New York State Approves 2 Dollar-based Cryptocurrencies

[DamianTV]

https://news.slashdot.org/story/18/0...yptocurrencies

Today, New York approved the first digital currencies that are tied to the US dollar, called "stablecoins." From a report:

These cryptocurrencies avoid the price volatility of their brethren by being pegged to stable assets. The digital currencies in question, from Gemini Trust Company and Paxos Trust Company, are available to trade on their respective exchanges. The Winklevoss twins, who rose to fame with a lawsuit suing Mark Zuckerberg for stealing the idea for Facebook from them, have become major players in the cryptocurrency world. They are behind Gemini Trust Company. The currency is pegged to the US dollar on a one-to-one basis; the company will hold US currency that corresponds with all issued Gemini dollars at a bank eligible for the FDIC's pass through insurance.

[dannno]

the company will hold US currency that corresponds with all issued Gemini dollars at a bank eligible for the FDIC's pass through insurance.

So it will probably be worthless eventually too..

[DamianTV]

So it will probably be worthless eventually too..

Worthless to us, but a powerful weapon of the Elite.

[oyarde]

Ya , I do not need more digital dollars . No thanks .

[Zippyjuan]

The currency is pegged to the US dollar on a one-to-one basis

So what exactly is the advantage of buying them? Can I use them in more places than I can dollars?

[Pauls' Revere]

So what exactly is the advantage of buying them? Can I use them in more places than I can dollars?

Right, whats the point of these if its pegged/backed to the dollar.