Bitcoin Forum

She basically explains it nicely :)
https://www.youtube.com/watch?v=KdIOrMYWBIY (https://www.youtube.com/watch?v=KdIOrMYWBIY)

• What do you think with all the mass media can they be better than bitcoin?
• Would you invest in citicoin?

This coin will be made by banksters. Its absolutely the opposite from the behaviour of digital currencies!

From me:

NO!  :-\

-They cannot, in any way, be better than bitcoin. Something like that is basically and literally against the concepts bitcoin is offering--another scheme to gain full control to people's money. They can go on and promote that coin in mass media, but it is up to people whether they want to be controlled or not.

-No, I will never, ever invest any money on a centralized money and is controlled by a bank.

I agree with you but the mass media will effect(brainwash) all the people who know nothing about bitcoin or the ones which are against bitcoin..

I see the banks lauching these "bitcoin alike" solutions all over the place.
It has nothing to do with decentrialized banking, its just an attempt not to fall behind.
The masses would proberly be fooled to thinkg "its like bitcoin, but better".
In fact, its just another mobile payment solution.

And what when there is profits to be made? Will you be so principal in that case as well? I doubt it ;')

Mass media has done a pretty good job of showing the world what happens when your conventional banking goes wrong in Greece.

It's up to Bitcoinland to broadcast the message about how it stands apart from that. The mass media have done a pretty good job of that themselves in recent weeks in a few cases.

when a bank like CITIBANK create this coin, than its developed with millions of money...u dont get the gains like here in the decentralized market :-D

I seriously doubt there'd be any type of gain possible. Banks aren't in the business of creating currencies and thus volatility. It should be rebranded Citipaymentsystem because that's what it'll be. No bank will create anything other than a token redeemable for 'real' currencies.

A Citicoin would make banking a far better experience than the shower of shit it is now. It wouldn't fix many or any of the root problems.

Their intent to use Citicoin (in part) to benefit the poor and "unbanked" is admirable. This sector of consumers offers less incentive for corporations to pay attention because there isn't much if any revenue to be gained, yet these people have desires and need for services as much as any other consumer...just on a smaller monetary scale. This could enable some better wealth creation by those sitting "at the bottom of the pyramid". I'd love to see how serious their convictions are on this part of the Citicoin project.

I'd also be curious how governments would use it within their current monetary system.

If there are profits to be made? I would still stand by my principles. I'd rather be poor than join the entities that make the people poorer just to be rich. There are other ways to earn money, and I would be happy to do that than to invest in a scheme created by banks. :)


That is truly correct, the media has the power to affect the mindset of people. But that doesn't mean that we, as individuals, would only believe the messages that the media is trying to convey; we still have our own judgments and diligence to deal with such matters. See where we are right now? Flocking in this forum and using a decentralized cryptocurrency mainly because our judgments led us here.

Will it be decentralized? Is it proof-of-work? hahaha.

This is a great example of the philosophy Let's run it up the flagpole and see if anyone salutes it, also known as the Let's throw everything at the wall and see what sticks approach to business.

Indeed, investment bankers and banking executive are aware of blockchain technology. But Citicoin doesn't impress me whatsoever.

Try harder Citigroup.

most likely a ripple clone with infinitive supply for them to create has many coins has they want, just like the do now.

I don't understand what's the point of having the blockchain for transparency when the inherent problem we are facing right now is on the centralization. We want to avoid manipulation and yet we have a system created solely for this and yet it does not serve its objective. My answer is a clear "No". It's still bitcoin.

this is simply an altcoin and worst of all it is a centralized one.
so there is NO way i would even consider investing in something like that. i think the risks of investing in it is way higher than investing in a random alt(scam)coin because there is a big financial team behind it that can mess with the price way worse than that alt(scam)coin!

Blockchain technology allows for making transactions and recording transactions much simpler and easier.

What is missing is the safety net assuring that people's money are safe.

...

Bottom line of those two things...

A bank can use the blockchain internally to make it's processes much cheaper. And it has the consumer trust and insurance that people want that their money/btcs/ctcs are safe no matter what.

On the other hand bitcoin... has the same blockchain technology, but only really nerds like us in here feel somewhat capable of keeping wealth in bitcoin... normal people would run screaming away if they understood the troubles of keeping bitcoins safe themselves...

So - for the average consumer.... citicoin might have a huge advantage right now...

Except for people who use bitcoin as a protest against the federal system etc instead of for its efficiency properties.

Bitcoin needs to quickly come up with better security measures for individuals... that is basically the interface between the currency blockchain and the consumer.... just like with the internet and many other things we had the technology first, but it did not at all take off until the interface was userfriendly enough...

Let's go.... get that sorted.... so that bitcoin has a chance...

why are so many people surprised? did you guys really think banks will create something that supports the important aspects of bitcoin? they are only interested in having full control over everything.

shiticoin tooooo daaaa mOOOOOOOOON!

honestly any cin in the altcoin section is vastly better than this scam fiat in disguise, at least they are decentralized

but despite this i know that the masses which is like a giant flock of sheep, will follow them blindly

I can only reply to so many of them stupid knob head comments. I had to stop.

I work for Citi bank at a call center... No one even knows of this new alt coin.  :D  I find it funny and don't mention bitcoin at work.

"Could PenguinFire please report to the Admin office first thing Monday morning"

i can't watch the video right now but from what i have read about citicoin before it was my understanding that it is not like any cryptocurrency that you and i can buy / sell or invest in.
the bank financial group working on it said that we are going to use it to have faster and more secure transactions.
besides banks aren't going to make anything that is decentralized like bitcoin that lets you seperate yourself from needing banks in the first place.

Heh. That's why you never use your real name online, at least on forums like these.

There is no shortage of bitcoin startups attempting to solve these problems. My question is why we are not seeing quicker adoption. Merchant processors, etc. need to be hiring more and better sales people. The market is wide open.

With mass media anything is possible so I would not rule it out that they can be more popular than bitcoin, remember the largest percentage of people are all sound asleep and brainwashed to believe what them crooks tell them. Will they be better than bitcoin, NO not a chance of course not.

Depending if there was money to be taken away from the banksters then yeh I would invest for a quick profit to dump and get the funds back in bitcoin, we need to realise we are such a small amount of people who believe in bitcoin.

This is pretty funny if you say it with a Chinese accent. :D

http://southparkstudios.mtvnimages.com/images/shows/south-park/clip-thumbnails/season-6/0602/south-park-s06e02c07-city-wok-deal-16x9.jpg?

http://up.picr.de/22567311tn.png

they posted a logo.

Yes, I will definitely invest in Citicoin, or any coin launched by a large corporation. That just gives it so much more credibility than coins launched by bunch of anonymous scammers.

my first impressions was (after watching this sexy brunette articulating and acting like for bunch of stupids in bar), that is is joke..obviously not.

related articles:

techcrunch: (http://techcrunch.com/2015/07/07/citibank-is-working-on-its-own-digital-currency-citicoin/)
ibtimes: (http://www.ibtimes.co.uk/codename-citicoin-banking-giant-built-three-internal-blockchains-test-bitcoin-technology-1508759)

anyway, if somebody wants to stick to this coin, instead of this just create account in citibank and don't even bother yourself with something called freedom and privacy.

Same. Im laughing at all those jackasses trying to create their own BTC instead of embracing the real one. There's no better way to end up like Kodack, Compuserve and all those idiots that opposed to real disruptive technology than not using BTC and creating your own shitcoin.

Because people hesitate to put serious money into bitcoin because they cannot keep them safe. For now many see it as a very interesting thing... that they unfortunately only dare move toy money into because of the personal security issues.

The day someone solves security... we will see a massive change in uptake and adoption.

On the other hand, until we solve the security issues, we should not wish for general adoption because the horror stories of grand mothers and janitors etc losing their life saving will be all over the media..... it would be a night mare. Bitcoin is not at all ready for mass adoption when it does not provide a way to keep bitcoin easily safe.

__

I think bitcoin has a first mover advantage in a market that is likely a winner takes all market. There might be a support currency or two, but not even that is certain.

Does bitcoin have sustainable competitive advantage? No, not yet. The personal security challenge is the one I think will determine the race. If bitcoin solves this then in combination with the current first mover advantage.. I think bitcoin will be very very hard to beat. But if another major player solves it first (like Apple and then Android-based phones solved the user interface first for phones and thus all but put the smart phone first movers motorola, nokia, and blackberry almost out of business) then that entity might win the market. This is the absolutely crucial challenge right now.

Dobry den :)

My answer is no to both.

Also, I don't think the blockchain serves any purpose to anything centralized.
A simple database will suffice. ;)

Ahoj:) (tady si Dobry den nerikame, nejsi ve skole)

why you think, that they will utilize bitcoin blockchain or any other blockchain?

you know, with their finance possibilities, they can even establish several data-centers just for this purpose and create their own blockchain based on bitcoin one, because it is open-source and tune in for this needs.

We can only hope, that for majority of people is freedom higher value than endless consumer comfort. Because, they had literally endless options to handle it, run PR and promote it EVERYWHERE and connect existing services and customer..uff.. :-\ :-\

The Bitcoin blockchain is the strongest network on the planet, i repeat, the planet. The Bitcoin blockchain is cannot be repeated, because every notorious decentralized currency that's new is prone to attacks while it develops. Bitcoin was able to develop in the shadows since no one took it seriously.
So if they go centralized, all of the good stuff that actually makes the blockchain special it's over. Like the posted said, it's just a simple ledger, it's putting intranet into the internet.
As a bank or business you can either adopt and support BTC or die. Thats the future.

I don't understand why people are becoming worked up over this. Bitcoin and this system will never be in competition on a fundamental level.

Citibank aren't going to launch a coin for any old psycho to mine and dump on Bittrex. There won't be anything to 'invest' in.

Its purpose would be to make their conventional banking business smoother and faster and maybe open up some new markets among underbanked countries. All this cool stuff will be denominated or pegged to the same old bunch of currencies with the same old issues.  

If you're anywhere in the EU most banking is already like this unless you have send beyond Euro land. BTC is doing pretty well there despite that.

It would also make buying BTC near instant rather than dicking around with bank transfers. Then your Citicoin balance gets frozen...

Let's be honest here... the only thing that could make bitcoin a big success is for it to have superior utilities and be first.

The whole ultraliberalist/anarchy angle will not get it there.

So, let's stop pretending that Citicoin cannot succeed because it comes from a bank. Banks are already successful in terms of adoption and have been for decades. Only among a very small percentage of peole is the freedom angle a valid argument.

The key reason why bitcoin could beat the banks is that it has the potential to be the first currency/transfer technology that reduces costs of transfer dramatically and makes holding money easy for the unbanked. This however is still theory for now because the currently unbanked in a clay hut somewhere would have an extremely hard time keeping btcs safe, just like anyone's grandmother in the developed world would.

Hope this citi-shitcoin dies off real quick.

That was an abstract concept to many people in first world economies. I wonder whether they even linked recession to it.

Eventually something similar may come along and chew their arse off, but until then as long as money arrives in their account and they can spend it, that's about as far as most get when it comes to conceiving finance.

This makes me wonder if we are going to see a massive new trend in company based altcoins, lets say what would be stopping walmart from making walmartcoin for all the people that love shopping at walmart.

I'm probably older than you. I guess the difference might be that I live in a country with bank customer protection and I have never in my life heard of anyone losing access to or having their money lost because of hacking, forgetting passwords etc.

Maybe in the country you are in customer protection is worse... but I actually think the real misunderstanding is that you refer to trust on a different level. You see banks as the root of all evil at a macro level... I might agree there (or I might not) but that is not what I was talking about.

My point was that normal people in a developed country like I live in trust the bank to keep their money safe... even if you (and some anarchists don't).

A Coin from Citibank sounds like a moneylenders coin... it will be done only to generate interest and not by the people, for the people.
Citicoin will be an extremelly centralized coin made by banksters and only with the interest of subduing institutions or entrepreneurs in financial dispair...

Citicoin will ever worst than Fiat cash...

Yes, that's what I thought you meant.

If I had to chose between "you have money... and then suddenly you don't because you got hacked or something else - but at least banks and government never knew you had it, so they could not have ceased it or used it for their own purposes" versus "you have money... and you still do"... I'll trust the latter the most to keep my money safe (and I think the market currently is agreeing with me).

I can see some issues with the fed printing money and so on and on... and I see the point of bitcoin in challenging that system, but let's be honest - our own money also mean something to most of us.

..

But if bitcoins could be held safely in an easy way.... then the whole game changes...

They would probably just use it internally / amongst banks as a token to settle transactions. If banks were allowed to print their own money / money equivalent, all hell would break loose.

it would not be so different than altcoin section, a complete mess but with no real purpose, because centralized and too much of a copy of their fiat

i assume that there will be an even worse % of fractional- reserve and internal manipulation if this shit will ever go online

the only good thing would be a stable price, in correlation with altcoin

The governments you're leeching off turning around and biting you on the arse?

I like banks. I find it strange that this bitcoin community is infested with people who thinks banks are bad or evil. Government is the one thing I have a problem with, not banks (or any private enterprise).

Banks are only bad because they are over-regulated to the point that only large banks can comply with all the regulations, and no small banks can be established who would compete with them and offer a better service. This over-regulation is a failure of government, not the banks (even though big banks do lobby for it).

So yes, I will use Citicoin, Googlecoin, Applecoin, Bitcoin, EUR, USD or whatever currency which grants me the most convenience and cheapest cost. May the best product win, as they say.

Very good points. Regarding security though, this has actually been solved somehow, because all the banks are offering mobile banking. Securing private key strings should be no more difficult than securing online bank accounts or credit card numbers. There is all sorts of sensitive data that is currently stored and sent across the internet securely.

I guess maybe it's the issue of decentralization. You don't have to write down your bank account password, because if all else fails and you do forget it, you can go into the bank in person to reset it. Maybe someone needs to set up a service, insured by the FDIC, which simply holds a master password for you. That way you never write it down or store it on a computer, but you can prove your identity and get it back if you forget it. The master password would give access to your encrypted keys or wallet.

...come to think of it, all we need to do is apply bank level security to exchanges, and logging into your coinbase wallet is no different than accessing your bank account online. I believe some exchanges are starting to be insured too. Just takes time for reputable exchanges to get established and to apply the security. I bet there are plenty of companies out there that all they do is provide security systems for banks.

I think all financial institutions are going to need a cryptocurrency in order to eliminate inefficiency. They'll need it to just to be able to compete in the market.

"Real CryptoCoin Users" are not gonna use that centralized bank shit. So it's just another shit altcoin.
Never mind it. (If they make it mineable by everyone, I'll mine & dump it to kill.)

If their cryptocurrency is not decentralised then it instantly loses all appeal. The whole point is that it is not controlled by one central body.