Winklevii propose a self-regulatory organization for cryptocurrency
By Leo Zhang
Mar 13, 2018
Gemini founders Cameron and Tyler Winklevoss put forward a proposal for a self-regulatory organization for the U.S. cryptocurrency industry. The proposal received positive feedback from CFTC Commissioner Brian Quintenz (see story below).
"Below, we outline a proposal for the Virtual Commodity Association (the 'VCA'), an industry sponsored self-regulatory organization for the U.S. virtual currency industry, specifically virtual commodity exchanges and custodians (collectively, 'platforms')."
"In a demo of its work, Chubu and Nayuta went so far as to show how a Lightning payment could be sent to an electric vehicle charger that, once paid, instantly turned on and began to energize a real-life vehicle."
"The U.S. represented the largest marketplace, with 42 percent of sales by value, followed by China at 21 percent and the U.K with 20 percent. Last year’s total fell short of the 2014 peak, when sales reached $68 billion."
"Last August, military forces in Myanmar conducted operations focused on Rohingya Muslims. So far, it’s estimated that 700,000 Rohingya have fled to Bangladesh as a result. The UN is investigating a potential genocide in the nation."
"Here is the how the Decred mining rewards work: 60% of the block reward goes to miners, as they use energy for all of the computation, and 30% goes to stakeholders as a reward for using (staking) the network. Lastly, 10% of the block reward goes into a treasury fund and/or to the developers."
"Together, these mean that in theory, a user can create a fixed number of channels that will last her a lifetime. She can receive her salary or payments through these channels, and send out payments back again through them, ad infinitum, without ever needing to close channels or create new ones."
"CTS-Labs, an Israeli cybersecurity firm, says it has found multiple flaws in AMD’s Ryzen and Epyc processors that could let hackers who’ve already compromised computers access secure portions of the processors to install malware or steal sensitive data like encryption keys."
"In terms of actual threats, base AI is going to be really interesting. It's interesting from a defensive stand point and from an offensive standpoint. So as the attackers think about new ways to leverage artificial intelligence I think that that's something that keeps me up at night because the game could start going very fast once both sides start to deeply significant automation."
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