Bitcoin Forum

I'm just wondering what the pros and cons of such a project can have.  And also what you guys might think on the hurdles and obstacles in implementing it.


Complete article is here...  http://www.coindesk.com/ibm-rumored-bitcoin-alternative/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CoinDesk+%28CoinDesk+-+The+Voice+of+Digital+Currency%29

Well Apple's trying to get into the action, and IBM won't want to be left behind.

IBM is just a depreciate industry ... and cut 120 000 jobs at 2015 year. ::)

These things are mutually exclusive:

- No central authority/trusted authority
- Denominated in fiat currency

This article is full of contradictions, either IBM has no clue what they are talking about or they used the blockchain technology as a tool to promote their centralized fiat project.

I saw that as well... it seems more like instead of creating a cryptocurrency that stands on its own, they want to have a virtual form of cash. Which we already have: banks, PayPal, Google Wallet, etc. I'm not really understanding what they're going to try to accomplish that hasn't already been done/isn't readily available.

Satoshi Nakamoto create open source Bitcoin for that reason. To everyone copy and create another version of that Blockchain system.

From the quoted material, it appears they want to keep all the bad stuff, but just make it cheaper to move the bad stuff around.  :P

Anytime these companies/countries want to incorporate/create their own cryptocurrency with a P2P ledger etc into their own system they forget that they are getting rid of the whole decentralized aspect and they could essentially do the same stuff with their own personal databases and/or clearing houses which would not be an improvement on the current system. It also keeps them open to hackers gaining access over their centralized system and destroying it or altering data to the point that they no longer know where their currency went (IE Gawminers cloud hashing supposedly was hacked and they internally no longer knew who actually owned what amount of hashing power) thus you have to choose to either let the hackers win and lose money or destroy the entire system and start over.

Let them try, let them fail, and then they will appreciate bitcoin even more.

I can see their slogan now.

"Bitcoin from a name you trust.

                                               IBM"


This will further confuse the great beast who already thinks Bitcoin is for criminals.

All such multinational cannot be trusted, they are all under cia.
I would never invest there...

Well, they have the money and programmers to do so. If they make a bitcoin alternative, they'd probably build an entire infrastructure around it and launch products they couldn't have without their currency.

probably dig up all their shitty thinkpads from landfills to run the blockchain. despicable

Big companies like IBM, Apple and countries like Russia and China is fully capable of making one.
Of course making your own digital currency generates more money but if Bitcoin (with the recent series of good news this year) succeed they will eventually give in to bitcoin.

I don't think they can replace it...but they can use it or innovate within the system to get it to benefit their business or offer a new element/service, etc.

Cons for them...they're WAY behind.

Pros for us...further validates the value of bitcoin, the technology, the system...

What's the point?
There are already a lot of alternative coins, but all of them can't replace bitcoin.
The block-chain is useful, only if it is very security.
Without  security, blockchain is useless.
Bitcoin has the most security blockchain.

You are right. If IBM or Apple would indeed create their own version of 'bitcoin' it would be just another alt coin. It may be technologically better than bitcoin of course, but firstly: bitcoin is fine for now and does not need improvements as of yet and secondly people already invested A LOT in bitcoin to throw it away just like that. Bitcoin is here to stay.

This is the idea I like behind BTC. The fact that it was written and left open for future programmers and people to take apart, modify and learn from.

The main question is why? Why develop something useless and add it to the existing bunch of altcoins that we already have? Why just no use Bitcoin?
I understand that certain individuals are fooling the masses with the altcoins, hoping that they will have X amount of coins which will one day be worth as much as Satoshi's stash is now. But why IBM?

Not another coin with the branding and issuing controlled by a big company. We already have few altcoins in the market right now so what makes this so special. And talk about success and failure we have also seen altcoins come and go. Unless the technology being developed behind it is so creative and special that it solves all bitcoins problem, then probably it's yes.

I don't think IBM is creating an altcoin to compete with bitcoin as a currency. They could be trying to create an irreverisble open ledger system for clearing large amounts between banks. The database is distributed, so easy to backup and impossible for hackers to destroy.

Yet another altcoin what we can pump and dump on Bittrex :).

I suspect they're developing blockchain technology for the "Internet of Things".

"The Internet of Things (IoT) is a scenario in which objects, animals or people are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction." -- http://whatis.techtarget.com/definition/Internet-of-Things

IBMCoin, can't wait to get my hands on this new crapcoin!

http://www.challengecoinmanufacturer.com/images/091608/b-ibm-systemzb.jpg

Stick to mainframes and consulting, Big Blue.  Nobody wants your centralized piece of shit coin.

Whatever they're making won't compare to bitcoin, they'll probably have a massive hidden premine and push the price sky high and then dump it for their customers and users to save it.

IBM-Coin to da Mooon  ;D !

 it is like the open INTERNET or the old AOL online idea of a metered Internet back in the day....

 or open O/S like Linux vs closed O/S like Microsoft

 same thing

 open virtual currencies (BTC/LTC etc) or centralized control of virtual currencies (IBM's plan/Ripple/etc)

 let the wars begin!    Vested interests and the upstart new world view

 (I myself was hoping more along the lines of in 2015 of  the 'free willed" robot emancipation or "slave robots status quo"
but hey...such is the slow upward tick of 'progress' ...) :)

Yes, I heard them officially say that they were going to use the blockchain technology. But I don't think they will make their own coin.

They'll peg their "payment system" to whatever the local currency is: Dollar, Euro, etc...

They'll make their own Blockchain like tech, but not off the original, so essentially an Alt Chain.

So Not a cryptocurrency per se, but payment system + Alt chain, and to make things easier for naming purposes, we all joke or jest to say IBM Coin even though IBM Pay is probably closer to the truth.

https://i.imgflip.com/is9v9.jpg#oo

 ;D

It's a centralized cryptocurrency...

Inadvertently, I think this is good news for Bitcoin. I think a lot of people may switch over to a centralized cryptocurrency for reasons of misguided 'trust.' In any event, which history shows it always will, some negative action will occur within this system. Over time I think people will see the light and more easily switch over into the Bitcoin economy.

Bitcoin doesn't have any competitors outside of duplication. Meaning, centralization has been the problem all along - decentralize it and, well, you have Bitcoin...

Bitcoin, again, will be like gold because it's more valuable with a limited amount.  Centralized authority will unjustly create more like they are now; the model doesn't change. 

They'll learn eventually...

Because everyone want the exclusivity of "something". If they create this coin, they will say for sure "we have created this coin, it is safe, use it".  We need to get away from the centralization, the future is decentralized ... no more power in hands of few people, no more corruption.

LOL, that was an idea I had that I already implemented in my altcoin named Kryptohash (KHC).  It is called region codes. 

Perhaps, IBM would like to invest in Kryptohash.org   ;)

Not surprising at all.
And dont be surprised if Samsung, Microsoft etc will make one too.

I don't get why a company will do something like this. Any centralized solution is faster and the reason to go to BTC technology is the ability to keep it decentralized. If they are running it anyway there is no point to it.

Yes of course, they can try their version of the blockchain but at the end (I hope) they will understand that the bitcoin will be the best choose for them (if they cannot create something better).

Even among long term users here there is a glaring hole in people's understanding here. I guess most here we things from mainly a tech perspective, proble is that is useless without real world knowledge. Look this is the FED teaming up with IBM one of the biggest tech companies in the world, they will buy any Any people they need to build whatever they want to build and whe they do the FED has the backing of the central banks of he world as well as the banks and the major governments of the world to implement this digital dollar. the naivety on here makes me think the smart people have already left this forum.

For now wouldn't it be treated just like an altcoin ?
I doubt developing a new coin would be so famous unless it has something different to offer.  People would still stick to bitcoin.

Plz can you produce some link to read more about the news?
Thanks

i think creating something like this by a big company is defeating the sole purpose of bitcoin which is being decentralized. besides it would be a new altcoin at best which is not gonna work unless it adds something new and important, not just simple changes.

Yes.... They would most likely end up as being one of the 900+ Alt coins out there..... Who needs more of those?

Bitcoin has HUGE merchant adoption already.... Why would people want to use 10 different flavors of crypto currencies, if they can use Bitcoin?

Yes, Bitcoin has a dodgy pass... but it's slowly changing as more people adopt and use it.  ;)

 

They are trying to implement bitcoin technology for something they can hopefully profit off of.

The concept of using a blockchain where the units are backed by hard assets is deeply flawed because it relies on a central authority to exchange the units for the asset on demand which goes against the concept of having a decentralized blockchain. It would also make it difficult to give enough incentives for the miners to mine early on because it would be irrational to offer any kind of block subsidies as it would be essentially giving away money

This is a great part of bitcoin the open source is an example of giving to the world and that is always good :) When i first heard about this i thought it was bad for business but they are going to give bitcoin free publicity whatever they do with blockchain technology so i am less worried now but i do wonder why they did not just use bitcoin and not start another shitcoin. BTC will remain number one that is all that matters here..

an aletrnative to bitcoin must follow the basic concepts of decentralization, known supply and open source. If IBm can do those three then yeah maybe we can play, else it will just be an alternative Paypal

There is no such person a Satoshi Nakamoto. Please stop believing government propaganda.

https://bitcointalk.org/index.php?topic=985481.msg10766912#msg10766912

Already been done and 100% anonymous. Monero (XMR)

If Google did their own ALT Coin the I might be worried. Google wants to dominate as much as possible so wouldn't it be logical that they would try?

BitCoin is making inroads, it isn't far from becoming the Kleenex, jello name of cryptocurrency, if you get my meaning. I just don't see how an IBM would succeed, BitCoin likely has too much of a head start for anyone to catch up.

They will probably try to along with Apple, those are that worry the most, since they have endless resources for advertisement and make things go viral.

Basically stealing the idea and tagging their name to it.

Shows the lack of innovation in a dying company.

Nope not stealing it is open source free to everyone including you and me, it just shows how good it is and i am kind of excited to be honest the more they promote their crap altcoin the more people will see where the real party is going on and that is here with bitcoin, everything they do now will benefit bitcoin :)

You would think that they have some expertise to bring but it is usually hard to arrive on a new tech market as a company from an other market even if you have a lot of expertise that relates to this new market.

Look at google with its social network.

True, but never underestimate the herd mentality... Im just hoping people don't buy on this bs and don't put their money in closed source monetary systems.

Pros: It will succeed. A new payment alternative.
Cons: It will fail.

I did not get if it suceed or fail quite good.
When IBM will decide to put some money in it will not fail, but there is a highly possible that they will completely change the basic idea and turn oposite. Which can be see as failing anyway.

As I see it IBM sees chance for some government funding to develop/run centralized cryptocurrency alternative. If their coin cannot be charged back, it could at least be used for safer Bitcoin selling

What's the point of developing their own 'alternative' when we already have bitcoin?

Can safely say I'll never be exchanging any IBMcoin ;)

Sooner or later someone is going to try to outgame Bitcoin, what they don't know is it doesn't make sense to combat Bitcoin, only to join it.

Take a technology built for a decentralized method of exchange, and exchange the centralized stuff with it.

Like utilizing a free energy device to pump more oil from the Earth. ::)

Profit? Control? Power?  You know... the usual..