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.

There are regulators at the SEC and elsewhere who are really excited about the potential of the blockchain. They understand you can build a robust financial system - it would solve all your black swan problems. All kinds of mischief and games that are played in the current system become impossible in this system.

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.

Patrick M. Byrne Quotes