As founders of bitcoin and ether exchange Gemini, the Winklevoss Twins graced us with their presence on Fox Business. The interview was lackluster and so was their “vision.” Are these guys still relevant?
Ok ok, we get it. You guys almost had your day in the sun with Facebook…and it didn’t work out. So since you guys “discovered” cryptos a few years back you may have found a method to legitimize your position in tech. Not with lame, day-old insight like this fellas.
Recently on Fox Business, the Winklevoss Twins gave an interview from the SALT Conference in Las Vegas. The topic was their crypto exchange Gemini. The Twins believe, and rightfully so, that cryptos and fiat will exist in one big financial ecosystem. They pitched Gemini as the equivalent of “call options on two major technologies” as the exchange allows ether and bitcoin to be traded. Hmmm.
Apparently the most interesting aspect of the exchange is that the Twins have been able to begin to build a regulatory framework within which it can operate. New York State recently gave Gemini its seal of approval. Yes, this is interesting. Unfortunately, it is about a 2 on a scale of 10. Why? Let’s dig in.
As previously mentioned, Gemini is currently configured to allow trading of ether and bitcoin. Exchanges are absolutely nothing new, the Twins acknowledge as much. However, one of the aspects of their business that they underscore is the approval from the State of New York. If this were 2 or 3 years ago perhaps that would have been newsworthy. However, in 2016, this is simply a fluffy marketing piece for New York. ConsenSys is based in New York, so is Gemini (among many others) and I am certain that New York would like to hedge it’s bet once cryptos take flight and start contributing massive amounts of fiat to the tax base. I am not sure that there is much to see here.
Also read: Winklevoss Brothers: Bitcoin Will Disrupt Gold As Crypto Holds The Future
Further, the interview with the Twins took place at SALT. This is a conference that people attend because they are expected to do so. The fact that the conference is well attended by hedge funds should serve as a relevancy litmus test. This bloated industry has seen better days…so says Steve Cohen. I liken this to when Alternative Rock became mainstream…guess it’s not Alternative if it’s popular.
It is interesting to see the slow process of luster being polished off of cryptos by way of ill-informed investment. Big money and self-professed big thinkers get their mitts on a new technology and do their best to force it into the matrices in which they are familiar. That process defines the group that “looses” in free markets. As an organization, you do not get to tell the market what it wants. This process actually works the other way around.
I like the Winklevoss Twins. They seem like really nice guys. But Fox correspondent Liz Claman really summed up their existence well. At the end of the interview, she asked because “you know she had to” about the Twins’ opinion on Facebook’s algorithm policy. Ok, we get it, you guys helped invent Facebook. Can we please get back to changing the monetary policy of planet earth?
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Last modified: May 21, 2020 10:27 AM UTC