Patrick Byrne: Cryptocurrency Will Be Bigger Than the Internet Itself

[MicroGuy]

Yesterday, during an interview with Jason Burack, host of the YouTube program WallStForMainSt, Overstock.com CEO Patrick Byrne, predicted that within 7 to 8 years cryptocurrency would rock the very foundations of the World.

During the YouTube Interview, the Indiana-born entrepreneur discusses a wide range of topics – from his fear of being “locked up” in prison – to his vision of how digital currency will alter life as we know it.

Candidly sharing his thoughts about jail, Byrne said:

"I have ticked off a lot of people in Washington. So I took up yoga the last few years, because it’s the only sport you can do in a jail cell."

In regards to cryptocurrency, the CEO had this to say:

"The people that are involved in Crypto (have a sense) that this will be bigger than the Internet. It could be a bigger change for society than the Internet itself."

Many of Patrick’s comments resonated with my vision of the future landscape, and serve to reinforce my belief that alternative currencies are the wave of the future.

This writer can envision the day where Goldcoin (GLD) is the number one cryptocurrency around the globe, bringing freedom and independence to a corrupted system previously controlled by the banking elite.

Patrick M. Byrne is the CEO of the Internet retailer Overstock.com. Byrne received his B.A. from Dartmouth, studied at Cambridge University as a Marshall Scholar, and earned a PhD in Philosophy from Stanford University. He co-founded Overstock.com in 1997 and became CEO in 1999.

Full Story: http://altcoinpress.com/2014/10/patrick-byrne-cryptocurrency-will-be-bigger-than-the-internet-itself/

[Beliathon]

He's a good guy, I really like Patrick Byrne. But this crap...

This writer can envision the day where Goldcoin (GLD) is the number one cryptocurrency around the globe

..made me chuckle. Altcoins will be a joke / "remember when..." story within 5 years.

[FastForwarded]

Mr Bryne may be a bit eccentric. But he is certainly right, Overall, Cryptocurrencies and applications dealing with the blockchain, will be Huge. However Bitcoin itself will fade away, no serious investors in for the long haul will buy into Bitcoin with the dangers of a 51% attack by the mining pools, the huge risk of Satoshi's 1million Bitcoin stash being hacked and/or sold, and the plague of negative attention on Bitcoin especially when it comes with it's own Foundation Members(Convicted felon Charlie Shrem, Accused Child Molestor Brock Pierce).

[Beliathon]

no serious investors in for the long haul will buy into Bitcoin with the dangers of a 51% attack by the mining pools, the huge risk of Satoshi's 1million Bitcoin stash being hacked and/or sold, and the plague of negative attention on Bitcoin especially when it comes with it's own Foundation Members(Convicted felon Charlie Shrem, Accused Child Molestor Brock Pierce).

FUD more please. I guess the current ~ 8 billion dollars invested were from "non-serious" investors like myself.

However Bitcoin itself will fade away.

Yeah, just like HTTP did after we developed CSS and java.. oh wait..

[FastForwarded]

no serious investors in for the long haul will buy into Bitcoin with the dangers of a 51% attack by the mining pools, the huge risk of Satoshi's 1million Bitcoin stash being hacked and/or sold, and the plague of negative attention on Bitcoin especially when it comes with it's own Foundation Members(Convicted felon Charlie Shrem, Accused Child Molestor Brock Pierce).

http://www.sonlte.com/wp-content/uploads/2011/05/FUD-320x240-300x225.jpg

FUD more please. I guess the current 8billion dollars invested were from "non-serious" investors like myself.

However Bitcoin itself will fade away.

Yeah, just like HTTP did after we developed CSS and java.. oh wait..

It's quite amusing that you classify anything that goes against your investment as FUD. I'm a Bitcoin investor too, and I have absolutely no problem with acknowleding that my investment may have been a wrong one.

Your comment of HTTP vs CSS and Java, doesn't quite make sense. Bitcoin is a supposed currency, not a coding language. Bitcoin is 5 years old and already has decent media exposure. The internet at this time(5 years with good exposure), was making enormous leaps and bounds and in the middle of a trillion dollar bubble, while Bitcoin at this time is in a series of minor pumps and dumps after it's reveal that a bot was behind all the major price rises.

Bitcoin has crutches that simply cannot be overcome, with the main 2 being the bot Willy, which fabricated Bitcoin's entire pump/dump history, as we now know it was behind All of Bitcoin's major pumps and dumps: http://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/, and the 2nd being Satoshi Nakamoto stash of 1million Bitcoins. No investor in their right mind, as of now, would buy into Bitcoin with these crutches. I believe that Satoshi's stash of 1million Bitcoin's proves that this "currency" is just a test, a toy, as he surely must have known the horrible implications that his intensive mining would have caused(Complete lack of serious investments by companies and the like).

[Beliathon]

Oh, my mistake. I had it all wrong, I will immediately pull my life savings from bitcoin. Now if you'd be so kind as to enlighten me, which scamcoin should i reinvest in, shill? Is it Goldcoin perhaps?

[FastForwarded]

Oh, my mistake. I had it all wrong, I will immediately pull my life savings from bitcoin. Now if you'd be so kind as to enlighten me, which scamcoin should i reinvest in, shill? Is it Goldcoin perhaps?

I do not promote Any altcoins, I have simply come to believe that there is more merit in Altcoins than there is in Bitcoin. I'm not trying to convince you, you'll just have to learn the hard way...

If you can't look at http://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/, and see that Bitcoin's entire price rise history was fabricated by a illegal bot using fake fiat to buy bitcoins and pump/dump them, and see that Satoshi Nakamoto effectively premined 1million Bitcoins, and make your own realization that this currency Bitcoin, maybe wasn't intended to be taken seriously, then you cannot be helped.

[tatu]

Can something that is built around the internet become bigger than it? I don't think it can. You could compare bitcoin to the rise of the internet, but let's not forget bitcoin relies on it.

[Q7]

Looks like specifically it is talking about goldcoin. What is this doing here in the bitcoin discussion thread

[jonald_fyookball]

Mr Bryne may be a bit eccentric. But he is certainly right, Overall, Cryptocurrencies and applications dealing with the blockchain, will be Huge. However Bitcoin itself will fade away, no serious investors in for the long haul will buy into Bitcoin with the dangers of a 51% attack by the mining pools, the huge risk of Satoshi's 1million Bitcoin stash being hacked and/or sold, and the plague of negative attention on Bitcoin especially when it comes with it's own Foundation Members(Convicted felon Charlie Shrem, Accused Child Molestor Brock Pierce).

nonsense.

[pawel7777]

Looks like specifically it is talking about goldcoin. What is this doing here in the bitcoin discussion thread

Just the OP's lousy attempt to promote his coin on the main forum.

For the record, P Byrne has nothing to do with GLD.

[Beliathon]

Looks like specifically it is talking about goldcoin. What is this doing here in the bitcoin discussion thread

Excellent question, it appears to be thinly-disguused propaganda for Goldcoin posing as an article about the man.

[yayayo]

Looks like specifically it is talking about goldcoin. What is this doing here in the bitcoin discussion thread

Excellent question, it appears to be thinly-disguused propaganda for Goldcoin posing as an article about the man.

Exactly. Altcoiners are getting more desperate every day.
Most of the altcoins won't survive. Also, a cryptocurrency backed by gold is a serious misconception.

Patrick is an interesting character. I hope he does not end up in jail, because the bitcoin community needs people like him.

ya.ya.yo!

[LFC_Bitcoin]

Altcoins are bull shit.

BTC will be the only cryptocurrency to prevail.

[Lethn]

I think the Bitcoin devs currently are colluding too much with the U.S government, it will certainly become a success, but it makes me wonder what kind of changes Gavin and his team are going to implement, once we start hearing about a fixed rate of inflation patch and stuff that will be when Bitcoin is doomed.

But hey, this is why Bitcoin was made open source in the first place and why we have altcoins

[pawel7777]

...but it makes me wonder what kind of changes Gavin and his team are going to implement, once we start hearing about a fixed rate of inflation patch and stuff that will be when Bitcoin Gavin and his team are doomed.

FTFY


They cannot really implement any changes without the general consensus. Even the proposed hard-fork resolving max block size and blockchain size issues (so something that vast majority agree with) won't be an easy thing to do.

Fixed rate inflation idea is unrealistic atm, it can happen if it's 100% proven that the tx fees are not sufficient to keep the network running, but that probably won't happen during our lifetimes. Time will tell.

[Lethn]

The whole point of fees is to keep an incentive for miners to maintain the network, theoretically if we ever hit the maximum coins in our lifetime there will be so many transactions going on miners may actually make more money than they would just creating the coins because of the amount of trading going on. As for everything else, don't get me wrong, I'm not one of those conspiracy theorist people that think the government is all powerful and will hunt us all down, but I do think they're going to try and do something about Bitcoin for sure.

[Beliathon]

I think the Bitcoin devs currently are colluding too much with the U.S government, it will certainly become a success, but it makes me wonder what kind of changes Gavin and his team are going to implement, once we start hearing about a fixed rate of inflation patch and stuff that will be when Bitcoin is doomed.

^ This person doesn't understand how bitcoin evolves. Spoiler: It's democratic by consensus or not at all.

They cannot really implement any changes without the general consensus.

This. It's no wonder the general public doesn't understand bitcoin, we've got hero members on our own forum who apparently don't understand it.

The whole point of fees is to keep an incentive for miners to maintain the network, theoretically if we ever hit the maximum coins in our lifetime...

We won't. Maximum coins will be reached in year 2140.

[Lethn]

Way to spam without reading

[Beliathon]

But hey, this is why Bitcoin was made open source in the first place and why we have altcoins

Way to spam without reading

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