NY Approves New Digital Currency For Winklevoss Bitcoin Exchange (reuters.com)

Posted by msmash on Thursday May 5, 2016 @06:50AM from the digital-currency dept.

An anonymous reader writes (edited and condensed): The New York State Department of Financial Services has approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade digital currency ether on its bitcoin exchange, New York Governor Andrew Cuomo announced on Thursday. Cuomo said Gemini would be the first U.S.-based ether exchange, created, and operated in New York. Ether is a token or digital asset of the Ethereum platform, a public blockchain, or distributed ledger, that can execute peer-to-peer contracts automatically without the need for intermediaries. The blockchain is the underlying technology behind bitcoin. The Winklevoss twins have dubbed the exchange the 'Nasdaq of Bitcoin.' They have also developed a bitcoin exchange-traded fund (ETF) that would go by the name COIN, which regulators have yet to approve.CoinDesk has more information.

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Simple question by Anonymous Coward · 2016-05-05 07:03 · Score: 0, Troll

Why does anyone want a currency that is extremely volatile, can easily be stolen, and is used to cover the tracks of criminal activity?
I suspect I'll get downmodded to -1 so people can avoid the question and pretend like it's not here. Can anyone actually answer the question rather than evading it through moderation? I don't think Slashdot is capable of giving a good answer.