NY Approves New Digital Currency For Winklevoss Bitcoin Exchange (reuters.com) 43
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.
Dogecoin (Score:1)
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I thought it was a misspelling of dodgy [merriam-webster.com]coin.
Or perhaps it refers to Italian politicians [wikipedia.org].
Out of all of them, I think I'd put my faith in the mutt.
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I think the benefits to folks opening exchanges are exactly what you are quoting as drawbacks.
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I personally know of a guy who uses tomatoes for criminal activities... Tomatoes, hookers and blow, a deadly combination!
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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 i
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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.
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you mean the military? i didn't think had a choice?
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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.
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Or is it whack?
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Bloody hell. Even I , with my pathetic six digits, fondly remember that one.
Article 1 (Score:2)
Reuters rather uninformed (Score:2)
From the Ethereum website [ethereum.org]:
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.
more editing, please (Score:2)
"to trade digital currency ether on its bitcoin exchange"
Is this currency in the ether?
Peak Bitcoin (Score:2)
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...
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Imaginary currency?
Isn't the U.S. Dollar just as "imaginary"? The green pieces of paper only have value because we believe they have value.
(BTW, I have never used Bitcoin, and don't have any plans to use it.)
bitcoin (Score:3)
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.
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Why do you think there are "built-in, fundamental limitations"?
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We don't they they exist, they do actually and factually exist.
Bitcoin can make 7 transaction per second. Not for 1 person, or one business but for the all world. 7 transactions per second, that's it. Do you really think the world can work with 7 only transactions per second taking place?
More dumbfounding is that, the handful of Chinese miners that control the all bitcoin network (so much for the myth that bitcoin is decentralized), don't allow that value to be changed and not only kept the network locked b
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Bitcoin can, of course, make a lot more than 7 transactions per second. In general, it's best to get your Bitcoin knowledge from people who know Bitcoin :)
The needed BIPs for implementation of Lightning Network have just been accepted.
http://about.bitwa.la/the-stat... [bitwa.la]
Improvement to topic labeling? (Score:1)