Serious question - Corp Coin

[gentlemand]

can't simply build a network like bitcoin, overnight, no way

True.

Just because a corporation backs something doesn't mean you're going to get more people into crypto than Bitcoin.  And in fact, I think what probably would happen is they will just end up creating more awareness and adoption of bitcoin.

The OP assumes that tens or hundreds of millions of people would rapidly end up using corporatecoin. If that was the case then you sure as shit would need it to be absolutely 100% bulletproof from minute one. That's not exactly the easiest thing to rustle up from nowhere.

All money, especially new forms of it, lives and dies on faith and trust. Every day it's above ground, Bitcoin earns more. You can't replicate it and you can't transfer it. It's a long, hard road to get to a position where people will feel comfortable.

Considering the track record of hacks and data breaches among some of the biggest governments, banks and corporations, I can't see the masses flocking on the strength of a couple of quirky youtube vids.

[jonald_fyookball]

Flagging for admin action, since this belongs in the altcoin subsection.

GTFO

he's positing a hypothetical. there is no actual corp coin.

[bitnanigans]

The most important question for Corp Coin is how would it benefit the corporation? Corporations are most certainly not benevolent.

[Bit_Happy]

Who are your nodes? At the core of bitcoin is a voluntary distributed network. Without this it is nothing like bitcoin.  This is why a corporate coin will not work. It would have to be a centralized currency that only works at their store. In other words, it's a coupon. 

I would never even consider using another system unless it was a decentralized, distributed network that is not tied to identity. It must work in all countries and at many outlets, and must be beyond the control of any entity. No business is going to fund such a coin as they will have no advantage using it. The war is over and bitcoin won.

Well said, "Amazon credits" or "Google tokens" can never start to replace the power of a decentralized, Bitcoin network.

[saddampbuh]

no reason to do this except for a new generation of assholes fooling themselves they're going to be early adopters and become rich, if the coin is to be an exact copy of btc the company should promote the authentic btc, buy , hold , integrate with their system

this would be mined and dumped for btc like almost every other alt and then forgotten about

[DooMAD]

Flagging for admin action, since this belongs in the altcoin subsection.

GTFO

he's positing a hypothetical. there is no actual corp coin.

Yes, a hypothetical alt coin. It still belongs in altcoins section.

The question being posed is "would scenario X be a threat to bitcoin?", so personally I'd leave it here.  That's just me, though.  Mods might see it differently.

As for the answer, I can't see that there would be much of an incentive for a company to accept payments in a currency that they had literally just created.  It would basically be like giving away free product.  It's the same reason companies wouldn't just suddenly let customers create their own 'buy one get one free' coupons/vouchers and use them whenever they wanted.  Your losses would naturally exceed any potential profits you might make from the increased attention.

[johnyj]

Corp coin like Applecoin or Intelcoin or Ebaycoin etc... all have a fundamental problem to solve: The coin's value

Apple can back the Applecoin's value by one iphone 6. However, if everyone is able to produce apple coin through apple miner, then Apple will be giving out 50 iphone 6 every 10 minutes. So, the mining cost of one Applecoin must be as high as iphone 6's price $700, so that apple won't have a drain of their wealth quickly

However, if I have to spend $700 to mine Applecoin then purchase iphone 6, why don't I just directly purchase iphone 6?

If no one is backing corp coin, then its value will be decided by the mining cost, and it will take corp coin many years, maybe forever to reach bitcoin's total mining cost today. However, if a corporation back the coin with their products, the coin's value will be fixed by their products, thus lose the most attractive character of bitcoin: Long term price appreciation potential

[jonald_fyookball]

Lets say Google creates "Googlecoin" tomorrow
and promotes the shit out of it on their homepage,
and even claims its "superior to Bitcoin".

a LOT of people are going to hear about it.

Some people will start mining it.

But then, there's going to be a tremendous
buzz and debate -- is it really better than
Bitcoin?  Bitcoin will have a stronger network,
more merchants, more distribution, more security.

So unless Googlecoin is truly superior in some
way, everyone is going to be asking themselves:
"Shouldn't I just go with Bitcoin instead"?

[monsanto]

IMO most important aspect of bitcoin is ability to skirt currency laws as much as possible through decentralization. Your company would expose itself to legal problems.

[hua_hui]

You are gonna waste your money and just create altcoin following the upgrade step of bitcoin. You know that a lot of bitcoin's venture capital is injecting thousands of millions of money to its ecosystem.  Bitcoin is still the leading cryptocoins. How can you compete with Bitcoin? I wonder that how can you convince your stakeholders to make such decision of creating a clone bitcoin rather than following other companies' step?

[Amph]

Lets say Google creates "Googlecoin" tomorrow
and promotes the shit out of it on their homepage,
and even claims its "superior to Bitcoin".

a LOT of people are going to hear about it.

Some people will start mining it.

But then, there's going to be a tremendous
buzz and debate -- is it really better than
Bitcoin?  Bitcoin will have a stronger network,
more merchants, more distribution, more security.

So unless Googlecoin is truly superior in some
way, everyone is going to be asking themselves:
"Shouldn't I just go with Bitcoin instead"?

still i can't see the point of all this, i mean as long as there is one good decentralized currency i'm fine, it doesn not really matter if it replace bitcoin or not

but then again, why it should replace it when it is offering exactly the same thing? also it is better for the big companies to adopt bitcoin instead of wasting time and money by creating a clone of it

this is just a no-sense scenario, and it will never happen

[Xialla]

corporations:

1* can start using bitcoin instead of your "corp coin", just because established development team and whole infrastructure behind
2* simply create and start using own internal coin for them and partners.

I really don't see any reason, why they should use something, what is described by OP here..

[turvarya]

I think, one of the biggest flaws in your logic is, that you would not reach the hashing power of the BTC network by giving away free usb-miners. It's the same discussion as saying a big cooperation could just build there own miners and make a 51% attack on Bitcoin. They can not. They don't have the resources. They can't just build something similar to something that was build over years, regardless at how much money they throw at it.
On the other hand: Some BTC-miners could easily attack your corp coin.