Celebrating the 10th anniversary of Bitcoin’s first processed block, New York-based cryptocurrency exchange, Gemini put some advertisements on many public spots in the city.
One of the ads can be spotted on East 46 Street, that said, “Crypto needs rules”, as captured by crypto enthusiast and former Coinbase staff, Nick Foley.
He put a comment below the picture, to express his opinion about the ad, saying, “No. Crypto doesn’t need that.”
Rules like mathematics? Sure. Crypto needs that. Rules like "KYC AML licencing taxation Patriot Act bitlicense bullshit?" No. Crypto doesn't need that. pic.twitter.com/8azzqCKlwa— Nick Foley (@BookofNick) January 4, 2019
Crypto enthusiast and Bitcoin podcaster, Peter McCormack commented, this time a bit harsh, calling the Gemini's founders as "Winklemuppets".
What a load of bollocks, Crypto exists because of rules. Winklemuppets! https://t.co/BKx8RaY7Wa— Peter McCormack (@PeterMcCormack) January 5, 2019
Another renowned figure in the crypto space, Eric Voorhees, also made comments about it, saying that crypto is rules by itself already.
Hey @Gemini... crypto has lots of rules already. Crypto IS rules. These rules are stronger than any political inscriptions; they are objective, open and knowable to all parties, they transcend borders, and they are enforced by mathematics. Crypto is a system of laws and not men. https://t.co/fblSPH0BZE— Erik Voorhees (@ErikVoorhees) January 4, 2019
The CEO of Shapeshift.io said that crypto trading platforms don’t necessarily require to comply with additional rules to function efficiently and securely, arguing that it’s already governed by a set of rules “implemented by an open-source community of developers, miners, node operators, and users”.
Moreover, he added, “Rules for trading on a platform should be…. up to the platform. If you don’t like the particular rules of a platform, go someone else. And again, if there’s fraud, that’s already illegal and doesn’t require some new law.”
His opinion is not baseless as according to Cryptomenow, economists at the Bank of Finland also agreed that cryptocurrency like Bitcoin doesn’t need rules enforced by any parties whatsoever.
A paper published by the central bank of Finland in July 2017 stated, “Bitcoin is not regulated. It cannot be regulated. There is no need to regulate it because as a system it is committed to the protocol as is and the transaction fees it charges the users are determined by the users independently of the miners’ efforts. Bitcoin’s design as an economic system is revolutionary and therefore would merit an economist’s attention and scrutiny even if it had not been functional. Its apparent functionality and usefulness should further encourage economists to study this marvelous structure.”
It appears like Gemini and Voorhees are like a different side of a coin, or in this case cryptocurrency. For the earlier, being regulated is “everything” as it will bring crypto to the expected mainstream adoption, which is shown by their founders, the Winklevoss twins’ persistent effort to apply for Bitcoin ETF.
And they’re not alone when it comes to fighting for regulation to bring the mass adoption to cryptocurrency. One of the supporters is Michael del Castillo, who commended another Gemini’s ad on New York subway train, by saying, “Gemini makes a huge play for mainstream adoption.”
Regardless the bickering, whatever it takes to get the mainstream adoption of cryptocurrency is definitely something worth pursuing.