With the block chain, for the first time, we no longer need these central institutions for settlement or for guaranteeing the value of coins or for land titling. All of these functions can be replaced by a transparent public ledger that is safe from tampering and which can make value and ownership clear and open for everyone. Patrick M. Byrne Read Quote
The main event isn’t bitcoin. It’s using the blockchain to disrupt other industries and Wall Street. Patrick M. Byrne Read Quote
We want enough people adopting Bitcoin for a robust infrastructure. It’s an act of patriotism. It gives the country a robust parallel system. Patrick M. Byrne Read Quote
People didn’t know where they could trade. When everybody owes each other IOUs that can be in multiple places at once, that’s how the system couldn’t tell any more who owned what and who owed what to whom. Blockchain could have prevented 2008. Patrick M. Byrne Read Quote
We are on a crazy strategy with our central bank. It’s good to have alternative ecosystems. It’s not that the dollar will go away, but we need other options if it crashes or wildly inflates. Patrick M. Byrne Read Quote
The virtues of the blockchain is that it would be that it’s peer-to-peer settlement – no centralized settlement, no manipulation… And most importantly, there’s nothing to capture. It’s consensus based. It’s stateless. Patrick M. Byrne Read Quote
Over the next decade, there will be disruption as significant as the Internet was for publishing, where blockchain is going to disrupt dozens of industries, one being capital markets and Wall Street. Patrick M. Byrne Read Quote
Bitcoin and other cryptocurrencies are a form of money that’s a stable field that the government can’t destroy and can’t distort. Because its creation is governed by the laws of mathematics. It can’t happen any faster or slower than a certain rate, and it all sort of self-adjusts. Patrick M. Byrne Read Quote
This is where the block chain is most useful and revolutionary: It helps us to overcome the problem of mutual trust in exchange, which will, in turn, make many of our modern central institutions unnecessary. Patrick M. Byrne Read Quote
