Overstock CEO Interview on Governments, Bitcoin and the Modern Financial System that is a Ponzi Scheme

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Amsterdam, the Netherlands - August 28, 2018 Website of Overstock.com. Overstock is an American internet retailer of home goods.

Patrick Byrne, the CEO of Overstock.com made interesting revelations in a recent interview with Naomi Brockwell, a YouTuber. Byrne described himself as “a national security libertarian” and believes that blockchain technology gives people freedom, privacy, and anonymity, which is both a good and a bad thing depending on the individuals involved. He thinks that the modern financial world is a Ponzi scheme that will collapse at some point and spark the adoption of cryptocurrency.

The Dangers of Anonymous Financial Transactions and Rogue Nations

He claims to be worried about threats to his country (the U.S.) and is of the view that “KYC and AML are not things to be scoffed at” because there are a lot of criminal actors in the world. “There is a legitimate interest in society in having KYC and AML,” remarked Byrne.

The world can take blockchain to a point where it becomes anonymous but doing so will give criminals an edge and allow them to engage in illegal activities without being tracked. He appreciates the idea of “being free and anonymous” but is worried that rogue nations can use that to do scary things. Byrne goes on to say:

I don’t want Kim Jong-un to be able to move money around the world without being able to be spotted. He has got a lot of bad things in mind.

In the past, North Korea has been accused of carrying out illegal crypto activities such as hacking and crypto jacking. These accusations have caused tensions between North and South Korea.

He referred to China as an authoritarian country and stated that the Communist country should not own the underlying technology of the crypto revolution because if it does, then Xi Jinping, the president of China, “controls the world.”

The more the world gets digitized, the more the governments have more surveillance over people. In May, the Australian government limited cash transactions to AUD10,000 as it tries to curb “black economy.” Bigger transactions have to be carried out digitally, allowing the government to minimize tax evasion and money laundering.

At the of the day, a line has to be drawn between freedom and security. He says that there is no balance for this, but a trade-off has to be made.

The Future of Cryptocurrencies

Byrne thinks that cryptocurrencies have the potential to be used worldwide and this is currently evidenced by its adoption in countries “where the financial systems have collapsed,” citing Venezuela, Cyprus, and Syria as examples.

He sees the modern financial system as “a big Keynesian, magic money tree Ponzi scheme” and expects people to turn to crypto. He doesn’t know which cryptocurrency will be adopted as the base currency, but Bitcoin has to address its speed problems before it can be ready for worldwide adoption.

He also thinks that governments are slowing down the adoption of cryptocurrencies.

“China understands the power of blockchain but I think they are quite afraid of the cryptocurrency movement.”

Overstock CEO Interview on Governments, Bitcoin and the Modern Financial System that is a Ponzi Scheme was originally found on [blokt] – Blockchain, Bitcoin & copy trading cryptocurrency.