29 Quotes by Patrick M. Byrne
- Author Patrick M. Byrne
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There is absolutely no reason in the world of blockchain to build in net settlement. It's like saying you have got a new Ferrari and we are going to put a lawnmower engine in it.
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- Author Patrick M. Byrne
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We know that flat and non-hierarchical systems use information best. I've tried to do that with my own company because it works better that way. And society at large will work better as well if we can get rid of these old institutions and hierarchies. New innovations like the block chain can make this possible.
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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.
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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.
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We want a money that some government mandarin can't just whisk into existence with a pen stroke.
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- Author Patrick M. Byrne
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A major impediment to economic advancement around the world is the fact that the vast majority of humans are unbanked.
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- Author Patrick M. Byrne
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You're going to start seeing open-source, self-executing contracts gradually improve over time. What the Internet did to publishing, blockchain will do to about 160 different industries. It's crazy.
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Cryptocurrencies in general give us a stable medium through which we can communicate our information about values and prices in a way that no government mandarin can distort or usurp. For the predators who have used our central institutions to predate on the rest of humanity, it's a very bad development.
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If we get to a world of digital securities, then there isn't a need for DTC and Cede & Co. anymore. It's a really huge step in returning to clean capital markets.
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