[2015-07-01] CT - Citi Develops 3 Blockchains with Own 'Citicoin' Token

[tyz]

Banking giant Citigroup, has developed 3 blockchains and a test cryptocurrency dubbed 'Citicoin' to run across them. The bank wants to make sure it is "at the leading edge of [distributed ledger technology]" so it can "exploit the opportunities within it."

http://cointelegraph.com/news/114717/citi-develops-3-blockchains-with-own-citicoin-token

[1714122551]

1714122551

[RustyNomad]

Moore said that the bank has been in talks with governments and regulators about the potential of either a worldwide blockchain distributed ledger network, or even "the opportunity to create a state-backed digital currency in a number of different countries," he said.

This is going to be the biggest obstacle for mass adoption of bitcoin. Yes it will all be centralised and government/bank controlled and yes it will not be the same thing as bitcoin but tell that to the billions of sheeple out there. For most these bank/state digital currencies will be 'far safer and more trustworthy' than bitcoin.

[aso118]

They really haven't revealed much about the features of these coins.

According to Ken Moore, head of Citi Innovation Labs, Citi has been looking at blockchain technology for "the last few years" and has developed "an equivalent to bitcoin" within its labs while mining what it calls "Citicoin."

"We have up and running three separate systems within Citi now that actually deploy blockchain distributed ledger technologies," Moore told the International Business Times. "They are all within the labs just now

If you take "years" to develop an alt, it better have some really good features. 

[fancy_pants]

how is this newsworthy?  It takes a few minutes with a web browser to make your own coin.

http://coincreator.net/

[Kprawn]

Moore said that the bank has been in talks with governments and regulators about the potential of either a worldwide blockchain distributed ledger network, or even "the opportunity to create a state-backed digital currency in a number of different countries," he said.

This is going to be the biggest obstacle for mass adoption of bitcoin. Yes it will all be centralised and government/bank controlled and yes it will not be the same thing as bitcoin but tell that to the billions of sheeple out there. For most these bank/state digital currencies will be 'far safer and more trustworthy' than bitcoin.

It is our task to educate the "billions of sheeple" as you put it, as to the difference between Bitcoin and these FakeCoins. I spoke to a friend of mine a few days ago, and he did not know that the currencies are not backed by gold.. and that happened back in 1970.  So we have a huge task.

Once these people can make a educated discision, they would choose the correct route to real financial freedom.

Banks can make as many Blockchain FakeCoins as they want... Bitcoin was first, and it's the true decentralised currency out there now. 

The sheeple only tasted one flavor for decades, now they have a choice to taste 1000's of different flavors in Crypto currencies. 

[Denker]

Moore said that the bank has been in talks with governments and regulators about the potential of either a worldwide blockchain distributed ledger network, or even "the opportunity to create a state-backed digital currency in a number of different countries," he said.

This is going to be the biggest obstacle for mass adoption of bitcoin. Yes it will all be centralised and government/bank controlled and yes it will not be the same thing as bitcoin but tell that to the billions of sheeple out there. For most these bank/state digital currencies will be 'far safer and more trustworthy' than bitcoin.

Don't worry too much. We have a lot of smart people in the Bitcoin ecosystem. Just look at all the VCs who have invested in it. People who are known from investments in the early internet or companies like facebook, paypal, ebay and many many more. We will be able to inform the people out there through so many channels that I don't worry that the billions out there can be again brain washed by banks.
Furthermore the citibank is talking a lot of hot air imo. If they say they have an equivalent to bitcoin so let us know what are it's features.
Just one more of the few thousands altcoins which already exist.