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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.

2 of 80 comments (clear)

  1. so many problems with this idea by ihtoit · · Score: 4, Insightful

    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.

    --
    Political debates have me rolling my eyes so much I think I got optical whiplash. I should sue. - Foamy The Squirrel
  2. Nobody should trust these scammers by gavron · · Score: 5, Insightful

    Who would trust them?

    First this: http://www.sec.gov/Archives/ed...
    (bitcoin trust)

    Then this: http://www.investopedia.com/ar...
    (bitcoin payment system)

    Now this thing... ("regulated" exchange that can't leave the US for an international virtual decentralized currency...)

    Perhaps they just didn't get that memo about their relevance having tanked somewhere after they wanted to
    renege on their FB settlement and go for a do-over uh-gain:
    http://www.bloomberg.com/news/...

    Their fifteen minutes of fame is up. The harder they try and bring themselves
    into relevance the funnier it gets. The bell has rung. Time to get off the stage little boys.

    E