Category Archives: AMA

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Winklevoss Twins Reaffirm Commitment to Bitcoin ETF

Winklevoss Twins Reaffirms Commitment to Making Bitcoin ETF a Reality

The Winklevoss twins have renewed their commitment to bring about the first Bitcoin exchange-traded fund (ETF) in the US. This happened during an Ask Me Anything (AMA) event on Reddit yesterday, the first organized by them since 2015 – around the same time their Gemini crypto trading platform was launched.

In the past year, many investors were overwhelmed by the downtrend in the cryptocurrency markets and focused more on price measures to determine success. However, in the midst of misrepresentation of valued propositions, companies were making progress in their development timeline. One such company was Gemini.

According to Cameron, 2018 was a banner year, as the company was able to hit major milestones and considered it a successful growth period for the industry.

Though Bitcoin – the flagship cryptocurrency and the largest cryptocurrency by market capitalization – had suffered a hit and dropped by approximately 81.98% during 2018, the twins are still confident that the cryptocurrency is “most likely the winner in the long term… Bitcoin is certainly the OG crypto”.

During the AMA session, a Reddit user asked the twins about their previous bullish speculation price of USD 40,000 for Bitcoin in the last AMA, to which Tyler responded saying:

“Our thesis around Bitcoin’s upside remains unchanged. We believe Bitcoin is better at being gold than gold. If we’re right, then over time the market cap of Bitcoin will surpass the [approximate] 7 trillion-dollar market cap of gold.”

For the take-home, the twins did leave the attendees a hint of what cryptocurrency in the future should look like: “Success is a future where the internet looks dramatically different than it does today (i.e., decentralized and open) and your money does things that your current money cannot do (i.e., it works like your email).”

In another response, Cameron said: “I can see a future where everything (including fiat) is crypto (e.g., Gemini dollar).”

With respect to derivative markets like the ETF, the twins said they understand the regulator’s concerns as related to “increased marketplace surveillance”, and are currently taking steps to address those concerns through inclusive surveillance on their platform.

Moreover, they said that efforts are geared towards making cryptocurrency safe and clear of all stigma: “Marketplace Surveillance is commonplace in equities and derivatives markets — so we aren’t re-inventing the wheel here, just bringing best practices into crypto.” They further reassured that they were “committed as ever to making an ETF a reality”.

The Winklevoss twins are not the only ones motivated by crypto adoption. During the past weeks, institutional investment portals have been making appearances, with the likes of Coinfloor’s CoinFLEX, Overstock’s securities trading platform tZERO’s patent, Japan’s Bitcoin ETF, and imminent Bakkt all hitting the headlines.

 

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Bitcoin Ex-Dev Mike Hearn Says Bitcoin Cash “nowhere near radical enough”

One of the earliest Bitcoin developers, Mike Hearn, held an Ask Me Anything (AMA) session on Reddit earlier today. Among other responses to the public AMA session, Hearn felt that Bitcoin Cash (BCH) was “nowhere near radical enough” as an alternative to Bitcoin. He further recommended that challengers to the world’s most used cryptocurrency “be willing to think radical, even heretical thoughts.”.

Hearn also expressed “alarm” at Bitcoin Cash’s planned hard fork, cautioning against a move without any “attempt to measure support or whether people are ready or even agree”.

Nevertheless, the former Bitcoin developer said that both Bitcoin and Bitcoin Cash held some interest for him. He said, “Bitcoin and Bitcoin Cash show that disagreements can be ongoing and coexistent…  I’m interested enough to support (hold both coins) through the hardfork and still today.”.

Commenting yet again on the scaling issue for Bitcoin, Hearn insisted that cryptocurrency continues to face critical issues of invalid assumptions: that price was proportional to utility, and that miners and other participants were economically rational. He went on to say that future [Bitcoin] conflicts were unavoidable but suggested that they could be “contained and channelled”.

During the AMA, Hearn also detailed his current work on business blockchain platform Corda and denied having ever worked for British intelligence.

The developer who turned his back on Bitcoin

Hearn made his first public appearance in over two years after decidedly after famously abandoning the Bitcoin project in early 2016, formally signing off with a blog post entitled “The resolution of the Bitcoin experiment“. He cut a frustrated figure then, blaming infighting and network instability for his decision to leave after “the now inescapable conclusion that it [Bitcoin] has failed…”.

Nevertheless, when news of his AMA session surfaced on Wednesday, scores of redditors responded enthusiastically, indicating that much of Hearn’s popularity was intact.

 

Hearn Satoshi

Hearn joined Bitcoin development in 2010 while still a Google employee. He conversed regularly with Bitcoin creator Satoshi Nakamoto, and was the source of new e-mail correspondence with Satoshi that resurfaced in August 2017. Previously not public, they revealed Hearn’s curiosity with the Bitcoin software and showed that his infamous concern with scalability had started very early on.

Although best known for his role in the so-called “Bitcoin civil war” as scaling debates intensified in 2015, Hearn is noted for building the BitcoinJ Java implementation of Bitcoin. He is widely credited with helping build and popularize Simplified Payment Verification (SPV) wallets which today is used by many to transact in Bitcoin on mobile devices. He also claims to have written the first documentation on smart contracts.

 

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