OVERSTOCK SHARE DROPPED ALMOST -20% TODAY!!

[GigaCoin]

From reddi:

Patrick Byrne retracts statement that Overstock.com will not hold bitcoins, also announces personal investment

...in today's Q4 Earnings Conference Call.
http://edge.media-server.com/m/p/xeadrvij/lan/en
@24.10 - 24.38:
"It's not out of the question that we will be holding a small amount of bitcoin."
"I personally have gone out in the past few days and bought several million dollars of bitcoin."
(Discussion of benefits to the company at 22.00, preceded by the story of adoption also told in the LTB interview.)

Interesting, this means he bought Bitcoin at the $800-$900 range. This also means he is very confident of Bitcoin price going up significantly, i doubt he'd care for a "puny" 100% return.

[jamesb777]

Butthurt because you missed out on those cheap coins? Don't worry it's not too late.

[BitBits]

It could actually be not because of the earnings report, but what CEO said during presentation and did just a couple of weeks earlier. Overstock is now accepting Bitcoins, which are extremely risky investment and are incredibly volatile. If they would have stick with the earlier statement that they will NOT hold any Bitcoins and have all payments in cash, then there is nothing wrong with it. However, CEO retracted that statement and during earnings report broadcast said that they are likely to keep a fraction of payments in Bitcoins on company balance sheets and that he personally just bought several millions worth of Bitcoins. Shareholders may have not liked this at all.

Who is running the Big O? Someone who just gambled "several millions" of his own money into highly questionable (from legal perspective) commodity which happen to grow in value 1000%+ in just a couple of last months. How responsible is that? Sounds like a move of a Big L.

[WompRat]

I am not sure what all the debate is here.  The results are crappy.  The Q4 figures are inflated by a $72.6M income tax adjustment.  Take that out and the resulting $1 million income is markedly down front the previous year's $8.8 million.  Earnings per share when you take out the tax benefit is also heavily down.  Adopting bitcoin is the action of a company that has long term issues hoping to gain a short term boost in publicity and revenue from a small, but dedicated vocal community.  Nothing wrong with that, but the company is in quite the down trend.

[zemario]

Not sure what you're saying, since your on my ignore list, but I bet it's something stupid. 

ROFLMAO. It's funny because it's true.

[Ducky1]

Overstock and CEO buying bitcoins after all:

http://www.reddit.com/r/Bitcoin/comments/1wl7xp/patrick_byrne_retracts_statement_that/