding their “paper profits.”

      During the tulip mania, everyone was certain it was the new path to never-ending wealth. Blockchain… BTC… tulip… what’s the difference? It’s different now???

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  4. metalleg

    Fly a cryptofag? I wouldn’t believe it if I didn’t see it with my own eyes!

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  5. sarcrilege

    Dotcom 2.0. Many will be wiped out, a few will make out like bandits and look like heroes. Is it going to be You? /(the royal You)/

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    • ironturd

      You seem to know everything about everything. Must be awesome to be you.

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  6. joyous__ending

    >including one that was heavily margined and approaching zero.
    Insane, who lets another man handle his account using margin. But that was the late 1990’s when Greenspan was the Joker.
    There were a few times I used margin in 1997-1999, I watched that account with a microscope from 9:30 to 4:00 and after hours. The slightest slippage in the target shares and they were gone.

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  7. felonyfinance

    should have went with HIVE.V
    $OSTK blows.

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  8. hugh hendry

    Fly my friend, I’ve been reading your blog since the beginning, unlike the rest of the charlatans in the comments section. Why not just buy 1 bitcoin so you can better understand what it’s about. That’s pocket change. If it turns out to be a pile of garbage on fire you’ve only lost a few k. But if it does turn out to be the reserve currency of the world in 20 years, you’ll thank the gods you at least had 1 (there can only ever be 21million ever created).

    If you want any hlep figuring out how to buy lemme know. Your long time fan, Hugh Hendry.

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    • lapens

      That day is fast approaching Hugh. He’s failing fast. Soon, he’ll be neck deep in crypto!

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    • sarcrilege

      Pfft. 21MM ever created. By the time 20yrs comes, BTC will be forked infinite times. If BTC can be forked once, it will be forked to infinity. What are we up to now? BTC, btcCash, btcGold…next btcSilver, btcCopper, btcNickel, btcPaper….btcInfinity?

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  9. ironbird

    Blockchain. For the love of God. AKA. Chain Gang. Not that it matters.

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  10. ironbird

    Off topic based on the pic. Look into TMZ. PedoWood. “Objectified”.

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  11. dopefeller

    20 hours since zeropointflyintern posted fake news on this site.

    http://ibankcoin.com/zeropointnow/2017/10/19/ice-illegal-alien-arrested-in-wine-country-arson-was-deported-twice

    12 hours have elapsed since The Fly was asked if he was going to ask the zeropointflyintern to delete the post. His response – “Why delete it? He can update it.”

    Statement from Sonoma County Sheriff’s office on the subject of that article – “This is completely false, bad, wrong information that Breitbart started and is being put out into the public,”

    No correction on ibc yet.

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    • ironbird

      You do not understand California. Homeless campfires are illegal. The Mexican will be deported for simply staying warm at night. Wake up Dope. The State asshole called [email protected] needed a scapegoat. It failed. Jesus will be eating beans at home and the State will be sued into Hell.

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      • moosh

        Dope seems to hone in on things which, at first glance, feel good to rage against the machine… dope for the peanut gallery.

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      • ironturd

        Not the point you closeted Pedo. ZeroDickFace doesn’t retract fake news, skews heavily alt right, copy pasted all his material from alt right sites, and his finance posts are laughable. You ever make a single comment on markets on this site? Fuck off racist birdshit.

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  12. lesurgeon

    You’ve lost your fucking mind.. This is as good of a sentiment indicator as I’ve ever heard.

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    • sarcrilege

      That’s what I was thinking. Is this the top? I am wavering myself for the last few weeks even though I think 99% of crypto is garbage, and by definition, 1% will take off. Then Fly jumps the fence. I dont have a crystal ball to know which will crash and burn and which will survive. So I’ll stick with my bias. I had an opportunity to buy BTC when it was around $15. And I did not. I thought it was late to jump on at $15. Is it late to jump on at $6000?

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  13. moosh

    You can’t lose. The stock is clearly going to $100 for some reason

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  14. moosh

    OT: what is the seasonality of $M vs bk space?

    Check out the monthly on $GWPH

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  15. yourlame

    Seriously have you made any $$$ in the market in the past 5 years….another horrible guess in OSTK at the highs … LOL

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  16. dae42

    F*ck!….time to sell. Bandwagon de le fly is on board. God d*ammit!!!

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  17. bushwacker2

    Everything is about to overshoot to the upside, including Fly’s sashay into OSTK. We may already be in the third stage of this bull market—speculation. It would suck to be a bear right now. People just don’t get it yet. So let it be written; so let it be done.

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  18. Dr. Fly

    Virtually everything said in these comments are the equivalent to drunken fools in the bad seats at Yankee stadium, hollering and burping at the stars on the field, wishing that they strike out or drop the ball. These rusticates only do this because they’re a lower breed of human, brought up in the sewers, angry and disheveled, unable to cope with the world.

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