Overstock investing in altcoins- Take your guess which ones?

[poloskarted]

The swing in the value of our cryptocurrency holdings is attributable to the sale of some of our non-bitcoin cryptocurrencies, the use of some of our bitcoin to pay for services including our membership in the Chamber of Digital Commerce, and changes in the market," he said.

He went on to clarify that the company "holds more than just bitcoin", but did not clarify which digital currencies Overstock has invested in.

Bagley stated that, in its quarterly filing, the holdings are considered a part of the same asset class.

"We’ve invested in other cryptocurrencies over time, and for the purposes of the SEC filing, we lump them all together," he continued.

Source:http://www.coindesk.com/overstock-reports-over-100k-in-bitcoin-losses-for-q1-2015/


Did they invest in a basket of Pumpers Picks, went all in on Bitswift, or took a tentative stake in Bytecoin in the hopes of being a majority stakeholder one day and earning big bucks    ?

What coins might Overstock be accumulating and which coins did they dump like a sack of hot shit as they were burning a karpeles-sized hole in their wallet?

I'm interested in the forums opinions

[1714038942]

1714038942

[Hollowman338]

Probably the few legit ones like NXT.

[TaunSew]

Probably the few legit ones like NXT.

Yeah someone who runs a professional multinational  is going to buy a bunch of coins from two anonymous Eastern European Gopnik Bros, who put backdoors in the code (see bitcoin developer Jeff Garzik on NxT).  Also all the numerous thefts and ponzis that occur in the NXT ecosystem.   Overstock may as well be buying bridges in Somalia.

Last thing Overstock is going to do is buy scam shit like NxT, Aurora and PayCoin.

[The Sceptical Chymist]

Overstock is in the business of reselling items, and I don't believe they're accumulating cryptocurrency.  There's an advantage to using it for them, but I can't imagine they're just going to sit on it and not convert it to USD.  They pay their employees and all their bills and everything else in fiat.  Make sense?

They probably take litecoin and dogecoin, but who knows.

[EvilDave]

Probably the few legit ones like NXT.

Yeah someone who runs a professional multinational  is going to buy a bunch of coins from two anonymous Eastern European Gopnik Bros, who put backdoors in the code (see bitcoin developer Jeff Garzik on NxT).  Also all the numerous thefts and ponzis that occur in the NXT ecosystem.   Overstock may as well be buying bridges in Somalia.

Last thing Overstock is going to do is buy scam shit like NxT, Aurora and PayCoin.

It's like paying Whack-a-Mole with the worlds most hopeless rodent:

Jeff Garzik, one of the developers of Bitcoin and possibly the future lead developer, determined there are probable backdoors in the NXT source code.

NxT was a scam where its' founder owns at least 400 million NxT.   

It's called TaunSew and is incapable of coming up with any new material:

Hashes do not match, the "open source" NXT that is available to download is not the same as the NXT that everybody downloads on their desktop, which contains probable backdoors (which explains much of the thefts which occurred within NXT since launch).

Jeff Garzik covered this ages ago

https://twitter.com/jgarzik/status/511928969000943616

NXTers deny / refuse it but that's the power of running an internet cult.  Jeff Garzik has nothing personal against NXT.  He's a developer for BTC, possibly even the lead developer if Gavin steps down, and he's doing all sorts of ventures to build cryptocurrency as a whole.

Replying to TS is being increasingly difficult, to be honest, his lies are just.......amazing.
Not to mention the fact that I (and others) have already answered them repeatedly.

Lets start with the thefts from NXT accounts: there have been around 10-12 thefts directly from accounts. Mostly small amounts of NXT, always owing to lousy password security.
In some cases less than 1000 NXT, but even so, it still sucks to lose your funds like that, so we always take theft reports seriously.
We've checked all of the thefts out, and in some cases recovered the funds.
In every case, people lost their NXT by using a well known phrase as password, or a simple ABCDABCD....  repeating pattern.
Since we started beefing up password security a year ago....no more thefts.
Most of the guys/girls/whatever who lost NXT are still involved with Nxt, including the guy who actually had the most stolen (and recovered):
https://nxtforum.org/general-discussion/got-nxt-64-757-stolen-from-my-wallet-%27%28/msg50586/#msg50586
.....and now he's running a NXT-based business and representing NXT at conferences:
https://www.youtube.com/watch?v=c1AmBhjkVQU&feature=youtu.be

The backdoor: If there was a systematic backdoor built into the NXT code, you'd expect to see thefts on a much larger scale.
We've had a shitload of coders look at the NXT code since then, and there is no backdoor to be found.
The NXT dev community comprehensively answered Jeff G, and he hasn't come up with any evidence either.
https://nxtforum.org/general-discussion/a-longer-reply-to-jeff-garzik/
https://nxtforum.org/general-discussion/garzick-attacking-nxt-again/

Anyone who wants to check it out for themselves, and has the necessary skillz.........come on down, rip NXT to pieces and find that backdoor code:
https://bitbucket.org/JeanLucPicard/nxt/downloads/

Just to finish off here, 'coz I'm getting tired and grumpy........if you want to see exactly how NXT works:
http://jnxt.org/nxt/
Log in to this test NXT client with the alias 'nxt' and take a good look at what Nxt has built over the last 2 years.

NXT isn't a scam or a frigging cult, it's a sane, honest and legitimate project, one of the best in crypto right now.

To anyone who is curious about NXT: do your own research, rather than taking the word of bitter, repetitive trolls like TS.
Grrr.....what a little tit.

(And, very sadly, I don't have 50 million NXT either......I've spent the last 18 months accumulating NXT in any way possible, and I'm just getting close to my first million, which makes me happy.)

Have you considered the possiblity that you may have Alzheimers, TS ?
You live completely in the past, yet can't remember stuff that you posted 4 days ago.....

or stuff you posted yesterday, even.
 

[Hollowman338]

I wouldn't sweat him too much, EvilDave.  A good majority of the forum knows this idiot TaunSew all too well now.

[digitalindustry]

Probably the few legit ones like NXT.

Yeah someone who runs a professional multinational  is going to buy a bunch of coins from two anonymous Eastern European Gopnik Bros, who put backdoors in the code (see bitcoin developer Jeff Garzik on NxT).  Also all the numerous thefts and ponzis that occur in the NXT ecosystem.   Overstock may as well be buying bridges in Somalia.

Last thing Overstock is going to do is buy scam shit like NxT, Aurora and PayCoin.

oh fuck i'm sorry but this just made me laugh a lot.

ha ha ha.

"Bridges in Somalia"

"Gopnik Bros"

LOL

[illodin]

What coins might Overstock be accumulating

Quark obv.

[sun64986161]

"At present we do not accept bitcoin payments directly, but use a third party vendor to accept bitcoin payments on our behalf. That third party vendor then immediately converts the bitcoin payments into US dollars so that we receive payment for the product sold at the sales price in US dollars." 

[spazzdla]

FTC, XPM, and more of the old altcoins that had a serious cap during the 2013 bubble would be my guess.

[poloskarted]

FTC, XPM, and more of the old altcoins that had a serious cap during the 2013 bubble would be my guess.

bear in mind that procuring the balance sheet @ http://edgar.sec.gov/Archives/edgar/data/1130713/000113071315000018/ostk-20150331x10q.htm

 shows  $300k investments in cryptocurrencies were made in the past 12 months but prior to the past 3 months of the filing (so before Dec 31st 2015, but after March 31st 2014), and that  the sales were at some time from Dec 31st to March 31st 2015 but not prior, , a loss of $117k was generated (largely due to sales of altcoins)

So whilst they may still be holding FTC and XPM, the market data doesn't seem to support their investment and subsequent sale generating such a loss of those coins.

I have a theory as to which coin they have dumped, but it's anyones guess as to which coins they still currently hold or may be interested in acquiring.

[Nxtblg]

Probably the few legit ones like NXT.

That's likely. Nxt has a robust and seasoned Asset Exchange, which Mr. Byrne prolly considered before going with Medici.

My guess is, Nxt and Ripple.

[Lorenzo]

Overstock is in the business of reselling items, and I don't believe they're accumulating cryptocurrency.  There's an advantage to using it for them, but I can't imagine they're just going to sit on it and not convert it to USD.  They pay their employees and all their bills and everything else in fiat.  Make sense?

"At present we do not accept bitcoin payments directly, but use a third party vendor to accept bitcoin payments on our behalf. That third party vendor then immediately converts the bitcoin payments into US dollars so that we receive payment for the product sold at the sales price in US dollars." 

Overstock uses Coinbase as their payment processor. Both Coinbase and BitPay offer their customers the option to retain a percentage of coins in the form of BTC.

Very few businesses that use them choose to exercise this option. Overstock converts the majority of their received coins to USD but unlike most other businesses that claim to accept BTC, it also keeps a small percentage of these coins as BTC:

US retail giant Overstock lost $117,000 on its investments in cryptocurrencies during the first quarter of 2015, according to the company's latest quarterly earnings report.

Overstock listed its cryptocurrency holdings as valued at $233,000, down from $340,000 on 31st December.

Long one of the largest merchants in the digital currencies space, Overstock had previously indicated that it was holding as much as 10% of its proceeds from such sales in bitcoin.

Link: http://www.coindesk.com/overstock-reports-over-100k-in-bitcoin-losses-for-q1-2015/

As for what altcoins, they might have invested in - I don't know the answer to that. However, Overstock has expressed interest in asset exchanges in the past which sort of gives an indication of where they might have poured their money into:

Overstock.com and its swashbuckling CEO, Patrick Byrne, are hoping to create a new kind of corporate stock based on the computer software that drives bitcoin, aiming to overhaul the stock market in much the same way that bitcoin overhauled how we store and exchange money.

On Tuesday afternoon, Overstock - one of the world’s largest online retailers, with $1.3 billion a year in sales - unveiled a webpage that explores how a public company could issue a "cryptosecurity" to potential investors. In an echo of the bitcoin digital currency, this would be a stock that’s controlled by cryptographic algorithms running across a network of computers owned by people and companies spread across the globe.

This spring, Byrne indicated he would let others build such a system, but the 51-year-old - a three-time cancer survivor - has a way of changing the course of his company as the mood strikes him. Asked if the new wiki showed that Overstock intended to issue a crytosecurity, he stopped short of saying so. "Before we decide if we want to issue a cryptosecurity, we want to figure out if it’s possible," he tells us. But Overstock has already held extensive discussions with the founders of a project called Counterparty, which offers software that could help drive such a cryptosecurity, and if he decides this kind of thing is possible, he intends to "open source" a blueprint of his plan, so that any other company can make use of it.

His efforts are part of a much larger movement that seeks to remake the stock market in the image of bitcoin. Several projects - including NXT, Mastercoin, and Bitshares - are working on software that’s similar to the tools offered by Counterparty, and all are mentioned in the Overstock outline. What’s more, others are looking to apply the bitcoin way to additional financial instruments, including derivatives, and some software developers are even using the idea of bitcoin’s public ledger - known as the "blockchain" - to remake tasks beyond the financial world, including secure online messaging.

Link: http://www.wired.com/2014/07/overstock-and-cryptocurrency/

Their wiki page on how to issue a cryptosecurity mentions the above platforms as well as a few others:

http://www.o.info/How_to_issue_a_cryptosecurity

[Este Nuno]

Probably the few legit ones like NXT.

Yeah someone who runs a professional multinational  is going to buy a bunch of coins from two anonymous Eastern European Gopnik Bros, who put backdoors in the code (see bitcoin developer Jeff Garzik on NxT).  Also all the numerous thefts and ponzis that occur in the NXT ecosystem.   Overstock may as well be buying bridges in Somalia.

Last thing Overstock is going to do is buy scam shit like NxT, Aurora and PayCoin.

Now, in a new interview with CoinDesk, CEO Patrick Byrne has opened up about how Overstock may be seeking to further develop its plans for promoting decentralisation in the global financial market.

The Utah-based e-commerce giant launched a new open-source wiki page on its website on 29th July. Entitled 'How to issue a cryptosecurity', the page provides a broad overview of the topic, and lists the pros and cons of the various major players in the marketplace including Counterparty, Ethereum and NXT. The offerings all allow users to trade securities person to person, without a centralised mediator such as a stock exchange.

http://www.coindesk.com/patrick-byrne-overstock-block-chain-public-stock/



Nice try.

[Spoetnik]

Just by reading the headline I can guess that the loss is from them accepting Bitcoin (not buying Altcoins)

@OP
Did you know the online retailer Overstock accepts Bitcoin on their web site as a form of payment for merchandise ?
Where did you get the idea that the web site owners are investing in Altcoins ?

[tyz]

Guys, lets come back to the original topic. i would put Nxt, Vericoin and BitcoinDark into the basket.

[abstractednerve]

I heard FRK was one.

[poloskarted]

Just by reading the headline I can guess that the loss is from them accepting Bitcoin (not buying Altcoins)

@OP
Did you know the online retailer Overstock accepts Bitcoin on their web site as a form of payment for merchandise ?
Where did you get the idea that the web site owners are investing in Altcoins ?

Yes I did, I've purchased from Overstock using BTC before.
The idea is not an idea but a fact and comes from the quote in the OP (Overstocks director of communication to Coindesk) as well as the SEC filing.
Although they have lost money consistently from holding BTC in the past, actually the loss of $117k here does largely come from the purchase/sale (and depreciation) of altcoins

[TaunSew]

Probably the few legit ones like NXT.

Yeah someone who runs a professional multinational  is going to buy a bunch of coins from two anonymous Eastern European Gopnik Bros, who put backdoors in the code (see bitcoin developer Jeff Garzik on NxT).  Also all the numerous thefts and ponzis that occur in the NXT ecosystem.   Overstock may as well be buying bridges in Somalia.

Last thing Overstock is going to do is buy scam shit like NxT, Aurora and PayCoin.

Now, in a new interview with CoinDesk, CEO Patrick Byrne has opened up about how Overstock may be seeking to further develop its plans for promoting decentralisation in the global financial market.

The Utah-based e-commerce giant launched a new open-source wiki page on its website on 29th July. Entitled 'How to issue a cryptosecurity', the page provides a broad overview of the topic, and lists the pros and cons of the various major players in the marketplace including Counterparty, Ethereum and NXT. The offerings all allow users to trade securities person to person, without a centralised mediator such as a stock exchange.

http://www.coindesk.com/patrick-byrne-overstock-block-chain-public-stock/

Nice try.

That article is from 2014

YOU MORAN!

As well that whole thing was just some wikipedia page and many alternates were on there.
https://www.o.info/How_to_issue_a_cryptosecurity


Looks like the scam artists behind NxT are grasping old moldy straws at this point.  Waiting for their 50 million NxT to be worth something.  

[Este Nuno]

Just by reading the headline I can guess that the loss is from them accepting Bitcoin (not buying Altcoins)

@OP
Did you know the online retailer Overstock accepts Bitcoin on their web site as a form of payment for merchandise ?
Where did you get the idea that the web site owners are investing in Altcoins ?

No, they specifically mention losses from investing in altcoins.

That article is from 2014

Yes, because the loss the reported from investing in altcoins would have been from the last fiscal year I assume.