Crypto Assets Compared to Dot Com Domains Shows Unrivaled Growth Performance

Cameron Winklevoss, early Bitcoin investor the outspoken co-founder of the Gemini crypto exchange, is a staunch supporter of what he and his brother Tyler call the Future of Money. They and their exchange have worked to elevate the industry and help it shed the wild west atmosphere of the emerging market.
In his latest comments, the Bitcoin bull compares crypto assets to the assets of the dot com era: domain names. The comparison is used to show the tremendous growth the crypto market has brought investors – far more than the mere “few millions” that Winklevoss says a four-letter domain would have netted someone if bought in 1990.
Cameron Winklevoss: Cryptonetworks > Internet, Here’s Why
Cameron Winklevoss knows plenty about investing in early technologies like the internet and more recently, cryptocurrencies. The early Bitcoin supporter was also partly responsible for one of the earliest examples of a social media network, which eventually became the foundation for Mark Zuckerberg’s Facebook – one of the most powerful internet giants today.
Related Reading | Cameron Winklevoss on Crypto: Not Investing In the “Future of Money” is “Crazy”
In a recent tweet, the tech entrepreneur and one half of the Winklevoss twins has compared ownership of crypto network assets – cryptocurrencies – to the early owners of internet assets, or domain names. In the early days of the internet, forward-thinking entrepreneurs would gobble up two-, three-, and four-letter domain names in anticipation of the stampede of companies that would eventually have a presence in cyberspace.

Cyberspace assets = domain names Cryptonetwork assets = tokens
1990: 4-letter domain = $10. Same domain today = few millions max2009: bitcoin pizza = $10. Same pizza today = ~$80million
Ability to own a piece of Cryptonetworks > Internet.
— Cameron Winklevoss (@winklevoss) May 23, 2019

Eventually, few-letter domain names became scarce, and have since ran out. Those left holding the remaining assets can fetch a lofty amount depending on if there is a brand out there interested in that domain. The scarcity of four-and-under-letter domain names is strikingly similar to capped supply of Bitcoins.
In Winklevoss’s comparison, he says a $10 investment in a four-letter domain in 1990 could be worth a “few millions max.” Meanwhile, the same investment – using a $10 exchange of Bitcoin for pizza coinciding with yesterday’s Bitcoin pizza day as the example – would have netted the investor upwards of $80 million in twenty less years time.
Related Reading | Crypto Industry Celebrates First BTC Transaction With Annual Bitcoin Pizza Day 
The comparison truly does show the incredible potential and magnitude Bitcoin and cryptocurrencies have even compared to something as powerful and life-altering as the internet. The Winklevoss twins went along for the ride as both major technologies blossomed into what they are today. The internet has matured, the crypto industry is still in its infancy and has so much more room to grow ahead of it.
Forward-thinking investors similar to those who saw potential in domain names long before others, should also realize the potential that crypto assets offer. Those that do could be rewarded handsomely.
Featured image from Shutterstock
The post Crypto Assets Compared to Dot Com Domains Shows Unrivaled Growth Performance appeared first on NewsBTC.
Source: New

Cameron Winklevoss on Crypto: Not Investing In the “Future of Money” is “Crazy”

Bitcoin and the crypto industry it birthed is still new, misunderstood, and is many years away from having its potentially fully realized as a monetary asset, store of value, or transactional currency. But it’s clear to many that the young, emerging financial technology has incredible potential – potential that’ll be unlocked only with time and support. The potential is enough to make crypto among the most exciting asset classes for investors at the moment, from retail to institutions.
Because the technology hasn’t yet had time to mature and prove itself, some believe that investing in cryptocurrencies is “crazy.” Even crazier, says Cameron Winklevoss, is not investing in Bitcoin and other crypto assets.
Crypto Crazy: To Invest in Bitcoin and the “Future of Money” or Not?
Last night, the New York Post published an article with the FUD-fueled title “Bitcoin will soon be worth zero,” offering very little to support the idea and speculating on the crypto asset’s eventual demise. Naysayers of the digital currency are not difficult to come by, and reside at the Federal Reserve, in Congress, at the world’s most powerful banking firms, and more. These powers that be all say the same thing: you’d be crazy to invest in crypto.
Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble 
Some points are valid; the technology is new, and is far off from scale or widespread mainstream usage. Many are uncomfortable with the unfamiliar technology and rightfully so – nothing requires more security and safety than one’s wealth and finances. It’s also been highly demonized in the public eye, for its involvement in money laundering and drug markets on the darknet, not to mention the way retail investors were burnt by the 2017 bubble pop.
But beyond on that is the basis of blockchain, a transparent ledger and decentralized currency system that allows individuals to become one’s own bank, sending value across the internet without the need for an intermediary. The technology is being billed as the future of money and a game changer for a vast number of industries.

Some people think it's crazy to invest in crypto. Maybe. But definitely not as crazy as sitting on the sidelines when the future of money is literally being built before your eyes.
— Cameron Winklevoss (@winklevoss) May 20, 2019

Despite all crypto has going against it, Gemini cryptocurrency exchange co-founder Cameron Winklevoss says that while many believe that investing in crypto is “crazy,” it’s far crazier to sit back and watch idly by while “the future of money” is being built.
The saying goes: “Money makes the world go ‘round.” The future of money has such transformative potential on a global scale, it’s foolish to ignore the emerging technology and appreciate the opportunity it could create.
Related Reading | Beyond Bitcoin: What Does an Amazon-Created Crypto Mean for The Industry?
According to reports, together with his brother Tyler, the Winklevoss twins are said to own roughly 1% of all of the circulating Bitcoin supply, which is roughly 175,000 BTC, or roughly $1.4 billion at today’s prices.
The duo are among the technology’s biggest supporters, and have done much to drive the industry forward and elevate the market beyond the negative “wild west” association its developed over the past few years. Should they and other Bitcoin evangelists be successful, anyone who didn’t invest in crypto will certainly feel crazy.
The post Cameron Winklevoss on Crypto: Not Investing In the “Future of Money” is “Crazy” appeared first on NewsBTC.
Source: New

Winklevoss Twins Bought 200000 Bitcoins @ $7: Author of Bitcoin Billionaires

The Social Network movie was released in 2010, which told the untold story about the beginning of Facebook. Until that time, Mark Zuckerberg was already a billionaire and was successfully running the largest social media platform in the world.
Out of many others who contributed to Facebook apart from Mark showcased in the movie, the Winklevoss Twins, Cameron and Tyler, were one of them. They had accused Zuckerberg of actually stealing the idea from them and then making it his own.
Also Read: Not Facebook, Cryptocurrency Will be The Strongest Social Network: Cameron Winklevoss
Moreover, the story of the founding of Facebook on which the movie is based was written by Ben Mezrich: The Accidental Billionaires. He has released another book on the identical twins from that story, Bitcoin Billionaires. 
Bitcoin Billionaires is the story of these two brothers after their legal battle with Mark Zuckerberg over Facebook. The American Olympic rowers were apparently always ahead of the innovation curve; first with Facebook and now Bitcoin. 
Reportedly, the brothers received a settlement of about $500 million in stocks and signed a Non-disclosure agreement. Ben Mezrich said that the twins spent just $1.4 million when they bought about 200,000 Bitcoins at $7 each during its early days. He told CNBC in an interview,
“They bought about 1% all of Bitcoins. At $20000, they were worth $4 billion and at $8000 they are worth close to $2 billion.”
On Bitcoin and cryptocurrency, Mezrich has confidence in cryptocurrency due to its viability and innovation. Furthermore, since Bitcoin is the first most popular solution in the space and Winklevoss twins are pioneers of the space. He decided to write a second book on Winklevoss twins after The Accidental Billionaires.
Also Read: ‘Cryptocurrency is not Going Away’: Winklevoss Twins Talk About their Early Days in Bitcoin
According to Mezrich, the duo is absolute ‘believer’ in Bitcoin and they have worked towards building viable solutions for its trading with the Gemini Exchange.
Do you know about other early purchasers of Bitcoin? Please share your story with us. 
The post Winklevoss Twins Bought 200000 Bitcoins @ $7: Author of Bitcoin Billionaires appeared first on Coingape.
Source: CoinGape

Gemini Exchange’s Cameron Winklevoss: Crypto-winter will lead to lasting innovations

Proponents of the cryptocurrency market never fail to make a splash in the cryptosphere, with many speaking about the future of the field, and the implications of existing technologies. In a recent blog post, Cameron Winklevoss, the Co-founder of the popular cryptocurrency exchange Gemini, spoke about the maturity of the market and the growing interest in cryptocurrencies, among people.
He stated,
“…The crypto market has matured significantly since then. Bitcoin’s value has gone from around $400 to $4,000 today. As crypto has grown up a lot, so has Gemini. We’ve grown from 25 to 200 employees and celebrated many achievements over the past three years, culminating with our recent mobile app launch.”
Winklevoss claimed that the brightest people were flocking towards the field of cryptocurrencies, with the aim to build on the decentralized, permissionless, and open system. He further said that previously, the industry was a “niche,” but it is now becoming something bigger and better.
In his words,
“Trust is the gap. Despite the enthusiasm, there remains much more work to be done to change the public perception of crypto. Recent events like the losses at QuadrigaCX have harmed a lot of people and caused reputational damage for our industry at large.”
The Gemini President added that the ongoing crypto winter will lead to lasting innovation, as the hype of late-2017 hid a lot of bad projects in the hype. Right now however, every single project needed match up to a certain standard. According to him, products built in today’s time would “shape what money looks like tomorrow.”
The Winklevoss brother were previously in the news after Tyler Winklevoss claimed that “every Bitcoin issue has never been a Bitcoin problem.” He touched upon the advantages that crypto and its technology possessed, and at the same time, debunked claims that Gemini was self-regulated. He said,
“The protocols have rules based on math and cryptography but the rule what we are taking about is the humans who deal with the value on top of the protocol. So, we are a trust company regulated as a trust company to protect your value and that’s usually where the cons happen, it’s not at the protocol level, it’s at the company level.”
The post Gemini Exchange’s Cameron Winklevoss: Crypto-winter will lead to lasting innovations appeared first on AMBCrypto.
Source: AMB Crypto

Cameron Winklevoss elaborates why cryptocurrency revolution is in dire need of rules

Winklevoss twins are among the prominent players who have contributed to the crypto revolution with the stablecoin Gemini USD and the upcoming exchange, Gemini. The twins addressed a topic that is somewhat a pariah in the cryptocurrency ecosystem, rules.
The twins launched a campaign not so long ago regarding “the revolution needs rules”, which received mixed feelings from the community as some people pushed it back while others understood the need for rules. In a recent tweet, Cameron Winklevoss addressed the same topic. He stated:
“Some have wondered why @Gemini believes the Revolution Needs Rules. Answer: Crypto doesn’t need rules, but the companies built on top of it do. See excerpt from court-appointed monitor’s (Ernst & Young) third report filed in Nova Scotia Supreme Court re: QuadrigaCX matter”
He clarified this in a subsequent tweet with the example of QuadrigaCX. The exchange allowed the editing of its internal ledger to move customer funds into new accounts. Insiders were even allowed to move these funds and trade with them.
Cameron tweeted:
“Every incident in crypto to date has been/would have been PREVENTABLE w/ proper rules and thoughtful regulation… Regulatory oversight = making sure people do what they say they’re going to do.”
There have been a large number of exchanges that have used users’ funds for personal profit and insider trading. The recent death of the CEO of QuadrigaCX exchange proved that the crypto revolution needs rules to keep such corporations and entities on track.
@jStepahnop1, a Twitter user, commented:
“Insider manipulation definitely needs to be stopped on crypto exchanges for sure and commend you guys for your work in that department, as long as it does not filter down to inhibiting the inherent freedoms crypto provides for everyday people”
@cryptomanusa, another Twitter user, added:
“Why so against Craig Wright? He appears all about the rules. I have seen zero proof of scamming rather significant intelligence with possibly an annoying personality.”
The post Cameron Winklevoss elaborates why cryptocurrency revolution is in dire need of rules appeared first on AMBCrypto.
Source: AMB Crypto

Gemini Exchange’s Winklevoss brothers ask users to trust them with storage of private keys

Gemini Exchange’s famous twins, Cameron and Tyler Winklevoss have said that storing private keys can be a problem for some users, asking users to trust them with these keys. In a recent video uploaded on YouTube by Transhumanism Videos, one of the Winklevoss brothers claimed that most people failed to secure their e-mail accounts.
Terming that as a ”fact,” he went on to say that people shouldn’t try to store their private keys, considering they are “longs strings of digits”. Hence, the Winklevoss brothers said, storing private keys should be left to them.
The duo asserted that most people who owned private keys ”screw up” and lose the password to their private keys, or lose their laptop. They added that the exchange was designed to make storing keys and trading with the digital asset a seamless experience.
Citing the fact that while some people want to store their keys with an institution ‘that they trust’ and some want to keep it with themselves, one of the brothers said,
“..the coolest thing about cryptocurrency though is that you can have it both ways. If you want to store your private keys, you can do that, if you want to use Gemini, you can do that.”
Further, when asked if the exchange company posed as a threat to banking institutions, the duo said that they viewed the technology protocol powered Gemini as a crypto-native company, and not a bank.  Hence, they did not pose any threat to banks. They specified that the company was trying to extend the financial system by acting as a conduit between the existing world and the new world of cryptocurrency. He also said that the banking establishment and Gemini work together, despite having widely different business models.
The brothers said,
“We have taken US Dollars and put them in the Blockchain in the form of Gemini Dollar Token [GUSD] enabling users on the platform to send dollars to any part of the world.”
The post Gemini Exchange’s Winklevoss brothers ask users to trust them with storage of private keys appeared first on AMBCrypto.
Source: AMB Crypto

Professionalism in Crypto is Desperately Needed and Gemini is Setting Industry Standards

This week, prominent U.S.-based crypto exchange Gemini revealed it had become the first-ever cryptocurrency exchange and custodian to successfully complete a System and Organization Controls (SOC 2) for Service Organizations Type 1 examination.
The SOC 2 examination was conducted by “Big Four” auditor Deloitte & Touche LLP, and helps cement Gemini’s reputation for pushing the envelope for cryptocurrency compliance and regulation, and its status as an industry standard-setting leader in the crypto space.
Gemini Completes SOC 2 Exam, Proving Compliance and Security Prowess
SOC 2 reviews are a financial industry standard for determining if a service organization – such as an exchange – are up to speed on security compliance, and are equipped to keep customer’s funds safe. Currently, only Gemini has the bragging rights that their exchange demonstrates a high enough level of security to pass Deloitte’s review.
Gemini says that the exchange was built with a “security-first mentality from the start,” allowing the exchange to easily meet the benchmarks in Deloitte’s examination, which are set by the American Institute of Certified Public Accountants.
Related Reading | Gemini Launches Mobile App, Says Crypto Is Here to Stay
The SOC 2 explored Gemini’s infrastructure, exchange application, customer database, and the exchange’s “institutional-grade cryptocurrency storage system.”
Gemini’s goal with the review was to provide additional assurance for investors and regulators alike that any funds stored on the exchange are safe and secure – something that is desperately needed in an industry plagued with record-breaking levels of hacks and theft. The firm also plans to conduct the review annually, and is seeking a SOC 2 type 2 examination some time in 2019. 

Gemini Is Setting the Bar for the Crypto Industry
Gemini co-founders Cameron and Tyler Winklevoss are early Bitcoin supports and are among the few executives who are working tirelessly to elevate the crypto industry both in the eyes of investors, as well as in the face of key financial market regulators such as the Securities and Exchange Commission and the Commodity Futures Trading Commission.
In addition to the recent SOC 2 completion, Gemini also offers digital asset insurance from London-based global professional services company Aon. According to a press release, Gemini was approved after “demonstrating to underwriters that the company is a leading, best-in-class exchange and custodian.”
Related Reading | Winklevoss Twins Believe Bitcoin Will Surpass Gold, Remain Leading Crypto
The insurance provides peace of mind for investors using the Gemini platform, as any assets stored on the exchange are covered by Aon. Gemini also insures USD deposits through the Federal Deposit Insurance Corporation that often insures the funds at traditional institutions such as banks and credit unions.
The Winklevoss twins are also in support of cooperating with regulators to improve the state of the crypto industry. Last year, the twins proposed the creation of a Self-Regulatory Organization that could help govern the crypto industry in the United States, and alleviate regulator’s concerns that the crypto industry is rife with risk for investors.
The duo were also said to have attended a closed-door meeting with executives from Nasdaq and more to discuss further legitimizing the industry.
Gemini’s work to improve the overall industry is desperately needed during a time when cryptocurrency exchanges are repeatedly hacked, and crypto-related theft climbs to new heights.
The post Professionalism in Crypto is Desperately Needed and Gemini is Setting Industry Standards appeared first on NewsBTC.
Source: New