Patrick Bryne Sells Cryptographic Snake-Oil

[rampage101]

Article says the Overstock CEO promoting Bitcoin may not be that great after-all. Overstock is nearly bankrupt as a company:

http://bitcoinpricelive.com/patrick-bryne-cryptographic-snake-oil/

Thoughts?

[trader001]

Taking desperate measure to increase sales to keep his company alive.

Competition among online retailers are fierce. I am surprise he is able to keep overstock afloat this long.

[Serge]

if Overstock can build legit GLBSE-like system - more power to them, if they convince regulators that is.

[cellard]

How is Bitcoin benefiting for large merchants like Overstock and whatnot if all they do is exchange for FIAT and pay with FIAT to everyone involved? Is this really helping the btc economy, hindering it or neutral? The only direct positive thing for bitcoin is the advertisement a big brand like Overstock creates.

[drrussellshane]

How is Bitcoin benefiting for large merchants like Overstock and whatnot if all they do is exchange for FIAT and pay with FIAT to everyone involved? Is this really helping the btc economy, hindering it or neutral? The only direct positive thing for bitcoin is the advertisement a big brand like Overstock creates.

Overstock actually keeps 10% or so in bitcoin.

[QuestionAuthority]

I met him yesterday at the Inside Bitcoin conference in Las Vegas. Talking with him for just a few minutes convinced me he's at least a little bit nuts. At best he says things that are far fetched and at worst he says things that are simply wrong. I'm not sure what to think about him supporting Bitcoin. Having him around is good for exposure and media hits but how many normal people believe the same thing about him that I do? "See I told you Bitcoin was for fringe kooks. That Patrick Byrne guy loves it."

[TrailingComet]

I don't care to be honest. Btc needed the PR at the time which he provided. For that I will always think well of him and be grateful.

[Guido]

I really like the guy.

If you look into all the obstacles he has fought and climbed over he is very admirable.
http://www.wired.com/2014/02/rise-fall-rise-patrick-byrne/