Citicoin

[ransomer]

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.

I'm probably older than you. I guess the difference might be that I live in a country with bank customer protection and I have never in my life heard of anyone losing access to or having their money lost because of hacking, forgetting passwords etc.

Maybe in the country you are in customer protection is worse... but I actually think the real misunderstanding is that you refer to trust on a different level. You see banks as the root of all evil at a macro level... I might agree there (or I might not) but that is not what I was talking about.

My point was that normal people in a developed country like I live in trust the bank to keep their money safe... even if you (and some anarchists don't).

[Blawpaw]

A Coin from Citibank sounds like a moneylenders coin... it will be done only to generate interest and not by the people, for the people.
Citicoin will be an extremelly centralized coin made by banksters and only with the interest of subduing institutions or entrepreneurs in financial dispair...

Citicoin will ever worst than Fiat cash...

[ransomer]

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.

I'm probably older than you. I guess the difference might be that I live in a country with bank customer protection and I have never in my life heard of anyone losing access to or having their money lost because of hacking, forgetting passwords etc.

Maybe in the country you are in customer protection is worse... but I actually think the real misunderstanding is that you refer to trust on a different level. You see banks as the root of all evil at a macro level... I might agree there (or I might not) but that is not what I was talking about.

My point was that normal people in a developed country like I live in trust the bank to keep their money safe... even if you (and some anarchists don't).

I am American, the thing is even in developed countries there is not a huge trust in banks, sure there is FDIC but I am not talking you put money there and it is still there. I am talking about banks manipulating markets and using your money to in the end screw you.

Yes, that's what I thought you meant.

If I had to chose between "you have money... and then suddenly you don't because you got hacked or something else - but at least banks and government never knew you had it, so they could not have ceased it or used it for their own purposes" versus "you have money... and you still do"... I'll trust the latter the most to keep my money safe (and I think the market currently is agreeing with me).

I can see some issues with the fed printing money and so on and on... and I see the point of bitcoin in challenging that system, but let's be honest - our own money also mean something to most of us.

..

But if bitcoins could be held safely in an easy way.... then the whole game changes...

[aso118]

A Coin from Citibank sounds like a moneylenders coin... it will be done only to generate interest and not by the people, for the people.
Citicoin will be an extremelly centralized coin made by banksters and only with the interest of subduing institutions or entrepreneurs in financial dispair...

Citicoin will ever worst than Fiat cash...

They would probably just use it internally / amongst banks as a token to settle transactions. If banks were allowed to print their own money / money equivalent, all hell would break loose.

[Amph]

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.

it would not be so different than altcoin section, a complete mess but with no real purpose, because centralized and too much of a copy of their fiat

i assume that there will be an even worse % of fractional- reserve and internal manipulation if this shit will ever go online

the only good thing would be a stable price, in correlation with altcoin

[gentlemand]

Well without any regulation you think they aren't going to try it? I mean if you owned a bank what would be better than printing your own money?

The governments you're leeching off turning around and biting you on the arse?

[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.

So knowing that citicoin will lead to Citibank fucking you like always is better? Enjoy your cities branded ripple.

I like banks. I find it strange that this bitcoin community is infested with people who thinks banks are bad or evil. Government is the one thing I have a problem with, not banks (or any private enterprise).

Banks are only bad because they are over-regulated to the point that only large banks can comply with all the regulations, and no small banks can be established who would compete with them and offer a better service. This over-regulation is a failure of government, not the banks (even though big banks do lobby for it).

So yes, I will use Citicoin, Googlecoin, Applecoin, Bitcoin, EUR, USD or whatever currency which grants me the most convenience and cheapest cost. May the best product win, as they say.

[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.

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.

Very good points. Regarding security though, this has actually been solved somehow, because all the banks are offering mobile banking. Securing private key strings should be no more difficult than securing online bank accounts or credit card numbers. There is all sorts of sensitive data that is currently stored and sent across the internet securely.

I guess maybe it's the issue of decentralization. You don't have to write down your bank account password, because if all else fails and you do forget it, you can go into the bank in person to reset it. Maybe someone needs to set up a service, insured by the FDIC, which simply holds a master password for you. That way you never write it down or store it on a computer, but you can prove your identity and get it back if you forget it. The master password would give access to your encrypted keys or wallet.

[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.

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.

...come to think of it, all we need to do is apply bank level security to exchanges, and logging into your coinbase wallet is no different than accessing your bank account online. I believe some exchanges are starting to be insured too. Just takes time for reputable exchanges to get established and to apply the security. I bet there are plenty of companies out there that all they do is provide security systems for banks.

[misterycoins]

I think all financial institutions are going to need a cryptocurrency in order to eliminate inefficiency. They'll need it to just to be able to compete in the market.

[cogabonito]

"Real CryptoCoin Users" are not gonna use that centralized bank shit. So it's just another shit altcoin.
Never mind it. (If they make it mineable by everyone, I'll mine & dump it to kill.)

[roadbits]

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?

If their cryptocurrency is not decentralised then it instantly loses all appeal. The whole point is that it is not controlled by one central body.