Don’t laugh: the Winkdex is good news for Bitcoin
Winkdex: the name sounds like an X-rated cleaning product. But that doesn’t mean the latest brainchild from the Winklevoss twins is a bad idea.
As the New York Times reported, the Winkdex (ugh!) launched on Wednesday, and offers Bitcoin watchers a new way to track the value of the currency, by blending the value of three top currency exchanges. It looks like this:
The website has the potential to be an important new pricing metric since the cost of a bitcoin has historically varied significantly between one exchange and the next. And while other sites, like Coinbase and Bitstamp, offer price trackers too, their charts are less detailed and transparent. The Winkdex price is based on a formula based on the highest exchanges by volume (Mt. Gox, recently the biggest exchange in the world, is excluded due to its recent troubles.)
The Winkdex, then, could help the virtual currency…
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