Bitcoin Itself Isn’t the 'Main Event' of Bitcoin

Cato Podcast

Cato Institute

Immigration, News, News Commentary, Peace, 424708, Markets, Government, Libertarian, Policy, Politics, Cato, Defense

4.5 • 979 Ratings

🗓️ 23 June 2017

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bitcoin's new highs are no particular cause for celebration or alarm, says Overstock CEO Patrick Byrne. He discusses the blockchain, Whole Foods joining with Amazon, and the troubling trade agenda of the President.

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Transcript

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0:00.0	This is the Cato Deadly Podcast for Friday, June 23rd, 2017. I'm Caleb Brown.
0:06.0	Bitcoin's spike is nothing particularly to take note of according to overstock CEO
0:11.4	Patrick Byrne because Bitcoin itself isn't the most special thing
0:15.4	about Bitcoin.
0:17.0	At the inaugural Fee Con held in Atlanta last weekend, I spoke with Byrne about Bitcoin,
0:22.0	the sale of Whole Foods to Amazon, and President Trump's
0:25.3	bothersome trade agenda.
0:28.3	Given the recent price change in Bitcoin hitting a new highs should anybody be particularly encouraged or
0:35.0	discouraged just because it's hit a new big number? Not really. The main event of
0:40.2	Bitcoin isn't Bitcoin itself. It's really the blockchain. And the thing that I'm the
0:44.7	that I'm really a proponent of is the blockchain. The blockchain can reform all kinds of processes in society and make them bulletproof and actually dispense
0:55.1	with the need for many centralized institutions that we've been using for centuries and institutions which have had a history of getting
1:05.0	corrupted and turned against society, but we don't need those kinds of institutions
1:10.0	anymore because we have a blockchain.
1:11.0	Give me some examples.
1:12.0	I mean, I know that a lot of finance people and perhaps concerning the fact that financial
1:20.2	regulators are also very interested in blockchain.
1:22.4	I don't know if that's a good thing or a bad thing. financial regulators are also very interested in blockchain.
1:22.5	I don't know if that's a good thing or a bad thing.
1:25.1	They're interested, they're scared, but many of them are waking up to the possibilities
1:29.8	that in a blockchain, suppose you're talking about a capital market, we are building a blockchain capital
1:34.3	market, you can create it in a way that all kinds of mischief becomes impossible.
	...

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