Big banks creating Bitcoin alternative

[Rubberduckie]

anyway these crooks can get a piece of something they will always
come running lol. Would be interesting to see how a bank backed alt
coin does.

[franky1]

anyway these crooks can get a piece of something they will always
come running lol. Would be interesting to see how a bank backed alt
coin does.

its not going to be a bank backed altcoin sold on crypto exchanges..

its going to be internal use only.. where customers just see a balance on their accounts.. in simple terms they are trying to get rig of sql style databases that greedy employee's fiddled with

[Mr. Forum]

As much as the banks and other financial institutions are in the run for an alternative to bitcoin, I can honestly say that it will not be easy to beat bitcoins from its game. This is a digital currency that has been deeply rooted in peoples mind and is growing day and night irrespective of the negative publicity it is getting.  What I know is that the banks are trying to come up with a currency that they will have control over now that they don't have it on bitcoins.

[USB-S]

anyway these crooks can get a piece of something they will always
come running lol. Would be interesting to see how a bank backed alt
coin does.

its not going to be a bank backed altcoin sold on crypto exchanges..

its going to be internal use only.. where customers just see a balance on their accounts.. in simple terms they are trying to get rig of sql style databases that greedy employee's fiddled with

They simply like the fact, that they have the power to manipulate the flow of money. Even when they create their altcoin, people who know about bitcoin would chew through their idea pretty quickly and would still stick to bitcoin. It should be good news for us if they didn't create an alternative currency and would use blockchain just to move money around, since fiat isn't really that good in keeping its value.

[tobacco123]

Big banks will only create centralised systems which is not the same as the concept of "decentralised" and "trustless" system.

[target]

don't you think they're planing to acquire 51% of btc?

[Bitcoinpro]

they are small banks now because they are approaching obsoleteness

[quentincole32]

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.

that idea seems serious,and it can be really good technology based blockchain,they also know that bitcoin is very good for their project,i hope this match idea can't be really against bitcoin,because it will centralize and controled by big banks.

[Hannu]

In Finland banks got they own qr-code systems (not bitcoin) 

[Slark]

Unfortunately instead on focusing on bitcoin, creating the best cryptocurrency of them all people are once again divide their efforts for personal gain.
We are now seeing how financial institutions create ways to capitalize on blockchains technology, all of this because bitcoin is considered by 'law abiding citizens' shadowy and enigmatic, almost outlaw invention.

[Amph]

don't you think they're planing to acquire 51% of btc?

no way, they need to increase the demand very far to do it, many people ar enot willing to sell their btc at current price

don't do the mistake of thinking that they would just spend 15M bitcoin x $500, is at least x10 that, because the more you buy the more the demand will increase

[n2004al]

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 theme is treated several times in this forum and you can find t many threads or posts regarding it. Anyhow, you are totally wrong. A commercial bank (like the banks mentioned in the article or by you) have any right to create/stamp any kind of currency. So even every such bank will want to do this thing that you mention cannot do it because is against the law. The right to create money have only a Central Bank or an Authority which have this kind of duty but with another name (for example Federal Reserve).

As for the above article the banks want to implement the technology from which is created bitcoin and in which is based the build of blockchain. Named peer to peer (if you don't know it). This a disruptive technology which cut excessively the costs of every kind of technology which replace. The field of its application are unimaginable and depends only from the imagination of the human kind.

[lumeire]

I thought they were after private sidechains? It's kinda not logical if they're gonna pursue a 'bitcoin alternative' IMO.

[USB-S]

In Finland banks got they own qr-code systems (not bitcoin) 

Well, it's easier for Finnish people to get used to bitcoin then...

[Cateinyard]

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?

Microsoft is involved with Ehtereum with its Azure system. I never heard about the involvement of IBM.

[amacar2]

Can Bitcoin and alternatives not co-exist?

Yes altcoin and bitcoin can co-exist but what if those banks releases the blockchain based cryptocoin than we can't exactly call them as cryptocoin. They all will be centralized and their supply will be limited to total fiat they have in their bank. So i don't see any difference between the banks so called blockchain based coin and fiat we have now.

[Lauda]

I don't know why people are afraid of this. One of the main reasons for which I'm personally using Bitcoin is because there is no centralized party and there are no corrupt banks involved. Obviously if they create a viable alternative, it is going to be under a fixed 'set of rules' that you have to follow (after which using it does not make much sense).

Yes altcoin and bitcoin can co-exist but what if those banks releases the blockchain based cryptocoin than we can't exactly call them as cryptocoin. They all will be centralized and their supply will be limited to total fiat they have in their bank. So i don't see any difference between the banks so called blockchain based coin and fiat we have now.

No anonymity/privacy, no decentralization. It's most likely going to be worse than the existing systems.

[EdenHazard]

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.

no i dont think they will create something like bitcoin or against bitcoin,maybe they just will create another crypto currency,and will not same as bitcoin,even that using and based blockchain technology.

[knightkon]

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.

I agree with this; the bottom line is that the Banks want Bitcoin under their control and can not have it like that, so they are pissed and are working on something similar to Bitcoin on the back end.  Don't be fooled, they are working on something which is why we need to encourage Bitcoin use now so that when they launch, they crash.

[LiteCoinGuy]

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.