Overstock, rose to fame in 2014 as it was the first major company where people could use bitcoins as a form of payment. Then, as bitcoin prices kept rising through the years, Overstock – the internet retail giant also saw stock prices skyrocket along with it. Now with confidence and determination, Patrick Byrne, entrepreneur, and CEO of Overstock looks forward to overthrowing Wall Street by using the technology powering bitcoins.
Byrne has long been opposed to Wall Street corruption; something he reinforced when he took his company public and out of Wall Street in 2002. Back then, he made it possible by taking money directly from the public through a Dutch IPO.
Currently, Byrne’s efforts go into backing up blockchain startups. He is working on a new venture capitalist firm within Overstock where he invests company money to help blockchain startups.
tZero, one such startup has the ambition to compete with traditional stock exchanges. It will integrate cryptographically secure distributed ledgers with the working market processes which will vastly reduce settlement time and cost, all the while increasing efficiency, transparency, and auditability.
Byrne’s opinion is that eliminating all the brokerage fees and unnecessary commissions that go along with executing a trade, via a system that is cheaper and far more robust, is the way to the future. The man also added, “most importantly all kinds of mischief that goes on on Wall Street can’t go on here.”
When Byrne discovered bitcoins, the decentralized currency reminded him about his sentiment around gold and the price manipulations done by central banks. Through bitcoins, or rather the blockchain technology underlying it, Byrne hopes to build a far better and transparent environment where people can trade without constant fear of being deceived.
Patrick Byrne has managed to gain the support of the crypto community who also shares the same principals and vision that bankers and similar Wall Street types have too much power and should be brought down to account for it.