The Hunt Brothers of Bitcoindom suffer same fate, Bitcoin collapses

Comment on article follows, then the summary of the link:

I see this news as an opportunity to expound upon an idea that I had recently.

That is, to tie a virtual currency to gold.

You'd have to get a vault and people willing to participate.


The gold-backed virtual currency would need a reputable organization to run it so that it would be trusted.  If it were trusted, that may draw the people.

The government would have to leave it alone. ( That may be the understatement of the year. )

The way it would work would be simple enough. Each unit of gold, whether it be ounces or grams, would be tied to one unit of the virtual currency. If you wanted to own the gold, just buy the virtual currency. You could cash out at any time you wished. The gold would stay in the vault. Only the virtual currency would be traded.

Published on Zero Hedge (http://www.zerohedge.com)

Home > Winklevoss Twins Revealed As Owning 1% Of All BitCoins

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Winklevoss Twins Revealed As Owning 1% Of All BitCoins

By Tyler Durden

Created 04/11/2013 - 17:30

Think the 75% plunge in BitCoin values in two days has crushed all former supporters of the virtual currency (which truth be told is only back to levels from a month ago)? Wrong. As the NYT reports, a very unexpected supporting genepool (split into two identical halves) has emerged in the shape of two names previously linked to yet another pre-bubble frenzy name, FaceBook: Cameron and Tyler Winklevoss (collectively, the "Winklevii"). Following stints as Olympic rowers, Simpsons characters, and antagonistic Facebook litigants, the two 31 year-old identical twins are now indirect investors in the latest "currency" craze, whose heyday may well have come and gone, courtesy of owning a whopping 1% stake in all of the entire outstanding supply of BitCoin which at last count was worth $1.3 billion (if maybe a little less now).

• American Express
• Central Banks
• Federal Reserve
• Fisher
• None

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Source URL: http://www.zerohedge.com/news/2013-04-11/winklevoss-twins-revealed-owning-1-all-bitcoins