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Author Topic: Breaking: Winklevoss’ Gemini Launches U.S. Dollar-Pegged Cryptocurrency  (Read 267 times)
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September 10, 2018, 01:59:48 PM
 #1

Breaking: Winklevoss’ Gemini Launches U.S. Dollar-Pegged Cryptocurrency
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has announced the creation of a USD-pegged Ethereum token that looks to supplant tether (USDT) as the stablecoin of choice among bitcoin traders.

Announced on Monday, the Gemini dollar (GUSD) aims to become what the controversial tether token has not, a “trusted and regulated digital representation” of the U.S. dollar that can be transmitted across the blockchain and traded on cryptocurrency exchanges located throughout the world.

“To date, there has been no trusted and regulated digital representation of the U.S. dollar that moves in an open, decentralized manner like cryptocurrencies,” Gemini wrote in the announcement, which was attributed to Cameron Winklevoss. “The Gemini dollar (ticker symbol: GUSD) combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators, namely, the New York State Department of Financial Services (NYDFS).”

Gemini joins a growing stable of companies that have released cryptocurrency tokens purportedly pegged to the dollar or other fiat currencies. The most widely-used stablecoin is tether, whose eponymous issuer has been criticized for its opaque operations and close association with crypto exchange Bitfinex.

Tether is currently the eighth-largest cryptocurrency, with a circulating market cap of just under $2.8 billion. However, only bitcoin has more daily trading volume than USDT, owing to the fact that the token serves as a USD proxy on the vast majority of exchanges that cannot offer trading directly against the greenback.

Speaking with CNBC, Tyler Winklevoss said that none of thee other dollar-linked tokens are sufficiently regulated and transparent to fulfill the true potential of a stablecoin.

“I don’t think any of the offerings do adequate job in solving the trust problem. This [Gemini dollar] is the world’s first regulated stablecoin,” he said.
https://www.ccn.com/breaking-winklevoss-led-gemini-cryptocurrency-exchange-launches-tether-competitor/
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September 10, 2018, 02:12:09 PM
 #2

Found GUSD smart contract if someone interested
https://etherscan.io/address/0x056fd409e1d7a124bd7017459dfea2f387b6d5cd#code
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September 10, 2018, 03:42:43 PM
 #3

thanks for the news
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September 10, 2018, 05:13:24 PM
 #4

Ordinary News, nothing special. Every month someone releases dozens of coins, nothing changes from this.
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September 11, 2018, 07:17:05 AM
 #5

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has announced the creation of a USD-pegged Ethereum token that looks to supplant tether (USDT) as the stablecoin of choice among bitcoin traders.

There are 3 interesting aspects here:
1. They want to build something like Tether, but better regulated and with a better chance to have a trusted stable coin.
2. A trusted stable coin may allow more whales enter in the game and destabilize Bitcoin trading even more.
3. This could be a vouch of trust (and some fresh air) to... Ethereum...

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September 11, 2018, 10:49:12 AM
 #6

Seeing these attempts @ creating a "stable coin" makes me think maybe I should create a crypto currency of my own.   Cheesy

If what Voltaire said is true and "fiat money always returns to its intrinsic value of zero" then why would anyone ever want their currency pegged to fiat which history may dictate is destined to crash, eventually?

All around the world nations like india, venezuela, argentina and turkey are struggling with severe economic issues due to the ambiguity and unreliability of fiat money. The year is 2018. With our technology and science should we not be able to do better than this?. I would like to believe that we can have a brighter future without being doomed to repeat mistakes of the past for all eternity. But maybe I'm only kidding myself and we're all screwed.

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September 11, 2018, 12:30:23 PM
Last edit: September 12, 2018, 09:24:11 AM by hase0278
 #7

If what Voltaire said is true and "fiat money always returns to its intrinsic value of zero" then why would anyone ever want their currency pegged to fiat which history may dictate is destined to crash, eventually?
The reason for that should be obvious to anyone. People want their currency to be pegged with fiat because of the trust of the citizens fiat currency gained from the backing of the government and central banks.
A trusted stable coin may allow more whales enter in the game and destabilize Bitcoin trading even more.
Entering of more whales in the game would not only destabilize bitcoin trading. It will also destabilize cryptocurrency trading as a whole, including the not well-known altcoins.

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September 11, 2018, 02:18:59 PM
 #8

If what Voltaire said is true and "fiat money always returns to its intrinsic value of zero" then why would anyone ever want their currency pegged to fiat which history may dictate is destined to crash, eventually?
The reason for that should be obvious to anyone. People want their currency to be pegged with fiat because of the trust of the citizens' fiat currency gained from the backing of the government and central banks.
A trusted stable coin may allow more whales enter in the game and destabilize Bitcoin trading even more.
Entering of more whales in the game would not only destabilize bitcoin trading. It will also destabilize cryptocurrency trading as a whole, including the not well-known altcoins.

Moreover people want a stable coin that is pegged to a currency that they can spend in real life. They want to know what their coins are worth in a currency that they understand and equate to milk, bread, rent, lambos etc.

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September 11, 2018, 02:43:59 PM
 #9

These Winklevoss dudes are always looking for new opportunities. I remember reading about them when they were early investors in BTC, presumably they had 40k BTC at some point and they ran an exchange.

I wonder how they turn a profit with this coin since it's pegged to the dollar. Are they just selling the coins as their "product" and using the money to invest in something else or it's a different kind of thing?

I know USDT are gaining huge amounts because USDT is not exactly fixed to the dollar, there are a few cents that are variable (+/- 1 cent to its value) and that goes to them.
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September 11, 2018, 08:19:24 PM
Last edit: September 13, 2018, 02:04:32 AM by el.pinguino.frio
 #10

A brief analysis of this smart contract https://medium.com/@lebed.2045/gemini-can-make-gusd-non-transferrable-at-any-moment-code-review-a28d58ef6a61
In a nutshell, custodian 2/N multisig (right now 7 addresses) can do whatever they want with the contract every 48 hours, like swap implementation and make it untransferable
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September 11, 2018, 08:28:31 PM
 #11

Seeing these attempts @ creating a "stable coin" makes me think maybe I should create a crypto currency of my own.   Cheesy

If what Voltaire said is true and "fiat money always returns to its intrinsic value of zero" then why would anyone ever want their currency pegged to fiat which history may dictate is destined to crash, eventually?

All around the world nations like india, venezuela, argentina and turkey are struggling with severe economic issues due to the ambiguity and unreliability of fiat money. The year is 2018. With our technology and science should we not be able to do better than this?. I would like to believe that we can have a brighter future without being doomed to repeat mistakes of the past for all eternity. But maybe I'm only kidding myself and we're all screwed.
Fuck yeah, we're screwed.

Well,here's the thing, people are stupid as fuck. Why would any economy start a crypto central bank,especially when they are battling recession,corruption,economic instability. People don't even know what crypto is,and not every family owns a computer. Not a great idea,FYI. Countries have become so desperate,they are doing anything just to survive.

A US dollar pegged trusted crypto-currency that is regulated. I see so much irony in that one sentence. Crypto exists due to people wanting to avoid the likes of regulation, USD and "trusted" bullshit. Now,we have to put up GUSD along with Tether and True USD. Like what the fuck?


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September 11, 2018, 08:45:14 PM
Last edit: September 11, 2018, 10:35:40 PM by aoluain
 #12

Strange move, have they seen a gap in the market to allow themselves to make a
profit and what is the gap if any? They have to be onto something which we dont
see, they aint stupid.

A trusted centralised crypto currency, not something im interested in getting into.

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September 15, 2018, 05:09:09 AM
 #13

BREAKING ALSO
Gemini can make GUSD non-transferrable at any moment (code review)
https://blog.goodaudience.com/gemini-can-make-gusd-non-transferrable-at-any-moment-code-review-a28d58ef6a61
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September 15, 2018, 06:36:22 AM
 #14

Now this is a nice alternative for USDT and TUSD mainly, something regulated and can be trusted somehow.
BREAKING ALSO
Gemini can make GUSD non-transferrable at any moment
I assume they will freeze this process in case of hack or major losses  Undecided

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September 17, 2018, 06:08:48 AM
 #15

BREAKING ALSO
Gemini can make GUSD non-transferrable at any moment (code review)
https://blog.goodaudience.com/gemini-can-make-gusd-non-transferrable-at-any-moment-code-review-a28d58ef6a61

This is imho very bad news for this token. No sane people should really use it, because you never know.
But if I think better, no sane people should use government currencies because ... you can see what has happened in Venezuela, for example... and we still do.

However, crypto users may be more cautious than the rest of the world so.. I don't see this as a good feature...

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October 17, 2018, 06:35:51 PM
 #16

Gemini Dollar got ranked #3 stablecoin by CoinCodex:

https://coincodex.com/article/2487/top-5-stablecoins/

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October 17, 2018, 06:41:27 PM
 #17

We don't need another stable coin. It would be nice to have one that's proven to have the funds supporting it but we don't need more than 1 if even 1 at all. A number of exchanges are now allowing trade in USD and that's the way it should be. Having something in place just creates a potential exploit for companies like tether, even if they are legit it's evidence of how easy it would be for someone to create a stable coin and not back it.

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October 17, 2018, 07:27:32 PM
 #18

Breaking: Winklevoss’ Gemini Launches U.S. Dollar-Pegged Cryptocurrency
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has announced the creation of a USD-pegged Ethereum token that looks to supplant tether (USDT) as the stablecoin of choice among bitcoin traders.

Announced on Monday, the Gemini dollar (GUSD) aims to become what the controversial tether token has not, a “trusted and regulated digital representation” of the U.S. dollar that can be transmitted across the blockchain and traded on cryptocurrency exchanges located throughout the world.

“To date, there has been no trusted and regulated digital representation of the U.S. dollar that moves in an open, decentralized manner like cryptocurrencies,” Gemini wrote in the announcement, which was attributed to Cameron Winklevoss. “The Gemini dollar (ticker symbol: GUSD) combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators, namely, the New York State Department of Financial Services (NYDFS).”

Gemini joins a growing stable of companies that have released cryptocurrency tokens purportedly pegged to the dollar or other fiat currencies. The most widely-used stablecoin is tether, whose eponymous issuer has been criticized for its opaque operations and close association with crypto exchange Bitfinex.

Tether is currently the eighth-largest cryptocurrency, with a circulating market cap of just under $2.8 billion. However, only bitcoin has more daily trading volume than USDT, owing to the fact that the token serves as a USD proxy on the vast majority of exchanges that cannot offer trading directly against the greenback.

Speaking with CNBC, Tyler Winklevoss said that none of thee other dollar-linked tokens are sufficiently regulated and transparent to fulfill the true potential of a stablecoin.

“I don’t think any of the offerings do adequate job in solving the trust problem. This [Gemini dollar] is the world’s first regulated stablecoin,” he said.
https://www.ccn.com/breaking-winklevoss-led-gemini-cryptocurrency-exchange-launches-tether-competitor/
winklevoss is really trying in promoting cryptocurrencies across America and since they have been trying to get approval for ETF.  If this is achieved I believe it is going to bring stability in the market and we would have the ETF issues that sec has been disagreeing settled. Many good news are coming up this days and I  think in some weeks to come there are going to be transmitted to bull run.



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October 17, 2018, 09:37:07 PM
 #19

The only pain point to the stablecoins are the regulation and transparency. USDT is believed to be backed up by USD but there is a lack of transparency as the claim is unaudited till date. Tether has not allowed any external audit partner to audit their funds and accounts. If GUSD can bridge that gap and run the network through ETH blockchain, it will probably be able to bring back the credibility of stablecoin in the market.

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October 18, 2018, 01:31:32 PM
 #20

The only pain point to the stablecoins are the regulation and transparency. USDT is believed to be backed up by USD but there is a lack of transparency as the claim is unaudited till date. Tether has not allowed any external audit partner to audit their funds and accounts. If GUSD can bridge that gap and run the network through ETH blockchain, it will probably be able to bring back the credibility of stablecoin in the market.

I think I saw someone saying the other day that tether recently announced that none of the big top 4 firms would audit them because it's too much of a risk to be associated in any way  Huh If an ETF is approved soon enough that will remove a lot of people's needs for a stable coin.

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