New York approves Gemini dollar

[Ajan Bosnjacki + 27]

 New York regulators on Monday approved new digital currencies linked to the dollar proposed by the Paxos Trust company and the Winklevoss twins-founded cryptocurrency firm, the Gemini Trust company. The Gemini dollar, which will be pegged to the U.S. dollar at 1:1, is set to become the world’s first regulated stablecoin and seeks to allow users to send and receive U.S. dollars on the ethereum network, using ERC20 tokens. 

[JohnAtronis + 78]

So.... it's just a new way to process transactions in US Dollars like Paypal?

[Joanna + 68]

Just now, JohnAtronis said:

So.... it's just a new way to process transactions in US Dollars like Paypal?

Electronic funds, valued the same as US dollars ... isn't that Visa & Mastercard?

[Stephen + 67]

1 minute ago, Ajan Bosnjacki said:

 New York regulators on Monday approved new digital currencies linked to the dollar proposed by the Paxos Trust company and the Winklevoss twins-founded cryptocurrency firm, the Gemini Trust company. The Gemini dollar, which will be pegged to the U.S. dollar at 1:1, is set to become the world’s first regulated stablecoin and seeks to allow users to send and receive U.S. dollars on the ethereum network, using ERC20 tokens. 

Since Winklevoss twins bitcoin bid went out the window, they’ll invent new ways to regain their capital.

[Sefko Trafikant + 35]

3 minutes ago, Ajan Bosnjacki said:

 New York regulators on Monday approved new digital currencies linked to the dollar proposed by the Paxos Trust company and the Winklevoss twins-founded cryptocurrency firm, the Gemini Trust company. The Gemini dollar, which will be pegged to the U.S. dollar at 1:1, is set to become the world’s first regulated stablecoin and seeks to allow users to send and receive U.S. dollars on the ethereum network, using ERC20 tokens. 

Another crypto digital currency scam. Are there any more suckers out there left to scam?

[Meanwhile + 49]

4 minutes ago, Ajan Bosnjacki said:

 New York regulators on Monday approved new digital currencies linked to the dollar proposed by the Paxos Trust company and the Winklevoss twins-founded cryptocurrency firm, the Gemini Trust company. The Gemini dollar, which will be pegged to the U.S. dollar at 1:1, is set to become the world’s first regulated stablecoin and seeks to allow users to send and receive U.S. dollars on the ethereum network, using ERC20 tokens. 

Pretty much defeats the purpose of having a real cryptocurrency.

[Nigerian Price + 22]

4 minutes ago, Ajan Bosnjacki said:

 New York regulators on Monday approved new digital currencies linked to the dollar proposed by the Paxos Trust company and the Winklevoss twins-founded cryptocurrency firm, the Gemini Trust company. The Gemini dollar, which will be pegged to the U.S. dollar at 1:1, is set to become the world’s first regulated stablecoin and seeks to allow users to send and receive U.S. dollars on the ethereum network, using ERC20 tokens. 

This is not a 'currency'. It is a block chain device that is simply a glorified Western Union money gram.

[Cokiga Damke + 53]

5 minutes ago, Ajan Bosnjacki said:

 New York regulators on Monday approved new digital currencies linked to the dollar proposed by the Paxos Trust company and the Winklevoss twins-founded cryptocurrency firm, the Gemini Trust company. The Gemini dollar, which will be pegged to the U.S. dollar at 1:1, is set to become the world’s first regulated stablecoin and seeks to allow users to send and receive U.S. dollars on the ethereum network, using ERC20 tokens. 

call it crapcoin

[Epic + 390]

2 hours ago, Joanna said:

Electronic funds, valued the same as US dollars ... isn't that Visa & Mastercard?

It is, except that the electronic funds do not require employees to work in order to make the system function, whereas Visa has over 12,000 paid employees needed to make their system function.  If the median wage at Visa is $50k, then by switching to electronic funds, you create almost a billion dollars worth of efficiencies, and probably another few billion in efficiencies by eliminating those benefits packages and stock option plans for the execs.  And that is only counting Visa.  If you add up all the payment companies and needless bankers that could be eliminated through electronic funds, you end up with trillions of dollars worth of efficiencies that are created for the people, and the pie grows larger for everyone.  

2 hours ago, Nigerian Price said:

This is not a 'currency'. It is a block chain device that is simply a glorified Western Union money gram.

^This is the whole point of crytpos...you can transfer money without paying the 10000% inflated price scam with which the rich bankers are currently deluding people.  I mean, 3% transaction "fees" on every transaction in the world????!?!?  That is a scam far worse than any housing bubble.  Cryptos can end that scam, however, you better bet the elitists who have come to own the world thanks to their payment processing scam will not sit idly by while cryptos unchain their slaves.    

2 hours ago, Ajan Bosnjacki said:

The Gemini dollar, which will be pegged to the U.S. dollar at 1:1

I honestly don't understand how they can peg it to the dollar.  The economics of it do not seem to make sense.  If demand for the Gemini increases faster than demand for the dollar, then there will be a price disparity.  To regulate its value, they must have some mechanism for increasing or decreasing the number of coins in circulation.  How they do that, I don't know.

[Dan Warnick + 6,100]

@Epic You are right on.  The fight to beat crypto may be even bigger than big oil against renewables.  Taking a percentage off the top for every transaction, and don't forget they get it from both the buyer and the merchant, adds up to some serious coin (pun intended).  That is definitely like giving up the goose.  They have fought this since day one and they will continue to do so.  I think ultimately some form of crypto will become the norm, but it will be a long, long and bumpy trip getting there.

[ceo_energemsier + 1,818]

4 hours ago, Cokiga Damke said:

call it crapcoin

corruptocryptoscamoin

[CMOP + 227]

The Winklevi at it again. #sh*tcoin #cryptoscam.

 I wonder what Ethereum's creator has to say about this.

[Mike Marcellus + 157]

4 hours ago, Epic said:

and the pie grows larger for everyone

3 hours ago, Dan Warnick said:

I think ultimately some form of crypto will become the norm, but it will be a long, long and bumpy trip getting there.

I have the same feeling, but bumpy doesn't do it justice.

I am so excited about blockchain tech, and the transparency of all transactions, it could be the beginning of a new world order, for real.  I can think of another party who will fight tooth & nail to keep their share of the pie....

4 hours ago, Dan Warnick said:

don't forget they get it from both the buyer and the merchant

U.S. Dollars being used for every international transaction .... kinda makes The U.S. "Visa" in the analogy above.  

Interesting to say the least.

 

[Epic + 390]

7 minutes ago, Mike Marcellus said:

I am so excited about blockchain tech, and the transparency of all transactions, it could be the beginning of a new world order, for real. 

Most people do not understand blockchain tech, and they dismiss it because of all the crypto scams that are out there.  Let's face it, most cryptocurrencies are legitimate scams involving the pump and dump schemes.  Those were the very same schemes used during the 90s to steal the lifesavings from so many people (aka: Wolf of Wallstreet).  But crytpo-scams aside (and not all cryptocurrencies are scams...just 99% of them), blockchain has real promise.

Here is an example to illustrate its use:

Let's say you own a house valued at $500,000 and you want to sell it.  Someone wants to buy it, and they write you a check for its value.  However, you don't know that person, and so you don't want to sign the deed to your home over to him until the check clears.  But he doesn't want to hand you the check until you sign over the deed.  Since neither party is willing to risk half of a million dollars on a word of a stranger, your poor house doesn't get sold.  

So how do you fix this?  In the past, bankers appeared to facilitate the transaction...for a small fee of course.  For only a nominal fee, they offered to act as the "trusted" middle-man.  They took the $500,000 from the buyer and the deed from the seller, and put them in escrow until the funds cleared, then they distributed the house to the buyer and the cash to the seller, less their "small fee".  Right now, that fee rests at about 10% of the sale price (give or take the specifics of the sale price, including realtor fees, bank processing fees, point-spreads and broker-dealer fees).  So, in order to buy a $500,000 house, the buyer must now pay about $50,000 in fees.  (Since the banker fees are flat numbers, this % is lower for more expensive houses, but 10% is simply a rough estimate; cash purchases of homes have a much lower % due to the lack of loan-origination fees).  

Blockchain acts as the exact same middle-man.  It can ensure that both the funds of the buyer are legit as well as legally rewriting the deed to the home into the name of the buyer, thereby facilitating the transaction without the use of these other middlemen and their stupidly overpriced fees...and I mean STUPIDLY overpriced fees. 

How stupidly overpriced are their fees?  Well, with our example that used the bankers/realtors, you ended up paying around $50,000 per house transfer; to facilitate that same transfer on blockchain, it currently costs only $0.05 per transfer when using the etherium network as your middleman.  

Yes, that is a 1,000,000% over-charge by the banksters. 

Now multiple those savings to the 5.5 million homes that are sold each year in the US and you have yourself a much bigger pie.  

Like Mike said,

33 minutes ago, Mike Marcellus said:

I am so excited about blockchain tech, and the transparency of all transactions, it could be the beginning of a new world order, for real.

 

[msk + 42]

Hey! I have a great idea....let's create a brand new tech to hedge against the inevitable collapse of the world's scam financial system....and then integrate it into that system!