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Last week was another tumultuous one – we made it, barely.
But the ups and downs the market's experiencing almost pale in comparison to what's been happening to one online retailer who's been feeling the heat.
I'm talking about Overstock.com Inc. (Nasdaq: OSTK).
The stock took off last October and has since been on its own roller-coaster ride.
Shares spiraled downward 25.2% the second week of March. As of January, the stock's down almost 50%. It tried to bounce and failed, tried again, and failed, tried again, and is failing.
The news on Overstock.com isn't good.
Between rapidly declining revenue, down nearly $25 million before taxes, and their low sales relative to competitors like Wayfair Inc. (NYSE: W) and Amazon.com Inc. (Nasdaq: AMZN), Overstock.com could be headed into a brick wall.
That's just the on-the-surface news. There's something darker going on behind the curtain.
Here's what's happening with the retailer that boasts the "best deals online."
Overstock's Controversial ICO
Overstock.com is circulating a cryptocurrency private placement offering. That means it's out drumming up investor interest in an initial coin offering (ICO).
That's how some cryptocurrencies initially come to market. Investors, usually accredited investors or insiders, are offered coins for cash, and then the public gets a chance to jump on the bandwagon. The initial investors want the public to buy the coins at higher and higher prices, lifting all boats for all coin investors – especially the insiders.
It only takes 10 minutes a week to double your way to $1 million: This strategy doesn't require any special training – yet it could potentially put $1 million in your bank account faster and easier than you ever dreamed…
That's not crazy; it's just not mainstream and not what public companies do, though some have tried it lately.
About the Author
Shah Gilani is the Event Trading Specialist for Money Map Press. In Zenith Trading Circle Shah reveals the worst companies in the markets - right from his coveted Bankruptcy Almanac - and how readers can trade them over and over again for huge gains.Shah is also the proud founding editor of The Money Zone, where after eight years of development and 11 years of backtesting he has found the edge over stocks, giving his members the opportunity to rake in potential double, triple, or even quadruple-digit profits weekly with just a few quick steps. He also writes our most talked-about publication, Wall Street Insights & Indictments, where he reveals how Wall Street's high-stakes game is really played.