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
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Former CEO of Overstock Publishes Missive: “I know enough to fry the Deep State to ashes”

The flamboyant CEO of OSTK, the man who took on the short sellers a decade ago — recently stepped down from OSTK in order to do final battle with “The Deep State”.

Mr. Byrne recently sold his entire OSTK stake, valued at about $90 million.

An excerpt from his missive.

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.

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15 comments

  1. ferd

    Ha. Likely tens ..or hundreds of thousands know stuff. And a few millions don’t KNOW …but they have a pretty good idea.

    Anyway, Byrne should know that as long as the tools of manipulation of the HUNDREDS of millions are in the control of the controllers, it doesn’t much matter what he reveals. It will fade away.

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  2. heckler

    I thought you quit politics?

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  3. moosh

    So did this all come about from the Russian spy gf plant spin or the idea to roast shorts by trying to issue a digital dividend?

    https://realmoney.thestreet.com/investing/stocks/overstock-is-paying-a-digital-dividend-and-it-gets-really-interesting-now-15037958

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  4. Good Shepherd

    FMy guess on the 2 cryptos about to get ~50mm of new buy orders: RVN and FLO. They are the two cryptos that Byrne loves and uses in his Medici companies. Medici built RVN on 01/18 and PB shills it all the time. FLO is the backend of Medici Land Governance and tZero’s DLR service. FLO claims to be the worldwide public record and was launched 6/13. MLG and tZero were held out in the last earnings call as 2 of the 3 crown jewels of Medici. Then there is this: https://www.globenewswire.com/news-release/2018/09/25/1575772/0/en/Overstock-com-CEO-and-Founder-Patrick-Byrne-Purchases-43-of-Medici-Land-Governance.html

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  5. WrongView

    Seems like if you fried something, you’d end up with that crispy black junk that is left in the bottom of the frier. Not ashes. I call BS.

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  6. bambam

    Do super rich just go wacky? What a nut job.

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    • roguewave

      $90 million is nowhere near super rich.

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      • bambam

        So he’s just a rich nutjob. You have enough money, you get bored with the usual stuff and go looking for obscure things to do? Maybe he should start the next Burning Man.. Storm Area 51. That could be the next affordable venue like Burning Man used to be before it went hipster corporate.

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  7. numbersgame

    ROKU is long-term buy here, NFLX isn’t

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    • numbersgame

      From a Teechnical perspective, is there any reason not to buy ROKU at the bottom of the gap ($100.93)? I think the stock will end the day at $110, but I’m not very good at predicting short term movements.

      And from a fundamental postion, ROKU has a much better business model than NFLX. In the future, ROKU looks like it will primarily make their money in advertising, while NFLX continues to bleed by being paying others to make their content. Half-a-Billion or more for 5 years of Seinfeld? I don’t think so.

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  8. bankindamonkey

    I don’t understand ROKU, it seems most other streaming services own original content. If you are at the whim of having your content pulled or out bid, you are very exposed. And with content providers now getting into the streaming, even more unstable.

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  9. omfgitsjd

    “recently stepped down from OSTK in order to do final battle with “The Deep State”.”

    That was beautifully paraphrased. But I thought a capital S on State means one of the 50 States. A lowercase s in state means the whole enchilada.

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