Patrick Byrne Says Will be Able to Replace Wall Street – Bitcoin News


Patrick Byrne Says Will be Able to Replace Wall Street

Overstock was the first international company to welcome Bitcoin and its technology. A few weeks ago, the company announced it was issuing the world’s first “crypto bond.” This bond would be traded on a Bitcoin-based technology trading platform currently being developed by the company.

Now, in an interview for a leading digital financial media company, The Street, Overstock CEO Patrick Byrne revealed the name of the new and long-awaited platform – The new Platform will bring the security and transparency of cryptographic technologies to capital markets.

Byrne said the new developments made by Overstock using the Bitcoin technology will give the new platform the ability to replace Wall Street:

“We have started building things that replace what Wall Street does. It does them far cheaper, and with far more transparency, and without any of the opportunity for rigging.”

Overstock has filed a registration with the Securities and Exchange Commission, seeking permission to possibly issue a public crypto security. While Byrne has been critical of the SEC in the past, he thinks the agency has improved, and he’ll be interested to see whether the SEC decides to approve Overstock’s crypto technology plans.
Byrne said:

“Ten years ago I came out and made some very bold claims. By 2004, I knew there was a bunch of bad stuff going on. I started talking about it publicly. I became the object of sort of a mass Wall Street campaign of spin and vilification and distortion of everything I said. And then 2008 came and everything I said happened.”

Overstock’s CEO is a strong believer in this new technology and is willing to use it no matter the costs. He stated that if the U.S. government tried to stop him, he would promptly take the technology to Asia or Europe where there is interest. There have been several companies interested in the technology and in working with Overstock; however, Byrne believes that he will freely operate in the USA.

Even though there’s still very little information about the new platform, it is expected to beat other trading exchanges and power financial transactions.

Wall Street is waking up to the idea that new technologies are a potential threat to business and is now showing a lot of interest on the Bitcoin technology. And that’s why at this point Overstock’s technology is years ahead of the technology used by Wall Street companies.

Further announcements about the platform are expected to be released by the end of this summer.

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Bitcoin business, Bitcoin technology, headline, news, Overstock, Patrick Byrne

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Nuno Menezes is a Portuguese Bitcoin Entrepreneur and a crypto currency’s enthusiast supporting the Bitcoin Portuguese Community. He is an Anthropologist and a Writer and his current field of work is virtual currencies. Complementing his Social Sciences Master degree with a Professional background in telecommunications along some experience in Computer Science, he intends to bring knowledge and understanding about the impact of crypto currencies in society.

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