Unlike their Gemini logo banners, digital currencies do not need to be regulated, Cameron Winklefuss said. Instead, companies that deal in digital currencies require careful control, especially given the failure of the modern QuadrigaCX platform.
Wincliffe: Digital currencies do not need regulation, but …
It is no secret that the Winklefos twins were advocating what they called the purge of digital currencies. Through their fully regulated Gemini platform, their aim is to change the wild West’s image of the emerging sector that has plagued many of the currency platforms from hacking, fraud and pro-forma currency support.
At the same time, it is not surprising that the digital currency campaign needs to be regulated has been strongly criticized by users of Bettkin, in particular.
This is because running your full node is the only way to enforce the rules – protocol protocol. In fact, it is designed specifically so that people can deal without having to trust anyone – even in the presence of bad factors.
The brothers cited an excerpt from the third report of the court-appointed observer to the Supreme Court in Nova Scotia on the issue of the QuadrigaCX platform that had lost millions of clients’ money.
In fact, while the use of pluchene decomposition requires little trust, the tolerance of Byzantine errors is debated as soon as funds are transferred to a third party as a custodian such as a trading platform.
This is where confidence returns to the picture, in which Wincliffe says it is their “product” that they are trying to build with their trading platform.
Accidents of digital currencies, human errors and unrelated to currencies
Speaking of the failure of QuadrigaCX and Mt. Gox, Cameron Winklefuss discussed the problems that the new sector still faces at the South South Conference held recently in Austin, Texas:
“There are a lot of sacrifices on the way of digital currencies that we have seen and learned from. In the end, it’s really a problem of confidence. We need a sort of organization to promote positive results “
Fortunately, Twainman and Winkelves say they are witnessing phenomenal growth in just three years. Speaking to an audience of more than 700 attendees in an interview titled Helping to Build the Future of Money, Cameron and Taylor pointed out how this sector is maturing.
This rapid growth means that the risks are higher than ever with the failure of the QuadrigaCX platform as an initial example.
Therefore, it is time to organize the sector in a thoughtful manner, according to Winklefuss. Cameron and Tyler Wincliffe reiterate that trust is our product, and even unreliable digital currencies will still need to deal with trusted third parties because many people will continue their financial sovereignty for convenience.
“Some argue that the protocols themselves have sufficient rules. We agree, but the protocols govern only the movement of funds within systems; they do not provide controls or controls for entrepreneurs and companies that build on them. Every incident of digital currencies so far has been a company problem or a person, not a problem in digital currencies “
In other words, the twins do not see the emergence of digital gold as the end of the vaults, which Winkelves is pleased to provide.