Bitcoin Forum

https://www.cryptocoinsnews.com/bitcoin-value-gets-boost-fed/

IBM AND THE FEDERAL GOVERNMENT ARE NOW ON THE CRYPTO CURRENCY BANDWAGON AND IT SAYS THIS WILL "REPLACE" BITCOIN,NOT THAT THAT IS POSSIBLE BUT THIS IS BAD RIGHT?

which quote are you refering to ?

No chance it will really replace bitcoin, any attention is good news.

Good news that publicity for bitcoin is always good no matter what. And there are not really bad news here, nothing we already didn't know.
While it is natural that bitcoin idea is attractive and big companies and governments are carefully observing it. But they can't really do something to stop bitcoin now, at least not openly, if IBM create their own 'bitcoin' it would be just considered 'corporate coin' and people do not like things like that.

Ypu miss one important fact and that is most people have no idea how the monetary system is set up and why Bitcoin is different to say a government backed coin that you can print/make more of. I can see the news reports now saying this is the new safe digital currency, safe because we can control it not like Bitcoin which is too unstable etc etc.


I started a thread some time back to discuss what the authorities would probably do as Bitcoin becomes a threat. One of the obvious ones was for the government to make a fiat type coin they can control.....and here we are.


What's the saying if you can't beat them join them. Well they just did. Sorry if this sounds insulting but your point that it has positive influence on the price is like saying I want to make a few bucks but I don't care about the life my future children and family will live in.

It's neither good or bad, it's whatever. If they're going to make a coin, somebody with time and coins is going to screw them over and turn it into a pump and dump scheme. At least I hope someone does if the feds create a coin. It would be worth 0 satoshi in no time :D

With a strong support from the "creators" of this coin it would be harder to convert it into a pump & dump.

If they create a coin pegged to the USD it's not much different than using a debit card. What's the point of that when the big debit card companies have already cornered the market?

IBM was discussing cloning Ethereum, but people would put more trust in the original devs coin because they can maintain it.

Don't worry about this upcoming altcoin by IBM. It's not going to be able to compete at all with bitcoin. It may explode for the first couple of weeks, then allowing IBM to make a profit.
Once they do, I suspect it's going to be a Pump and Dump from there onward. IBM is a company looking to make a profit wherever it can, just remember that.

People on here are being naive. bitcoin is a tiny little niche while the FED and central banks has the full backing to not only create a coin but to MAKE it legal tender alongside making Bitcoin illegal. The average person will not need much bought media propoganda to lap this new digital money up, in fact it might not even get to voice an opinion, it will be tender and that's that.

Big government teaming up with big corporation!
Makes me want to run. Sorry Sir, I vote no and I'll stick to my BTC.

This is right the more they will try to knock and down grade bitcoin the more people will look and that is only good news because once they look i doubt they will be looking away back towards the government and its regulations. It is said a lot but i believe it all publicity is good publicity so let them do whatever they want and we just keep going :)

You can't simply make something new and be sure it will replace the old thing. They are forgetting one important thing: the community.
Just like Dogecoin isn't anything innovative or groundbreaking, but it is supported and on the other hand the "government's innovations" are not.

True, but there is a large number of people who don't belong to any particular crypto community at the moment. With enough resources and marketing, it's conceivable that a government or corporation with deep pockets will be able to amass a community equal to or greater in size than that of Bitcoin's or Dogecoin's. It could be the US Government or it could be IBM, or Facebook, or Apple, or an existing bank. Bitcoin has had a very early head start and is unlikely to be toppled anytime soon but with that being said, such a scenario is far from impossible.

I think it's a good thing. It gives credibility to the technology and the idea. Even if the Fed creates a copycat coin, we know that most of those haven't been successful so far (not as much as BTC) and it would likely only apply as a US alternative to the dollar, still allowing BTC to serve as a world crypto currency.

Competition isn't really bitcoin's problem, the world ignoring it would be the worst.

Agree 100%
btw to main author, don't use caps its very hard to read

I think, it is a good because this could be a news which rise overal awarness of cryptocurrency and bitcoin itself.
I am not sure if IBM is able to do what it is mentioned here, but I think it will be very dificult for them to make it alive. With IBM there is usualy not direct target, as they are looking for new business they are open for every new ideas.

The community. Hahahahaha sorry that's a good one. So you think .000001 % or less of the world population will drive a new global currency.

Look if the FED implement a digital currency they can overnight make it tender alongside the dollar, kind of a digital version of it. To almost the entire world it will look smell and act like Bitcoin...so why wouldn't they just use it? Bitcoin will be made to seem like a dodgy old tech that was only used for drugs and isn't stable in price.


Why can't people see how much power the FED has if they want to pull this off? they print trillions of dollars, of they decided to make a trillion digital dollars alongside them they could...and your mothers will be using them within a week whether they know it or not. Don't forget the FED controls the banks. They can just give it out to them and then the banks provide digital currency accounts for customers, real easy spoon feed set ups they can download in a second onto their phone and computers. People will instatly feel the freedom that comes with using a digital currency but they won't care that there won't be a limited supply like Bitcoin.

People need to wake the fuck up on this forum.

If they manage their currency as well as they do healthcare and wars it should last all of 6 months. On the bright side if they do invest in blockchain infrastructure etc. bit coin could potentially piggy back on that.

This kind of attention is good news. They cannot kill bitcoin or replace it. They can produce similar ideas but what could they do that will make ALL btc users throw away the wallet and move across? Bitcoin has extreme potential behind it. Like I saw someone said in a video I watched, if it can be coded then it can be done.

it is going to draw more attention to bitcoin, and that is going to be good as always. but about replacing bitcoin, i doubt it.

If the FED do create a crypto-currency then it will almost certainly...

• be managed with reference to a neo-Keynesian monetary policy.
• have anti-money laundering and know-your-customer regulations built right into the protocol.
• be intimately linked to the tax system to help catch "tax cheats".

Basically, it would be a less efficient, much less widely-used, and far less private version of the US dollar, a currency that Bitcoin has been competing with favourably for years.

It's like trying to re-invent the wheel.... it's already working and accepted... they just adding some new pattern to make it look good.... Let's call it a Dunlop.

These companies do not want to build their business on someone else's invention... they want the claim to fame and brag rights for something someone else invented.

The best of all.... they want to base it on fiat.  ;D ;D ;D ;D {Something that has proven that it's already failing}

If it's better than bitcoin then it should replace it as its a free market. Will it replace it? I very much doubt it but they are free to try. I look forward to what they try come up with but I think I'll very likely stick with my bitcoin..

I think those familiar in crypto will know what's good and what's bad based on how to differentiate between a true decentralized crypto and another completely centralized. Anyway, what I read about is that the crypto idea was only on IBM's future plan and it doesn't relate to any government involvement thus far.

Finally BITCOIN can Win the Race.

Any attention on bitcoin is good news in my opinion especially this year when it seems to have fallen pout of the media spotlight, but I don't think this version will replace bitcoin. It'll just be their version of another alt. I would rather them just use bitcoin though.

To much work has been put into bitcoin to be replaced by a new government issued crypto most people here are and kind of against the govt and its effort to enslave us financially, so the only users i believe it will possibly get are the ones who are only here for a quick buck and do not care for the ideology's most share. Agree that the more they promote against bitcoin the more people it will bring to the doors :)

Seems like bullshit to me. Based on nothing but a 'grapevine' rumour. I'm sure the government isn't going to be involved in this not is it interested in issuing a national digital currency this way. I think IBM had discussed creating something based on the blockchain tech but as far as it being a currency who knows, but I seriously doubt it would be a threat to bitcoin even if it did happen.

One more time for those who aren't awake. The FED with the Treasury has the ability to mint new money right? So IF they decide to create and use a kind of bitcoin dollar with the ability to increse and decrease the supply as they wish then it doesn't need to 'become popular' it will simply become how dollars will be pushed into the banking system probably alongside 'traditional' avenues which are still digital ultimately. So easily we could have our banks offering a digital dollar account on request, a nice simple wallet and also insurance so no one need ever lose coins. People will be putting these coins on their phones and even RFID chips in somone hand (sounds crazy but its all ready being experimented with) I'm not saying Bitcoin will die im saying the masses could easily bypass it and not know the differnce, I mean most people don't think Gold is money while they do printed pieces of paper with no backing.


Why is no one getting this fact?

HOW WILL THIS NOT BE A THREAT TO BITCOIN, ITS THE FED/CENTRAL BANKS THEY DISTRIBUTE ALL THE MONEY!!!!   

ITS BASED ON A BULLSHIT RUMOUR THEY HEARD ON THE GRAPEVINE AND ITS NOT GOING TO HAPPEN AT ALL AND YOU CAN JUST USE REFUSE TO USE IT AND USE BITCOIN ANYWAY. Really no need for the caps.

This is neither a good or bad news. It's an irrelevant news. IBM does always try out new things, however just a minimum of their ideas will ever see the public.

Yes, IBM adopt Bitcoin's technology because of they believe the strategy of "if you can't beat them, then at least nick their tech and build your own"

Anyway is good for the fame of bitcoin spreading ever more

I was questioning you saying IF it happened that it wouldn't be a threat.

It's hardly just a bullshit bitcoin rumor to pump the price when you see the story all over the Internet,

http://www.bnn.ca/News/2015/3/13/IBM-looking-at-adopting-bitcoin-technology-for-major-currencies.aspx

And I personally think even if this story is not true it probably will be in the coming months and years. This is the obvious chess move of the central banks in response to Bitcoin IF it posed any serious threat to their control and monopoly on currencies. To not head on face this event is like putting your head in the sand.

Haha he's so salty :D


Because there's no other way for Bitcoin, global currency or death, right? Omg the government will make its own world currency and force everyone to abandon Bitcoin! :D
You should wake up if you think world will ever accept a global currency in the form of Bitcoin or any other.

You mean like the global reserve we have now? Most dollars live their whole life digitally.

I'm pretty sure the world would accept a version of Bitcoin which was a digital dollar used by mobiles etc for payments yeah absolutely and I'm pretty awake.

No one said bitcoin would die, I'm saying its can be bypassed very easily and potentially made illegal.

When google created google + it didn't kill facebook, did it ?

Are you talking about the world or the US, because I just lost you there. The world doesn't accept dollar in the way that you can just march into a store somewhere in Germany with a bunch of greens. You won't see global currency in the form of electronic dollar or Bitcoin any time soon. Same thing with a ban, even if one country decides to go for it the world won't follow, because the world doesn't see Bitcoin as a thread, but rather a game changing technology. Look how for example cannabis is treated around the world. In some countries you can go to jail for smoking and in other you can do it in public. Same thing with Bitcoin, it's completely legal, but I doubt it would be possible to make it completely illegal.

It was you that said the global currency couldnt be a digital Bitcoin type currency and I jsut corrected you that it already is. Of course individual countries have theor own fiat used by the population but the major trade is often in Dollars. Due to central banks being all linked then each country having a differnt picture on the front doesnt make it anymore a digital fiat printed by central banks. A digital dollar from the FED could very easily be implemented with a digital Pound....Franc....etc from the ECB and individual central banks.

By the way its a mistake to think nation borders matter that much in this discussion. I'm not American by the way.

nice words
i think if they really create a new coin to replace bitcoin it just be another altcoin with back up asset
and it can be succeed if many people support that, but i don't think so if government participate

The community :). I don't want to be a party popper but the BTC community is still negligibly small, and a part of it not in BTC because of whateverism but for grabbing some "internet money" and cash out in fiat asap. (Means: they are not really what I'd call hardcore bitcoin fans). Shortly: the govt not  going to give a shit about the opinion of this community.

Someone gets it. I can't beleive people are completely unfazed by comparing the voluntary uptake of Bitcoin by a few thousand dorks (yeah that's what we are) and the compulsory implementation of a digital dollar by the most powerful financial organisation on earth. I still hope Bitcoin will like a good virus kill the present system but we can't underestimate our opposition.

Better minds than me get this.

http://www.maxkeiser.com/2015/03/red-alert-ibm-moves-to-create-a-centralized-central-bank-controlled-blockchain-for-currency-control/

Dumpppppp  ::)

But no, its unfortunate that so many people are uneducated in terms of bitcoin, that they won't see past the government's bullshit if they do try to make bitcoin illegal in the next while. That said, its also hard to expect so many people to understand all the technical aspects that make bitcoin so brilliant as it is a quite complicated system.

I don't know how my computer works but I understand what it does. Likewise no one needs to know the tech to know what Bitcoin provides. Nerds hiding behind the tech who don't understand why abitcoin was even made don't understand Bitcoin. Satoshi clearly though he understood the tech understood what he was fighting against when he inserted the newspaper article on the BOE. No one is saying Bitcoin is not superior but it could easily be sidelined just like Gold is even though it's infinetly superior to fiat.

Yeah, that's true. But the reason for it being sidelined is due to lack of popularity, but also the lack of understanding in why bitcoin is superior to fiat. If people actually learned about bitcoin instead of listening to the media that makes it seem like a sketchy thing used for illegal purposes, it would be much more used and much more difficult to replace

Who owns most of the media?  And don't say I'm being a paranoid, there has been a systematic and consistent attack on Bitcoin in the media.

Exactly. The government does. That's why people should learn to think for themselves instead of soaking up and believing everything they're being fed

Yeah good luck with that.....

http://techcrunch.com/2014/12/16/these-were-the-10-top-trending-searches-on-google-in-2014/

It would not kill bitcoin for the moment, such as stellar or the other, whether it can kill bitcoin and other coins? I think not, instead it will enliven the existing situation in the world cryptocurrency

The fact that people are basically making their own money brings into question the efficiency of the government doing it.  I'm all for financial independence away from government control but I'm not so sure the government would ever want to give up that control.

So, if it's an effort to get rid of bitcoin... it probably won't work unless everyone decides that bitcoin is crap which is something that could be proven or other wise proven wrong if anyone wants to try hard enough.

No. Your analogy is just not accurate. If you want to put it that way you should say rather: "and then people created coin LiteCoin, DogeCoin, DarkCoin, PayCoin and dozen other coins and any of it didn't kill bitcoin". This is the analogy we are looking here. I fear than IBM might create something that will be just another sophisticated altcoin with maybe better code or some upgrades and of course with full blessing of US government and Federal Reserve System.

I really do believe that if Bitcoin was to die, it would have died a long time ago. Sure it might drop in price but this technology will be around a lot longer than you think.

If I get the BNN article right(not the crappy Cryptocoin News-Article, which is mostly about the price),
they want to keep the old system, but add a blockchain, a public ledger. That means, nothing changes but all your transactions are public known.
Who is going to voluntarily use that? Where is the use case for that technology? Why not just use cash, which is not public known?
The blockchain for bitcoin makes sense, because we have to know, where the money comes from. If we use a fiat blockchain, you most likely just see, that a bank put new USD on the blockchain. That doesn't in any way change, that they can easily rig the system without you knowing.

I wonder, how the ads for that would look like. I can't think of a way to present it, to make people want to use it.

Well, just go and try to replace something. It's still up to the people to actually decide what you want to use! It's funny how often someone tries to introduce a new standard or something and the only thing they do is just add another one - there's an XKCD about this, of course!

I don't think it's possible for it to die completely but who knows it could go to $50k or $5.

No not in my opinion that is not bad but it is actually good :) what i mean is they are paying attention they are no longer ignoring us we will have them start a fight with us soon enough, they will realize it is a waste of time and we will win when they join us, which i believe they will. Of course i can be wrong but i can't see them making anything close to the level bitcoin is at, even if they do where will be bitcoin be then with the free publicity. They will soon join us  ;D

Price like that won't happen, don't worry. Amount of assets invested in bitcoin is already too great to abandon this project just like that. Big players won't let it die like that, and with their help we could be able to push and pump price to reasonable value.

This is scary because we all know that greed has been tied to mining of bitcoin, Im sure many miners will flock to mine, but fuck it, dump it for bitcoin right, we can hurt it by mining it and dumping it, right!!!!!

also another thing we can do is take coin names that they will use, and fuck its name up, so by time they release it, it will gain no traction

Price like that won't happen. Do you mean $5? or $50k too?

A company who considers cryptocurrency into their platforms are considered wise.
https://bitcointalk.org/index.php?topic=987124.0

They should not fall behind the trend.

absolutely agree, that's not gonna happen
i think bitcoin will never fall to $5 or raise up to $50k
and i'm sure in the future there will be more big company accept bitcoin

What do they often say "Imitation is the sincerest form of flattery", well I think that applies here with the IBM news.

IBM, a multi billion dollar company, trying to copycat Bitcoin's blockchain can only be a win win.

Anytime, you have a competitor trying to copy your ideas, ultimately fail, and cause people to just focus on the original is just good news period.

I believe this is a good thing, because no matter how hard they try to replicate bitcoin - they cant. Bitcoin is idea beyond the algorytm, its created to be without third party, and none of the fed issued clone-coin will ever do that. They dont want changes, they want to present the same thing we have today in a new light in hope to trick public again.

But its a good thing that theyre trying, because theyre triggering the bitcoin paradox (when you are trying to stop something, and by doing so, u actually create reality u wanted to avoid) that will make bitcoin even stronger. And the competition is always welcomed, like in any other business, it will provide better resource for public.
All thing considered, they actually boosted bitcoin, but that doesnt mean we are going to see "the moon" anytime soon, bitcoin has a lot of security issues it needs to take care of, if not by new idea of developers, then by regulations.

cheers

BTW this is pretty much a paved way for total financial control and surveillance, but on the other hand this initiative will definitely raise awareness and maybe acceptance of bitcoin. Perhaps we should rename BTC as "Freedom" :).

This. I've read the entire thing but I can't find that. I think OP is just over reacting and being paranoid.

Good news. Everything that can lead attention to Bitcoin itself is good news, for Bitcoin can not be defeated under any circumstances whatsoever.

It's neither good or bad, it's whatever. If they're going to make a coin, somebody with time and coins is going to screw them over
and turn it into a pump and dump scheme.

You are probably right about it paving the way to total financial control which they pretty much have now anyway in all honesty, this is also what i think the harder they try cut bitcoin out or copy it is just going to make it stronger. I like the name freedom and that suits the project an awful lot. Long live bitcoin/freedom ;)  It is time the old makes way for the new..

I agree it's not about to die. It's got enough momentum to be around for the foreseeable future. But it could see some changes in time if it were necessary. Many will copy or implement their own versions (read: blockchains) but they're not about to replace Bitcoin.

This already happened to bitcoin.

There are thousands of other crypto currencies and not one of them have overtaken Bitcoin in popularity, what makes you think another random one will.  jsut because it is sponsered by IBM, doesn't mean that it will stick.

Of course it can be defeated, people can do it very easily and there is dozen ways to bomb bitcoin functionality. First of all bitcoin itself is indeed quite safe as long as network operates but bitcoin without its satellite services are just and 'experiment' so if government really want to spoil bitcoin they simply need to 'regulate' bitcoin related business.