Connect with us

Crypto

Breakingviews – Winklevoss twins take strike two with crypto hype

Published

on

Breakingviews – Winklevoss twins take strike two with crypto hype

NEW YORK, July 11 (Reuters Breakingviews) – Tyler and Cameron Winklevoss have kept busy since their 2008 feud with Mark Zuckerberg over who came up with the idea for social network Facebook. The twins took a $65 million settlement from that spat, invested some in bitcoin, launched a cryptocurrency exchange and even went on tour as a musical duo covering songs by the likes of Blink-182. But the music stopped last year as the cryptocurrency industry lost over $1 trillion in value – and the twins have once again found themselves at the mercy of technology’s latest hype cycle.

The Winklevii, as they came to be known after “The Social Network” movie debuted, are suing another former friend – crypto baron Barry Silbert. The two parties have been feuding since Genesis, a subsidiary of Silbert’s conglomerate Digital Currency Group, froze withdrawals last November. Its biggest creditor? The unfortunately named Gemini, founded by the Winklevii.

Gemini claims it gave nearly $1 billion of its own customers’ money to Genesis to lend, hoping Genesis could help fuel 7%-plus returns that had been promised to investors. Genesis, which filed for bankruptcy in January after making some risky bets, still owes creditors, including Gemini, over $3 billion, according to court filings.

The Winklevii’s suit filed last week accuses Silbert and Genesis of misleading investors, and claims it used accounting tricks to try to cover up a hole in the parent company’s balance sheet. DCG has denied the allegations. Already, Gemini customers are seeking damages from both Genesis and Gemini over the fiasco, as are regulators.

While the Winklevii duke it out alongside other fallen crypto firms, other parts of the industry appear to be growing up and rocking on. Wall Street firms such as BlackRock (BLK.N) and Fidelity could be poised to get long-awaited approval for a U.S. spot bitcoin ETF, and the asset’s price has gone up more than 80% this year. That indicates some investors still believe in crypto even if they’ve lost faith in its former stars. Much like social media, the Winklevii seem to be on the losing end of the crypto streak, too.

Advertisement

Follow @AnitaRamaswamy on Twitter

CONTEXT NEWS

On July 7, cryptocurrency exchange Gemini sued Digital Currency Group, the parent company of now-bankrupt crypto lender Genesis, seeking over $1.1 billion. Gemini, Genesis’s largest creditor, alleged in the suit that DCG CEO Barry Silbert created false financial reports and misrepresented the accounting treatment of liabilities it assumed from Genesis. Gemini co-founder Cameron Winklevoss claimed in a July 7 Twitter post that DCG and Silbert were partially responsible for losses affecting thousands of Gemini users.

A DCG spokesperson denied the allegations to Breakingviews, calling them “baseless, defamatory, and completely false” in a statement on July 7, adding that it expects to bring Genesis’s Chapter 11 bankruptcy case to a conclusion soon.

Editing by Lauren Silva Laughlin and Sharon Lam

Advertisement

Our Standards: The Thomson Reuters Trust Principles.

Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Crypto

BlockDAG and Ethereum ETFs: Pioneering the Next Wave in Cryptocurrency Investments With BDAG Coin Gaining Over $21.3 Million In Presale

Published

on

BlockDAG and Ethereum ETFs: Pioneering the Next Wave in Cryptocurrency Investments With BDAG Coin Gaining Over $21.3 Million In Presale

As the cryptocurrency market continues to expand and diversify, Ethereum ETFs and the groundbreaking BlockDAG platform are emerging as leading contenders for the next major boom in the sector. Ethereum ETFs provide investors with a traditional way to invest in crypto through stock markets, combining the innovation of cryptocurrency with the stability of established financial systems. Meanwhile, BlockDAG introduces an innovative platform with a potential 30,000x return on investment, setting the stage for monumental $21.3 million financial gains and technological advancements within the blockchain realm.

Unprecedented Investment Opportunity with BlockDAG

BlockDAG offers an enticing investment opportunity with projections of substantial returns. Early investors in the project’s presale phases are poised to see their investments potentially increase by 30,000% by its official launch, mirroring the early success seen with cryptocurrencies like Ethereum.

The platform’s strategic roadmap underscores its promising future, detailing plans to launch its mainnet within six months and aiming for a market capitalization of $600 million by 2024. This detailed and ambitious planning boosts investor confidence and highlights BlockDAG’s dedication to achieving long-term success.

Ethereum’s Success Story: A Guide for Crypto Investments

Reflecting on past successes in the crypto world, the story of an early Ethereum investor, Cooper Turley, who made a fortune from his investments during a bull run, serves as inspiration. Turley’s success underscores the transformative potential of investing wisely in emerging technologies at the right time.

BlockDAG: Shaping the Future of Blockchain Technology

BlockDAG is set to transform the blockchain industry with its innovative use of Directed Acyclic Graph (DAG) technology. This technology addresses the classic blockchain trilemma of balancing security, scalability, and decentralization, without compromising any aspect. Moreover, BlockDAG’s commitment to environmental sustainability through an optimized Proof-of-Work (PoW) model enhances its appeal to eco-conscious investors.

BlockDAG is gaining attention for its exceptional approach and advanced technology, which could surpass previous benchmarks set by other cryptocurrencies. With projections indicating its price could soar to $20 by 2027, BlockDAG presents a lucrative opportunity for early investors. This section explores how BlockDAG’s unique features could redefine the future of crypto investments and why it’s attracting significant investor interest.

BlockDAG differentiates itself with state-of-the-art technology, robust community engagement, and impressive presale results, achieving $21.3 million in sales within Batch 10. These achievements reflect strong market interest and affirm the project’s viability.

Advertisement

BlockDAG as a Cryptocurrency Portfolio Essential

Drawing parallels with Cooper Turley’s success with Ethereum, BlockDAG is positioned to be a pivotal success story in the cryptocurrency market. Early investors can participate in potentially exponential growth similar to Ethereum’s rise. With its visionary roadmap, commitment to sustainability, and a comprehensive suite of income-generating tools, BlockDAG stands out as a critical investment for those looking to diversify their portfolios and tap into the next big thing in crypto.

Looking ahead, BlockDAG’s combination of innovative technology, strategic market positioning, and potential for high returns makes it an indispensable addition to any investment portfolio with $21.3 million already secured in presale. Embrace the chance to invest in BlockDAG and be part of the thrilling evolution of the cryptocurrency market.

Experts predict that BlockDAG’s value could reach $20 by 2027, indicating significant ROI potential. Besides offering a robust digital currency, BlockDAG provides a portfolio of crypto applications that offer various passive income opportunities, catering to diverse investor needs.

Join BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Advertisement

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Join our WhatsApp and Telegram Community to Get Regular Top Tech Updates

Whatsapp Icon
Telegram Icon

Continue Reading

Crypto

Why Elon Musk wants to bring crypto to X

Published

on

Why Elon Musk wants to bring crypto to X

Since Elon Musk bought Twitter and rebranded it to X, the 52-year-old has perpetually been at the centre of the news cycle for his various business decisions.

From removing the verified feature to banning the term “cisgender” on the platform, he’s been an interesting owner of the social media platform.

Musk has previously stated his desire to have X become an “everything app”, but what does this mean? And where does cryptocurrency fit into this plan?

X payments chief information security officer, Christopher Stanley, recently wrote on the platform: “The end goal is if you ever have any incentive to take money out of our system, then we have failed, you shouldn’t ever need to take money out because you should be able to do anything you need on our platform.”

Stanley made the post after X acquired money-transmitter licenses in some US states, allowing the app to facilitate US dollar and crypto payments.

Advertisement

“Think Venmo at first,” Stanley wrote. “Then, as things evolve, you can gain interest, buy products, eventually use it to buy things in stores (think Apple Pay), etc.”

Since Musk took over the platform, there has been speculation on whether he would try to integrate cryptocurrency into the platform and it appears the answer is yes.

Musk has offered a few reasons for this.

Advertisement

To begin with, if X wants to incorporate the use of money on its platform, Musk wants this to include cryptocurrency, rather than just flat money, like US dollars.

In October, Musk said: “If it involves money. It’ll be on our platform. Money or securities or whatever.”

Musk has also stated that he wants X to become an “updated version” of PayPal, although PayPal already supports cryptocurrency, rolling out support for bitcoin, ethereum, lite coin and bitcoin cash in 2020.

The CEO of Tesla also recently made it possible to purchase Tesla vehicles with the cryptocurrency Dogecoin, and in America it’s possible to buy a Tesla with bitcoin, so it makes sense that he would incorporate his other products to support crypto.

Additionally, Musk has helped surge the price of Dogecoin, alongside other cryptocurrencies, since he teased crypto integration.

Advertisement

Sign upto our free Indy100 weekly newsletter

Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.

How to join the indy100’s free WhatsApp channel

Advertisement
Continue Reading

Crypto

Shiba Inu's Burn Rate Soars, Cathie Wood Believes Ethereum Could Catch Up To Bitcoin And More: Top Crypto Updates This Week

Published

on

Shiba Inu's Burn Rate Soars, Cathie Wood Believes Ethereum Could Catch Up To Bitcoin And More: Top Crypto Updates This Week

The week was a rollercoaster ride in the world of cryptocurrency. From Shiba Inu’s skyrocketing burn rate to the rising concerns about overvaluation in the crypto market, there was no shortage of action. Meme coins continued to make waves, with Pepe and Dogecoin gaining traction. Meanwhile, Cathie Wood of Ark Invest made a bold prediction about Ethereum. Here’s a recap of the top stories.

Shiba Inu Burn Rate SkyrocketsShiba Inu SHIB/USD is back in the spotlight with a significant increase in burn rates and wallet movements. Data from Shibburn revealed a 2,211.9% spike in burn rate in the past 24 hours, with a single transaction burning 1.8 million SHIB coins. Read the full article here.

Advertisement

Crypto Greed Peaks, But Prices Don’t – Twitter personality WazzCrypto expressed concerns about the current state of the cryptocurrency market. He highlighted the prevalence of overvaluation, with many new projects launching with valuations exceeding $10 billion. He also discussed the impact of memes on market sentiment and the influx of new money into the cryptocurrency space. Read the full article here.

See Also: ‘Dogecoin Killer’ Shiba Inu Burn Rate Drops Over Last 24 Hours, Mirrors Decline In Price

Pepe May Flip Shiba Inu and DogecoinPepe PEPE/USD has generated significant gains over the past seven days, prompting analysts to foresee further bullish price action. Meme coin analyst and trader Murad believes that Pepe, a “cult community with more than 10 million unique memes,” could flip Shiba Inu and Dogecoin. Read the full article here.

Advertisement

Memecoins Fueling Mass Adoption Of Base’s L2 Network – Jesse Pollak, the creator of Base of Coinbase, attributed the burgeoning adoption of the layer-2 network to the rise of memecoins. He emphasized the influence of memecoins in integrating a significant number of users into the Base ecosystem. Read the full article here.

Cathie Wood’s Ethereum Prediction – Cathie Wood of Ark Invest believes that Ethereum ETH/USD could catch up to Bitcoin BTC/USD and provide investors with huge profits in the coming years. She predicts that Ethereum could reach a market capitalization of $20 trillion by 2032. Read the full article here.

Advertisement

Read Next: Meme Coins Are ‘A Pure Ponzi’ And ‘Destroying Crypto,’ Says Trader Who Thinks Dogecoin Was Different

Photo by Avi Rozen via Shutterstock


Advertisement

Engineered by
Benzinga Neuro, Edited by


Anan Ashraf


The GPT-4-based Benzinga Neuro content generation system exploits the
extensive Benzinga Ecosystem, including native data, APIs, and more to
create comprehensive and timely stories for you.
Learn more.


Continue Reading

Trending