In a general sense, banks purring over the technological advancements Bitcoin’s blockchain technology provide is a good thing. After years of banks deriding anything having to do with Bitcoin, after years of exchange risk, fraud, and failure, and years of mainstream doubt and ignorance, the love has helped the Bitcoin community with a sense of redemption. The banking elite will never admit they were wrong about Bitcoin. In fact, they may see a way to use their newfound adoration as a way to upset Bitcoin’s apple cart, in the long run, through the burgeoning R3 consortium. Overstock CEO Patrick Byrne recently made some strong assertions at the Blockchain Agenda Conference last week in San Diego. A one-time applicant to join the ever growing R3 partnership, he now has a more nuanced perspective of the financial group from the outside, looking in.
“What’s happening is Wall Street is trying to slow us (his new T0 company) down while they come up with their own version, and that’s, I think, R3. That’s a consortium that’s really going to be there — so Wall Street comes up with their own version, and then they’re going to outlaw [the competition]. So