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Overstock founder and CEO, Patrick Byrne, is leaving the retail business to focus on the blockchain because he believes it is a disruptive technology that will transform the world.
"The blockchain revolution has more potential than anything we've seen in history," Byrne told Fox Business on November 26 (video below). "It's bigger than the Internet revolution, how it will restructure society."
The guest of Fox Business Stuart Varney – an alum of the London School of Economics – asked Byrne how he can be so optimistic when cryptocurrency prices have plummeted recently.
Byrne: I do not care about changes in daily prices
Byrne said that focusing on the minutiae of the daily bitcoin price movements is losing sight of the forest for the trees. "What the coins do on a given day is silly," he joked.
Byrne announced in 2014 that it wanted to make a leap from retail to the blockchain, and made tremendous progress on this front. "We now have very interesting positions in 19 blockchain companies," he said.
One of these initiatives involves an investment of 6 million dollars in a blockchain-based open source encryption network called Minds.
As reported by CCN, Minds is a blockchain-based alternative to Facebook, Twitter and YouTube owned by Google that promises strict user privacy and absolutely no censorship.
Patrick Byrne said that 2019 will be a revolutionary year for the industry.
"Next year we will see Blockchain start producing products in the world," he said. "You will see the blockchain products in the first quarter."
When asked what we can expect to see in 2019, Byrne replied: "You will be able to exchange security tokens, there is a new class of securities that are called security tokens."
& # 39; Every action will be thrown to & # 39;
Byrne recalled that Robert Greifeld – the president of Nasdaq – predicted in November 2017 that every action and bond on Wall Street today "could be" tokenized. "In five years, everyone Sara tokenized, "promised Byrne.
He added: "The architecture of Wall Street as we know it will be deprecated in five years and replaced with security tokens, if it is true, we have built … the New York Stock Exchange of that world. last four years and 100 million dollars to build it ".
When asked why a security token is superior to a security, Byrne said that it is because of three things:
- 90% lower friction costs.
- Complete transparency for regulators.
- Immunity from market manipulation. "All kinds of trouble occurring in the current version of Wall Street can not go on in a blockchain version of Wall Street," he said.
Byrne has admitted that a big drawback of bitcoin mining is its high cost, but he said his companies are involved in a project called Raven Coin, "which has a very different energy profile".
Tim Draper: "Bitcoin is bigger than the Internet"
In his exuberance for cryptographic technology, Patrick Byrne reflected the unbridled enthusiasm of billionaire Tim Draper, who recently doubled his $ 250,000 bitcoin price target for 2022.
In April 2018, Draper said that the bitcoin is "bigger than the Internet". The venture capitalist – who was an early investor in Tesla, Hotmail and Skype – said that bitcoin will be "bigger than all those combined", as reported by CCN.
"This is bigger than the Internet," Draper hissed. "It's bigger than the iron age, the Renaissance, it's bigger than the industrial revolution, it's about the whole world and it's going to be more quickly and more widely influenced than you've ever imagined."
Draper is not surprised by the recent market crash and remains confident that the global economy will soon pass to the crypt, as reported by CCN.
"It will be better for people," he said. "They will move to the crypts and they will leave the political currency (fiat), which is how it will move."
So, how confident is Draper in the future of cryptography? So confident that he is still mocking the entire stock of 40,000 bitcoins he acquired in 2014 at $ 600 a piece. "This is a new society, and you want to get out of it," he said.
The millionaire Tim Draper Unfazed By Bitcoin Crash, the bold votes Crypto will exceed the money of Fiat https://t.co/WAYdcuihKK
– CCN (@CryptoCoinsNews) November 27, 2018
Featured image from Youtube.
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