A Quote by Patrick M. Byrne
Over the next decade, there will be disruption as significant as the Internet was for publishing, where blockchain is going to disrupt dozens of industries, one being capital markets and Wall Street.
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The main event isn't bitcoin. It's using the blockchain to disrupt other industries and Wall Street.
You're going to start seeing open-source, self-executing contracts gradually improve over time. What the Internet did to publishing, blockchain will do to about 160 different industries. It's crazy.
I've been in a room in Silicon Valley where on the wall they have 160 industries they think blockchain can disrupt. We picked six of them to focus on.
I think the money for the solutions for global poverty is on Wall Street. Wall Street allocates capital. And we need to get capital to the ideas that are successful, whether it's microfinance, whether it's through financial literacy programs, Wall Street can be the engine that makes capital get to the people who need it.
Wall Street shouldn't be deregulated. I think Wall Street and Main Street need to play by the same set of rules. The middle-class can't carry the burden any longer, that is what happened in the last decade. They had to bail out Wall Street.
In a world with many blockchains and hundreds of tradable tokens built on top of them, entire industries are automated through software, venture capital and stock markets are circumvented, entrepreneurship is streamlined, and networks gain sovereignty through their own digital currency. This is the next phase of the Internet.
Over the objections, where they sound like squealing pigs, over the objections of Romney and all his allies, we passed some of the toughest Wall Street regulations in history, turning Wall Street back into the allocator of capital it always has been and no longer a casino. And they want to repeal it.
I'm not wedded to covering the markets. I'm intrigued by the markets. If I can connect Main Street with Wall Street, then I've succeeded.
The innovation industries are rapidly going global. In five years, more than 50% of venture capital returns will come from markets outside the United States, including China, India, Brazil, and Australia, and AlwaysOn events are on top of these trends.
More and more major industries are being run on software and delivered as online services—from movies to agriculture to national defense. Many of the winners are Silicon Valley-style entrepreneurial technology companies that are invading and overturning established industry structures. Over the next 10 years, I expect many more industries to be disrupted by software, with new world-beating Silicon Valley companies doing the disruption in more cases than not.
I think that governments are going to get disrupted by the blockchain. I think in the same way that the Internet forced everyone to evolve, the Blockchain is going to change the game again.
The climate system is being pushed hard enough that change will become obvious to the man in the street in the next decade.
It appears that Wall Street is not acting as a force for economic expansion, providing access to capital for companies that make things. Rather, it seems, Wall Street is using government bailouts to lever up.
Over the next 10 years, I expect many more industries to be disrupted by software, with new world-beating Silicon Valley companies doing the disruption in more cases than not.
It is easier to disrupt consumer finance. It is much harder to disrupt institutional finance, Wall Street. It is very heavily regulated, and because it is institutional finance, you are dealing with incumbents.
The big-ego temper tantrums of Wall Street's titans must be a concern for everyone on Wall Street. Bad behavior and manipulation of the markets must be called out by those in the industry concerned for its future.
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