Overstock’s Path From Dot-Com-Bubble Ruins to Blockchain Ecosystem

On Sept. 19, former CEO Patrick Byrne sold his entire stake in the firm, which accounted for 13% of the company and was worth over $90 million. While the move surprised many, those closely following Patrick’s eccentric personality saw it coming from a mile away.

Overstock was launched in May 1999. In the early days of the internet, it worked as an online marketplace that sold surplus goods from failed dot-com companies. It had a competitive advantage by selling at rates lower than wholesale prices. Its business model still hasn’t changed, selling closeout home decor, furniture, bedding and more.

Thanks to Byrne, Bitcoin was being accepted as a payment option on way back in 2014. In fact, it was the first major retail outlet to do so. Byrne’s love for Bitcoin was fueled by his disdain for Wall Street and mainstream finance. He did not even hold a traditional initial public offering (IPO) but rather raised money directly from investors via a Dutch IPO. Read More...


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