SEC Approves Patrick Byrne’s Plan to Issue Stock Via Blockchain

Dec 2013
33,449
19,262
Beware of watermelons
#1
https://mises.org/blog/sec-approves-patrick-byrnes’s-plan-issue-stock-blockchain


The blockchain is essentially an enormous database that runs across a global network of independent computers. With bitcoin, this ledger tracks the exchange of money. But it can also track the exchange of anything else that holds value, including stocks, bonds, and other financial securities. Overstock has already used the blockchain to issue private bonds, which did not require explicit regulatory approval. Now, the SEC has told the company it can issue public securities in much the same way.





Byrnes spoke twice at the Mises Institute this year, both as a keynote speaker at the Austrian Economics Research Conference and as this year's mystery speaker at Mises University.

At AERC, Byrne spoke to the virtues of this new approach to issuing stock:

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.
At Mises U, he explained how he his work with the blockchain has been inspired by the work of F.A. Hayek:

I’m not doing this because I want to create a new monopoly. On the contrary, I want to create a bomb to blow up these central institutions.

Whether it’s a single company, or a stock exchange, or an entire society, we know — thanks to Hayek — that information is best used when it’s not centralized and when it’s not being monopolized by some central institution. 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.



https://mises.org/blog/sec-approves-patrick-byrnes’s-plan-issue-stock-blockchain
 
Likes: 1 person
Dec 2013
33,449
19,262
Beware of watermelons
#2
The true beauty of crypto currency is starting to be recognized by the mainstream. This technology has the power to do anything. Free people economically and you have free people.
 
Likes: 1 person
Feb 2014
12,580
7,844
nunya
#3
What the hell does the South Eastern Conference have to do with crypto currency? Are they mad they only have one top ten team? (Alabama 12-1, Currently second place in national rankings)
 
Likes: 1 person