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Altcoin News

The Gemini Dollar-Pegged Stablecoin To Launch Today After Regulator’s Green Light

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Yesterday, we reported breaking news about New York regulators approving two dollar-pegged stablecoins, one of which is the Gemini Dollar, launched by the Winklevoss brothers and the creators of the cryptocurrency trading platform Gemini.

Today, we have more information – specifically about Gemini and the so-called Gemini dollar that now has the backing of the New York Department of Financial Services (NYDFS). According to an official post on Gemini’s Medium, the coin will be backed by US dollars that are:

“….held at a bank located in the United States and eligible for FDIC ‘pass-through’ deposit insurance, subject to applicable limitations.”

This move is also important because it represents the first crypto asset that the Winklevoss twins launched. Even though their original mission was to launch a Bitcoin exchange-traded fund (ETF), the second rejection from regulators in July made them shift their plans.

Forbes quoted Tyler Winklevoss stating:

“It’s not just Gemini Trust. But you have to build a network of important players that are also trusted to solve for the [sic] trust problem of a stablecoin.”

The official trading of the Gemini dollar will begin today. Tyler Winklevoss already told Forbes that he hopes this will solve issues associated with time delays between 24/7 crypto markets and time-restricted fiat ones.

The crypto analysts are still with mixed reactions regarding stablecoins. While some see them as potentially controversial, others think that they are designed to be less volatile and can improve the economy in the crypto world.

One way or another, the Gemini dollar is the “world’s first” regulated stablecoin to launch, according to the brothers, although the second one which has also been approved and issued by the trust company Paxos is making the same claim.

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Altcoin News

Where Does Bitcoin Cash (BCH) Stand The Day After The Fork?

The latest digital currency news show that the Bitcoin Cash (BCH) hard fork is now completed and that BCH successfully activated its second scheduled semi-annual hard fork since splitting away from the original Bitcoin blockchain. However, unlike the previous upgrades which brought a lot of positive news, this fork was contentious and the development teams that launched it are still competing, pointing out to their incompatible BCH implementations. There were two groups with different beliefs about the fork. The first one was the Bitcoin Cash ABC team which had support from most node operators as well as investors and companies such as Roger Ver (Bitcoin.com) and Jihan Wu (Bitmain). The other group was the one cheering for the Bitcoin Cash SV altcoin and trying to prove that it has better features than BCHABC. Strictly speaking, there could have been three versions if any miners decided to continue mining according to the pre-fork consensus rules. However, all of the hashrate migrated to one or the other of the two new rulesets, killing off the original chain. Currently, according to BitMEX Research, both sides are mining at a loss of at least $280,000 per day relative to the value of the coins (or more) which will put pressure on profit-motivated miners to cut their losses and switch to BCHABC or BTC.
“Even if the SV mining collation do catch up with ABC or if they manage to do hostile chain re-orgs, its highly unlikely BCash ABC users & investors will ever switch to follow SV. ABC users just need to be patient & wait it out. @CalvinAyre & the SV miners will eventually give up,” BitMEX wrote on Twitter, doubling down on Jonathan Bier’s pre-fork prediction that miners would ultimately abandon the BSV fork.
Currently, people are wondering how does the BCH hard fork affect other projects such as Bitcoin. The good news here is that the fork has no effect on BTC other than making it even less likely that Bitcoin Cash (BCH) will overtake Bitcoin (BTC) and claim its mantle.
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Altcoin News

A New $4 Billion Drop Sees Bitcoin Cash – And The Entire Market – Falling

Over the last 24 hours, we saw another drop as monitored on our DC Forecasts crypto news site. The prices of Bitcoin as well as many altcoins combined lost $4 billion in total, reducing the total market cap once again to a number of $181 billion. After what seemed like one of the worst single-day corrections that occurred last Thursday (November 15th) and where the crypto market saw a wipeout of more than $27 billion, the drop is extending. Bitcoin Cash is one of the main sufferers here. Even though the fourth largest altcoin forked into two new cryptocurrencies named Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC), it managed to fall by more than 7%. Before the fall, Bitcoin Cash managed to drop by more than 15% to $250. Currently, analysts are asking if the $4,800 margin is the real bottom for Bitcoin - or it will increase in the coming days. While both major cryptocurrencies and small tokens started to demonstrate independent price movements by breaking their correlation with BTC, a new 12% drop could result in intensified downward movements for cryptocurrencies with lower daily volumes. All in all, the sentiment around cryptocurrencies has been negative this week mostly because of the sheer intensity of the crash of the market in the past few days.
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Altcoin News

‘Time May Be Right’ For Home Crypto Mining: Coinbase CTO

The CTO of Coinbase, Balaji Srinivasan is in a headline on our DC Forecasts crypto news site - mainly because of his recent statement geared towards crypto mining and popularizing at-home crypto mining. In fact Srinivasan decided to back a startup that aims to popularize this form of crypto mining and a business which is called Coinmine. Its service announced pre-orders for the first home miner on Wednesday. As Srinivasan said in the announcement:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”
This is a notable perspective mostly because Srinivasan previously founded 21.co which was a startup that emerged from stealth in 2015 and had an ambitious plan to embed Bitcoin miners in everyday devices- which was then backed by Coinbase Ventures. Following the Coinmine announcement, Srinivasan wrote:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine."
As we can see from the above stated, the CTO of Coinbase seems optimistic about Coinmine's ability to add even more coins later, foreseeing a future where the company could play a key role in the launch of new tokens.
“I believe that decentralized mining is an important idea and worth trying again. It’s mining as Satoshi intended: many devices around the world with no single point of failure." Srinivasan concluded.
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Altcoin News

Crypto Exchange OKCoin Expands To Latin America, Launching A Fiat Market

The popular cryptocurrency exchange OKCoin is in the crypto news again, this time for its new launch in the Latin American market. A press release has confirmed this move by the exchange, and also confirmed that there will be a new platform launch which will let users trade Bitcoin and other top altcoins against local fiat currencies. As the release notes, OKCoin's expansion to Latin America comes after it became a fully licensed platform for operating in the region. At start, OKCoin will allow users in Argentina to deposit Argentine pesos (ARS) to the platform, which can be traded with top cryptos such as Bitcoin, Bitcoin Cash, Ethereum, Cardano, Stellar, Zcash and 0x. According to the document, OKCoin will also be opening an office in Buenos Aires and setting up a team to "support the business throughout Latin America." As one of the largest cryptocurrency exchanges in China before the region's trading ban, OKCoin has been expanding at a rapid pace (outside China, of course). In January, the exchange launched a platform in South Korea and entered the United States with fiat-to-crypto offerings in July 2018. Currently, OKCoin supports USD trading and is present in over 110 countries. As the CEO of OKCoin USA Tim Buyn believes, this is just the beginning of the expansion.
"We’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence,” Buyn said following the official announcement.
He also pointed that the Latin American market is extremely important for the exchange as it is for many crypto and blockchain industries.
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