A Quote by Patrick M. Byrne
There is absolutely no reason in the world of blockchain to build in net settlement. It's like saying you have got a new Ferrari and we are going to put a lawnmower engine in it.
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Right now, you've got three days between a trade and a settlement, with hundreds of millions in settlement risk tied up in that time. That all goes away in a blockchain system because you've reunited the trade with the settlement. They're not two separate processes.
The blockchain concept was pioneered within the context of crypto-currency Bitcoin, but engineers have imagined many other ways for distributed ledger technology to streamline the world. Stock exchanges and big banks, for example, are looking at blockchain-type systems as trading settlement platforms.
I've got a quad bike, which I've raced against neighbours. You could give me a go-kart with a lawnmower engine - I'd still have fun. I like jet skis, speedboats, all the boys' toys.
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.
On the blockchain, you have a public ledger, which is the form of ownership. That means you are not doing net settlement - just netting everything down, which means that everything has been turned into fungible numbers.
[My son] he loves music, but right now, cars are his thing. He told me when he gets older he wants to be a "Ferrari man" and I was like, "A Ferrari man? Do you want to drive Ferraris or do you want to build them?" He was like, "I want to build them."
Every smart person that I admire in the world, and those I semi-fear, is focused on this concept of crypto for a reason. They understand that this is the driving force of the fourth industrial revolution: steam engine, electricity, then the microchip - blockchain and crypto is the fourth.
Blockchain is like the new big data or AI - too many people are using it as a buzzword and not focused solving a real problem. We like to call them Blockchain tourists!
I think they [ monastic folks ] were going to the desert to build a new society and in a sense to build a new world, a new culture together where it was easier to be good and holy.
Why should I be depressed? I've got enough money. I've got a job. People like me. There is no to be depressed. That's at stupid as saying there is no reason to have asthma or there is no reason to have the measles. You know you've got it. It's there. It's not about reason.
Vegas is definitely a new challenge, but I wanted to be able to put on a different type of show. You get to do so much more when you don't have to put your stage in trucks after the show every night - we got to build a venue specifically for my show. It's going to be more like a party than a typical concert.
Having a great deal of opportunity proves nothing. Opportunity without creative action is like a brand new Ferrari without an engine. You possess something valuable, but it won't get you anywhere.
It strikes me that the only reason to take apart a pocket watch, or a car engine, aside from the simple delight of disassembly, is to find out how it works. To understand it, so you can put it back together again better than before, or build a new one that goes beyond what the old one could do. We've been taking apart the superhero for ten years or more; it's time to put it back together and wind it up, time to take it out on the road and floor it, see what it'll do.
One of the dangers about net-net investing is that if you buy a net-net that begins to lose money your net-net goes down and your capacity to be able to make a profit becomes less secure. So the trick is not necessarily to predict what the earnings are going to be but to have a clear conviction that the company isn't going bust and that your margin of safety will remain intact over time.
Just, you know, you can't put bread in a cold oven. You know, you've got to take your time. You've got to heat it up. So that's what, that's what I like to do with my music. I like to build it, and build it into a maddening, exciting crescendo.
I just loved going fast. So I started out with Alka-Seltzer and soda water in a bottle and attached it to the skateboard. That didn't do much. I would try a leaf blower. I was searching for anything that would go fast. Then, the lawnmower engine.
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