Not everyone agrees with Gemini’s ad that claim crypto requires rules

05 Jan, 2019 | Updated: 05 Jan, 2019
by Fifi Arisandi
Not everyone agrees with Gemini’s ad that claim crypto requires rules

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.”

Crypto enthusiast and Bitcoin podcaster, Peter McCormack commented, this time a bit harsh, calling the Gemini's founders as "Winklemuppets". 

 Another renowned figure in the crypto space, Eric Voorhees, also made comments about it, saying that crypto is rules by itself already. 

The CEO of 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.

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Do you think regulation is required by crypto to get mainstream adoption?

(16 votes)

Add a comment

don't know about gemini platform, but its stable coin don't pegged by dollar
05 Jan, 2019 - 07:10
you are a lucky man. don`t even try it, hahaha
07 Jan, 2019 - 07:42
As platform, as stable coin are awful, you know.. I don`t know how someone can use it. Gemini is not good choice
07 Jan, 2019 - 08:32
A bad copy of tether.
08 Jan, 2019 - 14:20
Every stablecoin needs a true audit. Gemini didn`t do it yet so you probably are right
23 Jan, 2019 - 23:08
I think the founders of Gemini take on too much. In my view, they're manipulators who want to control people, but they will not succeed
05 Jan, 2019 - 17:36
We haven't listened to the founders of the fake coin Gemini yet. Crypto world doesn't need your idiotic opinion
05 Jan, 2019 - 18:57
I do not agree with your news!!!
Lost a BTC on coinbase
05 Jan, 2019 - 21:43
It looks like fake news, you know. Unfortunately, such shitty coins as Gemini need such hype.
07 Jan, 2019 - 08:13
even this hype will not help Gemini to become more popular
13 Jan, 2019 - 06:49
Crypto doesn`t require rules.
Moreover, it doesnt`t require such shitcoins as Gemini, bro
08 Jan, 2019 - 04:46
I wouldnt advise to trade on Gemini...
08 Jan, 2019 - 13:46
stupid and hilarious Gemini ad..
08 Jan, 2019 - 15:36
Wouldnt recommend you to use Gemini, nothing good about it!
08 Jan, 2019 - 16:18
We adhere to the main rules but why it needed to invent new ones in order to complicate our lives, Gemini?
08 Jan, 2019 - 20:23
Yes, and we can make our life easier if we stop using Gemini
09 Jan, 2019 - 15:53
I think that Gemini is not a reliable stablecoin. I've heard so many negative news and articles about it so I can't trust it.
08 Jan, 2019 - 22:57
Who listens to them? lol.
Gemini coin is shit as its creators are.
Their opinion is not interesting for community
09 Jan, 2019 - 14:52
Gemini, you have nothing better to do or what?
09 Jan, 2019 - 16:45
i dont agre with them they dont know what is cryptocurency. their gemini coin is not good
09 Jan, 2019 - 22:55
completely non- reliable stablecoin Gemini
10 Jan, 2019 - 19:28
Do Scammers Gemini want to command world of crypto?
10 Jan, 2019 - 21:16
Gemini is the next shitcoin which was create to make hype and to earn some money on it.
10 Jan, 2019 - 21:36
Gemini simply don't have the opportunity to engage in fraud and therefore they are trying to create their own rules in crypto
10 Jan, 2019 - 22:32
Why do they want to invent the rules? another foolish idea of Gemini
11 Jan, 2019 - 14:29
lol, nice idea. looks like a real fake by gemini team
12 Jan, 2019 - 06:47
Run away from Gemini, nothing good there
11 Jan, 2019 - 18:20
Of course Gemini wants to make everything follows rules. It is what centralization means
12 Jan, 2019 - 12:57
But not all the users need it, you know.
Coinbase doesn`t ask the users if they need it
13 Jan, 2019 - 19:19
I`d rather forget about Gemini and its creators.
13 Jan, 2019 - 18:40
I even don't want to try join Gemini because I don't trust such shitcoins which were created in analogy with Tether. In this case there is the question - for what purposes was it created? I think to get the money and to disappear.
13 Jan, 2019 - 20:58
Gemini want to have control. I think it was a reason of creating Gemini stablecoin. So if you think the crypto needs rules, go hell!
22 Jan, 2019 - 08:46
gemini doesnt know how to stand out in a crowd, only adds
24 Jan, 2019 - 12:15
I am this person who is not going to agree with Gemini
19 Feb, 2019 - 21:53

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