Citigroup Is Testing Its Own Bitcoin: 'Citicoin'

[coinableS]

I really don't get it, this seems stupid. Who is going to mine Citicoin? No one, except for the company CitiBank. So it will be entirely centralized and defeats the whole purpose of trying to mimic the way the blockchain works. How long is it going to take these guys to realize that someone has already tried this, they're called altcoins shitcoins.

[PenguinFire]

Will City Wok be accepting Citycoin?

Haha but I still think there is more hate than their should be.  Citi has a huge call center where I live.    I wish they called me back after a short interview.    Basically, there is no harm in this.  Just let them do there thing and either it works or doesn't. 

[jbreher]

I wonder what their angle is? 

He described Citicoin, as “an equivalent to Bitcoin,” and said it’s “up and running” within company labs in an effort to give Citigroup a head start. “It’s in the labs, but it’s to make sure we are at the leading edge of this technology and that we can exploit the opportunities within it.”

Maybe there will be something shady about the coin, like a pre mine or something. 

Oh. Yeah. I see it now.

[knight22]

Citicoin and next will be BoAcoin then HSBCcoin ending up with being a bunch of altcoins that no one really cares.

[pooya87]

i have heard about banks talking about blockchain technology and using it for their own, but this is very interesting that this financial banking group is actually doing this.

but from what i understood from the article, the technology is just going to create a copy of bitcoin (like an altcoin) and only be used by the bank, since they say the intention is just to move money fast overseas and i think it is only going to be used by the bank. so it is not going to be anything like bitcoin. it looks like they are just trying to make their banking system more efficient.

[sgk]

This will most likely not be a coin that people can actually use, transfer or trade.

What they might be planning to do is to use the block chain tech and Citicoin as a backbone of their money transfer system, so the coin will always remain their internal asset rather than a public currency.

This may make it easy for them to transfer their money across the globe but regular users will hardly notice what's happening behind the curtain.

[Kprawn]

Well, well... That was one of my predictions in one of the other threads..

Satoshi made it so easy for them to do this.. There are no Copyright or intellectual property rights on the Blockchain technology, since Satoshi is not a round to claim it. All indications are that Satoshi created Bitcoin as a counter for the banks, and now the banks will use this technology to grow even stronger and more powerfull.

The banks have a advantage over Bitcoin, because they can just force this as a service to their already established customer base. Bitcoin has to build from the ground up and fight the shills and the copy cats, to get to the top. 

The world is moving to a cashless economy and Satoshi just made it easier for this to happen. 

 

[jbreher]

The banks have a advantage over Bitcoin, because they can just force this as a service to their already established customer base.

I'm not sure that is an advantage they hold. We Bitcoiners control the largest application of computing power humanity has ever applied. What do the banks have? A big bag of fiat, and the ear of the lawmakers.

If they truly implement a crypto as we know it, how will their blockchain be secured? Have they invented a new approach? Or will there be mining? Or even worse, just a centralized authority writing the ledger? And if mining, how is their network going to stand up to an infiltration of miners from outside their walled garden?

[Amph]

Citibank = ($1,231,154,000,000)

http://www.moneyeconomics.com/top-10-by-total-asset-citibank/

this was my source for  above.


Bitcoin =      ($3,819,228,000) 

 http://www.bitcoincharts.com/

I did 14.358 mill coins x 266 usd



So Citibank has  322x the value  Of BTC


Plain and simple they can crush BTC if they want to, my gut tell me  it could be a very rough time for Crypto Coins  if banks adapt  the tech and attack the coins with a winner take all strategy .

yet they cannot replicate the decentralized nature of Bitcoin, which is the whole point that really differentiate it, every centralized system is not better than bitcoin, no matter the marketcap

what they have right now, it isn't somethign very different than an enhanced fiat, actually it is just that

[Stn]

Many banks (or bank alliances) got their own pocket "westernunions". That may be the case. They may issue those coins in old school way (with guarantee deposits), set up fees as they like and use just blockchain mechanism to run it.

[Mellnik]

Great, now every bank pulls out its own shitcoin and in the end we end up with so many bank shitcoins that the hole system is useless.

Fucking banks.

[Amph]

Great, now every bank pulls out its own shitcoin and in the end we end up with so many bank shitcoins that the hole system is useless.

Fucking banks.

it's not so different from what it happened in the altcoin section, they coem late to the party, it will fade away eventually like it was for other altcoin

i doubt they can come up with something truly original and not a shit copy of bitcoin, which is also centralized

[aarons6]

Many banks (or bank alliances) got their own pocket "westernunions". That may be the case. They may issue those coins in old school way (with guarantee deposits), set up fees as they like and use just blockchain mechanism to run it.

this is what i was thinking and it wouldn't be a bad idea..

the bank makes a coin. its not a minable coin, so they have access to them ALL.

how these coins would work is, say you want to send someone money.. you would go on their website and "buy" whatever money value you need..
now since these are based on bitcoin, they would probably work the same way, so you have a wallet. you can store them and send them and do whatever.
the bank would most likely set the base price for these.. altho there might be a market, why not ?

the way i can see the bank making money on this is if they charge a cashing out fee..

[ransomer]

This will most likely not be a coin that people can actually use, transfer or trade.

What they might be planning to do is to use the block chain tech and Citicoin as a backbone of their money transfer system, so the coin will always remain their internal asset rather than a public currency.

This may make it easy for them to transfer their money across the globe but regular users will hardly notice what's happening behind the curtain.

Yeah, maybe the idea is that this could lower their costs a lot, and also the costs for the customers while still having the trust (of refunds if something goes wrong etc.) and personal interactions with actual people.

Their take might be that the bitcoin will have to build the user interface....because they have the internal mechanisms (the blockchain) already.

The bank on the other hand, have the user interface already, and are now building the internal mechanisms..

..

That might be their thinking.

[bitcoinmasterlord]

I know already what will happen. When one or more of these coins are established then the banks will lobby the governments to forbid the unregulated coins. Reasons might be terrorism, money laundering and so on. Of course they do it in order to gain money.

This happened before with so many things, i don't even want to think about.

[shanem]

I think any coin issued by bankers will fail very badly unless it is for the bank internet use.
Most people who adopt cryptocurrency hate bankers, why would they adopt a coin issued by a bank?

[ðºÞæ]

Great, now every bank pulls out its own shitcoin and in the end we end up with so many bank shitcoins that the hole system is useless.

Fucking banks.

No Bank or Government will ever create a minable coin that is just a fact.
Not only Banks and Governments will create there one non-minable coins.

[astrobitcoin]

i believe that once banks and financial institutions will have full control over a blockchain based and mass adopted coin, humans will be doomed as fuck even worst than with capitalism

[JohnnyBTCSeed]

Plot twist.

Satoshi and his game theory saw this. The banks are now pulling a if you cant beat em join em.

Question,

 is it easier to directly link your citibank account to bitcoin?

Or

Directly trade your bitcoin for an altcoin called citicoin?

This move could be a very very good thing for bitcoin

[Fuserleer]

CitiCoin sounds too close to ShittyCoin for this to be serious hehe