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Winklevoss Twins Plan Regulated Bitcoin Exchange

Posted by timothy on 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.

4 of 80 comments (clear)

  1. What about the block chain size? by Anonymous Coward · · Score: 1, Interesting

    I've tried to use BTC recently. I think it's an interesting concept, but the block chain is goddamn awful to deal with as a normal user. It's fucking massive. We're talking about many gigabytes of data to download. BTC becomes a lot less convenient to me if I have to wait a day or more to fetch the block chain data just to begin using it! I know there are services out there that can help alleviate some of these problems, but that just defeats the whole purpose of BTC. Not having to depend on third parties is one of its most significant benefits, so giving that up just to make it usable is totally self defeating. Why would I want to use a third party service just to make BTC practical when the main reason for me using BTC is so that I can deal with it independently without having to deal with third party services?!

  2. Tech world by amightywind · · Score: 2, Interesting

    Are there 2 people who have less to offer the tech world than the Winklevi?

    --
    an ill wind that blows no good
  3. Re:Nobody should trust these scammers by spire3661 · · Score: 3, Interesting

    Thats the thing. They could go on and just be happy successful businessmen, but noooo they have to be known....

    --
    Good-bye
  4. Re:so many problems with this idea by Anonymous Coward · · Score: 2, Interesting

    but all Bitcoin does is spawn scams or payment gateways that evolve into PayPal equivalents (once they're big enough they cut Bitcoin out of the loop).

    Example of a gateway which spawned from Bitcoin and no longer supports Bitcoin?