Patrick Byrne

From CryptoMarketsWiki
Revision as of 14:50, 2 April 2018 by MattRaebel (talk | contribs) (Background)
Jump to: navigation, search
Patrick Byrne
Patrickbyrne profilepic.jpg
Occupation Founder, CEO
Employer Overstock.com
Location Salt Lake City, Utah
Twitter @OverstockCEO
LinkedIn Profile
Website [1]

Patrick Byrne is an American entrepreneur, a self-described "classic liberal" and "small libertarian."[1][2] Despite owning a company that is publicly traded on Wall Street, he has been called "The Scourge of Wall Street" for his outspoken criticism of several high-profile individuals in various financial institutions whom he accused of corruption.[3]

Byrne is the founder and chief executive officer of Overstock.com, one of the first retailers to begin accepting bitcoin as payment for goods and services.[4] He is also the co-creator of the blockchain platform tZERO.[5]

Background

Byrne is the son of Jack Byrne, the owner of GEICO and a longtime friend of Warren Buffett.[6]

Patrick Byrne founded Overstock.com in 1999 out of Utah. In 2001, he founded Worldstock Fair Trade, a division of Overstock that sells handmade artisanal items from developing nations. Some of the profits have been used to fund various philanthropic projects.[7]

Byrne is a longtime supporter of bitcoin and cryptocurrency. He has been quoted saying the world is heading to a massive recession caused by Wall Street corruption, and that cryptocurrency, which does not require governments or financial institutions to function, is the key to humanity surviving what he calls the "Zombie Apocalypse." He has been criticized by numerous financial and journalistic institutions for this belief, including the New York Post.[8] Others have commended him for his "personal jihad" against "naked short-selling," a legal practice which Byrne believes will eventually destroy the U.S. economy.[9] This personal mission eventually led him to utilize blockchain technology to attempt to create a more transparent financial system.[10]

On January 9 2014, Byrne tweeted that Overstock.com would begin accepting bitcoin as payment for goods. The next day, he tweeted that within 21 hours, Overstock had recorded $124,000 worth of bitcoin sales.[11] Later that year, Byrne announced the creation of a blockchain-based fintech venture, for which he had hired the developers of the decentralized peer-to-peer exchange, Counterparty.[12]

In 2016, Byrne announced an indefinite leave of absence due to complications involving hepatitis C, which he contracted in 1984 in Xinjiang, China. By this time he had already survived testicular cancer and multiple resurgences of it.[13] Less than two months later, Byrne, along with journalist Mark Mitchell, lost a five-year legal battle with a Vancouver-based entrepreneur named Altaf Nazerali. The Canadian court awarded Nazerali $1.2 million, paid for by Byrne and Mitchell, in various damages for "a ruthless campaign" against Nazerali's reputation, which included accusations of arms dealing and drug trafficking, as well as involvement with al-Qaida both the Russian and Italian Mafias.[14]

In 2017, Byrne announced a joint venture between Medici Ventures (a subsidiary of Overstock.com) and Hernando de Soto, a notable economist to begin a new blockchain venture, causing a sharp spike in Overstock.com's stock value (OSTK).[15][16] This venture ended up being called tZERO.[17] Later that year, he announced development of tZERO's DLR, a financial technology that would be developed specifically to "curb naked short sales."[18] Byrne announced in late 2017 that he plans on stepping away from his role at Overstock.com, selling or restructuring the company so that he could focus on developing tZERO full-time.[19][20]

Byrne has said on record that he believes many of the problems in the existing financial system could be remedied with the utilization of blockchain technology.[21] He claims that tZERO will, if all goes well, one day "replace Wall Street." He has also strongly cautioned investors, citing the volatile nature of ICO's and cryptocurrency.[22] On tZERO's website, there is a disclosure statement that specifies tZERO tokens will be offered "solely to qualified institutional investors, qualified professional investors, and those other sophisticated persons to whom offers and solicitation may be made without any licensing, registration, qualification, or approval under applicable law."[23]

By March 1st, 2018, the company had raised over $100 million for their ICO. The company disclosed in early March 2018 that the SEC had begun investigating the token sale.[24][25]

Career

Patrick Byrne founded Overstock.com in 1999 out of Utah. In 2001, he founded Worldstock Fair Trade, a division of Overstock that sells handmade artisanal items from developing nations. Some of the profits have been used to fund various philanthropic projects.[26]

Byrne is a longtime supporter of bitcoin and cryptocurrency. He has been quoted saying the world is heading to a massive recession caused by Wall Street corruption, and that cryptocurrency, which does not require governments or financial institutions to function, is the key to humanity surviving what he calls the "Zombie Apocalypse." He has been criticized by numerous financial and journalistic institutions for this belief, including the New York Post.[27] Others have commended him for his "personal jihad" against "naked short-selling," a legal practice which Byrne believes will eventually destroy the U.S. economy.[28] This personal mission eventually led him to utilize blockchain technology to attempt to create a more transparent financial system.[29]

On January 9 2014, Byrne tweeted that Overstock.com would begin accepting bitcoin as payment for goods. The next day, he tweeted that within 21 hours, Overstock had recorded $124,000 worth of bitcoin sales.[30] Later that year, Byrne announced the creation of a blockchain-based fintech venture, for which he had hired the developers of the decentralized peer-to-peer exchange, Counterparty.[31]

In 2016, Byrne announced an indefinite leave of absence due to complications involving hepatitis C, which he contracted in 1984 in Xinjiang, China. By this time he had already survived testicular cancer and multiple resurgences of it.[32] Less than two months later, Byrne, along with journalist Mark Mitchell, lost a five-year legal battle with a Vancouver-based entrepreneur named Altaf Nazerali. The Canadian court awarded Nazerali $1.2 million, paid for by Byrne and Mitchell, in various damages for "a ruthless campaign" against Nazerali's reputation, which included accusations of arms dealing and drug trafficking, as well as involvement with al-Qaida both the Russian and Italian Mafias.[33]

In 2017, Byrne announced a joint venture between Medici Ventures (a subsidiary of Overstock.com) and Hernando de Soto, a notable economist to begin a new blockchain venture, causing a sharp spike in Overstock.com's stock value (OSTK).[34][35] This venture ended up being called tZERO.[36] Later that year, he announced development of tZERO's DLR, a financial technology that would be developed specifically to "curb naked short sales."[37] Byrne announced in late 2017 that he plans on stepping away from his role at Overstock.com, selling or restructuring the company so that he could focus on developing tZERO full-time.[38][39]

Byrne has said on record that he believes many of the problems in the existing financial system could be remedied with the utilization of blockchain technology.[40] He claims that tZERO will, if all goes well, one day "replace Wall Street." He has also strongly cautioned investors, citing the volatile nature of ICO's and cryptocurrency.[41] On tZERO's website, there is a disclosure statement that specifies tZERO tokens will be offered "solely to qualified institutional investors, qualified professional investors, and those other sophisticated persons to whom offers and solicitation may be made without any licensing, registration, qualification, or approval under applicable law."[42]

By March 1st, 2018, the company had raised over $100 million for their ICO. The company disclosed in early March 2018 that the SEC had begun investigating the token sale.[43][44]

Education

Patrick Byrne earned a bachelor of arts degree in philosophy and Asian studies from Dartmouth College, a master’s in philosophy from Cambridge University as a Marshall Scholar, and a PhD in philosophy from Stanford University. He also spent a year studying in at Beijing Normal University through Dartmouth College's Foreign Study Program.[45][46][47]

References

  1. Patrick M. Byrne. Independent Institute.
  2. Capital markets foe seeks an end run via blockchain. American Banker.
  3. MEET PATRICK BYRNE: BITCOIN MESSIAH, CEO OF OVERSTOCK, SCOURGE OF WALL STREET. Wired.
  4. Overstock.com Becomes First Major Retailer to Accept Bitcoins. Coindesk.
  5. Patrick M. Byrne. Independent Institute.
  6. MEET PATRICK BYRNE: BITCOIN MESSIAH, CEO OF OVERSTOCK, SCOURGE OF WALL STREET. Wired.
  7. Patrick Byrne. The Independent.
  8. MEET PATRICK BYRNE: BITCOIN MESSIAH, CEO OF OVERSTOCK, SCOURGE OF WALL STREET. Wired.
  9. Naked shorting's early critic starts to see some vindication. Gold Anti-Trust Action Committee.
  10. Overstock's Blockchain and the War Against Naked Shorting. Coindesk.
  11. Overstock.com Becomes First Major Retailer to Accept Bitcoins. Coindesk.
  12. Overstock Hires Counterparty Developers to Build Cryptosecurity Stock Exchange. Coindesk.
  13. Overstock CEO Patrick Byrne takes indefinite leave of absence over Hepatitis C complications. CNN.
  14. Vancouver businessman wins $1.2 million for Internet libel. Vancouver Sun.
  15. Overstock.com shares spike after blockchain unit announces for-profit property registry. CNBC.
  16. Patrick Byrne Mulls Overstock Sale to Fund New Blockchain Venture. Coindesk.
  17. Patrick M. Byrne. Independent Institute.
  18. Overstock to Release Blockchain Product to Curb Naked Short Sales. Coindesk.
  19. Overstock.com CEO aims to sell or reorganize e-commerce biz so he can focus on blockchain. CNBC.
  20. Patrick Byrne Mulls Overstock Sale to Fund New Blockchain Venture. Coindesk.
  21. Capital markets foe seeks an end run via blockchain. American Banker.
  22. Online retailer Overstock has raised $100 million for its ICO it says will replace Wall Street. Business Insider.
  23. IMPORTANT DISCLOSURE – No Registration. tZERO.
  24. Online retailer Overstock has raised $100 million for its ICO it says will replace Wall Street. Business Insider.
  25. Overstock.com stock offering canceled, source says; shares rise. CNBC.
  26. Patrick Byrne. The Independent.
  27. MEET PATRICK BYRNE: BITCOIN MESSIAH, CEO OF OVERSTOCK, SCOURGE OF WALL STREET. Wired.
  28. Naked shorting's early critic starts to see some vindication. Gold Anti-Trust Action Committee.
  29. Overstock's Blockchain and the War Against Naked Shorting. Coindesk.
  30. Overstock.com Becomes First Major Retailer to Accept Bitcoins. Coindesk.
  31. Overstock Hires Counterparty Developers to Build Cryptosecurity Stock Exchange. Coindesk.
  32. Overstock CEO Patrick Byrne takes indefinite leave of absence over Hepatitis C complications. CNN.
  33. Vancouver businessman wins $1.2 million for Internet libel. Vancouver Sun.
  34. Overstock.com shares spike after blockchain unit announces for-profit property registry. CNBC.
  35. Patrick Byrne Mulls Overstock Sale to Fund New Blockchain Venture. Coindesk.
  36. Patrick M. Byrne. Independent Institute.
  37. Overstock to Release Blockchain Product to Curb Naked Short Sales. Coindesk.
  38. Overstock.com CEO aims to sell or reorganize e-commerce biz so he can focus on blockchain. CNBC.
  39. Patrick Byrne Mulls Overstock Sale to Fund New Blockchain Venture. Coindesk.
  40. Capital markets foe seeks an end run via blockchain. American Banker.
  41. Online retailer Overstock has raised $100 million for its ICO it says will replace Wall Street. Business Insider.
  42. IMPORTANT DISCLOSURE – No Registration. tZERO.
  43. Online retailer Overstock has raised $100 million for its ICO it says will replace Wall Street. Business Insider.
  44. Overstock.com stock offering canceled, source says; shares rise. CNBC.
  45. Patrick M. Byrne. The Independent.
  46. Patrick M. Byrne. The Independent.
  47. Patrick M. Byrne. Bloomberg.