The Winklevoss Twins Finally Get Something Approved
Most know of the Winklevoss twins as it relates to their attempts to get a bitcoin ETF approved.
Unfortunately, that ETF has been rejected twice now, most recently in July.
But they did get something approved yesterday, more on that in a moment.
The Winklevoss Twins are famous for accusing Mark Zuckerberg for stealing their ConnectU idea and turning it into Facebook.
Fortunatley they were able to score $65 million from Facebook and smart enough to invest $11 million into bitcoin.
Now they’re bitcoin billionaires.
In 2015 they launched the Gemini Exchange.
And just yesterday they launched the Gemini Dollar.
It’s the world’s first regulated stablecoin.
The stablecoin was approved by the New York State Department of Financial Services (NYDFS), is fully backed by US dollars, and undergoes regular audits.
It’s an ERC20 token so now you can store a dollar stablecoin in your Myetherwallet.
What do you think of the Gemini Dollar?
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Thanks for the heads up. For those who are happy enough to take on counterparty risk with this type of stablecoin model, at least it'll be a lot safer than Tether.
Exactly
Gemini dollar should be the stable coin of choice for all who want something stable. It should be way more stable and reliable than any other tether coin in the market.
THANK YOU SO MUCH The Winklevoss Twins FOR WHAT YOU ARE DOING IN THE CRYPTO WORLD/SPACE!!!
I think... it's a step forward? I'll take it as a positive
I think it's a positive too
We will take anything as a win right now. I do think that something like this was needed. I know there is tether but it doesn't quite cut it. Since only a few coins can be traded directly to fiat I want to see a coin that can be traded with any alt for zero fees and a stable balance. I'm not sure if that will be the outline for this one but I think it's needed.
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I'll definitely take it over tether... maybe it will just fade away now instead of blowing up
That right there is why this is potentially BIG news for the crypto market. One of the biggest risks I see for the market is a blow up of Tether.
It's hard to know really. Everything in the crypto world is up in the air at the moment so it just a waiting game really.
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I am probably more inclined to trust the Gemini dollar over Tether given that there is more transparency with Gemini. However the stable coins are more suited to traders than investors.
Yep agreed.
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