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The Winklevoss stablecoin is one small step toward crypto acceptance

A stablecoin is a cryptocurrency pegged 1-to-1 with another “stable” currency. In most cases, these coins are pegged to the US dollar and, as such, allow for true transfers of actual fiat currencies between parties using the blockchain. If you’re nodding off right now thinking about this, I would posit that these moves, however minor right now, are an important step forward in cryptocurrency acceptance.

The latest stablecoin to hit the virtual streets is the Gemini Dollar. This coin comes on the heels of the much-ridiculed Tether, a stablecoin created in 2014 that has been the the brunt of much criticism including suggestions that the team has been artificially pumping the currency with wash trades.

The new currency by Winklevoss-run Gemini is pegged directly to the US dollar on the Ethereum blockchain. This means that for every Gemini Dollar there is one actual dollar in a bank account. The Gemini Trust Company holds the deposits and has been officially accepted by the New York Department of Financial Services, the regulatory body associated with banking and finance.

The GD, in other words, is the first stablecoin to gain a truly official imprimatur.

“As the financial technology marketplace continues to evolve, New York is committed to fostering innovation while ensuring responsible growth. These approvals demonstrate that companies can create change and strong standards of compliance within a strong state regulatory framework that safeguards regulated entities and protects consumers,” said Department of Financial Services Superintendent Maria T. Vullo.

From the release:

DFS issued a limited purpose trust company charter to Gemini in October 2015 to operate a virtual currency exchange through which it offers customers services for buying, selling, sending, receiving, and storing virtual currency. DFS issued a limited purpose trust company charter in May 2015 to itBit, now Paxos Trust Company, which operates the itBit exchange, to offer services for buying, selling, sending, receiving, and storing virtual currency.

The NYDFS requires that the Gemini dollars “are fully exchangeable for a U.S. dollar” and that Gemini will maintain records of their movement. The requirements also include controls including AML and OFAC controls to present money laundering or terrorist financing. An independent accountant will examine the fiat-holding bank account to ensure that all of the stable coins are accounted for. You can convert and withdraw Gemini Dollars directly onto the Ethereum blockchain.

What all this means is that there is now a stable, regulated coin that should offset some of the traditional volatility of crypto. It’s an interesting – if limited – move by a big player in the crypto space.

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Is the world ready for the return of the PDA?

I want to live in the Gemini’s universe. It’s one where the promise of on-demand hardware has been fulfilled. Where crowfunding, rapid prototyping, scalable manufacturing all of those good things have improved our lives by giving us the devices we both want and need. It’s the utopian dream of 2011, fully realized.

In the Gemini universe, the PDA never went away. It simply adapted. All of those irritated anti-touch typers had nothing to complain about. Sure, the iPhone still moved a billion units, because Apple, but the physical keyboard simply evolved alongside it, because tech should adapt to people and not the other way around.

Of course, the realities of technological Darwinism are much darker, and every half decade or so, there’s an extinction-level event, and Apple’s smartphone hit the earth like football field-sized asteroid covered in the bubonic plague. Over the past 10 years, many have and tried and all have failed to address the shrinking, but vocal niche of consumers bemoaning the death of the physical keyboard.

Many of us, myself included, fell in love with the Gemini at first sight when we spotted it across the room at CES. It wasn’t the hardware or the execution, so much as the idea. And, of course, we weren’t alone. When an astonishing 6,200 people came together to pledge $2.2 million on Indiegogo to help bring it to life, it was clear London-based Planet Computers had struck a chord.

And with both Nokia and BlackBerry having waged comebacks of sorts (albeit through licensing deals), it seems the iPhone’s 10th anniversary has been the perfect time to revel in a bit of mobile nostalgia. People have gone utterly gaga over the 3310 — clearly there must also be space in amongst this smartphone fatigue where a PDA can positively flourish.

In one sense, it almost didn’t matter what the final hardware looked like, this felt like a kind of bellwether. But in a larger and more important sense, of course it did. When it comes to consumer electronics, people don’t buy ideas, they by hardware. And in the cold, harsh light of day, the Gemini is a far more exciting concept that it is an actual product.

The product is a return of sorts for the Psion 5, with some of that clamshell’s designs back on board. And indeed, the device takes more than a few design cues from that 20-plus-year-old piece of hardware. The build itself is a bit of a mixed bag, here. It’s solid, but the clamshell ensures that it’s big and bulky, compared to standard smartphones with similarly sized screens (5.9-inch).

It’s not much to look at from the outside, with a plain metal casing, through there are some innovative touches here, including a break in the top that can be plied open to access the device’s innards, using compatible tools. The lid flips open, with a nice, satisfying motion, but screen’s hinge feels loose, moving each time you interact with the touchscreen. It would have also been nice to have the display open at different angles, but there are only two positions here: opened and closed.

As for typing, well, if you’re among the vast majority of mobile users have made the leap to touchscreen typing, you’re going to have to unlearn those skills. My own typing on the keyboard is nowhere close to what I’m able to achieve on a touchscreen these days. For a few fleeting moments, I entertained the idea of writing this review on the thing, but almost immediately backed down, when I found it difficult to type even a sentence right the first time.

The device’s size makes for an extremely cramped keyboard, in which many of the keys have to do double duty. But the width and girth of the device itself means there aren’t too many scenarios in which using the keyboard make a whole lot of sense. Attempting to type while holding it feels like an almost acrobatic feat. Really, a flat surface, like a desk, is your best bet, at which point you’re left wondering why you didn’t simply shell out the money for a real laptop. The ability to dual-boot Linux and the inclusion of a healthy 64GB of storage are interesting cases for the product as more of a small computer than a massive phone, that, of course, is ultimately hampered by the small display with smartphone dimensions.

That gets at what is perhaps a larger issue here. It’s unclear which problems the device is looking to solve in a world of ubiquitous slate phones and low-cost laptops and tablets. There aren’t ultimately all that many scenarios in which the throwback makes more sense than the hundreds of other available options, so it’s hard to recommend this as either a primary phone or laptop in 2018.

Perhaps many of its issues can be chalked up to first-generation hardware issues. There’s a lot to be said for the mere fact that the company was able to deliver a product in the first place. The Gemini certainly works as a compelling niche device, and it would be great to see Planet explore this idea further.

Anything that frees us from the oppression of nearly identical handsets is a victory in and of itself. As I said earlier, I want to live a world where devices like the Gemini can peacefully coexist with more mainstream devices. I just won’t be using it as my phone any time soon.

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Winklevoss-led Gemini announces a self-regulatory group for crypto

 Gemini, run by the Winklevoss twins, is one of the most Wall Street-oriented exchanges on the crypto markets. Originally envisioned as “bitcoin in a suit,” it is now leading the way in self- regulation with a new Virtual Commodity Association, a self-regulating group that aims to take the guesswork out of crypto in the future. “We believe a thoughtful SRO framework that… Read More

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