Bitcoin Forum

According to this vid https://www.youtube.com/watch?v=KdIOrMYWBIY the citigroup is developing it's own coin

They will use their resources and customer base to paint a huge amount of lipstick on it, but it will still be a pig...

So like Bitcoin... but controlled by a bank and with outrageous bank fees.

Sign me up!!!!

i dont think so that they create it to use it like btc.

agree! The coin is just centralized one and totally different from bitcoin! I don't think it can compete with bitcoin!

I"m not speaking right now about the technical side. I mean they created for another purpose, maybe some promotion where you can collect some coins and then buy something lol. Like at the gas station, where, if you collect an x ammount of points you can buy some whatever

Such a centralized coin isn't really something for the bitcoin community. I guess that will be something for quick internal transaction processing, and will target their existing userbase.

an altcoin that is a copy of another altcoin which was created to imitate bitcoin and worst of all on top of that it is being controlled by a "Bank".

your topic is so ridiculous , how can such a thing even come close to bitcoin. it is centralized for gods sake.

Their coins is backed by the City Group, it is based on their costomers base. Probably it will attract the fiat money fanciers!

I'm not too worried. People who genuinely want digital currencies as an alternative to fiat are those that don't want the banks and governments controlling anymore.

can't happen..won't happen.

bitcoin is bigger than citibank

the FUD will be epic..if this were to happen.......a blanket of slander/misrepresentation/etc on Bitcoin and its past etc etc
and much on trust us ...we're bankers lol  use citicoin we can 'manage' crypto for you :)

This whole thing reminds me of AOL back in the early days of the Internet..is virtual currency gonna be 'managed' like AOL
wanted (metered by your use) or open INTERNET as it is now kinda situation

so will crypto be closed and run by the previous banks/gov't's/elite? or will crypto be open source and 'unmanageable"?

imho it will be open and unmanageable but there will be push back by the powers that be imho sometime here in the next couple years

This is only for the use of the banks on their internal networks, not for general consumption

+1 if people think Citibank is going to throw an ANN up here on btctalk and ask the community to mine it I got a bridge to sell you.

Banks can try to build as many centrailised shitcoins as they want but BTC already has a huge lead. I persoanlly will be staying away from this citicoin as coins owned by large corporations have historically failed, just look at what happened to paycoin.

I kind of wish they would, it would be fun trying a 51% attack to see just how secure their blockchain is

i'm quite sure it would turn into 1000 pages of fud the day it's created on btctalk lol..could be good entertainment.

"Citibank set to destroy Bitcoin with Citicoin"

And royally tick off more than a few Silicon Valley venture capitalists? If you were a senior executive for Citicorp, would you authorize a a mission that - if successful - would permanently alienate Marc Andreessen and his many friends? Especially when they've already pegged "Citicoin" as a Bitcoin-friendly sign of blockchain tech hitting the mainstream?

I'm no fan of Citigroup, but their worst sins are sins of venality. They don't go much for deliberate destructiveness, especially when said destructiveness hurts their own interests. The first rule of marketing in general is, "don't piss off the customer base."

it looks like everybody wants a part of altcoin market by creating their own coin to pump and dump and make some money!

I doubt there's any need to jump to the life boats anytime soon  ;)

Regular people will trust citicoin more than bitcoin because it's controlled by bank  :)
That is going to make btc mass adoption harder

destroy bitcoin? best of luck with that  ;D

Are they going to post an ANN thread lol. Will it go up and down in value? Can you buy it with BTC, I think not. So meh who cares

If anything it will educate mainstream about crypto and will be good for bitcoin in the long run.

Big banks/gov't have capacity to kill bitcoin. Only reason why they left the bitcoin alone is that they want to make big profits out of cryptocurrency before they bailout.

Nerds here believe that bitcoin is not replaceable like draghi thinks euro is forever  :)

I guess it depends on your definition of 'replaceable'.
Bitcoin will probably never completely disappear from the face of the earth.
At worst, it might become largely unused, 'replaced' by something completely different (something we haven't even seen yet).

This is really good news, Citicoin will get alot of mainstream people, investors and whales, familiarize themselves with cryptocurrencies.

And then, we will see that Bitcoin will be the winner of this competition, and Citicoin will slowly erode into obscurity.

I think with this move Citicoin will involuntarly promote Bitcoin.

Exactly what I said, and also dont forget that, alot of big people will familiarize themselves with crypto.

Now they might pull some dirty tricks on it to discredit entirely crypto currencies, but i dont think it will work in the long term

I'm quite sure a centralized bank coin won't destroy anything. or did ripple kill bitcoin yet?

everybody pretends that the altcoin bags that they are holding is precious and going to kill bitcoin to increase the price and be able to dump their bags (things like ripple).
and citicoin is just some centralized bank hype so far and will not nothing with bitcoin

This thread just proves most don't understand why Satoshi built bitcoin, or don;t care and just want to make money either way very sad.

The only reason people give a shit about bitcoin is because they don't trust banks.  Price is mostly driven by the neckbeard libertarians and gold bugs.

Bitcoin is more inconvenient, more volatile, more likely to be stolen, slower to move and a host of other things than dirty fiat.  And yet it still attracts a lot of interest because it's global internet money.

The idea of anyone caring about a bank coin haha  :D  All of the disadvantages - none of the advantages.   ::)

How will citibank transfer coins/money to other banks if they dont use the same blockchain? I don't think we will see any other bank running the citicoin blockchain or we'd have the first completely centralized network around..

Maybe they just want to create a new derivative, not really a coin at all, but just a new speculative instrument, to play around with.

The derivative industry is a 1.6 quadrillion $ bubble, 1 more derivative in plus doesn't even count :D

as i told before i think it will be just some "play coins" which you can use to buy knifes at a discount price , like at the gas stations lol

Only wait and a dev with newbie account  will launch another using same name or will change it to Cytycoin.  ;D

Edit:  Oh wait again!        https://bitcointalk.org/index.php?topic=789952.0                 I told you!  ;D
                                           

  

Have they actually said anything about releasing it? Or just that they made a shitty clone coin as part of their research into cryptos?

Who started this discussion lmao

Banks and chains never going to happen its just media hype

Instead I'd focus on what corps will wiggle into place favourably

 not only Citi,also ABNAmro,IBM andsome more,thank you banks in the name of btc for free marketing
i am waiting for giveaway

If citicoin will teach Joes how to use crypto, we can retire guys  8)

Exactly my point, if for anything, this coin atleast increases awareness, and respect for cryptocurrencies.

(Unless they setup this coin to fail and then blame cryptocurrencies, to put more demonization on it  ??? ???)

What innovation can citicoin show to cryptoland?

Not much but it will lure in many whale investors which is enough for us.

If some millionaires/ billionaires start to faminiarize themselves with crypto, i think we can see 10,000$ bitcoin then soon! :D

i can't imagine that scenario :P Why should some millionaires invest in something "unknown" , when here is bitcoin which is much more known. Bitcoin its already a $4bn business.

Nailed it. There'll be a transition period, in which Citigroup's flacks will distance themselves from those "unregulated" cryptocurrencies ;) but the mainstreaming train is boarding! Won't be very long before it's ready to start chugging forward, too. ;D

Yes. This I have been wondering also. There are plenty of stories of private blockchains. I do not get the point. What are they looking for?

These people are willing to have their own private centralized blockchain. Well. Anyone can produce an own blockchain. That is no problem. So they can go for it. No need to wait. But. Blockchain exists because it is a way to maintain a decentralized ledger. Blockchain is a decentralized ledger.

So if they want to have a private centralized blockchain to maintain a ledger, where they need the blockchain? It is much more practical to use a simple MySQL database to maintain a private centralized ledger.

Because a bank has "reputation" while bitcoin is still regarded in the investment community as a bubble or as a hippy currency.

They need to put their toes in the water first before then jump in, and when the whales jump in, it will be a big splash ;)

Who will mine that banks coin,does citi know that blockchain is moving  thanks miners,miners will mine and dump or thay need to employe them and pay,and watch do thay dump or not

Well it would be a  centralized ledger of course, but with some decentralized parts of course. I`m not sure how they want to create it, but if its totally centralized then its not a blockchain anymore...

 If citibank was truly "evil genius' like in Star Wars they would make the citicoin in the following manner imho

1) It would be sha256 and a POW coin and completely OPEN SOURCE just like Bitcoin ...(your pushing the coin for your bank and the name so deal with it)
    If they did such most folk would go WTF and at least look at your coin

2) Reason to make it sha-256 is obvious ..if you did so with all the old sha-256 stuff out there you'd get QUITE!!!! the leg up so to speak

3) NO PRE-MINE  a set amount of coins say no more then Bitcoin would be how I would do it and the POW mining starts at such and such a date
and time from diff 0 ...and off to the races

So again IMHO this is the ONLY WAY a bank could get enough traction on all this to get ANY KIND of legitimacy for a COIN ...and making it POW and
Sha-256 to say you'd have the good will of the old sha-256 miner crowd would be an understatement

Also as such it would do all the transaction action of the block chain technology Citi-Bank says it wants to tap into

Hell I'd have a hard time not dragging out my old Sha-256 KNC 550gh Jupiter if such conditions were the case

BUT BEFORE FOLK YELL AT ME FOR SELLING OUT ...NOTE:        THIS WILL NEVER EVER HAPPEN.......THE HEAT DEATH OF THE UNIVERSE WILL ARRIVE FIRST!!!!


NO WAY can a place like Citi-Group do something like this without some kind of control or angle ...the group think would simply not allow such ..they would
have to have a way to justify it to their bosses as the way to play this and of course the bosses would say 'why not just use bitcoin'

BUT this is the only way again imho you could act as a disruptive force in crypto imho ..if such was LEGIT NEWBIES and other folk would say hey its a bank
its open source its not that evil bitcoin the press keeps spreading FUD about..I've heard bad things about bitcoin etc what the heck I will dabble in citi-coin

Anyway the old microsoft topic with windows ..copy apple's mac O/S and make a borderline crummier version and push it because you have the market share
to pull it off and cross your fingers again it would be the only angle that would work for large scale use of your coin outside of your bank etc imho


AGAIN IT WON'T EVER HAPPEN ..in corporate culture you could never give up that much control to do such...but if you wanted to take a part of bitcoin's lunch
that imho would be the only shot you'd have .....releasing as a bank like them their own coin...you'd have no other angle no one would/could take you serious
with any less again imho

Anyway it is a lot like the Zombie Apocalypse ...this will not happen ..but fun to speculate about :)

I dont think so that it will be minable. Maybe full ico.