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- Permissioned blockchains have been one of the most popular fintech concepts recently, and R3 is the blockchain consortium that looks to have the most backing from some of the world’s top financial institutions
- Bitcoin supporters appear to be more dissatisfied with regulators than any other group of people on the globe, but Byrne believes that Wall Street is a greater issue
- Ironically, Byrne previously stated that he wanted to join R3 at one point. They attempted to enroll, but they wouldn’t allow us to join – even though we were well ahead of everyone, he stated
Permissioned blockchains have been one of the most popular fintech concepts recently, and R3 is the blockchain consortium that looks to have the most backing from some of the world’s top financial institutions. The company has been received with suspicion in the Bitcoin community, with many advocates of the digital payment system arguing that the blockchain is useless without some type of underlying token. On day two of Blockchain Agenda San Diego, Overstock CEO Patrick Byrne was the closing speaker, and he offered his general opinions on Wall Street’s entry into the blockchain realm. Despite the fact that Byrne does not appear to be fully reliant on the Bitcoin blockchain, it is apparent that he does not have faith in the R3 organizations.
Bitcoin supporters appear to be more dissatisfied with regulators than any other group of people on the globe, but Byrne believes that Wall Street is a greater issue. The Overstock CEO revealed during his lecture at the Blockchain Agenda San Diego, the issue isn’t with the regulators. The regulators, I believe, want this to happen. They don’t want to be controlled by Wall Street. They are well aware of Wall Street’s monopoly power. Byrne went on to say that Wall Street will use R3 to try to stifle the Bitcoin movement. R3 is, in his opinion, an attempt to create a blockchain that might be presented to regulators as a legally binding standard, what’s going on is that Wall Street is attempting to slow us back while they develop their own version, which I believe is R3. That’s a consortium that’s actually going to exist — so Wall Street comes up with its own version and then outlaws. So keep an eye out for R3.
Ironically, Byrne previously stated that he wanted to join R3 at one point. They attempted to enroll, but they wouldn’t allow us to join – even though we were well ahead of everyone, he stated. T0 is Byrne’s own platform for settling transactions very instantaneously over the blockchain, as opposed to the traditional T+3 timeframe. Byrne returned to the idea of R3 as a vehicle for regulatory protectionism later in his presentation. He added, that R3 will just serve to insulate vested interests from competition. So he would be happy to work with R3 if only to protect it from being dragged in that direction. Patrick Byrne was able to express his true feelings on the blockchain consortium at the end of his comments on R3. According to him, the group is nothing more than an effort to stifle the crypto community’s growth.
He elaborated, that over the last several months, I’ve had suspicions that there’s a mechanism – it doesn’t have a character yet. The character is taking shape, but some R3 members want to exploit R3 as a means of slowing us down while they work out their answer, refers to the entire community. R3’s ties with regulators and politicians across the world, according to Byrne, may be extremely beneficial to the company in the future. R3 would ultimately want to make its blockchain a standardized system that all other financial institutions must adopt, according to him.
Bryne belives it will create its own version, and then, these bankers have regulators and senators on fast dial. For the time being, Patrick Byrne does not appear to be a supporter of the R3 blockchain effort. On a technical level, it’s still unknown how Byrne’s T0 platform works, but it’s likely that the Overstock CEO’s love of decentralized systems is in conflict with what R3 is doing.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
