Interview with Dr. Overstock founder Dr. Bai Li: Block chain technology will transform the world

nnIn the digital currency tide, the US electricity giant Overstock always walk in the forefront. As early as 2014, Overstock became the world’s first large-scale retailer to pay Bitcoin. The following year, Overstock officially received the US Securities and Exchange Commission (SEC) approved in its block-chain trading platform T0 trading and settlement of new listed shares, becoming the first licensed chain-chain securities trading platform. Dr. Patrick Byrne, founder and CEO of Overstock, recently interviewed to share his insights on Bitcoin and Block Chains.n
nReporter: Clovern
The first to accept the bitter currency to pay the industry pioneern
Bitcoin was born in 2009, is in the financial crisis in 2008 after the proposed concept. And in 2014, Overstock went in the forefront of the tide of digital money, the first to become the world’s first to accept the special currency to pay the large retail enterprises. This is due to Dr. Bai Li’s unique vision, because at that time for most people, Bitcoin is no different from an alien currency. Not long ago in August 2017, Overstock announced that it will cooperate with ShapeShift to further accept almost all of the mainstream encrypted currency as a payment method. This will be the development of Overstock will play a more powerful role, but also will greatly promote the degree of acceptance of digital money.n
In an interview with, Dr. Bai said that although the proportion of the current coin to the company’s sales is still relatively small – only 0.2%, but in recent years due to considerable increase in Bitcoar prices, which In one fell swoop also make the retail giant has accumulated a small fortune.n
And asked how to resist the huge fluctuations in currency, Dr. Bai Li said:n
n”We will cash 50% of the currency into dollars, the remaining 50% to maintain long-term holding, so that the company in the harvest of French profits while also accumulating Bitcoin, and for now, this strategy is sufficient Let the company fully benefit.n
nAt the same time, Dr. Bai Li also said that he hoped that the future can achieve 100% of the bit long currency income.n
n”Bit currency and other encrypted currencies are not necessarily the future currency, but the chain chain must be the future technology”n
nAlthough Dr. Overstock was publicly listed on Wall Street in 2002, as a philosopher who pursued liberalism, he spent a lot of time and energy over the past decade complaining about corruption in the Wall Street securities market Greed will eventually make the whole country go to the end. With the emergence of Bitcoin and its underlying technology block chain, this distributed classification book with security, transparency and anonymity attracts the attention of many industries with financial industry. Dr. Bai Li believes that this technology is to resist Wall Street shady, to deal with the future of the financial crisis, an effective solution.n
As a pioneer in the industry, Overstock’s venture capital firm Medici has built a dedicated portfolio since 2014 to focus on the development of block-chain technology in capital markets, financial services, digital certification, voting, property rights and mortgage compliance. An incubator for the excellent block chain project. So far the company has invested in a number of areas of the block chain project, in August 2015, Medici first block-chain securities trading platform project T0 debut Nasdaq, and in December 2016 successfully issued the first district Block chain securities, officially began operations, the rapid, safe and decentralized alternative solutions into the field of stock trading. Dr. Bai said he was committed to playing T0 into a capital market platform that could replace Wall Street, replacing blockbuster technology as a middleman between traditional buyers and sellers.n
Dr. Bai Li believes that the subversion of Wall Street on behalf of the financial industry and other industries is not the key to Bitcoin, but rather the underlying block chain technology. The use of block-chain technology to build such an automatic sharing, tamper-resistant database, allowing data storage no longer need to go through complex procedures and clearing institutions. T0 effectively simplifies the transaction process and provides a more reliable transaction record, so it has also become a favorable “weapon” for Dr. White to continue against Wall Street.n
In December 2015, Overstock officially received the US Securities and Exchange Commission (SEC) approved in its block-chain trading platform T0 trading and settlement of new listed shares, becoming the first licensed chain-chain securities trading platform. Dr. Bai Li has said that they want to build a chain-chain securities trading platform is a trading platform that complies with all regulatory requirements and hopes that the platform will be officially recognized, not like Mt.Gox, Circumvent supervision.n
As for why the approval of the SEC, Dr. Bai Li said in an interview:n
n”This is not because we got the support of the federal government.I do not believe the regulators, because sometimes we should protect our regulators but adjust the tip to be used by the industry, but in view of my relationship with the regulators, Wall Street has been Over the past decade, the outbreak of the financial crisis in 2008 has also proved my point of view is correct.We maintain a professional relationship with the government, we have done is to keep with the regulatory body Fully communicate. “n
Alternative Parallel System Based on Block Chainn
Dr. Bai Li in the interview further talked about the US economy and the potential of the chain chain. He said that in the past for a century, the US economy is under the leadership of the central bank to run, and which up to eighty years of time, the whole economy and society have respected Keynesianism, he believes that for the whole For the world, this will eventually lead to disaster. Compared to the bank part of the reserve reserve system, he believes that gold, this government issue currency, bank lending system is like the financial system “stack Luohan”, each other, but one day will face collapse , And when the day comes, the only able to survive is the bitcoin and block chain, only this technology can build a solid infrastructure.n
n”At the time of the financial crisis in 2008, civil society was almost in a step-by-step crash, and I thought it would happen again soon, but if we built a parallel system based on the block chain before such a disaster At the time of the crisis, we will have the same capital market and payment method (such as Bitcoin) in Wall Street, but we need two to three years to build such a system, and I am most worried about is The disaster has come before the alternative parallel system is built. “n
nDr. Bai said that the T0 platform built by Overstock was part of a block-chain system, and that they were also building a block-chain platform that helped the central bank to issue currency bitt, voting, and identity Among them. Chainbike ( was informed that over the next few months Overstock may also have significant news releases about other ongoing block-block projects.n
As a large electric retailer, Dr. Bai Li also talked about the application of block chain technology in the supply chain. He said:n
n”Three years ago, I knew that the combination of the block chain and the supply chain would be very strong, but then we did not have time to carry out the development of the block chain in this area. At the first Global Bitcoan meeting held in Amsterdam three years ago, Has published a speech that the block chain used in the supply chain will be a promising industry.Overstock annual sales of 2 billion, of which about 1 billion of goods imported from China, so I am also very happy in our supply chain Try the application of the block chain traceability.n

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