I stopped reading right here
Yeah. I'm inclined to agree. I can't really take Eth seriously since it can be paralysed by cryptokitties or spammed by Eos or hard forked because someone decrees it and everyone else is too clueless to object.
Topic: [2018-09-10] CNBC The Winklevii launch the Gemini Dollar stablecoin - page 2. (Read 354 times)
September 10, 2018, 04:04:22 PM
I stopped reading right here
Yeah. I'm inclined to agree. I can't really take Eth seriously since it can be paralysed by cryptokitties or spammed by Eos or hard forked because someone decrees it and everyone else is too clueless to object.
September 10, 2018, 03:39:58 PM
...
Running on ETH
...
Running on ETH
...
I stopped reading right here
I´d take the project more seriously if they would have built it from scratch
or on a better platform. Ethereum has huge scaling issues and various other problems (e.g.
Casper keeps getting postponed, no coherent monetary policy...) and
is therefore a horrible platform for a stablecoin.
If the ETH blockchain gets congested due to an event like another CryptoKitties launch,
the stablecoin transactions would grind to a halt as well.
...
The fundamental difference here is that neither USDT nor TrueUSD were ever reviewed or approved by a state regulator. And NYDFS is quite hard to please from what I hear.
...
The fundamental difference here is that neither USDT nor TrueUSD were ever reviewed or approved by a state regulator. And NYDFS is quite hard to please from what I hear.
...
I guess the Winklevii know the right people. They are probably members of the same country club
as a few high-ranking NYDFS officials and suddenly their stablecoin´s approval was a mere formality
September 10, 2018, 03:29:44 PM
https://www.cnbc.com/2018/09/10/winklevoss-firm-rolls-out-new-cryptocoin-pegged-to-us-dollar.html
Running on ETH, approved by the New York Department of Financial Services, is this a game changer or yet another near miss by the identical unfortunates?
Interesting that despite everything USDT is the one that continues to dominate. That TrueUSD thing doesn't seem to be doing much. I noticed Nubits has completely lost its peg.
Running on ETH, approved by the New York Department of Financial Services, is this a game changer or yet another near miss by the identical unfortunates?
Interesting that despite everything USDT is the one that continues to dominate. That TrueUSD thing doesn't seem to be doing much. I noticed Nubits has completely lost its peg.
I never got the impression that TrueUSD was much different than USDT. Last I heard, it was secured by "smart contracts" that prevent "printing" of TrueUSD without backing -- not sure I buy that, as we're not privy to their trust account records.
And supposedly they're "in talks" with major accounting firms to provide audits. Where have I heard that before?
The fundamental difference here is that neither USDT nor TrueUSD were ever reviewed or approved by a state regulator. And NYDFS is quite hard to please from what I hear. So, I think this might actually be a game changer, though I'm not sure how the AML/KYC angle will work out. It adds a whole new level of confidence to stablecoins, since the biggest fear with Tether is bank seizures by regulators. I would love to see Tether's market share drop. So much of the economy is exposed to Bitfinex/Tether counterparty risk.
September 10, 2018, 02:09:39 PM
is this a game changer or yet another near miss by the identical unfortunates?
It's neither for right now. I get why they're doing this (to encourage people using cryptocurrency for purchases) but until we know more about the actual functions and details behind it we can't know if this is a win or a loss.
September 10, 2018, 10:01:51 AM
https://www.cnbc.com/2018/09/10/winklevoss-firm-rolls-out-new-cryptocoin-pegged-to-us-dollar.html
Running on ETH, approved by the New York Department of Financial Services, is this a game changer or yet another near miss by the identical unfortunates?
Interesting that despite everything USDT is the one that continues to dominate. That TrueUSD thing doesn't seem to be doing much. I noticed Nubits has completely lost its peg.
Running on ETH, approved by the New York Department of Financial Services, is this a game changer or yet another near miss by the identical unfortunates?
Interesting that despite everything USDT is the one that continues to dominate. That TrueUSD thing doesn't seem to be doing much. I noticed Nubits has completely lost its peg.
Jump to: