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Friday, June 27, 2014

CBS: U.S. government to auction massive bitcoin trove on June 26

This post brought to you by Deep Capture Blog. All opinions are 100% mine.

It sure got away from them. Could this be an attempt of the government trying to get a grip on the cryptocurrency revolution? If so, there is nothing much we can do about that, according to Overstock.com CEO Patrick Byrne.

In his keynote address '#Bitcoin2014 - 500 years of Liberalism' in Amsterdam, the Netherlands, Mr. Byrne shares to be a huge supporter of Cryptocurrencies like Bitcoin. He loves it and all the other missions its technology could be used for.

From his point of view, the crypto-revolution can solve the problem central banking and the central counter party clearing present to society. They are mostly to blame for what is called the bezzle and slop.

The bezzle is derived from the word embezzlement and points to the always present difference between what you owe and what is really there. Slop occurs when the system looses track of who owns what.

Mr. Byrne's vision is Bitcoin or crypto will get a strong foothold in our society by applying the system to capital markets. It will eliminate the embezzlement and slop, create a high trust society, and prevent another major recession.

Not that he is against all centralized institutions, but they can fail and have the tendency to capture. Bitcoin would create a robust parallel system people can quickly and easily resort to.

Another reason why Mr. Byrne is drawn to Bitcoin is that its blockchain (ledger of funds which is completely public) lets users know how much money there is and where.

Overstock.com has become the first major online retailer to accept payments in Bitcoins. Patrick Byrne predicts other big names will follow suit and is even pondering on moving his company's shares over to the blockchain.

I sure like Mr. Byrne's vision and thoughts on cryptocurrency. It cuts out the middlemen and its value is decided by individuals. Get enlightened, watch the video and share your own opinions on this subject. Thanks!

Follow Patrick Byrne on Twitter and stay updated. I am sure he has many more great ideas and thoughts to share.

You can bank on that!

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