Big banks creating Bitcoin alternative

[ajareselde]

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.

They definitely do plan to create something against bitcoin, otherwise they would use the already existing and working model that bitcoin represents.
After realizing that we are becoming a threat to them, they will try with rival crypto based operation, but they missed the whole point of it - decentralization, which i doubt they will implement in their model.

[franky1]

They definitely do plan to create something against bitcoin, otherwise they would use the already existing and working model that bitcoin represents.
After realizing that we are becoming a threat to them, they will try with rival crypto based operation, but they missed the whole point of it - decentralization, which i doubt they will implement in their model.

their model would be 'distributed'.. that way no single employee can tamper with the ledger, as the ledger sync's with thousands of nodes (one per bank branch)
but it would be internal distribution within the banking network.. not the open public.

but the purpose is not to rivel bitcoin. not to compete, not to win customers or make bitcoin obselete. its just to reduce internal errors, frauds or other issues.

[Cateinyard]

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.

They definitely do plan to create something against bitcoin, otherwise they would use the already existing and working model that bitcoin represents.
After realizing that we are becoming a threat to them, they will try with rival crypto based operation, but they missed the whole point of it - decentralization, which i doubt they will implement in their model.

But people will not use the coins created by the banks. It is difficult for the banks to agree on a single coin.

[enhu]

of course people will use the banks crypto, they will impose it as alternative to spend online. theres just no anonymity, its not decentralize and very much unlike bitcoin.
But the good thing is that people will use their coin to buy bitcoin Its like giving us more freedom to do this though and so trading with bitcoins/fiat will be easy.

[sahliano]

not just big banks also govermants i heard Tunisia will use the blockchain technologie in their local mail service to create a payment service

[astrocity1981]

I read somewhere that Blockchain technology will be used to run your house. If your water bill needs to be paid it will deduct it automatically from your account. I am not surprised the big banks are using the technology because they finally realized the credit card strip from the 70s should be revamped. I think its a great thing because like rotary phones banks will be obsolete.

[jyakulis]

so satoshi work helped big banks make more money. great.....

[Bitcoinpro]

so satoshi work helped big banks make more money. great.....

the story is fud in reguards to an alternate blockchain

its the Bitcoin blockchain they are looking at

and always will be, anything less will be incredibly

insecure and vunerable, they are not stupid,

[jyakulis]

so satoshi work helped big banks make more money. great.....

the story is fud in reguards to an alternate blockchain

its the Bitcoin blockchain they are looking at

and always will be, anything less will be incredibly

insecure and vunerable, they are not stupid,

Well, I would hope not.

The whole bitcoin / blockchain separation has befuddled me.

Without the incentive of mining (bitcoin rewards) increasing the size and security of the network how do you have any security in a "blockchain" only application.

Well, regardless them using the blockchain should only increase the velocity of tokens.

[cointtoo]

I think this is a good move in a way, BTC can coexist with this one too and this project might promote crypto like currencies as well therefore helping BTC too.

[Denker]

of course people will use the banks crypto, they will impose it as alternative to spend online. theres just no anonymity, its not decentralize and very much unlike bitcoin.
But the good thing is that people will use their coin to buy bitcoin Its like giving us more freedom to do this though and so trading with bitcoins/fiat will be easy.

I think so too.
People will also use the banks alternative to Bitcoin.At least in the beginning before they realize that Bitcoin exist, if they hadn't know about that already.So this can be a bridge to bring more people after a while.
The same effect AOL, Compuserve and all the other one in 90s head to the open internet.
It is very hard to beat open, permissionless platforms, protocols where all the real great ideas, visionaries, new businesses will come from.

[Snorek]

so satoshi work helped big banks make more money. great.....

He most likely knew that would eventually happen. If he wanted to keep blockchain for himself he could easily patent his invention - but to do that he would have to disclose his identity.
In theory blockchain is the biggest invention of 21th century so far, Satoshi could be rich beyond belief (despite his huge bitcoin stash) but he opt to give blockchain to people for free.

It is sad  that his invention will be probably misused by big corporations - but I still like this course of action more than keeping blockchain for himself.

[newcoins1978]

The problem with the banks having an alternative is that they are way bigger then the bitcoin economy.
Suppose the 10 biggest banks forced their blockchain onto their customers, Bitcoin would lose right away.

[BTCBinary]

Banks can try to develop an alternative to Bitcoin, but they will always do it in a centralized manner. So, in that sense it will not be a real alternative to Bitcoin!

[target]

The problem with the banks having an alternative is that they are way bigger then the bitcoin economy.
Suppose the 10 biggest banks forced their blockchain onto their customers, Bitcoin would lose right away.

its the other way round, it will instead help bitcoin's economy.

[ausbit]

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.

If big banks start taking interests on the way Bitcoins is running through block chain, they will try to find out the alternatives that how they can get benefit of it too. They are the leaders from the past. So definatly they can think to make any alternatives of Bitcoins.

[BirtRenaldsFan]

I don't think they should be doing that because Bitcoin is just fine on its own I am think.

[Cateinyard]

The problem with the banks having an alternative is that they are way bigger then the bitcoin economy.
Suppose the 10 biggest banks forced their blockchain onto their customers, Bitcoin would lose right away.

If the coins created by the big banks have no upper limit of coins, they are useless. People will still use bitcoin.

[btcprospecter]

I was thinking the other day about banks using a form of crypto currency, would they opt for using the same coin or would they all have different because if they all had different would they have different value aswell?

[MoneyChanger]

They can do whatever thay want but BTC was first and will stay at the top!