Contrary to their Gemini billboard slogans, crypto doesn’t actually need rules, clarified Cameron Winklevoss. Instead, it’s companies that deal in cryptocurrencies that require “thoughtful” oversight, particularly in light of the recent QuadrigaCX fiasco.
Winklevoss: Crypto Doesn’t Need Rules, But…
It’s no secret that the Winklevoss twins have been championing the ‘sanitization‘ of cryptocurrency. With their “fully regulated” Gemini exchange, their goal is to change the Wild West image of the fledgling industry that’s been plagued by exchange hacks, scams and fraudulent security offerings.
At the same time, it came as no surprise that their ‘Crypto needs rules’ billboard campaign was heavily criticized by Bitcoin users, in particular.
This is because running your own full node is the only way to enforce the rules – the rules of the Bitcoin protocol. In fact, Bitcoin was specifically designed so people can transact without having to trust anyone – even in the presence of bad actors.
“Some have wondered why Gemini believes the Revolution Needs Rules,” Cameron Winklevoss responded last week.
Answer: Crypto doesn’t need rules, but the companies built on top of it do.
He cited an excerpt from court-appointed monitor’s third report filed in Nova Scotia Supreme Court on the matter of the defunct QuadrigaCX exchange that lost millions in customer funds.
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 pic.twitter.com/Dvw8Am5H9M
— Cameron Winklevoss (@winklevoss) March 14, 2019
Indeed, while using the Bitcoin blockchain requires little to no trust,