CITIBANK DEVELOPING ITS OWN CRYPTOCURRENCY

[LiteCoinGuy]

their own crypto? like an Intranet? cool! my company has an intranet too 

[dothebeats]

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

Probably, because who wants to use a currency that is developed by a bank? Heck, most of us are only forced to use fiat just to make our financial transactions. And also I don't think many people wouldn't see the use of it. Bitcoin isn't that widely-used yet; not even known to many places in the world. So why would a bank create another one knowing that its predecessors are not that widely-used by people yet?

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.

Bitcoin's main asset is the block chain public ledger. The technology in it is what lures other financial institutions to create a similar thing thinking that it would also be big as bitcoin, but no. I agree with you on the decentralized function, but I don't think the general public is even caring in that matter.

[Blawpaw]

This can really be a good thing for cryptos! If the Industry starts to design its own coin for each sector that would be good for Digital currencies!
Currently with almost a thousand altcoins competing to be the One, many developers sees the future as an opportunity for every crypto project.
So, If Banks start to bet in developing their own currencies, it just might be the beginning of a new financial paradigma!

[Argwai96]

Could they be looking at a developing process like ripple ?  i dont think the public would be able to actually hold the coin, lets call this the citibank internat experiment in order to move funds from location to location.

[ðºÞæ]

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

[tiggytomb]

Good luck to them just because they build it doesn't mean we'll come.  It is good news really as it will spark interest in crypto and will lead back to bitcoin.

[MUFC]

This can really be a good thing for cryptos! If the Industry starts to design its own coin for each sector that would be good for Digital currencies!
Currently with almost a thousand altcoins competing to be the One, many developers sees the future as an opportunity for every crypto project.
So, If Banks start to bet in developing their own currencies, it just might be the beginning of a new financial paradigma!

It might be good for digital currencies but wont do much for bitcoin and most of us here don't care for crappy alts, especially ones created by banks. I don't think we need coins for every industry or niche when bitcoin can cover them all. I think it will only be good by banks creating their own if they save a lot of money and then pass on those savings directly to their customers.

[goxed]

Post suitable for the Altcoins section.

[ThEmporium]

Personally, I had problems with Citibank in fiat currency and their charges are bit higher than the other banks, talking about the Citicoin, no way it will match to Bitcoin digital currency, the way the Architecture designed for Bitcoin main purpose is to decentralized the system, in case of Citibank, they never decentralized any of their transaction methods.

[Amph]

Post suitable for the Altcoins section.

i beg to differ, at least altcoin are decentralized, this crap is far worse, it's fiat on steroid basically

only average joe and who don't know how bitcoin works(and those article that say that knowing how bitcoin work is useless...), will be deceived by it

[leopard2]

that is what we call "Totgeburt" - a stillbirth 

it shows how desperate banks become, very good for crypto 

[nextgencoin]

Post suitable for the Altcoins section.

i beg to differ, at least altcoin are decentralized, this crap is far worse, it's fiat on steroid basically

only average joe and who don't know how bitcoin works(and those article that say that knowing how bitcoin work is useless...), will be deceived by it

So only 99% of the population then.....so nothing to worry about?

[Gyfts]

lol what type of joke is this. By definition, for one, it's not a cryptocurrency, which completely defeats the purpose of it. Secondly, why would anyone trust a cryptocurrency created by a bank? It's literally competing with each other which is counterintuitive.

[pooya87]

you are asking a very weird question in your poll.
it is obvious that everybody would choose bitcoin over any new currency that is created by just copying bitcoin. and Citicoin is just another altcoin that is a copy. the only difference is that there is a big name (citi bank) behind the operation.
it might not even become open source and the bank decides to keep it to themselves and make it centralized.

[Dee007]

Yes here it's very obvious that everyone will choose bitcoin, by here I mean this forum. Go to the public and the results will shock you. As much as I am with peer to peer transactions and as much as I am with decentralization, the truth of the matter, as a customer I will go with a bank because I feel their is something solid behind it.

I know it's hard to accept but I studied business and I understand consumer behavior, if people aren't educated about decentralization, then they will go with Citibank or any other bank in that case.

Need I remind you guys those guys have the resources to promote such currencies, Other than ourselves who will pay the billions to educate and promote Bitcoin for us?

Guys this is nothing less than a hostile takeover of the decentralized coin concept. An elimination attempt if I may.

Don't believe me, ask a complete stranger who they would go with if those 2 coins were available.

That's just my humble opinion, this is what organizations do.

This product/service is successful, get me VP of marketing/finance/PR and tell me what do we need to do to squash these cockroaches.

[samson]

If it's decentralised in that payments can be made node to node just like cash without going through some central authority asking for permission then they might just win the internet and all it's money.

[Dee007]

Won't that be your ambition as an organization.

Microsoft: Internet Explorer Installed on every windows copy, BOOM, Netscape wiped out.