He said,“You took this money - the money of schoolteachers - fo fuel greedy share buybacks, illiquid venture investments, and kamikaze Grayscale NAV trades that ballooned the fee-generating AUM of your Trust, all at the expense of creditors and all for your own personal gain.”Notably, three Gemini Earn users have requested class action arbitration against Genesis Global Capital and Digital Currency Group in response to Gemini suspending its Earn redemption programme due to Genesis freezing withdrawals. Further, Winklevoss accused Silbert of misusing $1.675 billion in funds that Winklevoss claimed DCG owed Genesis for purposes other than repaying creditors. According to the open letter on Twitter, Gemini has been waiting for word on a repayment agreement for six weeks with no success. He’s expected to signal-boost “the people’s money,” and the anticipation alone jacked up the price by 10% last weekend.Photo by Joe Raedle/Getty ImagesCameron Winklevoss, who co-founded crypto exchange Gemini Trust Co with his twin brother, accused Digital Currency Group (DCG) CEO Barry Silbert of “bad faith stall tactics” on Monday and demanded that he commit to resolving $900 million in disputed customer assets by January 8.Cameron Winklevoss slammed Silbert on Twitter.
The people are speaking,” Winklevoss said.ĭogecoin is in for a long ride this week.Įlon Musk, the self-styled Dogefather, will make his debut on May 8 as a host on comedy show Saturday Night Live. “Recently, demand for Dogecoin has oustripped its supply. But unlike Dogecoin, there are concrete plans underway to cap Ethereum’s supply. In that sense, it isn’t any different from Ethereum, he said, referring to the currently uncapped supply of Ethereum. Five billion DOGE will become a drop in the ocean once more people begin exchanging the coin then, the demand for DOGE will easily surpass its supply, he argued in the post. Tyler Winklevoss, however, begs to differ on the economics: DOGE is, in fact, “disinflationary,” he said.
By design, 5 billion DOGE is released into circulation every year, and its development team abandoned the project years ago, so there’s no one around to change that.
In a tweet storm in which he called Bitcoin “financial religion,” the Shark Tank investor also (again) praised Dogecoin: “Yes, a joke is now legit,” he wrote.īut critics say the Dogecoin party won’t last-it can’t, they say, given the coin’s economics: DOGE supply isn’t capped unlike many other cryptocurrencies like Bitcoin. If this all sounds very familiar, that’s because billionaire Dallas Mavericks owner Mark Cuban essentially said the same thing himself yesterday. “They say there’s some truth in every joke. “It turns the idea of money being something that’s issued by an authority -a conceit-on its head,” he said. And all money is both an idea and a matter of faith or belief in it,” he explained, anticipating the common criticism-and the truth, really-that Dogecoin was invented as a joke.īut Winklevoss didn't downplay Dogecoin's origin-in fact, he relished it. “Yes, it’s a meme coin, but all money is a meme. In a move that’s set to irk Bitcoin maximalists, Winklevoss generously compared Dogecoin to Bitcoin in that both “give the control of money back to the people.” Dogecoin, he said, carries the flag of Bitcoin. By contrast, leading US crypto exchange Coinbase still doesn’t support Dogecoin, and there is currently no sign it ever will. For the latest updates, check Įven though many cryptocurrency exchanges such as Binance and Kraken list Dogecoin, Gemini’s listing today marks a milestone in the crypto industry as its CEO has thrown his unapologetic support behind the meme coin. We're working to resolve this as soon as possible. We’re currently experiencing issues with crypto trading.
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