Winklevoss Twins Plan Regulated Bitcoin Exchange

Posted by timothy on Saturday January 24, 2015 @05:24AM from the trust-us-there-are-two-of-us dept.

itwbennett writes They of the square jaws and famous dispute with Mark Zuckerberg over the origins of Facebook, are also believed to be among the largest holders of Bitcoin in the world. Now they want to launch a regulated Bitcoin exchange—named Gemini, of course. To bolster confidence, they said they have formed a relationship with a chartered bank in the state of New York. "This means that your money will never leave the country," the twins wrote in a blog post. "It also means that U.S. dollars on Gemini will be eligible for FDIC insurance and held by a U.S.-regulated bank.

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Re:so many problems with this idea by beheaderaswp · 2015-01-24 10:34 · Score: 3, Informative

not least of which, allowing an organisation that is answerable to none but the United States Supreme Court to regulate a virtual currency that is in direct competition with its own pet, the Almighty Dollar.
Right... because allowing a random guy in Asia to regulate the exchange worked out great?

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