A biography for Patrick M. Byrnehasn’t been written yet.
“If we get to a world of digital securities, then there isn't a need for DTC and Cede & Co. anymore. It's a really huge step in returning to clean capital markets.”
“The main event isn't bitcoin. It's using the blockchain to disrupt other industries and Wall Street.”
“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.”
“We want enough people adopting Bitcoin for a robust infrastructure. It's an act of patriotism. It gives the country a robust parallel system.”
“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.”
“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.”
“People didn't know where they could trade. When everybody owes each other IOUs that can be in multiple places at once, that's how the system couldn't tell any more who owned what and who owed what to whom. Blockchain could have prevented 2008.”
“For the first time in 6,000 years of human history, we can have peer-to-peer exchange where trust is not a problem anymore. And it's through the technology that underlies bitcoin. It's called the block chain.”
“I'm not in the business of bayoneting the wounded. I feel the blockchain revolution is kind of my victory. I don't care whether I win it, someone else wins it.”