Topic: Breaking: Winklevoss’ Gemini Launches U.S. Dollar-Pegged Cryptocurrency - page 2. (Read 371 times)

Moreover people want a stable coin that is pegged to a currency that they can spend in real life. They want to know what their coins are worth in a currency that they understand and equate to milk, bread, rent, lambos etc.

The reason for that should be obvious to anyone. People want their currency to be pegged with fiat because of the trust of the citizens fiat currency gained from the backing of the government and central banks.
Entering of more whales in the game would not only destabilize bitcoin trading. It will also destabilize cryptocurrency trading as a whole, including the not well-known altcoins.

Seeing these attempts @ creating a "stable coin" makes me think maybe I should create a crypto currency of my own.   

If what Voltaire said is true and "fiat money always returns to its intrinsic value of zero" then why would anyone ever want their currency pegged to fiat which history may dictate is destined to crash, eventually?

All around the world nations like india, venezuela, argentina and turkey are struggling with severe economic issues due to the ambiguity and unreliability of fiat money. The year is 2018. With our technology and science should we not be able to do better than this?. I would like to believe that we can have a brighter future without being doomed to repeat mistakes of the past for all eternity. But maybe I'm only kidding myself and we're all screwed.

There are 3 interesting aspects here:
1. They want to build something like Tether, but better regulated and with a better chance to have a trusted stable coin.
2. A trusted stable coin may allow more whales enter in the game and destabilize Bitcoin trading even more.
3. This could be a vouch of trust (and some fresh air) to... Ethereum...

Ordinary News, nothing special. Every month someone releases dozens of coins, nothing changes from this.

thanks for the news

Found GUSD smart contract if someone interested
https://etherscan.io/address/0x056fd409e1d7a124bd7017459dfea2f387b6d5cd#code

Breaking: Winklevoss’ Gemini Launches U.S. Dollar-Pegged Cryptocurrency
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has announced the creation of a USD-pegged Ethereum token that looks to supplant tether (USDT) as the stablecoin of choice among bitcoin traders.

Announced on Monday, the Gemini dollar (GUSD) aims to become what the controversial tether token has not, a “trusted and regulated digital representation” of the U.S. dollar that can be transmitted across the blockchain and traded on cryptocurrency exchanges located throughout the world.

“To date, there has been no trusted and regulated digital representation of the U.S. dollar that moves in an open, decentralized manner like cryptocurrencies,” Gemini wrote in the announcement, which was attributed to Cameron Winklevoss. “The Gemini dollar (ticker symbol: GUSD) combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators, namely, the New York State Department of Financial Services (NYDFS).”

Gemini joins a growing stable of companies that have released cryptocurrency tokens purportedly pegged to the dollar or other fiat currencies. The most widely-used stablecoin is tether, whose eponymous issuer has been criticized for its opaque operations and close association with crypto exchange Bitfinex.

Tether is currently the eighth-largest cryptocurrency, with a circulating market cap of just under $2.8 billion. However, only bitcoin has more daily trading volume than USDT, owing to the fact that the token serves as a USD proxy on the vast majority of exchanges that cannot offer trading directly against the greenback.

Speaking with CNBC, Tyler Winklevoss said that none of thee other dollar-linked tokens are sufficiently regulated and transparent to fulfill the true potential of a stablecoin.

“I don’t think any of the offerings do adequate job in solving the trust problem. This [Gemini dollar] is the world’s first regulated stablecoin,” he said.
https://www.ccn.com/breaking-winklevoss-led-gemini-cryptocurrency-exchange-launches-tether-competitor/