9 Oct, 2019

Gemini Co-founders Host Reddit AMA

On Monday, cryptocurrency exchange, Gemini co-founders Winkevoss twins, Tyler and Cameron hosted a Ask Me Anything (AMA) on Reddit where they answered questions on Gemini’s future plans, the numero uno cryptocurrency, among others.

Kicking off the AMA, the twins said, “Today, Gemini ran a full-page ad in the New York Times discussing the cryptocurrency revolution and what we think it needs to succeed. We believe this revolution will re-architect trade, the financial system, the Internet, and money as we know it. It won’t be easy and there are no guarantees, but it is our belief that the revolutions that build a lasting set of rules for a better future are the ones with the greatest chance of success.”

They added that “2018 was a banner year for Gemini and we are just getting started. Our goal is to build Gemini into a Centurion — a company that lasts a for more than 100 years — that will help power the crypto revolution onward and upward and to the moon!”

Of course, an AMA is a place where people can ask anything so at first, Redditors asked the twins about their feud with Mark Zuckerburg and how accurate the movie, The Social Network was. Sidestepping those questions neatly, Cameron said, “Great film, great story, but certainly not the full story.”

A user asked, “Do you think Bitcoin will allways be Crypto #1?” and Cameron said, “Bitcoin is certainly the OG crypto! It’s hard to defeat network effects — so in terms of ‘hard money’ (i.e., store of value) Bitcoin is most likely the winner in the long term.”

Elaborating on the question another user asked, “If you’re so committed to Bitcoin, why hasn’t your exchange implemented the latest Bitcoin technology yet? Things like implementing Segwit and transaction batching would not only benefit both your exchange and your customers but also the network as a whole.” To that Tyler responded, “Our Bitcoin hot wallet was made before Segwit was but a twinkle in Pieter Wuille’s eye. It would be very tricky to retrofit Segwit into there. So we built a new hot wallet, from the ground up, with support for Segwit, transaction batching, Bech32 addresses, and all sorts of other goodies. We used that new system for Zcash, Litecoin, and Bitcoin Cash, which is why we’re already using both native and P2SH wrapped Segwit for Litecoin. We’re working on migrating Bitcoin to the new system, and it should be done in Q1.”

The twins also elaborated on what ‘success’ meant to them in a decade from now where money would “work like email.” When a user asked them to clarify, Tyler answered, “Sure, open 24/7/365, and can send and receive any amount of money (e.g., micropayments) to anyone around the world instantly and for next to free. Imagine if your email worked like your money, that is to say it was available from 9-5pm Mon-Fri and it took sometimes up to 3-5 days for someone in another country to get your message?”

Among other revelations, the twins said that Gemini, at the moment, has a great mix of retail and institutional investors, the New York State Department of Financial Services (NYDFS) had approved their exchange for trading Zcash and custody (since May 2018) and that one day they hoped money would mean solely cryptocurrencies.