CITIBANK DEVELOPING ITS OWN CRYPTOCURRENCY

[Dee007]

 

You think a bank developing its own cryptocurrency will have any impact on Bitcoin?

https://www.cryptocoinsnews.com/citibank-developing-cryptocurrency/

What do you think?

[Kazimir]

*sigh*

By definition of cryptocurrency, there is no such thing as someone's "own cryptocurrency".

With "its own version of Bitcoin", they probably mean: a Citigroup-controlled clone of a money system whose main property is that it isn't controlled by anyone.

Banks still don't get that this is a contradiction. They can't own or control Bitcoin, and if they create some alternative that they do own or control, it misses the most important, fundamental property of Bitcoin.

[Dee007]

@Kazimir

I can't agree more, they want control. They call their Crypcoin Citicoin and the ledgers they want to control.

I just hope that people grasp the concept of decentralization and not fall prey to these means.

[RappelzReborn]

Just another thread with the same subjet .
Look , Basically Bitcoin & the Blockchain technology = be your own bank , a bank creating their own "Crypto currency" means they aren't doing anything new , they will still ahve control on your money and there is no decentralisation . so screw it

[randy8777]

@Kazimir

I can't agree more, they want control. They call their Crypcoin Citicoin and the ledgers they want to control.

I just hope that people grasp the concept of decentralization and not fall prey to these means.

of course they want to control everything. it has been like this for so many years already. it's not going to change. they want the benefits from a currency like bitcoin, but not lose control. it's simple.

[Dee007]

Me and you know that, I just hope the other 75% figure it out. Only 25% of the people know that the initiative of Bitcoin is to decentralize it and have heard of Bitcoin.

They have a huge advantage, oh well,

Time will tell I guess, but if they do pull it off, it's one hell of a concern.

[WhatTheGox]

You think a bank developing its own cryptocurrency will have any impact on Bitcoin?

https://www.cryptocoinsnews.com/citibank-developing-cryptocurrency/

What do you think?

Its probably bullish for bitcoin, anything that brings in more people to digital currency is good.  We just have to make sure bitcoin is a better alternative to whatever centralized crap they put out.

[TinEye]

@Kazimir

I can't agree more, they want control. They call their Crypcoin Citicoin and the ledgers they want to control.

I just hope that people grasp the concept of decentralization and not fall prey to these means.

i don't think they care, they are doing it because of the opportunity to cut the cost on transaction and saving time, they were always interested in the blockchain technology and not in bitcoin itself, so making something like this make sense for them, pretending that a centralized authority could build a decentralized system, ever, seems silly to me

[doc12]

So whats the point using a blockchain without decentralisation/mining    Why not use a simple encrypted database lol.  

Its funny how banks and corps are trying to ripoff Bitcoin technology, seems like they dont understand that its not possbile to have a secure blockchain without mining.

[WhatTheGox]

So whats the point using a blockchain without decentralisation/mining    Why not use a simple encrypted database lol.   

Imitation is the sincerest form of flattery as they say.  If they make fake bitcoin maybe people will buy into it they hope.

[Dee007]

I guess because the 75% of the public don't know this, therefore for them it's just a virtual currency. THey don't want to know about the technicalities, they just want to touch the surface, we're using Cryptocurreny.

Before I got into crypto currency I heard about it, I knew nothing about decentralization until I dug in because I wanted to mine it.

Im assuming your average consumer is the same, he just wants the latest, he doesnt care if its centralized or not. Me and you do, sure, cause we are councious.

However, your average joe, what do you think he'll trust in Cryptocurrencies, an established bank or .....

[chupatolas]

well they will all try to make a personal coin but they need us community to support it ,even those coin being controled it will need interest otherwise they will use just the coin between them

[doc12]

Even if the banks establish a cryptocurreny for everydays payments I dont think it will harm bitcoin.

IMO bitcoins future is not in everyday payment for average joes, but in secure store of data and services build on top of the blockchain (Stock exchange for example).  

Maybe its possible to build a payments system for everyday use on the top of bitcoin, but it makes no sense to make micropayments directly on the bitcoin blockchain. How big the blocks will have to be to handle all the payments in the world ?

[okae]

*sigh*

By definition of cryptocurrency, there is no such thing as someone's "own cryptocurrency".

no thing more to say, to do that is to kill the basic porpuse of the BTC, so im with you man!

ofc my vote is for BTC, they can try whatever they want but ppl will never choose someone who own his "own cryptocurrency", no, they already loose this battle, or come with us or they will fail.

[dothebeats]

They can put or set up any price they like for that coin they are developing, the question is, will people accept it and use it? A cryptocoin that is controlled by a financial institution or entity is more likely to be disagreed by people because the concept of a cryptocurrency (which was started by bitcoin) is to be a "trustless cash system wherein you don't need to trust others to hold your money for you" and "a decentralized, peer-to-peer currency that is not being controlled by a single entity or a group of individuals."

[Gervais]

*sigh*

By definition of cryptocurrency, there is no such thing as someone's "own cryptocurrency".

Why not? I'm not sure a currency has to be decentralized to be a crypto, just employ or rely on cryptography to produce and safely send/store the coins which it almost certainly will. Sure, bitcoin and most alt coins rely on decentralization but those ones can just be known or called decentralized crypto to distinguish the two.

[Herbert2020]

the only impact that this can have on bitcoin is that more people would hear about the technology and where it came from which leads more people to know bitcoin.
other than that it is just going to be some kind of altcoin which is in control of the bank itself for doing its money transactions.

[Emerge]

So basically they're just using this technology to ease online banking, not really to make their own currency.
It'll probably pegged to a dollar or to whatever currencies they're dealing with

[Q7]

They are merely using the blockchain technology and nothing else. Doesn't mean that it will be in direct competition with bitcoin nor will it affect bitcoin price. Even if they have their own cypto what people are still interested in is the decentralized function. Not having that doesn't sound like crypto in the first place.

[JJB]

They are merely using the blockchain technology and nothing else. Doesn't mean that it will be in direct competition with bitcoin nor will it affect bitcoin price. Even if they have their own cypto what people are still interested in is the decentralized function. Not having that doesn't sound like crypto in the first place.

Would they even need their own coin? Couldn't they just tweak the blockchain tech and use it without it? The coins are just a reward to incentivize miners but banks will surely just use their own computers and their incentive is the money they will save using this system. A bank mining their own coin would be pointless in my opinion and essentially worthless.