Winklevoss Twins’ Bitcoin Exchange

Interesting (unfortunate?) time to launch this with the malleability attacks going on.

> Gemini operates fully in the United States. We work exclusively with American banks; your dollars are eligible for FDIC insurance and never leave the country

Is this just for the cash balance with the exchange or the bitcoin balance as well? I can't imagine it does, but it would be a strong selling point if it did. If its not, its pretty misleading as written.

> FDIC insurance covers all types of deposits received at an insured bank, including deposits in a checking account, negotiable order of withdrawal (NOW) account, savings account, money market deposit account (MMDA), time deposit such as a certificate of deposit (CD), or an official item issued by a bank, such as a cashier's check or money order.

> FDIC insurance covers depositors' accounts at each insured bank, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank's closing, up to the insurance limit.The FDIC does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if these investments are purchased at an insured bank.

[0] https://www.fdic.gov/deposit/covered/

Very slick identity verification process.

Instead of requiring a scan of your driver's license or other identifying document, they ask you for questions about your history. I've seen a similar process used at etrade.

I think it is written fairly. Bitcoins and not dollars, and the rest of those things you listed that are covered by FDIC insurance are denominated in dollars. If someone (not you specifically) cannot understand the difference between dollars and bitcoins, they shouldn't be trading currencies.

It's live! You can see there is some activity starting: https://cryptowat.ch/gemini

Also, there was a great post on /r/bitcoinmarkets by the CTO of another exchange, picking apart Gemini's technical setup. Worth a read if you're into modern frontend web development.

https://www.reddit.com/r/BitcoinMarkets/comments/3nkxh3/gemi...