Overstock founder and CEO Patrick Byrne is exiting the retail business so he can focus on blockchain because he believes Crypto is a disruptive technology that will transform the world.
“The blockchain revolution has a greater potential than anything we’ve seen in history,” Byrne toldFox Businesson Nov. 26.
“It’s bigger than the Internet revolution, how it’s going to restructure society.”
Fox Business host Stuart Varney — an alum of the London School of Economics — asked Byrne how he can be so optimistic when cryptocurrency prices have plunged recently
Byrne: I Don’t Care About Daily Price Changes
Byrne said focusing on the minutiae of bitcoin’s daily price movements is losing sight of the forest for the trees. “What coins are doing on any given day is silly,” he quipped.
Byrne is an early adopter. He announced in 2014 that he wanted to pivot from retail to blockchain, and has been making huge progress on this front.
“We now have very interesting positions in 19 blockchain companies,” he said.
Patrick Byrne is affirmative that 2019 will be a groundbreaking year for the industry.
“Next year is when you will see blockchain really start coming out with products into the world,” he said. “You’ll see blockchain products in Q1.”
“You’ll be able to trade security tokens. There’s a whole new class of securities coming into existence called security tokens.”
Decentralized Alternative to Facebook
One of the many decentralized ventures Byrne is working on involves a $6 million investment in an open-source, blockchain-based crypto social network called Minds. It’s poplarly known as The Crypto Social Network.
Minds is a blockchain-based alternative to Facebook, Twitter, and the Google-owned YouTube that promises strict user privacy and absolutely no censorship.
Wall street will adopt Blockchain Technology
‘Every Stock Will Be Tokenized’
Byrne recalled that Robert Greifeld — the chairman of Nasdaq — predicted in November 2017 that every stock and bond on Wall Street today “could be” tokenized. “In five years, every onewill betokenized,” Byrne promised.
He added: “The architecture of Wall Street as we know it is going to be deprecated over five years and replaced with security tokens. If that’s true, we built…the New York Stock Exchange of that world. We spent the last four years and $100 million building it.”
When asked why a security token is superior to a stock, Byrne said it’s because of three things:
- 90 percent lower friction costs.
- Complete transparency for regulators.
- Immunity from market manipulation. “All kinds of mischief that goes on in the current version of Wall Street cannot go on in a blockchain version of Wall Street,” he said.
Byrne conceded that a major drawback of bitcoin mining is its high cost, but said his companies are involved in a project called raven coin, “which has a much different energy profile.”
Looks like 2019 will be alot more interesting than any year we have seen in the Blockchain History. With NYSE, Fidelity, Coinbase taking huge steps to get institutional investors on board and developers working on projects that will be useful in real world.