Connect with us


Bitcoin proponent Winklevoss brothers: Crypto could be the strongest social network

Namrata Shukla



Bitcoin proponent Winklevoss brothers, Crypto could be the strongest social netowrks
Source: Pixabay

Gemini Exchange’s founders Cameron and Tyler Winklevoss have remained firm on their belief towards a decentralized economy with Bitcoin and that cryptocurrency is strong and unmoved. In a recent video interview by CNN business, one of the Winklevoss brothers shared that they believe crypto could ultimately be one of the strongest social networks in existence, and also wish to play a role in making this a reality.

The twins are of the opinion that the future of the cryptocurrencies are highly social and may act as a uniting force. The duo explained that their goal in this perceived risky cryptocurrency industry is to provide users and investors with a highly regulated platform that is determined to eliminate at least a portion of the risk that is a part of any market in its nascent stage.

Many crypto purists have argued with this view of the brothers as according to them cryptocurrency is a mean to bypassing and will eventually eliminate any centralized institutions that impose regulatory frameworks.

The brothers elaborated that their “product is trust” and any person who will want to wait into this space can do so with Gemini as it is “the most regulated cryptocurrency exchanging custodian” and it is for people like them. When asked about their take on cryptocurrencies’ future with respect to Facebook, the brothers were of the view:

“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 twins are of the opinion that despite people’s doubt, the mission of Gemini is clear and their goal is to allow users to “engage with crypto in a regulated, compliant, trusted way.”

Subscribe to AMBCrypto’s Newsletter

Follow us on Telegram | Twitter | Facebook

Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.


HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

Subscribe to AMBCrypto’s Newsletter

Continue Reading