Overstock went through the same naked shorting as Gamestop years back. How the CEO fought back with crypto, blockchain, lawsuits, and what we can learn.
First post explaining the Panama and Paradise papers
Third post explaining how hedge funds evade taxes
Fourth post - what this is a continuation of
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If you read the fourth post then you'd know what I've already found/explained. This is a continuation of that.
Seems like someone who knows about some behind the scenes actions is calling out bullshit. Overstock isn't a hedge fund, but we should look into it. After all, they might just be saying something without merit to simply discredit Steve. Source
Gamestop resemblance much? That alone doesn't prove anything though, just something I wanted to point out. source
You read that right. They were dealing with the SAME NAKED SHORT SELLING problem we are. Their CEO fought back. Unfortunately, his dad was an old rich guy who didn't like that. Luckily family was more important to him and he came to his senses later on. source
Highlighted part- Seems kind of reminiscent of how Gamestop is playing out
Underlined part - Rich man possibly lied to divert attention away from failing company.
I don't want to only look on one side just to end up being wrong because I didn't look at the information presented. Luckily I'm just getting started, and hopefully the rest of this DD clears it up.
Well, seems like only one side was forced to drop their allegations... and it wasn't Overstock's.
Interesting how Overstock ended up getting millions in settlements from lawsuits that were supposed to be full of false allegations. I wish he didn't just settle though, who knows what kind of precedent could've been made, or what info could've been found. source
Oh but of course Wikipedia isn't a primary source and therefore cannot be trusted.
You read that right. Before we even started talking about using blockchain, good ole Bryne was way ahead of us, as he had to deal with this years before us.
Don't act like Byrne is a saint or anything. He made a lot of mistakes too. "won the battle but lost the war." Guess he shouldn't have settled. Not to mention the crypto he invested into is now under SEC investigation (no matter your opinion of the SEC).
He was still ahead of the game though, making Overstock one of the first places to accept Bitcoin as payment.
Unfortunately again, mistakes were made, and he shifted to making his own crypto which few others ended up using.
As you can see, he had all the right ideas but just couldn't put it to good use. Source
edit: u/WalkingDadJokes pointed out that i missed recent info.
My mind is still prepandemic i didn't look for any articles that were more recent than the forbes one. https://www.coindesk.com/overstock-short-sellers-fall-short-as-judge-gives-digital-dividend-claims-short-shrift
I originally emded this with "we can learn from his mistakes" but it turns out we can learn from his mistakes AND his successes. it took him nearly 2 decades but he ended up winning... personally. His employees still took the short end of the stick along the way. He made a lot of mistakes, which is why it took him almost 20 years to win, BUT HE DID WIN. We need to look at what he did wrong and what he did right so that we can win quicker. We're not all rich like him and can last that long.
Posted Apr 25, 2021, 8:05 PM UTC · edited