Big banks creating Bitcoin alternative

[techmanuk]

This article caught my eye earlier: http://www.wired.com/2015/12/big-tech-joins-big-banks-to-create-alternative-to-bitcoins-blockchain/

Seems that big banks want in on the idea of the Blockchain, but are opting against Bitcoin.

[Minecache]

Can Bitcoin and alternatives not co-exist?

[techmanuk]

Can Bitcoin and alternatives not co-exist?

Of course they can. Altcoins are existing proof of this.

Just found it interesting that the big banks and companies like IBM have learned a valuable lesson from Bitcoin and thought I'd share.

[shanerc563]

Of coarse Big banks want to get into this so they can make money on it.  There is no way they can get in now and make the millions to billions they are looking to make in a transaction like this, so they will try to start their own.  Ripoffs!

[countryfree]

Wrong title!
 
What the big banks are creating is not a BTC alternative, nor is it against BTC at all. BTC is a cryptocurrency with an open public ledger. The big banks are creating a large distributed record book, but it won't be public (it's only for big banks), and it won't be associated with a cryptocurrency.

I like it. The big banks are doing their thing, and they don't mess around with BTC.

[Yakamoto]

Wrong title!
 
What the big banks are creating is not a BTC alternative, nor is it against BTC at all. BTC is a cryptocurrency with an open public ledger. The big banks are creating a large distributed record book, but it won't be public (it's only for big banks), and it won't be associated with a cryptocurrency.

I like it. The big banks are doing their thing, and they don't mess around with BTC.

I agree, as long as the banks do their own thing, and are not interested in doing anything to Bitcoin, it is fine by me.

the thing I don't like about them building a public ledger is that it may make it so that neighbors compare bank accounts too much, and could lead to more robberies or other similar crime in the future.

I'm sure they could probably find a way around that, but it just seems a bit too good to be true, and would probably work fairly poorly in reality.

[bubble83]

Wrong title!
 
What the big banks are creating is not a BTC alternative, nor is it against BTC at all. BTC is a cryptocurrency with an open public ledger. The big banks are creating a large distributed record book, but it won't be public (it's only for big banks), and it won't be associated with a cryptocurrency.

I like it. The big banks are doing their thing, and they don't mess around with BTC.

Big banks could use a large tamper proof distributed record book, but don't want to pay for the running costs of mining the bitcoin network. They have their R3 blockchain group which recruited bitcoin core developer Mike Hearn to make a system that's 100% under their control because they can't control bitcoin.

[eternalgloom]

Wrong title!
 
What the big banks are creating is not a BTC alternative, nor is it against BTC at all. BTC is a cryptocurrency with an open public ledger. The big banks are creating a large distributed record book, but it won't be public (it's only for big banks), and it won't be associated with a cryptocurrency.

I like it. The big banks are doing their thing, and they don't mess around with BTC.

Indeed, they're just planning on using the blockchain internally as their own ledger to reduce costs and improve on efficiency. There might also be other applications.
I've seen similar articles a while back, isn't really something new.

Banks could use bitcoin technology by next year: study (Nov 11, 2015)
Big banks consider using Bitcoin blockchain technology (Sep 17, 2015)
Why Banks Are Testing Bitcoin's Blockchain (Without Bitcoin) (June 1, 2015)

[franky1]

banks just want a better system so they can sack their 'fraud teams' 'internal investigation teams' 'security teams'

so that all they need to do is post a hard drive to each bank branch (node) and the bank manager plugs it in to hold more data as the bloat increases, which could do away with even 99% of the tech support team too

[tokeweed]

What's the Linux Foundation's role in this? 

[Hellacopter]

I think big banks learn from the Bitcoin's success nowadays and they take the advantage to create their own crypto currency, but i don't think that's can really success , there is a lot of altcoins but only Bitcoin still in the top till now

[franky1]

What's the Linux Foundation's role in this? 

banks want linux code, so probably getting lots of free code samples and idea's from that community

[fr4nkthetank]

I think its more about the blockchain, they are seeing if they can use it in their business.  for example a lot of OTC contracts are traded, swaps, etc.  these are cleared by a clearinghouse and you have a lot of credit risk, counter party risk, etc.  But with the blockchain...it could change a lot of things for them.  I dont think they care about bitcoin.

[biggbox]

They are interested in the technology that backs bitcoin, the blockchain. But depends on how the media spins this, may make coin prices rise again.

[P4ndoraBox7]

For sure they dont want Bitcoin they want to screw us instead because they cant with bitcoin hahaha xD

[Rizky Aditya]

This article caught my eye earlier: http://www.wired.com/2015/12/big-tech-joins-big-banks-to-create-alternative-to-bitcoins-blockchain/

Seems that big banks want in on the idea of the Blockchain, but are opting against Bitcoin.

This is just going to be another altcoin that fails miserably. For one of these other coins to do well, it needs to offer more than what bitcoin can offer. Bitcoin has covered pretty much everything, so these coins have like no chance.

[cellard]

Wrong title!
 
What the big banks are creating is not a BTC alternative, nor is it against BTC at all. BTC is a cryptocurrency with an open public ledger. The big banks are creating a large distributed record book, but it won't be public (it's only for big banks), and it won't be associated with a cryptocurrency.

I like it. The big banks are doing their thing, and they don't mess around with BTC.

Big banks could use a large tamper proof distributed record book, but don't want to pay for the running costs of mining the bitcoin network. They have their R3 blockchain group which recruited bitcoin core developer Mike Hearn to make a system that's 100% under their control because they can't control bitcoin.

This is why I can never trust Mike and Gavin, they want to please banks and the stablishment, they have no vision on Bitcoin being a censorship resistant tool which was the original idea by Satoshi Nakamoto. I cant believe Greg Maxwell has apparently left the project because he got frustrated with them, he was one of the guys that had the right vision..

[botany]

This article caught my eye earlier: http://www.wired.com/2015/12/big-tech-joins-big-banks-to-create-alternative-to-bitcoins-blockchain/

Seems that big banks want in on the idea of the Blockchain, but are opting against Bitcoin.

This is just going to be another altcoin that fails miserably. For one of these other coins to do well, it needs to offer more than what bitcoin can offer. Bitcoin has covered pretty much everything, so these coins have like no chance.

They are not looking to create another altcoin. They are just looking at the technology to facilitate settlements - in applications like stock exchanges and other financial products. They see the blockchain technology as a means to cut costs, and nothing more. 

[franky1]

This article caught my eye earlier: http://www.wired.com/2015/12/big-tech-joins-big-banks-to-create-alternative-to-bitcoins-blockchain/

Seems that big banks want in on the idea of the Blockchain, but are opting against Bitcoin.

This is just going to be another altcoin that fails miserably. For one of these other coins to do well, it needs to offer more than what bitcoin can offer. Bitcoin has covered pretty much everything, so these coins have like no chance.

your definition of altcoins is limited to the view of open source 'shitcoins' that people make as pump and dumps, without any infrastructure or purpose..

but if you use the term 'alternate blockchain with a unit of measure'..(which is technically an altcoin, but not refering to the shitcoins) you will start to see outside the box of all them shitcoin pump and dumps.

and you will start to see that another blockchain used correctly with its own infrustructure that solves an actual purpose, is useful for that purpose. bitcoin solves one purpose. but it doesnt solve everything..

imagine a land registry chain. where the purpose is not speculative value, is not to buy products. but were each microunit of measure is registered as an acre of land. where the address owner holds all his acres under his address and anyone can see who owns what acre of land.

selling land can be as easy as a transaction.

 

[tokeweed]

Wasn't IBM involved in Ethereum at one point?  So would we be seeing an Ethereum fork in the future?  Or are they starting from scratch?