Winklevoss Twins Bringing Us Self-Regulation or a Trojan Horse?

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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW

What Caused LocalBitcoins to use KYC: https://news.bitcoin.com/significant-trade-volume-triggers-localbitcoins-kyc-requirement/
Check out Bisq: https://bisq.network/
My Review of Bisq: https://youtu.be/AAlZk2gGQEE
Winklevoss Patent: https://cointelegraph.com/news/the-winklevoss-brothers-receive-patent-for-digital-transaction-security-system
Virtual Commodity Association: https://gemini.com/blog/a-proposal-for-a-self-regulatory-organization-for-the-u-s-virtual-currency-industry/
TechCrunch Article on the VCA: https://techcrunch.com/2018/03/13/winklevoss-led-gemini-announces-a-self-regulatory-group-for-crypto/
Gemini Exchange: https://gemini.com/

Right now we have a network that was created out of the desire to empower individuals with the ability to security their finances and to transact in a way that thrives with a complete lack of centralization.
The fact that this new type of financial system is now being encouraged by some to have governments step in to regulate it is incredibly ironic, and frankly, a bit sad.
I understand that some may believe governmental regulation is needed to help protect uneducated investors from scams, or to provide some sort of comfort knowing that there could be a type of course of action taken to punish the bad actors in the space. But I really feel the need to provide the reminder that before Bitcoin, it was believed that governments were needed to provide and control the mediums of monetary value, like the pieces of paper you carry in your wallets.
Bitcoin proved that belief to be wrong. So I encourage you to try not to underestimate the capabilities of those who have been responsible for creating and innovating this space.

There can be a middle ground reached between this “wild west” crypto space we are in now and the other extreme of governments stepping in and ultimately stifling the innovation and building barriers of entry for those wanting to take part in this space. It is the concept of self-regulation. I want to take a brief moment today to explore what self-regulation means and question if it’s really something that can be seen as a solution, or if it’s just a trojan horse.

The Winklevoss twins have been working towards cryptocurrency markets being able to self regulate.

They have been advocates for cryptocurrency for a while now and these guys are behind the crypto exchange called Gemini. As with other U.S. based, centralized exchanges, Gemini requires personal information like your full name and email address if you want to create an account. So they’re not exactly advocates for all things decentralized and anonymous. Some could say that at least they’re putting forth an effort to explore other options for providing a sense of security for digital transactions. At least that’s what their newly approved patent is involved with. In a world where open source software is praised, patents don’t exactly align with this practice. They are also pursuing a Virtual Commodity Association. Which would be “a self-regulatory organization for cryptocurrency markets that promotes ‘price discovery, efficiency, and transparency’ through adoption of industry standards.” Also it would work towards introducing “…information sharing, rules-based markets, and surveillance systems to an industry whose workings are largely hidden from public and government scrutiny” (https://www.investopedia.com/news/winklevii-proposal-selfregulation-crypto-markets-receives-cautious-welcome/)
Those last three attributes are scary. Information sharing, rules, and surveillance are all things that can easily lead a person or organization to become corrupt if they have access to it. So let’s proceed with caution with this one and pay attention to its progress and practices as time goes on. Also, if there are other individuals or groups that are interested in establishing a self-regulatory body for cryptocurrencies that you know of, please leave a comment down below so we can all explore these other options as well.

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