Citicoin

[PenguinFire]

I work for Citi bank at a call center... No one even knows of this new alt coin.    I find it funny and don't mention bitcoin at work.

[1715052327]

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[1715052327]

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[Mowcore]

I work for Citi bank at a call center... No one even knows of this new alt coin.    I find it funny and don't mention bitcoin at work.

"Could PenguinFire please report to the Admin office first thing Monday morning"

[pooya87]

She basically explains it nicely
https://www.youtube.com/watch?v=KdIOrMYWBIY

• What do you think with all the mass media can they be better than bitcoin?
• Would you invest in citicoin?

i can't watch the video right now but from what i have read about citicoin before it was my understanding that it is not like any cryptocurrency that you and i can buy / sell or invest in.
the bank financial group working on it said that we are going to use it to have faster and more secure transactions.
besides banks aren't going to make anything that is decentralized like bitcoin that lets you seperate yourself from needing banks in the first place.

[Jhacker]

I work for Citi bank at a call center... No one even knows of this new alt coin.    I find it funny and don't mention bitcoin at work.

"Could PenguinFire please report to the Admin office first thing Monday morning"

Heh. That's why you never use your real name online, at least on forums like these.

[Jhacker]

Blockchain technology allows for making transactions and recording transactions much simpler and easier.

What is missing is the safety net assuring that people's money are safe.

...

Bottom line of those two things...

A bank can use the blockchain internally to make it's processes much cheaper. And it has the consumer trust and insurance that people want that their money/btcs/ctcs are safe no matter what.

On the other hand bitcoin... has the same blockchain technology, but only really nerds like us in here feel somewhat capable of keeping wealth in bitcoin... normal people would run screaming away if they understood the troubles of keeping bitcoins safe themselves...

So - for the average consumer.... citicoin might have a huge advantage right now...

Except for people who use bitcoin as a protest against the federal system etc instead of for its efficiency properties.

Bitcoin needs to quickly come up with better security measures for individuals... that is basically the interface between the currency blockchain and the consumer.... just like with the internet and many other things we had the technology first, but it did not at all take off until the interface was userfriendly enough...

Let's go.... get that sorted.... so that bitcoin has a chance...

There is no shortage of bitcoin startups attempting to solve these problems. My question is why we are not seeing quicker adoption. Merchant processors, etc. need to be hiring more and better sales people. The market is wide open.

[gerXhonza]

She basically explains it nicely
https://www.youtube.com/watch?v=KdIOrMYWBIY

• What do you think with all the mass media can they be better than bitcoin?
• Would you invest in citicoin?

With mass media anything is possible so I would not rule it out that they can be more popular than bitcoin, remember the largest percentage of people are all sound asleep and brainwashed to believe what them crooks tell them. Will they be better than bitcoin, NO not a chance of course not.

Depending if there was money to be taken away from the banksters then yeh I would invest for a quick profit to dump and get the funds back in bitcoin, we need to realise we are such a small amount of people who believe in bitcoin.

[pedrog]

shiticoin tooooo daaaa mOOOOOOOOON!

This is pretty funny if you say it with a Chinese accent.

[LiteCoinGuy]

shiticoin tooooo daaaa mOOOOOOOOON!

This is pretty funny if you say it with a Chinese accent.

they posted a logo.

[MadAlpha]

Yes, I will definitely invest in Citicoin, or any coin launched by a large corporation. That just gives it so much more credibility than coins launched by bunch of anonymous scammers.

[Xialla]

my first impressions was (after watching this sexy brunette articulating and acting like for bunch of stupids in bar), that is is joke..obviously not.

related articles:

techcrunch: (http://techcrunch.com/2015/07/07/citibank-is-working-on-its-own-digital-currency-citicoin/)
ibtimes: (http://www.ibtimes.co.uk/codename-citicoin-banking-giant-built-three-internal-blockchains-test-bitcoin-technology-1508759)

anyway, if somebody wants to stick to this coin, instead of this just create account in citibank and don't even bother yourself with something called freedom and privacy.

[AtheistAKASaneBrain]

I honestly don't need to open the article or read anything to tell you exactly what this is, it is a coin controlled by a bank and will act no different than a bank account. They can freeze funds and control the future of the coin all by themselves and has nothing to do with crypto or bitcoin.

Edit: I went back and watched this and what I found was not what I expected, an educated person who understands citi banks plan. Hopefully bank issues coins like credit card brands isn't the future when an already better alternative exist.

Same. Im laughing at all those jackasses trying to create their own BTC instead of embracing the real one. There's no better way to end up like Kodack, Compuserve and all those idiots that opposed to real disruptive technology than not using BTC and creating your own shitcoin.

[ransomer]

Blockchain technology allows for making transactions and recording transactions much simpler and easier.

What is missing is the safety net assuring that people's money are safe.

...

Bottom line of those two things...

A bank can use the blockchain internally to make it's processes much cheaper. And it has the consumer trust and insurance that people want that their money/btcs/ctcs are safe no matter what.

On the other hand bitcoin... has the same blockchain technology, but only really nerds like us in here feel somewhat capable of keeping wealth in bitcoin... normal people would run screaming away if they understood the troubles of keeping bitcoins safe themselves...

So - for the average consumer.... citicoin might have a huge advantage right now...

Except for people who use bitcoin as a protest against the federal system etc instead of for its efficiency properties.

Bitcoin needs to quickly come up with better security measures for individuals... that is basically the interface between the currency blockchain and the consumer.... just like with the internet and many other things we had the technology first, but it did not at all take off until the interface was userfriendly enough...

Let's go.... get that sorted.... so that bitcoin has a chance...

There is no shortage of bitcoin startups attempting to solve these problems. My question is why we are not seeing quicker adoption. Merchant processors, etc. need to be hiring more and better sales people. The market is wide open.

Because people hesitate to put serious money into bitcoin because they cannot keep them safe. For now many see it as a very interesting thing... that they unfortunately only dare move toy money into because of the personal security issues.

The day someone solves security... we will see a massive change in uptake and adoption.

On the other hand, until we solve the security issues, we should not wish for general adoption because the horror stories of grand mothers and janitors etc losing their life saving will be all over the media..... it would be a night mare. Bitcoin is not at all ready for mass adoption when it does not provide a way to keep bitcoin easily safe.

__

I think bitcoin has a first mover advantage in a market that is likely a winner takes all market. There might be a support currency or two, but not even that is certain.

Does bitcoin have sustainable competitive advantage? No, not yet. The personal security challenge is the one I think will determine the race. If bitcoin solves this then in combination with the current first mover advantage.. I think bitcoin will be very very hard to beat. But if another major player solves it first (like Apple and then Android-based phones solved the user interface first for phones and thus all but put the smart phone first movers motorola, nokia, and blackberry almost out of business) then that entity might win the market. This is the absolutely crucial challenge right now.

[S4VV4S]

She basically explains it nicely
https://www.youtube.com/watch?v=KdIOrMYWBIY

• What do you think with all the mass media can they be better than bitcoin?
• Would you invest in citicoin?

Dobry den

My answer is no to both.

Also, I don't think the blockchain serves any purpose to anything centralized.
A simple database will suffice.

[Xialla]

She basically explains it nicely
https://www.youtube.com/watch?v=KdIOrMYWBIY

• What do you think with all the mass media can they be better than bitcoin?
• Would you invest in citicoin?

Dobry den

My answer is no to both.

Also, I don't think the blockchain serves any purpose to anything centralized.
A simple database will suffice.

Ahoj:) (tady si Dobry den nerikame, nejsi ve skole)

why you think, that they will utilize bitcoin blockchain or any other blockchain?

you know, with their finance possibilities, they can even establish several data-centers just for this purpose and create their own blockchain based on bitcoin one, because it is open-source and tune in for this needs.

We can only hope, that for majority of people is freedom higher value than endless consumer comfort. Because, they had literally endless options to handle it, run PR and promote it EVERYWHERE and connect existing services and customer..uff..

[oblivi]

She basically explains it nicely
https://www.youtube.com/watch?v=KdIOrMYWBIY

• What do you think with all the mass media can they be better than bitcoin?
• Would you invest in citicoin?

Dobry den

My answer is no to both.

Also, I don't think the blockchain serves any purpose to anything centralized.
A simple database will suffice.

Ahoj:) (tady si Dobry den nerikame, nejsi ve skole)

why you think, that they will utilize bitcoin blockchain or any other blockchain?

you know, with their finance possibilities, they can even establish several data-centers just for this purpose and create their own blockchain based on bitcoin one, because it is open-source and tune in for this needs.

We can only hope, that for majority of people is freedom higher value than endless consumer comfort. Because, they had literally endless options to handle it, run PR and promote it EVERYWHERE and connect existing services and customer..uff..

The Bitcoin blockchain is the strongest network on the planet, i repeat, the planet. The Bitcoin blockchain is cannot be repeated, because every notorious decentralized currency that's new is prone to attacks while it develops. Bitcoin was able to develop in the shadows since no one took it seriously.
So if they go centralized, all of the good stuff that actually makes the blockchain special it's over. Like the posted said, it's just a simple ledger, it's putting intranet into the internet.
As a bank or business you can either adopt and support BTC or die. Thats the future.

[gentlemand]

I don't understand why people are becoming worked up over this. Bitcoin and this system will never be in competition on a fundamental level.

Citibank aren't going to launch a coin for any old psycho to mine and dump on Bittrex. There won't be anything to 'invest' in.

Its purpose would be to make their conventional banking business smoother and faster and maybe open up some new markets among underbanked countries. All this cool stuff will be denominated or pegged to the same old bunch of currencies with the same old issues.  

If you're anywhere in the EU most banking is already like this unless you have send beyond Euro land. BTC is doing pretty well there despite that.

It would also make buying BTC near instant rather than dicking around with bank transfers. Then your Citicoin balance gets frozen...

[ransomer]

Let's be honest here... the only thing that could make bitcoin a big success is for it to have superior utilities and be first.

The whole ultraliberalist/anarchy angle will not get it there.

So, let's stop pretending that Citicoin cannot succeed because it comes from a bank. Banks are already successful in terms of adoption and have been for decades. Only among a very small percentage of peole is the freedom angle a valid argument.

The key reason why bitcoin could beat the banks is that it has the potential to be the first currency/transfer technology that reduces costs of transfer dramatically and makes holding money easy for the unbanked. This however is still theory for now because the currently unbanked in a clay hut somewhere would have an extremely hard time keeping btcs safe, just like anyone's grandmother in the developed world would.

[Mellnik]

Hope this citi-shitcoin dies off real quick.

[gentlemand]

A bank can use the blockchain internally to make it's processes much cheaper. And it has the consumer trust and insurance that people want that their money/btcs/ctcs are safe no matter what.

That's a joke right??

Wow I consider myself pretty young but you can really tell when someone is young on this forum, consumer trust in a bank. Yeah lets just pretend the whole bank bailout didn't happen and occupy wallstreet was just a small tussle.

That was an abstract concept to many people in first world economies. I wonder whether they even linked recession to it.

Eventually something similar may come along and chew their arse off, but until then as long as money arrives in their account and they can spend it, that's about as far as most get when it comes to conceiving finance.

[scarsbergholden]

This makes me wonder if we are going to see a massive new trend in company based altcoins, lets say what would be stopping walmart from making walmartcoin for all the people that love shopping at walmart.