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Mezrich - Bitcoin Billionaires: A True Story of Genius, Betrayal and Redemption

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    Bitcoin Billionaires: A True Story of Genius, Betrayal and Redemption
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Bitcoin Billionaires: A True Story of Genius, Betrayal and Redemption: summary, description and annotation

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From Ben Mezrich, the New York Times bestselling author of The Accidental Billionaires and Bringing Down the House, comes Bitcoin Billionairesthe fascinating story of brothers Tyler and Cameron Winklevosss big bet on crypto-currency and its dazzling pay-off.
Ben Mezrichs 2009 bestseller The Accidental Billionaires is the definitive account of Facebooks founding and the basis for the Academy Awardwinning film The Social Network. Two of the storys iconic characters are Harvard students Tyler and Cameron Winklevoss: identical twins, Olympic rowers, and foils to Mark Zuckerberg. Bitcoin Billionaires is the story of the brothers redemption and revenge in the wake of their epic legal battle with Facebook.

Planning to start careers as venture capitalists, the brothers quickly discover that no one will take their money after their fight with Zuckerberg. While nursing their wounds in Ibiza,...

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The author and publisher have provided this e-book to you for your personal use only. You may not make this e-book publicly available in any way. Copyright infringement is against the law. If you believe the copy of this e-book you are reading infringes on the authors copyright, please notify the publisher at: us.macmillanusa.com/piracy.

To Asher, Arya, Tonya, and Bugsy: HODL. Its all an adventure, and it gets more fun every day.

Bitcoin Billionaires is a dramatic, narrative account based on dozens of interviews, hundreds of sources, and thousands of pages of documents, including records from several court proceedings. There are a number of different and often contentious opinions about some of the events in the story; to the best of my ability, I re-created the scenes in the book based on the information I uncovered from documents and interviews. Other scenes are written in a way that describes individual perceptions without endorsing them. In some instances, details of settings and descriptions have been changed or imagined.

In 2010, I published The Accidental Billionaires: The Founding of Facebook, which was soon adapted into the film The Social Network. I could never have guessed that one day I would revisit two of the characters from that storyTyler and Cameron Winklevoss, the identical twins who challenged Mark Zuckerberg over the origins of what would soon be one of the most powerful companies on Earth.

In the world The Accidental Billionaires was published into, Facebook was the revolution, and Mark Zuckerberg the revolutionary. He was attempting to change the social orderhow society interacted and how people met, communicated, fell in love, and lived. The Winklevoss twins were his perfect foils: buttoned-down Men of Harvard, privileged jocks who, in many ways easy to see, appeared to represent the Establishment.

Today things seem different. Mark Zuckerberg is a household name. Facebook is ubiquitous, dominating much of the internet (even as it seems to be constantly embroiled in scandals ranging from hacked user data to fake news items and providing a platform for political-based disruptions). Meanwhile, Tyler and Cameron Winklevoss have reappeared in the newsin an unexpected wayas leaders of an entirely new digital revolution.

The irony of the situation is not lost on me; not only that Zuckerbergs and the twins roles as rebels and Evil Empire seem to have been reversed, but also that my book and the film that followed helped enshrine an image of the twins that is in need of revising. It is my opinion that Tyler and Cameron Winklevoss didnt just happen to be standing in the exact right place at the exact right timetwiceby chance.

Second acts, in literature as in life, are rare. And as I hope to show, there is every chance that the Winklevoss twins second act will eventually overshadow their first. Bitcoin and the technology behind it has the capacity to upend the internet. Just as Facebook was developed to enable social networks to move from the physical world to the internet, cryptocurrencies such as Bitcoin were developed for a financial world that now functions largely online. The technology behind Bitcoin isnt a fad, or a bubble, or a scheme; its a fundamental paradigm shift, and it will eventually change everything.

Moral wounds have this peculiarity they may be hidden, but they never close; always painful, always ready to bleed when touched, they remain fresh and open in the heart.

ALEXANDRE DUMAS,

The Count of Monte Cristo

February 22, 2008.

The twenty-third floor of a nondescript office tower on the outskirts of San Franciscos Financial District.

The usual glass, steel, and concrete sliced and diced into overly air-conditioned, brightly lit cubes. Eggshell-colored walls and industrial-beige carpets. Fluorescent strips bisecting tic-tac-toe tiled dropped ceilings. Bug-eyed watercoolers, chrome-edged conference tables, faux-leather adjustable chairs.

It was a little past three on a Friday afternoon, and Tyler Winklevoss stood by a floor-to-ceiling window overlooking a pincushion of similar office buildings piercing the midday fog. He was trying his best to sip filtered water from a tissue-thin disposable cup, without spilling too much onto his tie. After so many days, months, hell, years, the tie was hardly necessary. The longer this ordeal dragged on, the more likely it was that sooner or later hed show up to the next endless session wearing his Olympic rowing jacket.

He managed to get the barest taste of water before the cup folded inward beneath his fingers, rivulets missing his tie but drenching the sleeve of his dress shirt. He tossed the cup toward a trash can beneath the window, shaking his damp wrist. Another thing to add to the list. Paper cups shaped like ice-cream cones. What kind of sadist came up with these?

Maybe the same guy who invented the lights. Ive gotten two shades tanner since they moved us to this floor. Forget pits of fire, Im betting purgatory is lined with fluorescent tubes.

Tylers brother, Cameron, was stretched out across two of the faux-leather chairs on the other side of the room, his long legs propped up against the corner of a rectangular conference table. He was wearing a blazer but no tie. One of his size fourteen leather shoes rested perilously close to the screen of Tylers open laptop, but Tyler let it slide. It had already been a long day.

Tyler knew the tedium was by design. Mediation was different from litigation. The latter was a pitched battle, two parties trying to fight their way to victory, what mathematicians and economists would call a zero-sum game. Litigation had highs and lows, but beneath the surface there lurked a primal energy; at its heart, it was war. But mediation was different. When properly conducted, there wasnt a winner or a loser, just two parties who compromised their way to a resolution, who split the baby. Mediation didnt feel like war. It was more like a really long bus ride that ended only when everyone on board got tired enough of the scenery to agree on a destination.

If you want to be accurate, Tyler said, turning back to the window and the gray on gray of another Northern California afternoon, were not the ones in purgatory.

Whenever the lawyers were out of the room, Tyler and Cameron did their best not to dwell on the case itself. There had been plenty of that in the beginning. They had once been so filled with anger and a feeling of betrayal that they could hardly think of anything else. But as the weeks turned into months, they had decided that anger wasnt doing their sanity any good. As the lawyers kept telling them, they had to trust in the system. So when they were alone, they tried to talk about anything but what had brought them to this place.

That they were now on the topic of medieval literature, specifically Dantes conception of the many circles of hell, showed that the avoidance strategy was beginning to fray; trusting the system had seemingly trapped them in one of Dantes inventions. Even so, it gave them something to focus on. As teenagers growing up in Connecticut, Tyler and Cameron had both been obsessed with Latin. With no courses left to take by senior year of high school, they petitioned their school principal to let them form a Medieval Latin Seminar with the Jesuit priest who was the director of the Latin program. Together, the twins and the father translated the

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