Bitcoin Billionaire Tyler Winklevoss Metaphorized on Cryptocurrencies

On February 27, Tyler Winklevoss with brother Cameron, co-founder of the Gemini cryptocurrency supports the long-time argument topic, popular among crypto bulls: Bitcoin is gold, Ether is oil, Litecoin is a Tesnet.

Speaking in New York City, the twin brother backs cryptocurrency. A cryptocurrency is a form of digital gold. Both Bitcoin and gold are scanty, fungible, and divisible, Tyler Winklevoss said. He further added the metaphor, illustrating Ether as digital oil and Litecoin as a testnet.

The main reason for the comparison was that Litecoin is very identical to Bitcoin with a much smaller market cap. And the solitary variance between the Bitcoin and Litecoin protocols are in the hash algorithms. The time between blocks, and the rate at which rewards split.

Currently, Tyler Winklevoss supports only Bitcoin and Ether. Hence, their Gemini Exchange would not add Bitcoin Cash to the Gemini cryptocurrency exchange.  

Dialogue on ICOs

Twin Brother speaking with the Josh Brown, CEO of Riholtz Wealth Management, and Joe Lubin, a co-founder of Ethereum, and the founder of Consensys at an event hosted by the Museum of American Finance.   

Expectedly, Lubin appeared to be in the favor of ICOs as a creative and distinct method to raise capital. Additionally, he opposed that ICOs are unregulated and fortified a self-regulatory model. Herein the participants in the cryptocurrency community congregate a central repository for information regarding token projects.

Tokens on the Ethereum blockchain are proposed only to deliver enticements on a particular project network and should not be considered securities, Lubin claimed.  The verdict was probably not only to include ether, the platform that has presents several ICOs was itself a sort of ICO.

Tyler Winklevoss conflicted to dismiss the idea that ICOs were compliant with securities law as currently written. Brown defied that Tim Berners-Lee, who developed much of the internet’s protocol layer, “has no money”. The capital derived from the application layer – Facebook, Google, and Amazon are more analogous to the tokens offered through ICOs.

Well, Lubin responded opposite that he was specifically concerned about whether Ethereum itself or tokens at the application layer would yield profitable returns.  Meantime, he spoke regarding uPort, a project by ConsenSys to allow the ownership of self-sovereign digital identities. And the potential for distributed networks to reframe politics by simplifying direct democracy through polls.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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