Tag: Winklevoss

Twitter and Alibaba Enter Global AI Race

by Blockchain News

In the rapidly evolving world of technology, artificial intelligence (AI) has become a focal point for many companies. Twitter and Alibaba have reportedly joined the global AI race by integrating the technology into their businesses. Twitter plans to use AI to “detect & highlight manipulation of public opinion,” while Alibaba is developing its own chatbot assistant called Tongyi Qianwen.

Meanwhile, the co-founders of cryptocurrency exchange Gemini, Tyler and Cameron Winklevoss, have funded their business with a personal loan of $100 million. The move comes after previous attempts to raise capital from external investors failed. The Winklevoss brothers are funding Gemini amid regulatory scrutiny in the United States, including charges from the Securities and Exchange Commission related to the exchange’s Earn program.

In addition, MetaMask has launched a new feature that allows users to purchase cryptocurrency with fiat currency directly from its Portfolio Dapp. The service is available in over 189 countries and accepts debit and credit cards, PayPal, bank transfers, and instant ACH. MetaMask claims the service follows local regulations and takes the user’s location into account.

The integration of AI into businesses is not without controversy. Twitter CEO Elon Musk, who recently purchased nearly 10,000 graphics processing units (GPUs) for the platform, previously spearheaded a letter calling for the halt of advanced AI development due to societal concerns. However, many companies see the potential benefits of AI and are investing heavily in the technology.

In the cryptocurrency world, the Winklevoss brothers’ loan to Gemini underscores the challenges that exchanges face in a volatile market and amid regulatory scrutiny. However, the loan also highlights the dedication of entrepreneurs to build a successful business in the face of adversity.

Meanwhile, MetaMask’s new feature for purchasing cryptocurrency with fiat currency is a welcome addition for many users who find it challenging to navigate the complex world of cryptocurrency exchanges. The service’s availability in over 189 countries and its acceptance of a wide range of payment methods make it an attractive option for those looking to invest in cryptocurrency.

Finally, Alibaba’s entry into the AI race with its chatbot assistant underscores the company’s commitment to innovation and its vast ecosystem of tech businesses. As the world becomes increasingly reliant on technology, the integration of AI into businesses will likely continue to be a significant trend. However, companies must balance the potential benefits of AI with the societal concerns surrounding the technology.

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Winklevoss Twins Fund Gemini Amid Crypto Downturn

by Blockchain News

The Winklevoss twins, co-founders of Gemini, have reportedly loaned their own money to support the cryptocurrency exchange during a period of market downturn. This news comes amid increased scrutiny from regulators, with both the U.S. Securities and Exchange Commission and the New York Department of Financial Services investigating Gemini’s activities.

In January, the SEC charged Gemini and Genesis Global Capital with offering unregistered securities through the exchange’s Earn program. Additionally, the New York Department of Financial Services launched an investigation following reports that users claimed assets in their Earn accounts had been given FDIC protection.

Following the announcement of the charges, Tyler Winklevoss accused the SEC of issuing a “manufactured parking ticket,” claiming that Gemini staff had been in talks with the regulator for over a year prior to the enforcement action. This mirrors the complaint of Coinbase, another cryptocurrency exchange whose legal officer claimed that the company met with the SEC more than 30 times over nine months before receiving a Wells notice.

Despite these challenges, the Winklevoss twins remain committed to Gemini and have put their own money into the exchange to ensure its continued success. Gemini has a strong reputation in the cryptocurrency industry, and the twins’ decision to support the exchange during a difficult time is a testament to their dedication to the platform and its users.

Gemini was founded in 2014 and has since become one of the most popular cryptocurrency exchanges in the United States. The exchange is known for its robust security measures and commitment to regulatory compliance, making it a trusted platform for users seeking to buy and sell digital assets.

The Winklevoss twins are also well-known figures in the cryptocurrency world, having made headlines for their involvement in the early days of Bitcoin. The twins famously sued Facebook founder Mark Zuckerberg, claiming he stole their idea for a social networking site. They later used their settlement money to invest in Bitcoin, becoming early adopters of the cryptocurrency and building their fortune in the industry.

In addition to their work at Gemini, the Winklevoss twins are also involved in other cryptocurrency-related ventures, including the digital asset marketplace Nifty Gateway. Their continued involvement in the industry is a positive sign for the future of cryptocurrency, as their support helps to legitimize and strengthen the ecosystem as a whole.

In conclusion, the Winklevoss twins’ decision to fund Gemini with their own money demonstrates their commitment to the exchange and the broader cryptocurrency industry. Despite regulatory challenges and market downturns, the twins remain optimistic about the future of digital assets and are working to build a more robust and secure ecosystem for users.

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Time to pump? Data suggests traders intend to push Filecoin (FIL) above $100

by Cointelegraph

Filecoin (FIL) accumulated 65% gains over the past 30 days to reach its highest price since June 8. The recent strength was accelerated after an Aug.6 partnership with Chainlink’s oracle protocol on Aug. 6 allowed the projects to join their grant initiatives to speed up the development of hybrid smart contracts to leverage code running on the blockchain while the managing data computation process off-chain.

Filecoin (FIL) price in USD at Coinbase. Source: TradingView

Numerous events triggered the $235 all-time-high on April 1, but that movement is clearly long gone because the cryptocurrency is 67% below that level. Let’s take a moment to understand what triggered the rally and whether these drivers still exist.

China-based mining activity boosted investors’ expectations

Filecoin is a decentralized cloud-based data storage network that allows its users to gain rewards for selling their excess storage on an open-source platform. The built-in economic incentives ensure files are reliably stored over time.

The network’s storage capacity surpassed 2.5 exabytes in February, which lead to positive remarks from influencers like Cameron Winklevoss, the billionaire investor and co-founder of the Gemini exchange.

On March 17, Grayscale Investments, the digital currency asset manager behind the GBTC Trust, announced the launch of its Filecoin investment vehicle.

On March 25, a $23 million Filecoin Ecosystem Fund was announced, backed by large Chinese investment groups like Fenbushi Capital, SNZ Capital, and Neo’s EcoFund.

New smart contract capabilities are expected and FIL’s daily issuance was cut

On March 31, Qtum founder Patrick Dai said that the protocol was working to enable smart contracts for Filecoin through the Qtum network.

On April 10, Martin Gaspar, a research analyst at CrossTower exchange, told Cointelegraph that solid demand from Chinese miners emerged due to a shortage of proof-of-work rigs. Gaspar added that these miners “are required to pledge the FIL token as collateral, resulting in demand for the token.”

Lastly, on April 15, Filecoin changed its supply economics, reducing its daily issuing from 648,000 FIL per day to 365,000. The drastic cut likely led to a perception of scarcity for the token. In turn, it may have caused retail investors and miners to accelerate their investments ahead of the event.

Data shows retail activity has been picking up

Perpetual futures contracts, also known as inverse swaps, have an embedded rate usually charged every eight hours to ensure no exchange risk imbalances.

Whales, arbitrage desks, and market makers avoid exposure to these instruments due to their variable funding rates. When longs (buyers) demand more leverage, they are the ones paying the fee. The opposite holds when shorts (sellers) use more leverage, thus causing a negative funding rate.

Filecoin (FIL) perpetual futures 8-hour funding rate. Source: Bybt.com

The above data clearly shows the funding rate surging between Aug. 10 and Aug. 17, and it reached a positive 0.08% average. This number translates to 1.7% per week, indicating increased leverage longs activity. After receding for a couple of days, the indicator initiated another hike to a 0.10% fee charged every 8-hour from longs.

The current 2.1% weekly equivalent fee indicates even stronger leverage from retail traders, which means optimism. Of course, there’s no way to know if the recent move will be enough to spark a continuous price improvement, but traders seem to believe $100 is closer than ever.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.