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You probably heard a lot about Patrick Byrne recently. He is CEO of Overstock.com and was also the most hated man on Wall Street in 2007. He owns the website DeepCature.com, which is well-known as a blog to battle corruption from Wall Street to the government. This time, the visionary discusses about the cryptocurrencies evolution.
You can watch the Overstock.com CEO Patrick Byrne video below which he gave a Keynote Address entitled “500 Years of Liberalism from the Netherlands to Cryptocurrency”.
In the presentation, he talked about the two centralized institutions, central banking and central counterparty clearing (CCC): DTCC, and how cryptocurrencies can solve the problem of the centralized institutions. The problem with central banking is fractional reserve banking, that means bank can take in 2 dollars in deposits, but then it can loan out 20 dollars. The currency’s value could be decreased anytime as the government has the ability to print more bills. As the money is manipulated, people are pushed to the stock market but the market is also manipulated by the same forces. CCC is the process of clearing, Patrick said there are far more slops in the financial systems that underlie the transfers of property and titles in our society than we can imagine. The systems often lose track of who owns what. Therefore, crypto is the answer for the question “What system respects the consent of its participants while undermining the centralized institutions we have come to distrust?”
If you are wondering how accepting Bitcoin changes Overstock, Patrick Byrne was a supporter of Cryptocurrencies like Bitcoin as its value is decided not by the Fed or the big banks. Overstock is the first major online retailer to accept Bitcoin. “Someday, either zombies walk the Earth or something close to that,” says Byrne, “Bitcoin is the solution.” Coinbase helped implement Bitcoin on the Overstock website, and they did it very quickly since earlier this year. There were 3 phases in the implementation, the first phase is making it live, the second phase is issuing refunds in Bitcoin, the 3rd phase is having international checkout process to accept Bitcoin. There was almost no problem in the implementation and the sales are expected to reach more than 10 million USD in Bitcoin. Of course, the number of purchases by Bitcoin is growing steadily each month.
For more details, you should watch the video above, it is more than 1 hour long but it will be worth your time. I was educated about Bitcoin and economics in Patrick’s viewpoints. Don’t forget to leave a comment below after watching the video, you also can follow Patrick Byrne on Twitter to get more updates from his activities.
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