Title: Why private ecurrencies will fail. Post by: cbeast on February 08, 2012, 04:12:44 PM What scenario would allow big corporations to create a cryptocurrency that could compete with Bitcoin?
1. A console game manufacturer creates a crypto currency. They could even seed it with millions of dollars worth of credit.
The trust issue stems from the fact that at any time, they could inflate the economy. Why spend the money developing something that already exists. Why not just spend millions on Bitcoin miners and adopt a strong network? Title: Re: Why private ecurrencies will fail. Post by: chsados on February 09, 2012, 07:11:31 AM Well the likely big companies to do this are probably Facebook/itunes store 2.0 and I doubt they would ever even go the CPU cryptocurrency route. It would likely be in the form of giftcards or points.
Title: Re: Why private ecurrencies will fail. Post by: caston on February 09, 2012, 01:04:03 PM I think we will see proprietary digital coins and there are groups working on them (or at least reference standards for them) such as opencoin, faircoin and e-dinar.
You may see a hybrid between fiat and crypto currency where only central banks can issue coins. Governments will likely back these as "standards" but only because they are lackies for people that own banks. Title: Re: Why private ecurrencies will fail. Post by: cryptoanarchist on February 09, 2012, 07:41:08 PM I try not to pay attention to FaceBook but it seems I saw an ad for their own currency already, and yeah, its in the form of gift points.
Title: Re: Why private ecurrencies will fail. Post by: koin on February 09, 2012, 10:14:38 PM What scenario would allow big corporations to create a cryptocurrency that could compete with Bitcoin? are you assuming this private currency would be also be a proof-of-work based currency or are you also considering currencies based on a centralized authority? Title: Re: Why private ecurrencies will fail. Post by: Valalvax on February 10, 2012, 06:41:28 AM Yea, Facebook has .. um.. Facebook... whateverthefuck I think Credits? That you spend on games, basically it's a way for Facebook to get it's 30% cut, if they were smart they would have started that BEFORE allowing games, because doing that wound up pissing off lots of developers
Title: Re: Why private ecurrencies will fail. Post by: herzmeister on February 10, 2012, 07:33:40 PM
sheeple :-[ (but Apple's iCoin does look nifty, doesn't it? it's so well designed! a real eye-catcher!) Title: Re: Why private ecurrencies will fail. Post by: hugolp on February 12, 2012, 03:42:24 PM Bitcoin is a private currency.
I think you meant a corporate backed currency. Title: Re: Why private ecurrencies will fail. Post by: terrytibbs on February 12, 2012, 03:46:13 PM Bitcoin is a private currency. Looks fairly public to me! ;)Title: Re: Why private ecurrencies will fail. Post by: hugolp on February 12, 2012, 03:50:51 PM Bitcoin is a private currency. Looks fairly public to me! ;)It should not but in western culture public usually means government backed or controlled. Bitcoin is neither. It is public in the sense that anyone can participate, its private in the sense that its not government backed or controlled. Title: Re: Why private ecurrencies will fail. Post by: herzmeister on February 12, 2012, 03:51:06 PM both
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Title: Re: Why private ecurrencies will fail. Post by: cbeast on February 12, 2012, 04:13:26 PM Bitcoin is a private currency. Looks fairly public to me! ;)It should not but in western culture public usually means government backed or controlled. Bitcoin is neither. It is public in the sense that anyone can participate, its private in the sense that its not government backed or controlled. |