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NY Approves New Digital Currency For Winklevoss Bitcoin Exchange (reuters.com)
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.
Section 10.
From the Ethereum website:
Ethereum would never be possible without bitcoin—both the technology and the currency—and we see ourselves not as a competing currency but as complementary within the digital ecosystem. Ether is to be treated as "crypto-fuel", a token whose purpose is to pay for computation, and is not intended to be used as or considered a currency, asset, share or anything else.
Breakfast served all day!
I think the benefits to folks opening exchanges are exactly what you are quoting as drawbacks.
Because cars can be used for criminal activity, water can be used for criminal activity, guns can be used for criminal activity. So lets just toss that silly strawman right outta here. Your cash money, credit cards, and debit balance can also "easily be stolen" so again, straw man, lets ignore it. Extremely Volatile? Really? I haven't be following closely, that's a fact, but when bitcoin first appeare, and normal human beings were still a part of it I was mining coins with my GPU. At that time a single bitcoin was not worth very much. Last time I checked, it's worth more than an ounce of gold. So there, not that your AC nonsense post deserved an answer, I gave you one, not posted as AC so you can flame away. But the real short answer? The end of Bankster Tyranny, that's the entire point of digital currency, to cut out the massive bullshit banking institutions. Why is it doomed? Because they are putting bitcoin markets and trading right into the hands of the banking cartels it was designed to avoid.
If you are looking to sell financial services more or less everything on that list is a virtue. Volatility keeps boring 'buy and hold' investors away and transaction volumes high; ease of loss encourages the users to leave actually handling the stuff to you, in exchange for some IOUs on their accounts; and utililty for...regulatory arbitrage...is of self-evident value.
Well, I'd trust the dog far more than I'd trust the Winklevoss twins, so that's a good start.
It would be much easier if you read the article, or googled it, or did anything yourself instead of expecting us to hand feed you knowledge. But... it's not a competitor to bitcoin, it's an augmentation, they work together. If you want more information..... stop being a lazy ass
OK, but is it any good?
You mean the US dollar? I don't know why, but people want it.
Why does anyone want a currency that is extremely volatile, can easily be stolen, and is used to cover the tracks of criminal activity?
Because many of us believe that most of those "criminal activities" shouldn't be illegal in the first place.
you mean the military? i didn't think had a choice?
"to trade digital currency ether on its bitcoin exchange"
Is this currency in the ether?
Or is it whack?
Breakfast served all day!
Is it just a coincidence that in the same week the imaginary creator of this imaginary currency was 'unmasked'?
Or maybe Satoshi Wright's mad ramblings this week were just a stunt to generate publicity for this new service...
I personally know of a guy who uses tomatoes for criminal activities... Tomatoes, hookers and blow, a deadly combination!
The world's burning. Moped Jesus spotted on I50. Details at 11.
Bloody hell. Even I , with my pathetic six digits, fondly remember that one.
Confucius say, "Find worm in apple - bad. Find half a worm - worse."
So you support ransomware
Prior to ransomware, insecure computers were often used as spambots, pushing the cost of poor security onto others. But ransomware puts the cost of poor security directly were it belongs, and provides a strong incentive for better security.
... and the types of services sold through websites like silk road?
I don't "support" these services, but I am willing to tolerate most of them. The government is using scaremongering about "murder for hire" to gin up support for the War on Drugs, and to justify regulating what women do with their vaginas.
I thought it was a misspelling of dodgycoin.
Or perhaps it refers to Italian politicians.
Out of all of them, I think I'd put my faith in the mutt.
Confucius say, "Find worm in apple - bad. Find half a worm - worse."
Banks provide actual services that you can't get with just having Bitcoins.
On the bright side, none of these changes prevents you from using Bitcoins in the manner you are accustomed.
In the end, neither the governments nor the Federal Reserve nor the European Central Bank nor any other national banks are controlling the value of the Bitcoin nor are they able to print more by fiat. For many, this is a big benefit by itself. Value will still fluctuate, but not due to a central monetary policy.
The bad news is that such use will likely attract heavy banking regulation since things like markets and managed funds will attract attention from regulators.
And governments can use legislation to make the use of Bitcoin (or any non-national currency) difficult enough to use that it loses its utility, followed quickly by its value. Even drug dealers will not want to use Bitcoin if you can't buy anything legally with it or turn it into legal currency.
I'm seeing a lot of authority structures suddenly opening themselves up to bitcoin exchanges or trade, this coming at a time when the currency itself is nearing its built-in, fundamental limitations.
I think there's insiders, some very rich insiders, pressuring institutions to open up to bitcoin trading so they can get a big mass of suckers in and sell on the high to them all, just before the currency becomes effectively worthless due to problems in its design.
It'd be nice to see stuff like this listed under "Blockchain" instead of "Bitcoin".