WINKLEVOSS: ‘CRYPTO DOESN’T NEED RULES,’ CRYPTOCURRENCY COMPANIES DO

[sheenshane]

Cryptocurrency companies must be responsible for doing rules and regulations in their cryptocurrencies to avoid loopholes for their business. Rules will help users to be more secure and safe with their assets in the cryptocurrency industry and the companies should do it as soon as possible. Creating rules and regulation isn't that easy but they have to make sure to do it as much as possible for us the users and the enthusiasts.

[Kakmakr]

The reason for this is simple. Governments and regulators cannot "control" direct Bitcoin use, but they can regulate Bitcoin if people opt to use 3rd party services. The 3rd party services needs to adhere to these rules and regulations, because they can be targeted as centralized businesses. The Gemini exchange needs to adhere to the "rules" because they are identifiable and well known in the financial industry and the Winklevoss twins are targeting institutional capital investment that are highly regulated. 

We cannot blame the Winklevoss twins, because they must play by the rules of the government's game or close their doors. 

[Irvinn]

If we just want to send each other cryptocurrency, then for this, of course, we do not need any additional rules and no regulation of cryptocurrency. However, if we want the cryptocurrency to be a means of payment in society and each state even simply allows its circulation on its territory, and even more so, takes it under its protection, including judicial, we will have to accept some additional rules of this state and it's nothing you can do. Cryptocurrency will be able to continue to develop further only after the states legalize it.

[rdbase]

I do agree with them the cryptocurrency image has a wild west environment and people who are estrange to it will feel the same.
They do need to an image recreation to the wider population if they ever want it to go as mainstream to the fiat system.
And since the winklevosses have the experience and especially the capital to do it then the ball is in their court.

[Artemis3]

It’s no secret that the Winklevoss twins have been championing the ‘sanitization‘ of cryptocurrency. With their “fully regulated” Gemini exchange, their goal is to change the Wild West image of the fledgling industry that’s been plagued by exchange hacks, scams and fraudulent security offerings.

That is a more logical approach. You can't go and regulate crypto, its a technology designed to circumvent control. But you could go after the companies and individuals. So possession and exchange of crypto should not be prone to artificial rules that do not exist in the code governing the coins themselves.

[pushups44]

I agree that the industry needs regulation, but the right regulation and not arbitrarily. There is way too much fraud in the industry - it needs to be cleaned up. The industry will mature when it's more user-friendly and there are more protections for consumers, which will come partly with regulations. While the industry is decidedly libertarian in orientation, we have seen some of the consequences of lack of regulation in many unsavory news stories. Again, the bitcoin protocol is fine - it's companies dealing with it that need to be watched.

[okala]

Aside from the protocol involved in cryptocurrency, there is no other rules needed but the dev are right crypto don't need any rule but the cryptocurrency companies need rules, just like the regulated exchange which will operate within a regulatory framework and at that will enjoy the support and confidence of it users because of those rule and regulations they follow in carryout their activities. Winklevoss are right on this one compared to their what is written on they sign bord.

[gentlemand]

However, if we want the cryptocurrency to be a means of payment in society and each state even simply allows its circulation on its territory, and even more so, takes it under its protection, including judicial, we will have to accept some additional rules of this state and it's nothing you can do. Cryptocurrency will be able to continue to develop further only after the states legalize it.

In a theoretical pure crypto world where everyone controls their own keys and there are no third parties then there is no need for any more rules. And there is no way of enforcing any rules either.

If someone steals from you then there are existing rules to nail them.

I absolutely believe that any third party who takes control of your keys should be regulated until their dick falls off. We have nearly ten years of utter incompetence, dishonesty and failure to prove that internet strangers are shit and need to kept on the tightest leash imaginable.

[lyks15]

Since the crypto is not yet centralized I think crypto doesn't need rule . So we need to push crypto to go in legalization and centralization stage because we need rules and regulation in this industry to protect our every transactions. We need security in this type of business because we deal lot of money inestment.