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Why The Winklevoss Twins Say Facebook Won't Exist 10 Years From Now....

Winklevoss twins facebook comment

Here in Silicon Valley, by the time Facebook began making headlines, most already knew the name 'Winklevoss'. Facebook was starting to explode, MySpace was clearly dying out, and when the topic came up somebody would often ask 'Do you think Zuckerberg stole Facebook?'.  But as far who he may have stole it from 'Some twins he went to school with, named Winklevoss or something' is about all people knew.

It was the movie "The Social Network" most learned the name, and the story - where unfortunately they were portrayed so unlikeable, the audience rooted for Zuckerberg to win when they sued him claiming they were the rightful owners of Facebook.

There was no 'winner' - Zuckerberg settled out of court, but the Winklevoss twins sure seem to be winning big today.

With the legal battle behind them, they were ready to take their place in Silicon Valley, until startups began refusing their money...

Facebook was still considered a start-up, but the hottest one at the time, and these were the guys who just finished trying to sue them.  While nobody really knew who was right, that was enough for companies to decide to keep their distance.

So, they used that Facebook settlement money to invest in Bitcoin, which at the time was selling for $8 and had a community with an 'everyone is welcome' attitude. Their first venture beyond owning BTC was helping to fund BitInstant, launched at a time when the Silk Road was probably the reason most people were making their first bitcoin purchase. By no fault of their own, they found themselves shut down when the government claimed their site was being used by drug dealers laundering money.

The CEO, Charlie Shrem spent a year in jail, since their role as investors kept them distanced from the liability that comes with running day to day operations, they managed to remain free.

That's where the motivation to launch Gemini came from - and that's why it's the most regulated and government approved exchange out there...

In 2015 they became the first crypto exchange with the same license major banks hold, granted by the New York State Department of Financial Services - which holds enough weight this allowed them to open their doors to accept funds from all 50 states.

Since then Facebook and Crypto grew bigger than anyone could have imagined - and the Winklevoss twins and Zuckerberg can accurately be referred to as 'billionaires' because of it.

But who will the future favor? The Winkelvoss twins believe Facebook won't be around for the next decade...

“The idea of a centralized social network is just not going to exist five or 10 years in the future. There’s a membrane or a chasm between the old world and this new crypto-native universe. And we’re the conduit helping people transcend the offline into the online.” Tyler Winkevoss tells Forbes.

They're also helping to fund the tech to make it possible, becoming seed investors in Protocol Labs, which is focused on creating a decentralized internet that works independent of today's centralized server structure. 

Many in the crypto world will know the company from Filecoin, and later this year one of their workshops happens to be on building a decentralized social network, like Facebook.

The big shift is coming...

Frankly, Facebook seems to become more 'uncool' every day, if it didn't already earn that title when everyone's parents and grandparents joined. Zuckerberg has his own ventures into the crypto world in motion, but Facebook needs a facelift, and I doubt throwing some blockchain based features on top of it is the key to becoming cutting-edge again.

If successful, the Winklevoss twins won't be the next Zuckerbergs, no one will. That's the appeal - and they say playing the role of 'gatekeepers' in a decentralized world was never one of the goals. 

But in one sense, decentralization is like social media 10 years ago - we know it's going to be huge, but don't yet know exactly how it will fit into everyday life.

What dApp will be first to draw in hundreds of millions of users? I have no idea, but I'd bet my wallet it'll happen - and there's something exciting about that. On the other hand, I'm not sure if traditional social media has anything exciting on the horizon. 

Author: Ross Davis 
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco Newsroom / Breaking Crypto News

Ripple's Small Victory In Court May Lead To A Huge Victory Soon, As Their Battle Against The SEC Continues...

 Ripple SEC Lawsuit

The SEC says Ripple's $1.8 billion raised during it's ICO was raised illegally - and they want Ripple to give it back.

Ripple asks - why us, why now? As they compare their token with Bitcoin and Ethereum, which have already received the green light when the SEC publicly stated they are not a security.

Here's where it gets confusing...

The SEC argued that Ripple is indeed a security, as it was pre-mined and distributed among its executives before being publicly launched, while bitcoin and Ethereum were not.

Except...Ethereum was. They held an ICO, and sold pre-mined coins to investors during it.

Now, the SEC will be forced to release internal documents giving insight into how they decided to clear Bitcoin and Etherum...

Ripple took the SEC to court in order to find out how they decided in Ethereum's favor - and won.

The SEC has to release internal documents showing their methods of deciding what is and isn't a security, and once those documents are in hand, Ripple's lawyers believe they can use the SEC's prior decisions against them by saying if Ethereum isn't a security, neither are they.

The lawyers of Ripple Labs Inc. argue that for 8 years the SEC has not raised its voice in this regard, so now they must clarify what has led them to sue the executives of this company. Faced with this allegation, the SEC had recently responded that it was not its responsibility to notify in advance regarding potential infractions of the law.

Either way, today is a small win for Ripple that they hope will lead to a huge win around the corner. 


Author: Mark Pippen
London News Desk / Breaking Crypto News

Goldman Sachs To Offer Clients 'Variety' Of Crypto Investment Options - Not Just Bitcoin...

Goldman Sachs cryptocurrency

Goldman Sachs will soon offer its private wealth management clients a variety of options to to invest in bitcoin and other cryptocurrencies.

The bank aims to begin offering investments in the emerging asset class in the second quarter, according to Mary Rich, who was recently named global head of digital assets for Goldman’s private wealth management division.

Company says this decision is in response to what clients demanded...

Their private wealth management division is geared toward their wealthiest clients — investors with at least $25 million invested.  "There's a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that," Rich said. "There are also a large contingent of clients who feel like we're sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space."

Where Goldman Goes, Others Follow...

As more established financial institutions invest in crypto more companies are expected to follow, and there may not be any company with more followers than Goldman. 

While Tesla may have opened the pipeline between the crypto world and mainstream investors, Goldman may have just opened the floodgates. 

Author: Justin Derbek
New York News Desk
Breaking Crypto News

Aurus Brings the DeFi Revolution to Precious Metals...

Aurus Defi
Trading app Robinhood positions itself as democratising finance for all. However, the centralised nature of the platform- where one party holds the ultimate decision-making power, is in direct conflict with this mission. Just ask the Redditors of the WallStreetBets community. As they discovered in January, traders have zero control over how the exchange is managed. If they have a problem, their only recourse is to withdraw their funds and switch to another broker (where they’ll probably face similar issues, for the time being anyway).

This incident helps to explain why the concept of decentralised finance- or DeFi as it’s commonly known- has gained so much traction. DeFi removes the need to rely on middlemen and the associated bureaucracy or manipulation which has burdened the traditional financial system for so long. Instead, DeFi relies on smart contracts, programmes that automatically execute the terms of an agreement, on blockchains to complete transactions. Smart contracts allow markets such as brokerages and exchanges to operate unhindered 24 hours a day, seven days a week, 365 days a year. The technology is still at a nascent stage, but the projects leveraging it are building a faster, more transparent and more accessible financial system for all.

Aurus is embracing the concept of DeFi to disrupt the precious metals industry. The firm has built a truly decentralised platform which allows companies like refineries, distributors and vaults to autonomously tokenise precious metals. The ingenious part of the Aurus system is their revenue-sharing token, AurusDeFi (AWX), which enables holders to earn a share of the platform’s revenues. But to understand the tokenomics behind AurusDeFi, we need to take a deeper dive into how the ecosystem works.


Building a decentralised precious metals ecosystem
As well as making precious metals more accessible to retail investors, Aurus also removes the single point of failure risk associated with centralised systems. The firm is building a global ecosystem made up of precious metals refineries, vaults and brokers that work together to mint their own tokens. In the case of AurusGOLD (AWG), each token is backed by one gram of 99.99% LBMA-accredited gold and held in fully insured and audited vaults around the world. It’s worth noting that Aurus, as a technology provider, is not involved in the minting process and therefore has no influence on the gold traded or vaulted.

UK-based, Direct Bullion, became the first precious metals dealer to join the Aurus ecosystem, tokenising 5 kilograms of the yellow metal in 2019. The firm has since added AurusGOLD to their offerings as a more convenient and liquid form of gold ownership. 

The incentives for industry partners to participate in the ecosystem comes from the platform's revenue-sharing mechanism. Gold providers and vaulting partners receive an equal share of 50% (25% each) of the minting, transactional and storage fees generated from the usage of AurusGOLD. The other 50% is proportionally distributed among holders of a revenue-sharing token called AurusDeFi. This unique business model enables the ecosystem to be highly scalable and entirely self-sustaining.

AurusDeFi has a limited total supply of 30 million tokens and represents a stake in the Aurus ecosystem by providing its holders with a passive income stream, paid in AurusGOLD. As the ecosystem grows, so do the generated revenues. To put this opportunity in context, bitcoin hit the headlines recently when it reached a market cap of US$1 trillion for the first time. In contrast, the total value of the global gold supply is estimated to be more than ten times bigger

Aurus completed their final fundraising round in February of this year- raising three times the expected capital- and the next step is to list the tokens on CEX.IO and BiKi. Launched in London in 2013, CEX.IO is one of the most well-established crypto exchanges with over four million users globally, while Biki has more than two million users in Asia. These partnerships represent a huge milestone for Aurus as both exchanges offer deposits and withdrawals in fiat, as well as other staking and interest yielding products for both retail and institutional clients. 

The Bigger Picture
The vision for Aurus is to build an open, highly scalable ecosystem which the entire precious metals industry can benefit from, whilst at the same time making it simple for anyone to invest and transact with precious metals. With that in mind, the firm recently launched a new token for another asset class targeted by the traders of WallStreetBets. AurusSILVER (AWS) offers the same benefits as AurusGOLD, such as easy access to the US$1.5 trillion market for the metal, and each token is backed by one gram of LBMA-accredited silver. 

Aurus’ ambitions don't end there. With AurusPLATINUM (AWP), Aurus is set to become one of the earliest platforms to tokenise platinum. While not as high profile a precious metal as gold and silver, this is a groundbreaking event for retail traders as currently, one of the only ways they can digitally acquire platinum is through an ETF on the South African stock exchange. 

The launch of AWS and AWP will make AWX even more valuable, as holders of AWX will benefit from 30% of the revenue they generate.  Aurus is planning to list both tokens on CEX.IO in the coming months. 

Aurus is also pleased to announce the addition of new industry partners to the platform. Aurica Metales is the oldest and largest precious metals broker in Chile. Demand for AurusGOLD has already been so high that Aurica ran out of stock, and had to tokenise more gold on several occasions. The firm also recently started selling AurusSILVER and plans to expand operations to other Latin American countries too. Elsewhere, the firm will be onboarding an international bullion trading company from Turkey along with one of the largest precious metals brokers in Singapore called Indigo Precious Metals (IPM). The Turkish trader was founded over 25 years ago and counts central banks and government agencies among its clients, while IPM is run by leading metals experts and will be the first partner to issue AurusPLATINUM. 

Monetising Metals
As mentioned before, Aurus does not get involved in the supply, minting or distribution of the metal- backed tokens. However, they  serve a very important role by enabling the stable of Aurus tokens to be used to their full potential: as a medium of exchange, a means of collateral, a yield bearing instrument or just simply an easy-to-access investment product. 

The upcoming listing with CEX.IO is an example of the types of partnerships that Aurus engages in to add value for their users. Aurus has also recently partnered with Tangem and Cyclebit to launch its stablecoin-supported point of sale terminals. Holders can load their tokens (AWG, AWS, AWP) onto the Aurus Vault Signer Card, a crypto hardware wallet, which will soon allow users to pay with gold, silver and platinum at merchants all over the world. 

From this perspective, the future looks golden for Aurus as there’s a lot to look forward to in the coming months - most defi(nitely) a revolution for the precious metals market. 

Aurus tokens available on CEX.IO here: AurusGOLD | AurusDeFi

Stay up to date with Aurus: Twitter | Telegram

Master Artists BACK From The DEAD...As ARTIFICIAL INTELLIGENCE! De Vinci, Picasso, Michelangelo & More, As NFT Tokens...

AI Powered NFT Art

The NFT craze has seen some wild things so far, but this is one nobody saw coming.   If you haven't caught up with the trend, all you need to know is that NFT stands for 'non fungible token' and is a cryptocurrency token that serves as a unique digital certificate of ownership that cannot be edited, duplicated, or preproduced without permission from the owner.

Putting an image, video, song inside of one of these is currently the best way to make sure an artist and their art are never separated.

Sure, whatever the media is can still be copied, but no one can copy the NFT file that goes along with it - they'd need to hack tens of thousands of computers at once (the entire Ethereum network) in order to get a fake to pass authentication. So think of it like an autographed copy, but the person who signed it is always with it, ready to say yours is the real deal. 

The hype around NFT's is currently in that phase where things get a bit ridiculous. Thankfully this story isn't about another easily excited fool with money, throwing it away on things like 'buying' a tweet... which of course does not give the buyer any ownership or control over the actual post on Twitter.  Still, some sucker paid $2.9 million for a screen shot of the first tweet ever posted by CEO Jack Dorsey which reads 'just setting up my twttr'.

But maybe the buyer isn't a total fool - experts speaking to the BBC agreed it's a 'highly valuable asset' since it's the 'the first tweet, of the person who invented this'.

If you thought tweets selling for millions was something you'd never see, you probably didn't see this coming either...

The World's Most Famous Master Artists Return - As Artificial Intelligence...

Leonardo de Vinci, Salvador Dali, Van Gogh, Michelangelo, MC Escher, Pablo Picasso, Monet and more, they're all back thanks to a team of researchers who embarked on a side project, where they go by the name 'Robot Resurrection'.

Their name really says it all, these long-dead artists are being resurrected... digitally.

Robot Resurrection
Robot Resurrection Is Bringing Back The Big Names...

The Scary Part Is: It Worked, So Well It Even Startled The Team...

There will be 10 images in their first series called 'Masters Mashups' which has one famous artist, paint a well known image of another famous artists. The first 2 are out now on NFT auction sites.

Robot Resurrection describes the process of creating their first piece:

"First we taught the AI everything about Salvador Dali's style, having it conduct a deep study of every piece available. 

It looks for things we as humans would never see, imagine examining every 1/100th of an inch of every painting. The color, then the color of the section to the left, right, above, below.  The brush movement that put those colors there, how forceful or gentle it was, how much paint was used, etc...

Then once we see the AI has more data on an artist than any human could ever gather - we tell it: BECOME HIM.

From that point on we're in control of an intelligence that only knows 1 thing: how to paint like Leonardo De Vinci

The first shows us what the Mona Lisa would look like if Salvador Dali painted it, instead of Leonardo de Vinci.

The second piece has AI Van Gogh, painting MC Escher's famous sphere.

A Real NFT Use Case...

Honestly, putting one of these in your collection makes a lot more sense to me than buying a tweet, and it really is a great use case for NFTs.  It *has* to be done digitally.

Any other image can be printed on paper, or song recorded on tape - but when people hear a computer is making the art, people already expect to view it on a screen. It's not weird that it's a file.

You can view or bid on their work on Mintable's NFT marketplace.

Author: Matt Miller
London Newsroom / Global Crypto Press
Breaking Crypto News

Fidelity Isn't The Only Company Wanting To Start A Bitcoin ETF - The Fierce Race To Be First...

Actually, it's not officially Fidelity's ETF, it would belong to a company called Wise Origin, and Fidelity Digital Assets will serve as the fund's custodian, storing Wise Origin's holdings. 

The ETF, called Wise Origin Bitcoin Trust, will aim to match an index that takes spot prices from various bitcoin markets, including popular exchanges, Fidelity said in a securities filing.

But now that their intent is public, they're becoming aware of how fierce competition to do be first will be...

Video Courtesy Of Yahoo Finance

Shots Fired - Robinhood CEO Says Coinbase's Fees Too High, Shares Goal Of Expanding Crypto Offerings...

Robinhood has had a rough month following halting users from buying stock in Gamestop after Reddit pumped it, in a story too long to summarize.

Just know it ends with Robinhood claiming they're innocent, and were forced to stop because of regulations that apply to them having to do with the amount of stocks they hold for customers and maintaining a percentage of funds in the bank for all of them. But there's still no shortage of angry traders who left the platform and still rant about it today.

In a video (above) just posted to Robinhood's YouTube channel, CEO Vlad Tenev seems to have what he believes may be the path back to being respected by the young tech savvy professionals they've always targeted - by becoming the new, less expensive, major crypto exchange? 

Raido Network Launched...

Raido blockchain network

The Raido Foundation has launched the Raido Network blockchain network. We believe this network provides an ideal environment for quick, safe, and user-friendly cryptocurrency transactions (and, going forward, transaction-based smart contracts). Below we outline some of the key points about the project and tell you about how you can experience the network for yourself. We look forward to helping you towards your investment goals.

The Raido Network aims to provide the tools needed for a next-generation blockchain network. The project has been going from strength to strength for two years, and is now entering a new and exciting phase of its journey. Following the initial coin offering (ICO) in 2018 and the launch of a crypto exchange in March 2019, this year has seen the launch of the genesis block and the main functions of the core network.

The network uses Delegated Proof-of-Stake (DPoS), which is the most popular consensus model (it has been used successfully by Ethereum previously), and its accounting unit is RDO. Transactions are validated by master nodes, software that has exclusive rights and maintains the consensus throughout the network by using coins that project participants delegate to it. Meanwhile, coin holders receive a portion of the network commission.

The Raido Network aims to address the issues faced by modern blockchain architectures in six key areas:

Processing speed. The block is created after at least one signed transaction is received, meaning transactions are confirmed rapidly.

Participation in management. Coin holders participate directly by voting on changes to network parameters and the implementation of improvements.

Improvement opportunities. The network offers a voting mechanism and opportunities for improvement, allowing it to evolve and adapt.

Transaction costs. Transaction costs are fixed, allowing for predictable business-processes implementation based on work with the network, including escrow functions.

Scalability. Raido’s DPoS network principles prevent resource wastage when processing transactions, while still maintaining high system throughput.

Applicability. The next stage of the network’s development is to create a platform for high-performance smart contracts that connect secure external data and decentralized applications with escrow functionality.

We are looking forward to the launch of the consensus algorithm this autumn, followed by the escrow smart contracts next spring. The first version of the decentralized application platform due in spring 2023.

Support and development are overseen by the non-profit Raido Foundation. More details about the network’s operations and links to the Block Explorer wallet can be found on the foundation’s site (link below).

If you would like to experience our network for yourself, please see the details of the network and useful links to the wallet and block explorer on the foundation’s website: https://raido.network


Information Provided via Press Release
Distributed by Global Crypto Press Association
Press Release Distribution for industry.