Bitcoin Forum

Overstock.com CEO Patrick Byrne is a vocal Bitcoin proponent, even launching his own startup T0 to disrupt Wall Street. In a recent interview, Byrne discussed both Bitcoin and blockchain’s unique advantages.

Read more: https://news.bitcoin.com/patrick-byrne-space-cash/

"Patrick Byrne is a well known influential person within the bitcoin world, since his company Overstock.com was one of the first companies to accept bitcoin as a payment method. Byrne is also a controversial figure for his political views. Most recently, he launched the blockchain based startup T0, which looks to take on Wall Street by issuing securities on blockchain technology.

Byrne has a track record — in 2005, he grabbed the spotlight by running a campaign against illegal naked short selling.

In his newest venture, Byrne is trying to make people aware of what’s wrong with the modern political party system, highlighting that there is more than a two-party system of Republicans and Democrats. Byrne has also funded and features in the documentary Rigged 2016, now available for free online viewing.

Taking Advantage of the Blockchain

In an interview with ReasonTV on Rigged 2016, Byrne also discussed topics such as his health, his startup T0, and bitcoin and blockchain technology.

Byrne said he is back from medical leave, and healthy as ever. When asked about why he likes Bitcoin so much, he said that he is “philosophically pro-freedom” and supportive of the idea that there is a form of money that no government can create on a whim.

Byrne went on to say that compared to gold, Bitcoin is the next best thing, quite possibly even better.

“Gold would be impractical, because it’s not digital. Bitcoin seems like the next best thing, maybe even better, because you can beam it across the galaxy. As they call it in South Park, they call it Space Cash.”
Byrne also talked about Overstock, his company converts 90% of bitcoin back to dollars [in order to pay their suppliers], and accumulates the other 10%. Some employees are paid their bonuses in bitcoin, which he says further encourages adoption.

Bitcoin is Part of a Bigger Picture

Patrick Byrne of OverstockSpeaking about the advantages of bitcoin and the blockchain, Byrne explained that for thousands of years mankind has been trading money for goods — buying land, and so forth. This business model according to Byrne has created the market for third-party trust, such as the central banking system.

Using the blockchain removes the need for a third-party dependency, allowing people to trade with each other in a trust-less fashion (with no intermediary); Byrne calls this “consensual exchange.”"

Once again, Patrick comes from near death to fighting fit, and kicks the system in the teeth. I can already see the space colonies on all the

different planets, trading goods and services and paying with Bitcoin. Some developer or programmer living on Mars writes a program for

someone on earth and he gets paid in Bitcoin, now that would be cool... Inter Galaxy payment systems.  ;D

The real problem will be solving space mining!

Actually he might one day succeed in displacing Wall Street seeing how the currencies of the world keep growing weaker.

Space mining would be fabulous, you don't have to worry about cooling your rigs because outer space is already freaking cool 8)