Less than four years ago, Riot Blockchain (NASDAQ:RIOT) was a failed animal health company named Bioptix. What is now RIOT stock was then BIOP stock — and it traded for less than $4 per share.
That wasn’t because investors put much value on the business: Bioptix in fact had more than $2 per share in cash at the end of 2017’s second quarter. BIOP was basically just another penny stock in the biotech space.
But in October of that year, Bioptix rebranded to Riot Blockchain. It was a move that invited a huge rally — and quite a bit of skepticism.
Blockchain and other cryptocurrencies were hot then, with Bitcoin (CCC:BTC-USD) at one point rising from $900 to $20,000 during 2017. Riot was not alone in moving into crypto and blockchain: Eastman Kodak (NYSE:KODK) infamously was involved in a “KodakCoin” project which never came to fruition. That didn’t stop KODK stock from soaring. Continue reading “Article: Bitcoin’s Price Is Not the Only Risk to Riot Blockchain”
Patrick Byrne is an American entrepreneur. Despite owning a company that is publicly traded on Wall Street, he has been called “The Scourge of Wall Street” for his outspoken criticism of several high-profile individuals in various financial institutions whom he accused of corruption. He is the founder and chief executive officer of Overstock.com, one of the first retailers to begin accepting bitcoin as payment for goods and services. He is also the co-creator of the blockchain platform tZERO.
Despite market conditions, there is no shortage of belief in the viability of blockchain. Week after week, partnerships are made, and new products ramp up development. One notable move has taken place just recently. Patrick Byrne has indicated that he will be shifting his priority and focus from Overstock.com to tZERO. This shift will see the sale of the retail side of Overstock.com. The plan is expected to come to fruition by February of 2019, as they line up potential buyers. Continue reading “Article: Patrick Byrne to Increase Focus on tZERO and Digital Securities Exchanges”
If Overstock’s dividend plan proves successful, the implications for U.S. markets could be significant. More companies may decide to dabble in digital assets or add restrictions to their shares, especially if they find that doing so gives them more sway over their investors. On Wall Street, brokerage firms and exchanges are loath to see the launch of any security that raises the specter of a monopoly and could cut them out of trading and listing fees.
Also checkout BSTX.com’s battle with the SEC for approval to launch a new more fair exchange. BSTX is 50% owned by tZero which is a keiretsu company under Overstock’s Medici Ventures arm. They are planning a modest step where they use blockchain technology to create a supplementary reporting tool for all shares in circulation daily. SIFMA and the other exchanges of course are displeased. https://www.sec.gov/comments/sr-box-2019-19/srbox201919.htm
tZERO is Patrick Byrnes’ attempt to utilize blockchain technology to replace traditional institutional market structures.
Project Medici intends to create a blockchain-based securities exchange, and Byrne had stated that he was interested in listing Overstock securities on a blockchain-based exchange. The project was officially announced on October 6th at the Inside Bitcoins Las Vegas conference.
The long term goal was to compete with the Depository Trust and Clearing Corporation (DTCC).
In August 2015, Overstock.com Inc. Chief Executive Patrick Byrne rented out Nasdaq Inc.’s Times Square broadcast studio for a lavish party to unveil his newest project, a blockchain-based trading system called tZero.
It’s been a long time since the financial press has cast a skeptical eye on Overstock.com and its CEO, Patrick Byrne, Yet there are multiple reasons to do so. Five thousand to be exact. So I’ve dusted off my blog for an update on my favorite fraudulent stock.
As in all soap operas, its continuing story line is not new: Byrne wants the stock to go up. The stock has a history of manipulation, mainly through cooking the books, resulting in multiple restatements. But it takes an expert to sniff out accounting irregularities. All you need to detect the latest Overstock scam is a working pair of eyes and an Internet connection.
Tech-driven online retailer Overstock’s CEO, Patrick Byrne, has made quite the splash in the cryptocurrency world.
As one of the first retailers to accept bitcoin as a form of payment, Overstock has reaped in some serious profit. Its stocks have risen significantly since July (much like the price of bitcoin). And thanks to Bryne’s development of tZero, an ICO for OverStock, more profits are set to roll in. And Byrne isn’t stopping there, he has also created a company that will use blockchain technology to help provide land rights to people in developing countries. Continue reading “Article: Overstock CEO Spearheads Cryptocurrency”