Strange Bedfellows-- Meet Patrick Byrne: Bitcoin Messiah, CEO of Overstock, Scourge of Wall Street--"also a company that's seven years into a lawsuit that accuses venerable investment banks Goldman Sachs and Merrill Lynch of a "massive, illegal stock market manipulation scheme."
Block size increase is necessary, but it will not solve Bitcoin's problems. And here's why...
Bitcoin is supposed to be a peer-to-peer cash system. But we gave it nearly 6 years and found there was no incentive for regular people to use it. We kept looking for Bitcoin's killer app, and scratching our heads as to why no mass-adoption was occurring. Let's not forget that. It turned out Fidelity and NASDAQ wanted in. Patrick Byrne of Overstock wanted to build his new stock market system using it. This is when we realized that Bitcoin's first real-life application may in fact be for businesses. As a block chain system for very robust companies hoping to save billions, eliminate fraud, and streamline processes. Only one problem: Bitcoin's feature-set (and yes, speed) were too limited. But it wasn't just block size. Companies like Fidelity are very feature-rich. They would need a highly flexible block chain system with many forms of extensibility in order to duplicate their many processes onto a block chain. Bitcoin simply couldn't do any of that. It's just peer to peer cash. So NASDAQ bailed from Bitcoin and made their own. Patrick Byrne (Bitcoin's biggest proponent) bailed from the direct use of the block chain and went with another system. Fidelity threw up their hands. And many other companies did too. And everyone here mocked them and called them idiots for not using Bitcoin. So what if Bitcoin scales to 2MB? Or even 8MB? What then? Do we really believe this is suddenly going to open the flood gates for usage? Let's not forget where we were before this debate. Sitting around scratching our heads while our family and friends thought we were weird. We were still hoping that the consumer public would find some mass-incentive when there really wasn't one. Raising the block size limit is necessary, now, but this doesn't solve the problem of making Bitcoin feature-rich enough to become a relevant / major player in the block chain revolution. Especially with major corporations which could've skyrocketed demand and shot Bitcoin's value straight to Pluto. I keep coming back to this analogy, and I don't know if it's a valid one: if only there was some way to make the bitcoin block chain similar to the iPhone app software. It's just a cell phone. But on the layer above, literally millions of unique, highly customized applications can be built which latch into it. But this requires that the foundational layer has the capability to support such latches.
09-21 20:03 - 'Your old friend Patrick Byrne recently went "all in" on gold, silver, and "two flavors" of crypto: / / Do you know which two flavors he has opted for? Would love to hear your guess! / (Presumably BTC and RVN)' by /u/New_Mine_OTC removed from /r/Bitcoin within 135-145min
Finden Sie private und berufliche Informationen zu Patrick Byrnes: Interessen, Berufe, Biografien und Lebensläufe in der Personensuche von Das Telefonbuch View Patrick M. Byrne’s profile on LinkedIn, the world's largest professional community. Patrick M. has 3 jobs listed on their profile. See the complete profile on LinkedIn and discover Patrick ... The reason why Patrick Byrne comes forward is because somebody’s out there saying this is what happened, somebody’s saying ‘hey, I know the guy that gave the 20 million dollars and funded the operation. It was on Chuck Johnson’s laptop. It was Bitcoin. And I know where he got it from. He got it from Steve Bannon. And I know who his patron is. It’s a guy named Robert Mercer. Patrick Byrne is the CEO of Overstock.com, one of the earliest online retailers to accept bitcoin as payment. Overstock.com is the parent company of blockchain investment firm Medici Ventures and ... Patrick Byrne is the CEO of Overstock.com, which was founded in Salt Lake City Utah.He tells Wired that a zombie apocalypse is coming, and that the only thing that could prevent it is bitcoin. Byrne says: “Someday, either zombies walk the Earth or something close to that. Bitcoin is the solution.”
Opening Remarks: Patrick Byrne Debate Clip Bitcoin Is More Than a Bubble And Here To Stay
Overstock.com CEO Patrick Byrne discusses his outlook for bitcoin and holiday shopping. Patrick Byrne about Bitcoin (at Bitcoin conference in Amsterdam 2014) Jesse Ventura and Brigida Santos talk about breaking free from the Federal Reserve with Ellen Brown of the Public Banking Institute. Roger Ver gives a lesson on Bitcoin. Overstock CEO Patrick ... Use the code R8avSs and get 3% every time you purchase hashpower to mine Bitcoin and Ethereum and a ton of other Cryptocurrencies at https://www.genesis-mining.com 3% discount code: R8avSs My BTC ... Patrick Byrne: We were the first. We were the first — there was a — the largest company then accepting bitcoin was an $800,000 a year restaurant diner in western Australia. We stepped up and ...