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

Yes, the United States’ Securities and Exchange Commission (SEC) took a great leap forward! As we said in our previous post on the new gold-backed currency “COEPTIS”, the digital currency using bitcoin technology world is moving fast.

In December, the SEC approved Overstock.com’s plan to issue stock using bitcoins. Overstock’s CEO Patrick Byrne has been a long-time advocate of bitcoin technology, which according to him allows transactions to be decentralized, as it is “peer to peer” and therefore “stateless”.

Byrne explained his vision in the following excerpt:

“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.”

Source: Mises Wire

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