Facebook’s ‘GlobalCoin’ to Attract 2 Billion People To Coinbase and Crypto Exchanges?

Facebook’s cryptocurrency endeavor, Project Libra is in full throttle as the Social Media is reaching out to industry leaders in cryptocurrency. Co-incidently, one of them is owned by Mark Zuckerberg’s arch-rivals: the Winklevoss Twins.
Reportedly, Facebook executives have approached Gemini and Coinbase Exchange to list its cryptocurrency on their platform.
Ben Mezrich, the author two books on the Winklevoss Twins, The Social Network and Bitcoin Billionaires is closet parties in the discussion here. According to him, each of their successes affects the other one. On Facebook’s move to approach Gemini, he said,
“Facebook’s idea is to launch their own crypto, So who do they have to reach out to? Now the twins know more about this than Facebook does, so they’re one of the people that [Zuckerberg] has to go to to get into this world. ”
‘GlobalCoin’ Will be Another StableCoin?
Furthermore, Gemini is one of the most regulated exchanges in the US. Van Eck filed its ETF application in association with Gemini with the SEC. Gemini provides OTC markets and custody arrangements for high-volume traders. On the other hand, Coinbase is one of the largest and most influential retail online cryptocurrency exchange.
Also Read: Facebook Coin Will Act As a ‘Gateway Drug’ for Bitcoin and Cryptocurrency: Spencer Bogart
As expected, the cryptocurrency, in all probability, will be linked to the dollar. According to the press release, Facebook has also approached esteemed market makers: Jump and DRW, to ensure that the value is pegged to the dollar and can be easily exchanged.
Apart from these firms, Facebook has also held talks with the Bank of England and Western Union to build its payment and settlement system on the Blockchain.
Nevertheless, the inclusion of cryptocurrency on Exchanges like Coinbase would increase the overall volume of transactions on the cryptocurrency Exchange. Facebook has a large user base of over 2.4 billion people.
Hence, this, in turn, can be beneficial for Bitcoin and the cryptocurrency markets as part of the volume will pour into other cryptocurrencies, especially Bitcoin. However, it might also increase the potential risk of increased speculation in cryptocurrency prices. According to the press release, the Exchanges have denied commenting on the issue for now.
Do you think that inclusion for Facebook in cryptocurrency exchange will be good for the markets or it will affect it adversely? Please share your views with us. 
The post Facebook’s ‘GlobalCoin’ to Attract 2 Billion People To Coinbase and Crypto Exchanges? appeared first on Coingape.
Source: CoinGape

Telegram Will Launch Its Much-Anticipated TON Network in Q3 2019

Telegram Will Launch Its Much-Anticipated TON Network in Q3 2019
Messaging app Telegram, that boasts over 200 million users, is planning to launch its Telegram Open Network (TON) in the third quarter of 2019.
Telegram Will Launch Its Much-Anticipated TON Network in Q3 2019

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Source: CoinSpeaker

U.S. Telecom Giant AT&T Joins Hands With BitPay to Accept Cryptocurrency Payments

U.S. Telecom Giant AT&T Joins Hands With BitPay to Accept Cryptocurrency Payments
In an effort to expand its services to its users using cryptocurrencies, AT&T will now allow paying bills in crypto with BitPay acting as its payment processor.
U.S. Telecom Giant AT&T Joins Hands With BitPay to Accept Cryptocurrency Payments

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Source: CoinSpeaker

SIX Stock Exchange Set to Introduce a Swiss Franc-Pegged Stablecoin

SIX Stock Exchange Set to Introduce a Swiss Franc-Pegged Stablecoin
SIX is going to create its own Swiss franc-pegged stablecoin that will help to facilitate transactions on the SIX Digital Exchange (SDX).
SIX Stock Exchange Set to Introduce a Swiss Franc-Pegged Stablecoin

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Source: CoinSpeaker

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.
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Source: New feedNewsBTC.com

Major Retailers Like Whole Foods Accept Bitcoin, Is This Enough To Convince No-Coiners?

From today, US customers have the option of paying at 15 major retailers with bitcoin. This is made possible through a partnership with payment provider Flexa, with their SPEDN app, and Gemini exchange. But does this have enough mass appeal to lure no-coiners?

The Flexa Network
Flexa co-founder and CEO, Tyler Spalding launched the company in February 2018, along with Trevor Filter and Zachary Kilgore, who were former colleagues at Raise, the gift card buyback company.
Their goal was to develop an industry disrupting payment infrastructure, with a view to improving crypto usability. And having earned the moniker “crypto Stripe,” it’s clear Flexa have made significant inroads in this respect.
According to their Medium post, the network is a bespoke design that will cut processing cost, eliminate fraud, and preserve your privacy:
“So, instead of bolting cryptocurrency payments on top of debit cards, we took the opposite approach. Over the past year, we’ve built new connections with tens of thousands of merchant point-of-sale terminals nationwide, to bypass the existing payments infrastructure and push cryptocurrency-based payment authorizations directly to merchants on your behalf.”

The Flexa network is open for business: https://t.co/aieW8ZezmU
— Flexa (@FlexaHQ) May 13, 2019

Partnering With Gemini
Having said that, the Flexa network still relies on existing legacy infrastructure, in the digital scanners used for phone payments, such as via Apple Pay or Google Pay.
Under this system, retailers receive payment by scanning a QR code. And Flexa works in the same way. However, under Flexa’s system, users deposit Bitcoin, Ether, Bitcoin Cash, or Gemini Dollars from their Gemini account into the SPEDN app. At the point of sale, Flexa converts cryptocurrency balances into USD for payment to the merchant.
The potential implications of this are massive, and may well boost mainstream acceptance. Not only that, but Tyler Winklevoss believes retailers can also benefit, he said:
“Merchants who are currently subject to overly complex, expensive legacy systems of credit and debit cards stand to benefit significantly. In fact, major retailers pay billions of dollars each year in processing costs (costs that are often borne at least in part by the consumer). With Flexa, merchants (i) get significantly less expensive and fraud-resistant transactions. (ii) can use the same payment hardware they currently use. (iii) receive payment in fiat currency, not crypto. We believe that not only will this result in cost-savings to the merchant, but to the consumer in the long-term as well.
Limited Appeal
Buying coffee using cryptocurrency is now a reality. However, purists remain unconvinced by the centralization of the Flexa network.

Satoshi: I built a payment system which allows any two willing parties to transact directly with each other without the need for a trusted third party. It's called Bitcoin.
Gemini / Flexa / Spedn app: We're the trusted third parties that are needed for Bitcoin adoption!

— SamPatt (@SamuelPatt) May 13, 2019

At the same time, there are doubts about the lack of enticement Flexa offers no-coiners. A Reddit user said:

“A consumer will not buy crypto just to use this BUT someone already investing in crypto will have reason to use this…”

As such, spending crypto at retailers is great news, but there is no denying the limited appeal of Flexa’s system. With that in mind, we are still waiting for our iPhone moment.
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Source: New feedNewsBTC.com

Winklevoss Twins Make Amazon Subsidiary and Other Major Retailers Accept Bitcoin

Winklevoss Twins Make Amazon Subsidiary and Other Major Retailers Accept Bitcoin
Through the partnership of a payments startup Flexa and Winklevoss’ Gemini, customers of Amazon’s Whole Foods, Starbucks, Baskin Robbins, and other major retailers can use Bitcoin, Ethereum, Bitcoin Cash, and Gemini Dollar for payments.
Winklevoss Twins Make Amazon Subsidiary and Other Major Retailers Accept Bitcoin

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Source: CoinSpeaker

Bitcoin Exceeds Predicted Hash Rate Value as Bull Market Rages

The number one cryptocurrency by market capitalization Bitcoin has outperformed the expectations of several members of the crypto community as well as expert analysts and traders. However, the asset seems to have more surprises to dish out as it recently exceeded its predicted hash rate value for this time according to $100 trillionUSD.
Bitcoin hash rate
Hash rate is a measure of a miner’s ability to solve the complex mathematical problem which leads to the minting of new cryptocurrencies through a process called mining. The higher the hash rate, the higher the efficiency of the system and the easier it is for miners to get block rewards. This means that a higher hash rate is healthier for the network than a lower one.
Bitcoin hash rate model from $100 trillion USD
As a result of the current massive bull market, Bitcoin hash rate modeled by $100 trillion USD (shown above) which shows that Bitcoin would reach $10,000 by 2020 at the then rate of growth has been exceeded. In the Current market, Bitcoin is already well over $8,000 at the time of writing this article. This has beaten the expectations of several experts who expected recovery for Bitcoin after the 2018 bear market but did not know it would be so fast.
The rage continues
Bitcoin was just over $7,000 in the early hours of today. However, when it started rising, it took only a few hours for it to get past $8,000. Several factors have been associated with the price surge such as major news like Bakkt user acceptance testing in July, Gemini partnership with Flexa to bring crypto payments to major retailers as well as Microsoft’s announcement of distributed identity tool. The question the cryptocurrency community is asking now is, will the market surge continue this way? If it does then a lot more surprises may be awaiting industry experts and the entire community as the growth is completely unprecedented.
The post Bitcoin Exceeds Predicted Hash Rate Value as Bull Market Rages appeared first on Coingape.
Source: CoinGape

Winklevoss’ Gemini teams up with Harbor to further investment using Gemini dollar [GUSD]

The Winklevoss twins’ Gemini is ramping up the investment avenues for its native stablecoin the Gemini dollar [GUSD] following its recent partnership Harbor, a platform that is pegged on tokenized securities offerings.
According to an official blogpost by Tyler Winklevoss, the co-founder and CEO of the digital assets platform, the partnership will further “novel use cases” which are “native to the world of blockchain.” This partnership could potentially push the use of GUSD in tokenized spheres. In the post, Tyler Winklevoss, added that this partnership would bring stability via the US dollar and private investment through Harbor’s distribution line.
The blog post stated:
“This combination has the potential to bring unprecedented access, liquidity, and capital formation to private investments and investors that was previously not possible before the technological breakthroughs of cryptocurrency.”
In the wake of the recent stablecoin dilemma, Gemini is looking to build its private investment base, as the USDT fallout continues. The cryptocurrency community is displeased with the top stablecoin as a recent statement from a member of the Tether general counsel suggested that the cryptocurrency is only 74 percent backed by the US dollar.
Last week, the New York Attorney General issued a statement indicating that the cryptocurrency exchange Bitfinex covered up nearly $850 million in undisclosed losses using their Tether reserves, sparking fear in the larger market and in the top stablecoin.
Embracing regulation rather than hiding away from it, the Winklevoss twins have been advocating necessary regulation, as a solution to the “trust problem,” within the cryptocurrency space.
The post Winklevoss’ Gemini teams up with Harbor to further investment using Gemini dollar [GUSD] appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] exchanges like Gemini are full reserve banks, says Tuur Demeester

Tuur Demeester, the Founding Partner of Adamant Capital, spoke about Bitcoin exchanges being full reserve banks, during an interview with Stephan Livera.
During the interview, Livera brought up an old article written by Demeester titled ‘Why Bitcoin is the Petroleum of our day.’ In this article, Demeester had suggested what customers would demand in the future, including flexibility and control, deposit banking with high transparency, lending and borrowing brokerage as a separate service, 100% predictable monetary policy and anti-fragility. On this, Demeester was asked whether he saw a future with Bitcoin full reserve banking.
He said,
“Yeah […]I think there’s going to be this incredible tension between, on the one hand full reserve banking and on the other hand that the desire to go fractional a fractional reserve banking […] people trust you as an entity with thousands of bitcoins and the only thing you can do is just sit and stare at them and charge them a little fee”
Demeester further stated that the chances of people withdrawing 80 percent of their assets were pretty low. And, because of this, entities will start lending out some of these coins to make an extra return, while they in turn pay depositors an interest rate.
However, the challenge faced here was the absence of a central bank that was “ready to be the lender of last resort and bail out the banks.” Demeester went on to state that “things can escalate very quickly,” adding that there would be a lot of risk if people started to withdraw their coin from exchanges over events such as Proof-of-Keys. He said,
“[…] that’s why really trying to try to emphasize audits of Bitcoin exchanges and trying to build tools that make it easier for exchanges to audit reserves in a way that still preserves their their customer confidentiality […]
This was followed by Demeester stating that reserve banking was “already the case,” adding that in theory, all Bitcoin exchanges are full reserve banks. He quoted the example of Gemini, a cryptocurrency exchange, that provides cold storage facilities,
“I think the interesting you know time is coming where people want a return on their Bitcoin and then there’s these shops that say hey you can do it here and and the risk is that they’ll start making these impossible promises of like ‘oh, we can make you a return but also your bitcoins are always available to you which is not possible”
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Source: AMB Crypto

Bitwise: 95% Of Reported Bitcoin Trading Volume Is Fake

Bitwise: 95% Of Reported Bitcoin Trading Volume Is Fake
While many use CoinMarketCap as a go-to resource for cryptocurrency market data, roughly 95% of Bitcoin trading volume reported by this website is fake, according to Bitwise Asset Management report.
Bitwise: 95% Of Reported Bitcoin Trading Volume Is Fake

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Source: CoinSpeaker

Gemini is going to be as successful as Amazon in 10 years, says Bitcoin billionaire

Cameron Winklevoss and Tyler Winklevoss, aka the Bitcoin billionaire brothers, spoke about their start in the cryptocurrency space and Gemini’s future, in an interview with The Daily Telegraph. The Winklevoss brothers also spoke about Facebook Coin, the cryptocurrency that will be launched by Facebook.
Cameron Winklevoss had stated that they were first made aware of cryptocurrency in 2012, during their holiday in Ibiza, reported uToday. The report further stated that the brothers were asked whether they knew about “secretive virtual money”, which was traded only by a few over the Internet. Post this, the brothers decided to invest the money they had made via Facebook after they realized that crypto could be a make-or-break-it investment.
Furthermore, the brothers spoke about the looming Bitcoin bear market, which slashed the valuation of BTC by over 80%. On this, Tyler stated that they do not keep tabs on Bitcoin’s price on a daily basis. They added that they are “still doing better”, taking into consideration that they had invested in the largest-cryptocurrency when it was trading at around $18.
This was followed by Cameron suggesting that investors who cannot deal with the price movements should rather stay away from investing. He also stated that the exchange launched Gemini “would be as successsful as Amazon in ten years”, reported uToday.
When asked about Facebook’s move in the cryptocurrency space, Tyler stated that it is “cool”. Whereas Cameron stated that this would be “a really positive thing” for the cryptocurrency space.
On the same subject, the brothers had previously stated:
“Money is the oldest social network and arguably the strongest and crypto is potentially one of the strongest networks of value ever in the world and will continue to do so. So, hopefully, pioneers in that space to some extent.”
The post Gemini is going to be as successful as Amazon in 10 years, says Bitcoin billionaire appeared first on AMBCrypto.
Source: AMB Crypto

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.”
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Source: AMB Crypto

Winklevoss Twins Bash at SXSW Conference – Bets higher on Bitcoin Citing Trust is the Gap

Gemini, a New-York based cryptocurrency exchange is quite famous to promote the regulations for crypto across the street of Newyork as a means of promoting the crypto adoption and Gemini’s exchange. The twin founder of the Gemini exchange recently marked their presence at SXSW conference and discussed why they think Bitcoin will replace Gold and how will they build trust and longevity among the masses.
Interest is at tipping out
Despite the market running on the way out, Gemini’s Twin brothers are betting high on the future of Bitcoin. During an ongoing South by Southwest (SXSW) conference in Austin, Texas, founders of the famous exchange, Gemini publicized that the interest of younger generations is gravitating towards the cryptocurrency market. As such, they see Bitcoin’s potential will kill Gold.
Cameron Winklevoss took the stage and discussed;
“The only thing that’s truly precious, in my mind, is bitcoin. If you tell that to someone who’s my parents’ age, they’ll probably look at me and tell me I’m crazy, and I’m willing to accept that. But you talk to someone who’s playing Fortnite and say, okay, two options, bar of gold or the equivalent in bitcoin, they are 10 times out of 10, 100 times out of 100, going to take the bitcoin. They want software, they don’t want hardware.”
Gemini since 2016 (the first SXSW event held) has outgrown their staff from 25 to 200, explaining their experience of the event, Gemini exchange noted in their latest medium blog – the interest in cryptocurrency is at tipping out. The blog’s most interesting section reads that the crypto in 2016 was niche, today it is something – and tomorrow it will be everything.
Look no further than the packed house we saw from the stage — the energy and excitement around crypto’s future were palpable — money has a future. Perhaps more importantly, the level of engagement and thoughtful questions posed by the audience on topics such as stablecoins, mining, financial disruption, scalability, and others, demonstrates that cryptocurrency is in fact no longer a fringe technology.
Gemini Exchange to Build the Trust Gap
Speaking about the trust and regulated scenarios for a trading business like Gemini exchange, the blog mentioned an instance of Bitcoin. It says, buying Bitcoin in the year 2012 was quite risky because security was the essence and consequently holding such crypto asset safely is harder. With this, Gemini exchange is stepping towards solving the security issue and they believe the issue can be ‘solvable’ and it’s not intractable. Adding that, Gemini trading platform is continuously striving to build trust among the large crypto communities.

“One of our core values is conviction & the other is the long game. We have conviction in the asset class & are playing the long game, building a centurion that will last 100 years. We are not going for unicorn status, we are trying to build trust and longevity.” #sxsw #crypto pic.twitter.com/WBogFAESe7
— Gemini (@Gemini) March 9, 2019

Gemini exchange’s promotional strategy is different than what other exchanges follow – they often go to the street, educating people about their product, trading method and sometimes running an Ad campaign with bulletins of ‘Crypto Needs Rules’ on the Wall Street Journal (WSJ). They confidently claim regulations in crypto will be a better move – as such, they focusing on ‘regulated markets thrive.
The healthiest markets in the world are also the most thoughtfully regulated. It’s hard to point to a market today that’s thriving that isn’t rules-based or governed by some level of regulatory oversight. The blog adds Some argue that the protocols themselves have enough “rules.” We agree, but protocols only govern the movement of funds inside systems; they don’t provide controls or oversight for the entrepreneurs and companies that build on top of them. Every crypto incident to date has been a company (or human) problem, not a crypto problem.
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Source: CoinGape

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.”
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Source: AMB Crypto