Cryptocurrency News

David Portnoy Video Invites the Winklevoss Twins to Learn about Cryptos

Looks like everyone’s now interested in cryptocurrencies, and especially after Bitcoin took off like a master surpassing the $11,000 figure, people have become interested in adding to their knowledge of cryptocurrencies. One such fervent and enthusiastic person wishing to learn everything there is about cryptos and Bitcoin, is David Scott Portnoy. David is a noted American internet celebrity, blogger, and the founder of the Sports and Pop culture blog Barstool Sports. 

He posted a video on his Twitter account inviting the Winklevoss twins to his office to explain to him the fundamentals of cryptocurrency. The founder and CEO have to date maintained some real impractical stance on Bitcoin. After he set out his video invitation, he also tweeted that he would ‘buy all bitcoins’ if the twins would accept his invitation and educate him about cryptos. 

Tyler Winklevoss has replied to the tweet by accepting the invitation. 

In the video, Portnoy talked about the obstacles he faces with Bitcoin and why he does not want to invest in it. He mentioned that complexities associated with Bitcoin have been a downer for him, especially the convoluted and cobwebbed ‘martian language’ involved in hardware wallet password formation. 

It has always been a matter of extreme stress and worry to keep the hardware wallet safe. Even a slight miss could mean that they run the risk of losing all that they own in their wallet in case the hardware wallet gets stolen or lost. It is not that David is new to this entire scene for he had invested in Bitcoin in its early days but lost his investment worth $20,000. 

Despite this, he is still not averse to the idea of pouring in investments if he gets a luminous and comprehensible version of Bitcoin helping him understand it better. He also went on to compare BTC mining to the popular game Mario Bros and mentioned that it is the twins who carried the expertise that ruled the roost in the system. There is no specific reason as to why he chose the twins but he sure is a fan of their movies.

Now he has surely poked fun on the twins but the invitation has been accepted. Now what will follow is sure to create a buzz in the crypto industry. So, let’s wait and watch.

Image Source – KAP Digital

Winklevoss Twins Company launches Gemini Dollar StableCoin backed by U.S Dollars

Gemini Trust Company, founded by Winklevoss twins, received New York Department of Financial Services (NYDFS) approval to launch its first cryptocurrency on the Ethereum blockchain called the Gemini Dollar. The Gemini Dollar will be backed by USD in the hopes of becomes a stablecoin that can help facilitate investor onboarding and trading with cryptocurrency assets.

The Stability factor behind Gemini Dollars

The Winklevoss established the Gemini cryptocurrency exchange which ranks at 54th position globally by size. Currently it supports Bitcoin, Zcash and Ethereum. The Gemini Dollar would be different as it has been designed to be a medium of exchange with the value pegged to the US dollar. Tyler Winklevoss explained, “One doesn’t always spend gold to buy an item. You normally don’t buy something with a share of an Apple. Generally, you first convert them into fiat currency. That’s why we are striving to bring a fiat currency onto the blockchain which can be utilized as an effective exchange medium for payments. Moreover, there is a network of trust which surrounds this coin.”

What are StableCoins?

Stablecoins are cryptocurrencies that are backed with a 1 to 1 ratio of fiat currencies. The underlying concept behind a stablecoin is to offset the drastic price fluctuations often seen by other cryptocurrencies in the hopes of having a USD equivalent asset trading on crypto exchanges.  In the case of Gemini Dollar, BPM will conduct the third-party financial audits to check that there is a 1:1 parity between U.S Dollar and Gemini Dollar accounts. Tether (USDT) was the first stablecoin to enter the market. The company partnered with large exchanges like Bitfinex and Bittrex to help the onboard USD onto exchanges that had a difficult time maintaining bank accounts with traditional banking institutions. Investors would purchase USDT tokens from the Tether company directly, then transfer the tokens onto exchanges to trade for other cryptocurrencies and in the process circumvent the obstacles that the government and banking institutions place on cryptocurrency companies. Hopefully Gemini operates with a little less controversy than Tether.

Crypto Is Coming!

Subscribe to our newsletter

Interested in other cool crypto content? Check out The Evolving Bitcoin OTC market and Game Changer: Binance and LCX Crypto Exchange Joint Venture.

Follow us on twitter @cryptoiscom