Overstock.com CEO competes against Wall Street with blockchain startup tZero

Patrick Byrne, Overstock  Founder/CEO and 3 time cancer survivor, and a true Bitcoin and Blockchain enthusiast, has not been shy about his feelings towards Wall Street and Central Banking.

Byrne lives alone in Utah, in a 3 story concrete ski chalet.  With Doctorate in Philosophy, was actually ready to retire about 2 years ago, but he somehow became enamored with Bitcoin and blockchain technology, and decided to open up a Venture Capital division within his company Overstock.com using the company’s capital to invest in promising blockchain startups.  But really deep down, he’s most interested right now is taking the power away from the large conglomerate financial institutions and central banks who control society.  He mentions in his interview with VICE News

“These institutions that we get told are neutral and they’re governing society neutrally, they really get captured, economists like to say, and then become the tools of the powerful to oppress the weak”

Byrne has been on CNBC, Bloomberg, and several forms of media sharing his despise for how Wall Street behaves.  He distrusts the idea of central banking, and his company actually became the first large company in 2014 to accept bitcoin as a form of payment.  Although he mentions that only   0.2% of sales are accounted for with bitcoin purchases, for Byrne, bitcoin really is not what mattered to him, but rather he says that

“the main event of bitcoin isn’t really bitcoin, its this blockchain technology… its a machine than generates trust”

Byrne is putting very much of his time and his reputation evangelizing blockchain,

“We want blockchain meets the creation of capital, which is land titling; blockchain meets central banking, and blockchain meets voting”

The vehicle which Byrne uses to push forward his goal is tZERO, a startup which essentially has a mission to integrate its platform with clients existing systems “cryptographically secure distributed ledgers with existing market processes to reduce settlement time and costs, increase transparency, efficiency and auditability”.  Additionally, they will go directly against Wall Street by setting up a platform that will traditional stock exchanges, which not only will reduce the cost of purchasing stocks by nearly 90%, most importantly will eliminate a lot of the “mischief” that goes on behind the scenes as Byrn says.  Anti-Wall Street is mainly what Byrne feels is purpose is now.

To learn more about Byrne’s startup, go to www.tzero.com , enjoy the HBO’s Vice News interview with Byrne here,

 

 

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