Overstock.com Libertarians’ New Favorite Company? CEO Has Strong Words For Krugman & Bitcoin

By: Michael Lotfi
17
bitcoin

Kurt Wallace of Rare.us recently interviewed Overstock.com CEO Dr. Patrick Byrne who had some very strong words on bitcoin and economist Paul Krugman.

Bryne calls Krugman’s economic theology “extreme and magical.” He goes on to say that Krugman’s thinking has no ties to reality.

Bryne tells Wallace that he hopes Bitcoin will destroy central banking. The online retailer recently made headlines for accepting bitcoins as payment.

You can listen to the entire interview below.


Follow Michael Lotfi on Facebook & on Twitter: @MichaelLotfi

 

The following two tabs change content below.
Michael Lotfi is a Persian-American political analyst and adviser living in Nashville, Tennessee where he works as the executive director for the Tenth Amendment Center (TN). Lotfi founded TheLibertyPaper.org, which is an online news source that is visited daily by readers in over 135 countries. Lotfi also writes a column at The Washington Times called "American Millennial". Lotfi graduated in the top 5% of his class with top honors from Belmont University, an award winning, private university located in Nashville, Tennessee.

  • ghendric

    Ok, so what if we eventually go to Bitcoin… what happens when an EMP pulse or some other disaster destroys computers worldwide and destroys all that digital money? What then?

    • Mike

      I think there would be far, far bigger problems if that were to happen.

      • Draken

        Agreed.

        All the same paper money would probably survive post WWIII or Post EMP for at least a few months maybe even years until it was clear that whoever the issuer was gone and not coming back.

    • Chaz

      okay same thing can be said about your money in bank accounts. All your money would go *poof*!

    • Michael Mostwill

      Most of the “cash” that you speak of is held in electronic bank accounts at the Fed anyway.

      http://research.stlouisfed.org/fred2/graph/?s1id=EXCRESNS

      Like the other posters have mentioned, there would be far bigger problems. The entire economic system would more than likely collapse. But you could still maintain your BTC wallets on a physical medium for when the grid is restored. That being said, I’m still big on actual specie, i.e. gold/silver. But BTC wouldn’t be “destroyed” per say, just rendered unusable. The same would go for the USD and other currencies after a very short period of time once they lose their fiat properties.

    • Joe Erato

      I can hunt so i will be good. :-)

      • Wayne Langley

        If you can’t drink the water, what difference would it make?

    • Kurt P

      Well, there’s a high probability you – and most of the people you know – will be DEAD within a year, since of course, EMPs are not selective…that is it will not just zap your computer. Beyond that, short of global thermonuclear war, no EMP is going to have a world-wide effect. IF you survive long enough, your bitcoins would STILL exist, waiting for you to find your way to power.
      Your BANK accounts, on the other hand…will be GONE.

  • gwydion

    I’m still looking for that original news we were promised. This is a link to an interview someone else did.

  • Draken

    My biggest issue with BitCoin is that I don’t trust the institution. Look I’m not a fan or the Fed, or any central bank, but at least I know that they are not going to close up shop unexpectedly – Well short of WWIII they are not.

    Maybe in a few years once BitCoin has survived a reasonable test of time, I’ll trust them, but for now too much speculation. And with new digital currencies springing up like weeds it is only a matter of time before various nations try to regulate them as some form of security in order to prevent fraud.

    It is bad enough when you don’t reasonably know if you can trust your bank. At least for now I reasonably trust my US currency. Again maybe in a few years that will change but for now, I’m thinking wait and see.

    • SparkyMcBiff

      “Don’t trust the institution”???
      What “institution”?
      There isn’t one.
      That’s the whole point.

      • Draken

        in·sti·tu·tion – noun
        1: a society or organization founded for a religious, educational, social, or similar purpose.
        2: an established law, practice, or custom

        You’re right, perhaps I should have used organization, or cabal instead. What word I used doesn’t change the fact that bitcoins are unproven, and right now they are too high a risk for my tastes. It is a simple cost benefit analysis, risk/reward. For me the risks of bitcoin are not worth the rewards, not yet anyways.

  • vongoh

    A great interview. I’ve been a regular Amazon shopper for some time now, but after hearing this interview and Overstock accepting BTC I’ve already started comparing prices and checking them out as an alternative.

    • Timothy Wenners

      as have I.

      just based on his stance of freedom I’m now going to look at their website for options

  • defyfiatmoney

    Over & over again I read paranoid unreasonable fears about Bitcoin. What if the internet goes down? Well if it does do you think your debit/credit cards will function? If you take a paper check into your bank you won’t get cash because they won’t be able to verify your balance.

    All commerce & finance today is digital. Keep a printed copy of your wallet address & when power is restored you’ll have access to your funds. If power isn’t restored we have all got bigger problems then losing our bank accounts & investment accounts.

    I wish my bank & credit cards had even half the security of my Bitcoin wallets! Can you say Target? Bitcoin is a new world order we should be applauding, diversified not centralized – a network of commerce owned entirely by the people who use it not some self-serving CEO or FED. It can’t be counterfeited, artificially inflated or devalued by corruption.

    Get a clue, do the research & join the revolution!

  • Jon Bromley

    Why do people always seem to come to the conclusion that if an EMP went off Bitcoins would be useless?
    1. If you have the foresight to see such a thing happening then you should be able to imagine the world in such a state where cash and gold will be useless.
    2. That is a completely unrealistic “end of the world” scenario. IF that were to happen, as many people have said before, you’d have much bigger problems to worry about than your BTC balance.
    3. As long as there is a single copy of the blockchain in existence then Bitcoin can go on once an infrastructure has been established.

    Bitcoin as a protocol, as a currency, and as an invention will benefit mankind far more than any bank has. The structure it is built on can give people the freedom and security they need from banks and governments alike.