The Winklevoss bitcoin ETF may or may not ever see the light of day or earn the twins whatever you’d call a tenth or a twentieth of a bitcoin. But if it doesn’t, they can go back to their tried-and-true wealth-creation strategy of suing someone for stealing their idea. Read more »
One of my favorite pastimes is making small but terrible investment decisions so of course I’ve long wanted to buy some bitcoins, the cryptocurrency that comes from your imagination, or at least the imagination of your computer. Unfortunately as far as I can tell actually buying a bitcoin requires a fake passport, a short-wave radio, and a Kalashnikov, so thus far my laziness has overruled my desire to lose money. But now there’s hope for me:
Cameron and Tyler Winklevoss, the twins best known for their part in the history of Facebook, filed a proposal with securities regulators on Monday that would allow any investor to trade bitcoins, just as if they were stocks. The plan involves an exchange-traded fund, which usually tracks a basket of stocks or a commodity, but in this case would hold only bitcoins.
At a Fortune conference earlier this week, Larry Summers said in an interview that he learned one invaluable lesson about people while running Harvard: “If an undergraduate is wearing a tie and jacket on Thursday afternoon at three o’clock, there are two possibilities. One is that they’re looking for a job and have an interview; the other is that they are an a**hole.” Summers was not speaking generally about assholes but two in particular, Tyler and Cameron Winklevoss, who in 2004, complained to the then Harvard president that Mark Zuckerberg had stolen their idea for Facebook. In the Social Network, Summers is portrayed as being a bit brusque with the Winklevii, essentially to fuck off and go waste someone else’s time, a portrayal he has described as entirely accurate, and for which he makes no apology, on account of the asshole assessment. Apparently the twins caught wind of Summers’ comments and yesterday took the time to respond, via open letter. Spoiler alert: they’re not happy (with Summers’ lack of ‘tact,’ his refusal to shake their hands, the sight of his feet on his desk, and this ‘unprecedented betrayal’): Read more »