Citigroup Is Testing Its Own Bitcoin: 'Citicoin'

[francis.cameron]

They have no experience in this. They should have been taking over / buying out an established altcoin or just use BTC blockchain.

They could do that or they can just experiment with open source software and build something of their own. They aren't stupid. It's actually quite cool that a bank is creating coins and testing it out. It means progress is happening in some form or another. They will never touch Bitcoin probably, too much uncertainties in their mind. We know better 

[tiggytomb]

Sad thing is; there will be some dumb people who may buy some and give it small value.   

It may be a reverse ploy by banks to show that crypto won't work - to the general, uninformed public.

Surely they will set the value for citicoin. Probably it will be worth $1 or some bonus points or something like that. You dont really believe they let a coin go free whose price is valued by the market? That would be risky, what to do when it fails? And it would be contrary to how banks work. They SET the price for things.

I agree, they would set the price and then keep that price otherwise it could be complete chaos if it went down to 1 satoshi lol