How much have winklevoss twins lost on bitcoin

Winklevoss Twins Are Bitcoin's First Billionaires

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Comics Music. Filed under: Web Tech Facebook. The Winklevoss twins are now Bitcoin billionaires New, 60 comments. Linkedin Reddit Pocket Flipboard Email. Tech gurus Cameron Winklevoss and Tyler Winklevoss. Pitted against them, first in a dining hall at Kirkland House on the Harvard campus and then, eventually, in a mediation chamber surrounded by lawyers, Zuckerberg was their polar opposite—a rebellious computer geek trying to disrupt the social order for what he perceived to be the greater good.

But now, 10 years later, that dynamic has suddenly reversed. Today, Zuckerberg is no longer the revolutionary; Facebook, the company that grew out of his dorm room, is now one of the most powerful businesses on earth. It is the establishment, one of the silos controlling much of the data that flows through the Internet.

Zuckerberg—caught up in scandal after scandal involving everything from his platform misusing private data to helping spread political disinformation—seems more James Bond villain than plucky, awkward hero. And even more surprising, the twins are also back in the news.

And the irony is not lost on me that the result of this research, and my new book, Bitcoin Billionaires , is really a reassessment of the image of the twins that I was partially responsible for creating.

How The Winklevoss Twins Store Their Crypto Fortune

My journey to Bitcoin Billionaires began more than 11 years ago, with a strange little email sent to my website in February Because of the success of my book Bringing Down the House , and the resulting movie, 21 , I was used to getting emails from college kids describing various schemes and adventures that usually ended in fortunes or jail time. But this particular email struck me as different. It was from a Harvard student named Will McMullen, and to paraphrase, it basically said: My best friend founded Facebook, and nobody has ever heard of him. In , I was aware of Facebook.

Curious, I arranged to meet the subject of the email the next night at Bar 10 at the Westin in the Back Bay. When Eduardo Saverin walked into Bar 10, he looked a little like a dog that had been kicked a few times.

From there, he proceeded to tell me the crazy story at the heart of what would eventually become The Social Network. A tale of two best friends who were far from social stars, more comfortable in front of their computer screens, and pathetically challenged when it came to matters of the opposite sex.

The Winklevoss Twins Cut up Their Bitcoin Key to Protect Their Fortune

Zuckerberg, his best friend, decided on a much more inventive strategy. Enter: the Winklevoss twins. Their own programmer had left campus to work for Google, so they were in need of someone with the necessary computer skills to complete their nearly finished coding. In short, they needed a geek.

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After a lunch meeting at Kirkland House, Zuckerberg agreed to help—most likely more intrigued by the chance to hang out with two Olympic-level athletes with enviable social pedigrees than by their computer code—but then began to blow them off, mostly via email. At the same time, Zuckerberg went back to his friend Saverin with a proposal: He had an idea for a website where people would put their own profiles up to connect with one another—and nobody would end up getting expelled from school. All Saverin needed to do was put up some money, and Zuckerberg would do the rest.

People laughed at the Winklevoss twins in when they started buying up bitcoin — lots of it. But nobody's laughing at Cameron and Tyler Winklevoss anymore. A fortune that large needs protection. Because bitcoin is a digital currency, it can be stolen in a hack.

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Bitcoin resides in electronic "wallets," and each has a private key. If someone has that key, they can take your bitcoin. Printing the key — and keeping it off the internet — helps protect it from people trying to steal it. The Winklevoss twins take it one step further — they cut up a paper printout of their private key, then stored the pieces in banks around the country.

They cut up printouts of their private keys into pieces and then distributed them in envelopes to safe deposit boxes around the country, so if one envelope were stolen the thief would not have the entire key. The Winklevosses say they use a similar system for Gemini, the bitcoin exchange they created that's licensed in New York to hold the cryptocurrency on behalf of banks and traders.

That's because if the Winklevosses were to lose their bitcoin billions, that would be a tragedy for them — but if their exchange were hacked, there would be a lot of angry financiers looking for answers. The entire Times story is worth reading. Insider logo The word "Insider". Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.

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