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Tuesday, February 11, 2014

Profile Of Overstock's Patrick Byrne - Bitcoin Messiah, Scourge Of Wall Street

Patrick Byrne says the zombie apocalypse is coming, and there’s one thing that can save us: bitcoin.
He tells me this during a phone call from his car, a black Tesla Model S that’s winding its way through the mountains above Salt Lake City, on its way to Byrne’s home in the Utah ski country. Byrne is the CEO and chairman of Salt Lake’s Overstock.com, one of the world’s largest online retailers with more than $1.3 billion a year in sales, and he’s about to place an enormous bet on bitcoin, the digital currency that exists only on the internet.
In the estimation of many leading economists, bitcoin is a fatally flawed idea shaped by people who don’t really understand how money works. But Byrne is an unorthodox thinker, a three-time cancer survivor with a PhD in philosophy who’s never been afraid to fight for what the rest of the world sees as complete madness. Though he runs a company that’s publicly traded on Wall Street, he spent much of the last decade accusing Wall Street’s biggest brokers of widespread corruption — not to mention Wall Street hedge funds, analysts, reporters, and government regulators — arguing in the most grandiloquent terms that their greed would eventually bring the country crashing down. It’s no surprise that his maverick career would collide with the equally iconoclastic bitcoin. It’s as if his whole life has been leading to this.

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