Topic: 🚨Winklevoss Twins Make History🚨 (Read 153 times)

Yeah, I thought so like Tether. If it is exchanged on other fiat currency or even cryptocurrency that is lower or higher than it.

And nothing?Zimbabwe...zimbabwe dollars ..nothing? No bells, No alarms?

And you're pretty funny, what are you going to speculate on?
Did you bother to read what coin is? A coin that is pegged to the value of the USD.
It means no matter what it's going to be one $
How are you going to make a profit from it?

What or who is Mugabe? I searched google and it showed me a former President of Zimbabwe.

This coin will be one of the tokens we speculate and profit from. I see no problem with that.

Oh exactly what we need! This one was missing !!!
Another token, backed by somebody with promises it will be worth 1$ (until they go bankrupt), using a chain that is clogged by kitties

And I thought there couldn't be anything worse than Tether....now we have it.


Who cares? It's a crypto so it is decentralized and free...unless it isn't.
People will buy and applaud cryptos issued and controlled by Mugabe nowadays.

What decentralized benefits are you speaking of?

"Issuer
The Gemini dollar is issued by Gemini Trust Company, LLC, a New York trust company."
 - https://gemini.com/dollar/

 This is the only issuer and it must so in order to comply with FINCEN/KYC/anti-money laundering legislation in the US.  It uses the ETH blockchain for ease and speed but other than that, it differs very little from traveller's cheque other than they are digital rather than physical.  An ERC 20 token can be created at any time and therefore, these "stablecoins" will required regular audits to ensure they are only being created as they are being purchased by US dollars.  Also, you aren't going to be able to use them unless you give all your personally identifying information to a central authority.
 
 Sure, we can say history is being made but it's no more exciting for me than the history being made by you and I exchanging our views on this forum.  Baby steps I guess?

Volatility is seen as the largest reason behind why consumers are deterred from using cryptocurrencies as a formal, everyday currency. Various stablecoins have hit the market in an attempt to upend just this, but most, if not all, have not found the support needed for mass-market adoption. Today, however, this may be a thing of the past, because two major players in the business world with immense global popularity have released a stablecoin of their own.

The Gemini Trust Company, owned by the Winklevoss twins, received groundbreaking news from the New York Department of Financial Services: Gemini Trust Company has been approved to issue its first cryptocurrency - the Gemini Dollar.

The Gemini Dollar, which launches later today, is backed by the US dollar and uses the Ethereum Blockchain, making the coin stable while having the many decentralized benefits of a cryptocurrency. Ultimately, the Gemini Dollar will be a true, everyday currency, making it an actual usable tender and not something a consumer would like to store, which is unlike Bitcoin and Ethereum as they are both seen as store of value similar to gold.

Financial juggernaut State Street will secure the US dollars necessary for the Gemini Dollar to operate in an FDIC-backed account. Various other third-party audits will occur before and after the launch. The significance of this is simple, stablecoins, unlike traditional cryptocurrencies, are not mined; instead, they are created whenever a new dollar is allocated to the cause. Therefore, it is crucial for a stablecoin entity to have reputable industry leaders to secure their fiat currency. It is equally important for diligent audits to occur, as this will provide transparency and, thus, eliminate any chances of fraud and manipulation.