The real big trouble

Beijing Olympics, 2008

Representing the U.S. team in the men’s double sculls was a pair of twin brothers named Cameron Winkle Voss and Tyler Winkle Voss, two amateurs who eliminated others all the way to the final and eventually finished 6th in the Olympics with a time of 7 minutes 5 seconds 58 seconds.

You do not have to doubt that the brothers, is the kind of birth with the golden key of the rich and handsome.

The Winkle Voss brothers, born in New York’s famous wealthy district of Greenwich, their father is the nation’s number one Wharton School of Business prestigious insurance professor, has a very high reputation in the industry, the brothers have been fed and clothed since childhood, and elite education, so that the brothers can grow freely and give full play to their potential.

Both brothers were also intellectually gifted, teaching themselves html at age 13 and soon launching a commercial website. By high school, they had mastered Latin and Ancient Greek, and were then both accepted to Harvard University to pursue degrees in economics.

In addition to their impressive academic achievements, the two brothers are also avid sports enthusiasts, with a crazy obsession with kayaking, and their nearly 5’9″ height advantage made them so good at the sport that while studying at Harvard, they co-founded the crew program to recruit those with real talent in the sport of paddling.

But what really made the brothers famous in the United States were not their accomplishments or their kayaking skills, but a famous business dispute.

While studying at Harvard, the Winkle Voss brothers founded a company called Connect, which they wanted to develop innovative online social networking software that would facilitate online communication between Harvard students and students at other universities. To make this happen, they recruited another guy, also a Harvard student, to help them write the code, while the brothers were primarily responsible for promoting the application.

The guy who wrote the code for them was Mark Elliott, the founder of Facebook and one of the world’s top tech billionaires.

Connect engaged in, the three people have conflicts, Zuckerberg thought, I write code I make the decision, marketing this thing, and then find someone is not it!

The result of Zap flying solo is the development of Facebook, see the development of Facebook day by day, the Winkle Voss brothers quit, Zap you are copying our ideas ah, began to the court filed a plagiarism lawsuit, the lawsuit is a few years, and because the brothers evidence, Zap justified, so the court ruled that Zap compensation for the two brothers 65 million dollars, which includes The court awarded the two brothers $65 million, including $20 million in cash and $45 million in stock options.

Look at how people high wealthy handsome this money earned, on an idea, on 65 million dollars!

The dispute between the brothers and Zap about the Facebook idea, in 2010, but also by the American director into a film, called “The Social Network” (The Social Network), a colorful description of the story (the following content for the film plot and stills):.

At Harvard University, Mark Zuckerberg, a talented student, is dumped by his girlfriend. In anger, Mark hacks into the school’s system, steals the information of all the girls in the school, and creates a website called “Face mash” for the students to rate all the girls. However, Mark’s actions caught the attention of the Winkle Voss brothers, who invited him to join their team to create a social networking site……

No longer worried about money, the brothers went to work practicing their love of kayaking and then, in 2008, represented the United States in the Olympics.

In 2012, Facebook went public on the NASDAQ, and the value of the stock in the hands of the two brothers had soared to $300 million – and what’s more, the brothers were so convinced that Facebook could succeed that they didn’t sell their shares in between.

Shouldn’t such excellent people properly belong in the crypto currency world?

It was also in 2012 that the Winkle Voss brothers learned about Bit coin. With the brothers’ IQs and their knowledge of economics learned at Harvard, they quickly decided that this stuff would not be worse than Facebook stock in the future!

After realizing the value and significance of bit coin, the two brothers used their cash on hand to purchase nearly 120,000 bit coins over the next few months for around $10, accounting for 1% of the total bit coin circulation at the time……

Using these bit coins as a base, the Winkle Voss brothers set up their own bit coin trust in April 2013, at which point the value of the bit coins in their hands had soared to $11 million, a tenfold gain compared to the purchase price.

Not only that, but the two brothers also invested $1.5 million in a bit coin trading site called “Bit instant”, and it didn’t take long for the site’s CEO to be arrested for suspected black market money laundering and for the site to shut down. The brothers positioned themselves as “investors” and escaped prosecution by U.S. prosecutors.

In 2015, the brothers set out to establish their own digital currency exchange, which is now quite famous in the crypto currency world, Gemini exchange, Gemini is the Latin word for twins and twin stars, people this is the brothers as a brand to run it.

Pictures

For Gemini Exchange, the brothers are personally involved in everything from the design of the business logic to the technical development. They use a highly technical version to ensure the safety of users’ funds, set up separate personal and corporate accounts, use cold wallets to store users’ digital assets, allow customers to invest and store digital assets on this exchange, and in order to meet the compliance risks in the United States as much as possible, Gemini Exchange a trust company, is regulated by the New York State Department of Financial Services.

Given the lessons learned from Contact’s plagiarism by Zuckerberg back in the day, the brothers have stepped up their protection of Gemini this time around, specifically filing eight patents with the U.S. Patent and Trademark Office.

GUSD is also considered unique among stable coins, as it will be audited regularly and independently by the accounting firm BPM, and the audits will ensure that Gemini’s issuance of GUSD holds the appropriate amount of dollars, and the results of each audit are released publicly in an effort to be open and transparent.

In April 2020, Zap, who was frustrated with the issuance of Libra, shifted Libra’s focus from anchoring a basket of currencies to anchoring the U.S. dollar, hoping to do everything possible to assuage the concerns of U.S. regulators, and by December 2020, officially renamed Libra to Diem.

However, U.S. regulators have always been very wary, saying in their reports that the existing financial system would be shaken if the tech company’s vast network of users suddenly started trading in the new currency. At the same time, stable coin issuers are also tech giants, a situation that “could lead to an excessive concentration of economic power.

In early 2022, the Meta (formerly Facebook) backed Diem Crypto currency Association (formerly Libra) was considering a package sale of its assets in order to refund early investors’ investments, but the matter finally fell through.

In addition to establishing a bit coin trust, like Barry Silber of Gray scale Trust, the brothers have been hoping that a bit coin ETF could be set up in the U.S. secondary market, but this request has been repeatedly denied by the SEC.

In February 2021, Canadian asset managers Purpose Investments and Evolve Funds received approval from the Ontario Securities Commission (OSC) to issue bit coin ETFs, and the secondary custodian behind both ETFs is Gemini Trust Company (Gemini Trust), helmed by the Winkle Voss brothers. Trust Company)

Thus, the Gemini Exchange, Gemini Trust, and GUSD, which the brothers set up one after another, have been considered one of the most stable products in the crypto currency industry.

In an industry where there is no government regulation, how can financial regulators be comfortable with the fact that the exchange is so dominant and its daily trading volume is comparable to the world’s second largest stock market?

 

 

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