Patrick Byrne speaks at Freedom Fest

Billed as the largest gathering of free minds, Freedom Fest 2018 is wrapping up today.  Patrick Byrne, CEO of Overstock.com and early Bitcoin adopter, was there and gave some thoughts on the ways that blockchain can improve society.

“Society has all kinds of institutions that we’ve come to understand we can trust, or not trust, to various degrees.  A lot of those institutions can be replaced by blockchain, and so we are going to be able to achieve trust, without relying on institutions that have betrayed us, in different ways, over time.”

“The political system has gotten bent, and now we can go to world where we don’t have to trust those actors anymore, we can trust mathematics.”

While Byrne shied away from using the term “corruption” when discussing the current system, he posited that many problems faced by the United States could be solved with trustless systems, or those guaranteed by code instead of people.

He went on to say that,

“the voting system has a lot of fraud, or a couple percent fraud, and all of that can be eliminated.”

“Really, I’m pro-freedom. It was about seeing the opportunities for blockchain, it isn’t Bitcoin itself, but how blockchain is going to change society.”

When asked which cryptocurrency project he was most excited for Byrne replied,

“Ravencoin!  It’s Bitcoin 3.0”.

Time will be the judge.

 

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