Patrick

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Disrupting the Dollar, Gold vs Bitcoin, Marvelous Montauk —The Ledger16
On the shores of foggy Montauk, tech and finance executives gathered last week at Fortune’s Brainstorm Finance to talk about big ideas. Notably, they explored how the ethos of Silicon Valley is seeping into Wall Street, and asked whether big banks will be displaced--or if the old guard of the financial world will simply appropriate new tech tools to stay in control for decades to come.
Cryptocurrency Scammer Dubbed ‘Coyote of Wall Street’ Pleads Guilty15.6
By CCN Markets: A scammer that called himself the “coyote of Wall Street” has admitted to telling clients he would invest their money in cryptocurrency only to keep it for himself. Patrick McDonnell, a 46-year-old from Staten Island in New York, pleaded guilty to one count of wire fraud on Friday. He explained to U.S. District Judge Nicholas Garaufis, in comments reported by Bloomberg, that he spe...
Libra: If Facebook And Bitcoin Had A Baby
Back in December of 2017, during its rapid ascension, we published a detailed research article discussing our issues with bitcoin. We called that note, "The Safe(r) Way To Play Bitcoin" and it can be re-read here. Within two weeks of our fairly negative note, the price of bitcoin nearly doubled. How's that for bad timing? Feel free to look at some of the commentary we received at the time of that ...
Coinbase CFO & Overstock.com CEO: Security Tokens Are the Future92.4
By CCN Markets: What do Coinbase Global CFO Alesia Haas and Overstock.com CEO Patrick Byrne have in common? Both believe that security tokens are the future, according to a panel discussion hosted by Fortune. Now that blockchain startup fundraising is in its second act, Byrne expects that security tokens will be the next “killer app.” Byrne’s Overstock.com was one of the first movers among merchan...
Facebook’s Libra Cryptocurrency and Its Generational Divide — Data Sheet10
Facebook's Libra announcement notwithstanding, a generational divide--attributed more to commercial interests than age--remains between Team Blockchain/Cryptocurrencies and Team Traditional Finance. Over and over at Fortune's inaugural Brainstorm Finance conference in Montauk, N.Y., Wednesday the chasm was clear. One side believes nearly religiously in a future that is nifty but has demonstrated n...
These Websites Help You Shop With Major Retailers Using Cryptocurrency
Cryptocurrency users are often forced to convert their coins to fiat in order to purchase items from leading retailers and ecommerce platforms such as Walmart and Home Depot, Amazon, Aliexpress, and Ebay. The hesitation of these merchants to embrace crypto payments has created a niche that’s being occupied by online businesses that are bridging the gap. They take care of your order, arrange the sh...
Facebook’s Cryptocurrency Ambitions Provoke Heated Debate—The Ledger42
At a dinner last week, The Ledger observed Michael Casey and Paul Vigna, coauthors of The Age of Cryptocurrency and its blockchain sequel The Truth Machine, get into the sort of row that only coauthors (and perhaps long-married spouses) know. Casey downplayed Facebook’s seemingly omnipotent advantage in getting its cryptocurrency adopted and used, saying its incumbent position will not guarantee s...
Overstock CEO responds to concern after selling off 900,000 founders shares6
Overstock.com CEO Patrick Byrne said he sold off about 900,000 “founders shares” in the company to fund other projects, including investments in Blockchain technology. The sale drew concern from shareholders, which led Byrne to make a statement on the sale of personal shares, claiming he had previously told shareholders he would be making “significant sales” last year.
Overstock Insiders Revolt After Crypto-Crazed CEO Dumps 900,000 Shares22.8
By CCN: Overstock CEO and crypto enthusiast Patrick Byrne felt the need to defend his sale of about 900,000 shares of company stock. Byrne wrote a letter defending his decision, as news of his choice had reportedly sent insiders into a tizzy and dropped O shares about 16% earlier in the week. Overstock Stock Price Recovers After Mid-Week Slump Byrne explained in a public letter that he was investi...
How Bernie Sanders and AOC Would Spend Danica Patrick’s Money25.2
By CCN: A Boston Celtics fan showed his class at a playoff game, refusing to accept money for a drink he got for retired racecar driver Danica Patrick. Aaron Rodgers, Patrick’s boyfriend and NFL great, missed the whole thing. Danica still got it. #NBA #NFL #Danica pic.twitter.com/SvfwpdKdiz — insecure Al (@insecure_al) May 9, 2019 Given the zeal with which socialists Bernie Sanders and Alexandria ...
GSR Capital closes investment in tZERO; invests $5 million instead of $400 million
Hong Kong-based GSR Capital has closed investment in Overstock’s security token trading platform tZERO, CoinDesk writes. The company received only $5 million in funding. Originally, per the agreement signed last summer, GSR was supposed to invest more than $400 million in tZERO. Afterwards, the funding was lowered to $100 million in March, and it went down to $30 million a month later.
How Not To Invest
I found myself in a cramped study room, over-illuminated by headache-inducing fluorescent lights. Across from me sat two impeccably dressed investment banking associates. This was my first real interview, and I was determined to win a job on Wall Street. Associate 1, a man in his early 30s, never blinked and spoke with an impassioned cadence that reminded me of Patrick Bateman's monologue on endin...
This Is Why You Shouldn't Dump Your Shares Of Overstock.com
Overstock.com (OSTK) has a solid online retailing business and a bright future hidden in the Medici Ventures (MV) division. Valuing OSTK based on profitable periods results in an average PE ratio of ~40x. Bear in mind that it is not Amazon (AMZN), which would make you think that it is overvalued. But a success in advancing tZERO, flagship of MV, could lead the company to annual profits of at least...
Overstock Could Double From These Levels In 2019
Overstock (OSTK) is hated by investors, and rightfully so. Attempting to read the company's 10K or annual report is an out-of-body experience. You know the report you are reading is about a retail company, Overstock.com, but you spend 80% of your time reading about Medici/TZero and Blockchain. Overstock has invested over $200M in what the CEO believes will change the world. He has likened it to Co...
Drug dealers who relied on Bitcoin’s ‘anonymity’ get 30 years behind bars62
Members of a Bitcoin-fueled drug ring that used the dark web to import crystal meth into the UK have been sentenced to more than 30 years behind bars. Most drugs were imported from Canada in a popular comparison website’s freebie toys. The group is believed to have sold more than 1 kilo of controlled drugs – including cocaine and ecstasy – worth tens of thousands of pounds during a fourth-month pe...
tZERO still negotiating funding from Makara and GSR Capital; misses mid-April target
tZERO, Overstock’s blockchain subsidiary, has failed to meet its mid-April goal to raise a $100 million in funding, according to a shareholder letter dated April 18. The company is still negotiating the investments from Makara and GSR Capital, the latter of which already has a binding funding obligation for $30 million due May 6 following an earlier security token purchase agreement. 
10 Books in Business and Journalism You Should Read This Spring8
The days are longer and the sun is out later, and while that might seem like a prime time to get out of the house, that doesn’t mean you have to leave your books at home. This spring is already fruitful for the publishing industry, still riding the success of semi-recent releases like Michelle Obama’s memoir Becoming and Delia Owens’s novel Where the Crawdads Sing. Looking forward, there are a num...
Bain Capital Ventures, Ripple Xpring invest $1m in ‘untraditional’ fund offering early-stage funding
Bain Capital Ventures and Ripple Xpring have invested a combined one million dollars in Robot Ventures, according to CoinDesk.  Robot will provide young crypto entrepreneurs with pre-seed capital, whiteboarding and product strategies, according to a blog post by Robot Venture's founder, Robert Leshner (who is also CEO of open-source DeFi protocol Compound Finance and has an existing network in the...
Bitcoin Cash Price Bullrun Continues After Hitting $300 Again16
Based on the current cryptocurrency momentum, it will be interesting to see which markets can remain afloat over the coming days. Although Bitcoin is still in the green, it dropped below $5,000 once again. Interestingly enough, the Bitcoin Cash price sees this as a signal to turn bullish yet again. Most of its gains are still intact, and it seems the $300 level will hold true for some time to come...
New York Fraudster Faces 20 Year Sentence for Facebook Crypto Scam42
New York resident Patrick McDonnell AKA “Jason Flack” was arrested and charged with nine counts of wire fraud in a Brooklyn court on Tuesday. McDonnell allegedly convinced others to “invest” in cryptocurrency through Facebook and Twitter, stealing the money for his own use and providing false balance statements in return. Scammer Ran Facebook & Twitter Crypto Scam from Staten Island Home McDonnel ...
CabbageTech owner charged with running $200K cryptocurrency and cash swindle24
The operator of New York-based company CabaggeTech has been accused of defrauding investors out of more than $200,000 in cash and cryptocurrency, according to a nine-count indictment unsealed in federal court in New York, on Tuesday. Patrick McDonnell, also known as Jason Flack, is thought to have defrauded at least 10 victims of approximately $194,000, 4.41 Bitcoin ($17,706.11), 206 Litecoin ($12...
First Mueller, Now the Wall: Trump Slaughters Democrats at Every Turn13.2
They failed to bring down Brett Kavanaugh. They failed in their lies regarding the President’s collusion with Russia. Now, the Democrats have failed to stop work on the long-awaited Trump wall. The Army Corps of Engineers has been authorized to build nearly 60 miles of 18-foot fencing in El Paso, Texas, and Yuma, Arizona as part of ongoing work on Trump’s U.S.-Mexico border wall. Acting Defense Se...
Is Google a Hypocrite for Developing China’s Artificial Intelligence?22.8
Google will meet next week with America’s military brass to allay Washington’s concerns that it’s helping China’s artificial intelligence (AI) program while refusing to assist the Pentagon with tech initiatives. Chairman of Joint Chiefs of Staff General Joseph Dunford said on Thursday that the internet giant is “assisting the Chinese military in advancing technology,” and such an effort “is not in...
Overstock not to sell retail business, plans blockchain business growth
Overstock planned on selling its retail business this year in order to embrace blockchain fully. However, it seems the company might not be making that move anytime soon. Patrick Byrne, Overstock CEO, discussed its potential profitability during Overstock’s Q4 2018 earnings conference call, CoinTelegraph writes. According to Byrne, retail is going to bring substantial revenue in 2019. He predicted...
A Unique Approach To Trading Markets With The Equity Management Academy (Podcast)
After 30 years working as a trader in New York and Chicago, Patrick MontesDeOca founded The Equity Management Academy out of a deeply held belief in the power of education to change investors' financial outcomes. The Academy’s objective is to help all levels of traders from beginners to veterans become more effective at transforming knowledge into wealth. The centerpiece of the Academy is embodied...
Bitcoin Fundamentals Boom Amid Crypto Winter: Why Hasn’t BTC Caught Up?
It isn’t a secret that the fundamentals of the cryptocurrency space are looking rather hot. Spencer Bogart of Blockchain Capital told Bloomberg TV that this nascent space is still rife with innovation, talent, and capital. The prominent crypto investor explained that the levels of entrepreneurial talent and institutional interest hasn’t ceded with the Bitcoin price, leading him to determine that t...
A Forensic Analysis of Blockchain Surveillance Companies
Blockchain analysis is big business. The U.S. government alone has spent $6 million on transaction mapping tools, while cryptocurrency exchanges routinely partner with compliance companies that promise to track and trace the origin of customer funds. Hated by many bitcoiners, blockchain forensics is a controversial field with a plethora of players. The following analysis shines a spotlight on the ...
Canadian Financial Institution: Bitcoin (BTC) Could Revisit $20,000 By 2021
Researchers at Canaccord Genuity Capital Markets, a Vancouver, Canada-based financial institution, recently released a research note regarding Bitcoin (BTC) and the cryptocurrency market. Interestingly, they were slightly bullish. Or by some other measures, they were rather optimistic — too optimistic even. Per MarketWatch, who broke down the report, “HODLers […] could be set for a change in [thei...
Silicon Valley’s inequality machine: a conversation with Anand Giridharadas122
Editor’s Note: Technology, startups, entrepreneurship, unicorns, S-1s. Silicon Valley has created an economic engine unlike any other in the world over the past few decades. That success has come with incredible influence over our society, politics, and economy, an influence that is increasingly under the microscope. Our industry has gained outsized power, and now it needs to meet that power with ...
Rehypothecation: BTC’s path to becoming king of collateral6
Concerns about rehypothecation in layer 2 protocols for Bitcoin are overblown. We don’t need to fear rehypothecation, we just need to accurately price its risk premiums. There’s inflationary and deflationary forms of derivative open interest. The deflationary version comes in the form of fully-backed synthetic cash positions, which fuels Bitcoin Dollarization and gives a sensible valuation-growth ...
Weekly Commentary: Delusional
February 8 - Bloomberg (Brian Chappatta): "Bond traders are dusting off their tried and true post-crisis playbook after the Federal Reserve's pivot last month. What they don't realize is that the game has most likely changed. In an unabashed reach for yield, investors suddenly can't get enough of the riskiest debt, with the Bloomberg Barclays U.S. Corporate High Yield Bond Index posting a staggeri...
Seven Fixes for American Capitalism
For the past few decades there’s been a rough consensus about how to run a modern capitalist economy. Trade should be free. The gold standard is archaic. Antitrust should protect consumers rather than punish bigness. Tax rates should be (modestly) higher for the rich. Government should run big deficits during recessions to support growth but get frugal during good times to reduce debt. Republicans...
On Risk Symmetry and Code is Law
Skin in the game is a foundational concept in the context of crypto networks. Stakeholders have skin in the game through owning tokens of monetary value, and are as a result financially incentivised to collectively work for a network. Its a powerful concept and a means to ensure risk symmetry, which is the notion that when people take on risk , they are directly exposed to both the potential upsid...
Exclusive: Markets Will Take Time to Digest 2018 ‘Crypto Meltdown’, Says Former Morgan Stanley MD25.2
By CCN.com: Patrick Springer spent 20 years working for Morgan Stanley as an investment specialist. Specifically, his job was to help institutional investors make informed decisions in global equity markets. Now, despite the bitcoin market meltdown, he’s flung himself headlong into crypto becoming an advisor for Polybird Exchange. Why? Because “it’s important for people to challenge
Trading of tZERO’s Security Tokens is Now Live
The tZERO trading platform has just announced that secondary trading of its security tokens that were distributed to investors earlier this month, is now live. Accredited investors can now trade tZERO security tokens with other accredited investors through a digital securities brokerage account at Dinosaur Financial Group, LLC. The latter will acts as a broker-dealer. The firm has partnered with P...
Overstock.com’s tZERO Completes Issuing its Security Tokens To Investors
tZERO is a part of Overstock.com’s blockchain subsidiary of Medici Ventures. Founded in 2014, tZERO has the ultimate goal of revolutionizing traditional Wall Street operations using blockchain technology. To create the tZERO platform, a securities token offering (STO) was carried out from December 2017 to August 2018. A total of $134 Million was raised from the STO that had over 1,000 global inves...
STO Market Outlook 2019
If 2017 was the year of the utility token, with ICO’s raising more than $5.6B, 2018 will be remembered as having paved the way for a new generation of security tokens. Issuers and investors continue to remain curious about the benefits of tokenization such as increased liquidity, fractional ownership, decreased issuance costs, innovative structures and greater pricing efficiency. After conducting ...
Why Bitcoin Looks More Like Money Than Ever
When Ohio announced in late November that it would begin accepting bitcoin as payment for business taxes, becoming the first state to do so, it struck many as an odd move. True, it was once common to call bitcoin “digital cash” and to tout its usefulness for payments. Having spent 2017 charting the cryptocurrency’s climb to $20,000 and this year watching its fall from orbit, though, many observers...
Cryptocurrency Viability Analysis 2018 Q4-5.8
Cryptocurrency market continues to plunge with major currencies losing over 40% market cap in just a span of one month (From the second week of November 2018 to the second week of December 2018). Bitcoin’s dominance over the marketplace escalates while the bearish momentum is still lurking. Despite the slowdown in the trade, visionaries like Tim Draper, Peter Lynch, Bill Gates, Jack Dorsey, Patric...
Top 15 STO Agencies and Resources-3.76
Without a doubt, initial coin offerings (ICOs) changed the investment landscape all around the globe. This more open form of investing gave a huge jolt to the crowdfunding movement and in turn has raised nearly $14 billion since 2014, spread across thousands of companies. ICOs were exactly what the blockchain world needed to launch itself into the mainstream, but what it didn’t need were all the n...
AWS wants to rule the world278.39
AWS, once a nice little side hustle for Amazon’s eCommerce business, has grown over the years into a behemoth that’s on a $27 billion run rate, one that’s still growing at around 45 percent a year. That’s a highly successful business by any measure, but as I listened to AWS executives last week at their AWS re:Invent conference in Las Vegas, I didn’t hear a group that was content to sit still and ...
Overstock Still Bullish On Blockchain, Global Adoption In Its Grasp18.73
Since Bitcoin’s earliest years, Patrick Byrne, Overstock’s chief executive, has been an outspoken, even zealous advocate for blockchain technologies. And interestingly, Byrne has brought this belief to his business, imbuing Overstock, a prominent internet-focused retailer, with the qualities of a crypto-friendly firm. For one, Byrne mandated for his firm to accept Bitcoin (BTC) in early-2014, whil...
Overstock To Sell Its Retail Business And Focus On Crypto, Shares Surge 26%14.37
After two decades of selling furniture, décor and anything in between, Overstock is finally selling off its retail business. And it’s doing this so that it can focus on cryptocurrencies and blockchain technology, the CEO revealed today. At a time when cryptos have experienced a bloodbath, Overstock’s decision to go all in will give many in the industry hope that the fortunes could turn as we head ...
Full Crypto: Overstock CEO Patrick Byrne Selling Retail Business to Focus on Blockchain43.62
Overstock’s highly-touted tZero project has been something of a money pit for the company, costing nearly $170 million in overall development costs with no live product yet available. Medici Ventures, Overstock’s blockchain investment arm, has acquired additional subsidiaries on the order of several more millions of dollars in an effort to expand its crypto portfolio. The
More Stamps Global: The Only Travel Agency that Accepts Over 40 Cryptocurrencies-9.24
With many crypto enthusiasts and traders having a fair share of their net worth in cryptocurrencies, the need for an avenue to travel seamlessly using Bitcoin (BTC) and other prominent cryptocurrencies has never been greater than now. With the holiday season about to kick off after Thanksgiving, travelling to unwind after a long year will definitely be on the minds of many around the world.
Price Predictions Roam Free As Bitcoin Stabilizes Above $4,50025.37
Since the crypto industry’s monumental rise to prominence on a planetary stage, pundits and consumers alike have sought to predict where Bitcoin (BTC), a mechanism to achieve financial freedom, is bearing. While some have succeeded, by luck or other means, other wannabe soothsayers haven’t seen an ounce of success, to put it lightly. Regardless, in this market’s most recent downturn, which began a...
Pro-Blockchain Candidates Kick Ass in the Midterms64.2
Democratic Rep. Jared Polis won the Colorado gubernatorial race yesterday, becoming the first openly gay person to be elected governor in the U.S. It was a huge win for progressives, but also for distributed-ledger tech devotees: Polis is an avowed fan of blockchain and cryptocurrency. In 2014, he—tongue firmly in cheek—urged a ban on the U.S. dollar in response to West Virginia Sen. Joe Manchin’s...
When Blockchain Meets Politics: A Midterms Roundup-7.75
The midterms are finally here, and for the next 24 hours (at a minimum), the media will be in the grip of election fever. BREAKER is not a politics news site—go somewhere else for intrigue from Iowa’s 3rd District—but we do have some politically themed coverage for you. Over the last few months, we’ve published several stories looking at where politics and blockchain technology collide. Below, we ...
Satoshiversary: A Complete Guide to Bitcoin’s Tenth Birthday-9.68
In honor of the bitcoin white paper‘s 10th anniversary, we took a long look at Satoshi’s legacy. From the man who claimed the author’s identity to early developers who helped make bitcoin what it is today—to examinations of what it even is today—here’s what you need to know about bitcoin since its emergence on October 31, 2008. We’ve rounded up everything we and other news outlets wrote to honor b...
Blockchain And Water: Everything You Need To Know.-7.83
It’s hard to imagine a single day without running water. Well, 4 million people woke up to this living nightmare in Cape Town, South Africa last year. Officials predicted the city had 6 months of reserves left. Through collective action and some unusually lucky rainfall in the region, they narrowly avoided running out of water. This is not the end of South Africa’s water problems. Climate change a...
Blockstack Looks to Boost Decentralized App Usage Through New App Mining Program24.76
As a company looking to give users full control over their digital rights, Blockstack is piloting a new app mining program that encourages designers to create new applications directly on Blockstack’s platform and earn rewards in bitcoin. The goal is to expand the decentralized app ecosystem while financing developers who build the most popular applications.
Overstock’s Blockchain Unit Invests $6 Million in Crypto Social Network ‘Minds’84.4
Overstock.com Inc.’s blockchain subsidiary, Medici Ventures, made a $6 million Series A investment in Minds, an open-source, blockchain-based crypto social network. Under the partnership, Overstock founder and CEO Patrick M. Byrne joined Minds Inc.’s board of directors. “There has been increasing excitement in recent years over the power of blockchain technology to liberate individuals and organiz...
Four Court Cases Confirm Cryptocurrencies Are Commodities in the US47.15
Cryptocurrencies are commodities, according to four court cases involving the U.S. Commodity Futures Trading Commission (CFTC). A federal judge recently ruled that a token is a commodity, certifying the CFTC’s authority to prosecute fraud and manipulation in the crypto space. In her ruling, the judge cited three other crypto-related cases that arrive at the same conclusion.
SEC, CFTC, FBI Take Action Against Bitcoin-Funded Securities Dealer 1Broker13.35
Three U.S. agencies have taken action against international bitcoin-funded securities dealer 1pool Ltd., aka 1Broker. The Securities and Exchange Commission (SEC) says 1Broker violated federal securities laws. The Commodity Futures Trading Commission (CFTC) says it violated the Commodity Exchange Act. Meanwhile, the company says it is working on letting customers withdraw their funds.
Overstock: Progress Since Q2 Creates Danger For Shorts-9.31
Despite the 28% drop in the stock since the positive Q2 announcement, Overstock (OSTK) remains a buy. In fact, I believe today’s buying price is far more appealing than when I originally wrote about the company, then trading at $38. My last Overstock article was published in July. In it I outlined my summary of the bullish arguments for the stock. In short, the assets - I argue - are worth $54 per...
Wyoming’s Crypto Cowboys: First State Hackathon Lures 27 Teams10.75
Over nearly three days on the University of Wyoming campus in Laramie, more than two dozen hacker teams competed for cash and prizes in the state’s first ever Wyohackathon: Breakin’ Through. Organized by the Wyoming Blockchain Coalition, the event included speakers from industry luminaries, and all three of the state’s gubernatorial candidates made an appearance.
Overstock to Offer Bitcoin for Sale After Acquiring Bitsy.com Biometric Wallet29.92
Medici Ventures, a blockchain/crypto specific division of Overstock.com, has acquired Bitsy.com in an effort to finally merge the worlds of online retail with decentralized, digital cash facilitated by the Bitsy’s new biometric wallet. The Crypto Winter, assuming it ends at some point, might be best defined by what companies in the space did to prepare for the future, to consolidate and increase r...
According to Trevor Koverko Security Tokens Are the Next Major Trend in Crypto1.38
ICO was so last year. In the US anyway. The implications of this are both depressing and encouraging at the same time. For retail investors, among other things, this means shaking out the scammers and the bad actors. Yet, in many cases, it also means shaking out the retail investors. These days, just because a company holds an STO doesn’t guarantee them success.
Overstock CEO Sells $20 Million in Shares, Cautions Not Related to Cryptocurrency27.7
Cryptocurrency, Bitcoin (BTC)–The CEO of Overstock.com, one of the earliest digital storefronts to accept cryptocurrency and still one of the largest to date, sold 10 percent of his stock last week totaling more than $20 million in a report by CNBC earlier today. According to the filing by the SEC,  Patrick Byrne sold $20.7 million worth of Overstock share in two lump sums. Stock prices fell sharp...
N.Y. Judge Rules in Favor of CFTC, Permanently Bans Crypto Startup12.39
A New York judge has issued a court order permanently banning a New York-based crypto promoter whose firm was accused of defrauding investors and failing to deliver on its promises. In his ruling, Judge Jack Weinstein stated that the crypto firm, CabbageTech Corp., had defrauded investors using false statements, and ordered its operator, Patrick McDonnell, to pay more than $1 million in restitutio...
$1.1 Million Landmark Crypto Fraud Case Establishes CFTC Jurisdiction12.98
The US Commodities Futures Trading Commission (CFTC) helped bring a fraud case to court, hoping to both assist in its ultimate prosecution and establish precedent. The New York Eastern District Court decided in the CFTC’s favor, ending in a combined over $1.1 million decision in fines and restitution. It also established the regulator as having jurisdiction over cryptocurrencies.