"We know that Bitcoin itself is a complete failure ..." -chief economist at Citi

[cellard]

This guy is an absolute moron, and is known for some embarrassing quotes which are false claims about a variety of stuff not only involving Bitcoin but other topics.

http://www.bloomberg.com/news/articles/2015-04-10/citi-economist-says-it-might-be-time-to-abolish-cash
Ban cash

http://www.telegraph.co.uk/finance/economics/11831426/Citigroup-braces-for-world-recession-calls-for-Corbynomics-QE-in-China.html
Helicopter money

http://davidstockmanscontracorner.com/why-citi-bank-chief-economist-willem-buiters-attack-on-the-swiss-gold-vote-is-gibberish/
Hates gold too

A clear enemy that's scared of Bitcoin, just like Jamie Dimon and the rest of JP Morgan pigs.

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[gkv9]

That is too bad that he did not mention about how easy it is apparently to hack and steal from bank itself. I found interesting info about this:
 
A hacking ring has stolen up to $1 billion from banks around the world in what would be one of the biggest banking breaches known.
The hackers have been active since at least the end of 2013 and infiltrated more than 100 banks in 30 countries, according to Russian security company Kaspersky Lab.
More at: http://www.huffingtonpost.com/2015/02/15/bank-hack_n_6688268.html

right but you, as customer are protected. show me the BTC protection !

ok. a bank can be hacked, a card can be hacked and you get the money back without any problem.  it didn't happen and it WON'T happen with Bitcoin

They think that Bitcoins can be hacked???
Don't they know about their own security that they provide to their users???
At least we possess our own coins, so we are responsible if our coins are stolen and not them...
But if our money gets stolen from a bank, who the heck should we blame responsible for the same???

[vrm86]

"Hurr durr computers equals hackers and criminals"
I wonder, how ignoramus like this guy, could get job as the chief-of-anything?

So, the citi banking system, that with no doubt relies almost only on huge computer system, can also be easily hacked?
Indeed, it can. Far easier than SHA-256 Blockchain.

[khalized]

-Citibank-

LiteCoinGuy

where you find this news?
I can't see this hacked chain, where is?

[mtnsaa]

Not really a big fan of Mr. Robot but "hacking" is not some savant bypassing all security with math skills. It's more close to deceit and infiltrating ability, if you can get a script inside then you are done, it's not as simple as in 80s movies...someone login into the FBI services with absolutely no information. So I doubt Bitcoin itself can be hacked, but the exchanges, banks and other companies are exposed of course because humans work there and they are easy to fool or corrupt.

[virtualdn]

If it was a failure... I doubt so many banks would start to think on the blockchain technology. They say it's bad because they want to develop their own.

[Denker]

What ever a banker is saying about Bitcoin can be ignored.
That guy is a joke! I read somewhere that he also hates gold, speaking of 6000 year old bubble!!

[simon66]

This is just FUD with the banks agenda behind it. Of course they are going to smack talk there rivals, especially those that could possibly be disruptive to there entire business ecosystem.

[mayax]

your computer can be hacked and your BTC can be stolen. it happened for so many times. it happened to exchangers (Bitstamp lost 5 millions USD a year ago, right?   So,  if a company from BTC industry is hacked, which it's supposed to take extra measures but a normal user?

it can happen with your debit card BUT you will get the money back. do you notice the difference?

the BTC user is not protected against anything. I am not talking about cyber guys, I am talking about the normal Joe

[jyakulis]

he just mad cause we trying to replace him.

[Ya-ing]

Banks can be hacked, that is a fact. Bitcoin has not been hacked yet, although a lot of sites holding Bitcoin have been.

[countryfree]

I find it strange that the guy associates BTC with the blockchain since banks are investigating blockchain technology for their own private use. And his idea that anything programmed can be hacked! I wouldn't feel confident if I had an account in his bank. Banks run everything on software these days...

[johnyj]

-Citibank-

It's a valid point, to reduce the risk of it being hacked, the design and code must be extremely clean and simple. It is much easier to compromise complex system than a simple system

[RussiaCoinDotInfo]

The problem with BitCoin being hacked would be if a Dev were to somehow insert a piece of code into the wallet's software, or indeed if there became three, or four or more wallets on top of CORE and X and they became incompatible.

But in saying that, as long as the underlying code can be reviewed by GitHub and the like such hidden codes should (I theory at least) by found out - unless people get sloppy and just assume those creating the wallet can be trusted.

It's the decentralized ledger system that should be pushed to the media, the fact you can have 20, 30 even a hundred (or more!) nodes to instantly connect to and broadcast your transaction to for confirmation.

How blockchain tech could change the way we do business - http://www.bbc.com/news/business-35370304

Thefts from Mt Gox, Cryptsy or where ever are just that - thefts.  BitCoin lacks Public Relations representatives who can explain these thefts as little more than the equivalent of a half dozen 70 year olds drilling into a vault over a week-end and making off with Jewels and cash. ie

http://www.westerndailypress.co.uk/Hatton-Garden-8203-men-guilty-14-milllion-raid/story-28529544-detail/story.html

[Pab]

He is typical guy with  mind washed by big corporation
One day people will say ,high cost Citi Bank transactions,forget,citi is complete failure

[chek2fire]

The same time R3 begin to test blockchain systems with tokens the same guys that want to create Blockchain systems without tokens

http://www.ibtimes.co.uk/r3-connects-11-banks-distributed-ledger-using-ethereum-microsoft-azure-1539044


The bank still cant understand how blockchain technology works and i think many ppl will get easy money for them because simple they are fools.

[rezilient]

I guessed he missed to buy bitcoin when it was still worth a cents and is now trying to spread fud to able to buy some cheap coins.

[justspare]

If Bitcoin was a failure, wouldn't people know about it and stop using it. They would would know and clearly they haven't stopped using it.

[franky1]

technical advice from an glorified accountant. lol

i dare any accountant to explain SHA256 in detail (to debunk the underlying security of blocks)
i dare any accountant to explain where hacking 1 computer affects every computer.. (to debunk the point of decentralizational ledger)
i dare any accountant to write suck a hacktool that will cripple the entire network in one swoop.

or...
i dare any accountantt to just admit they dont know much about computers and simply go back to counting pennies

[vlamer]

Improper use.
I don't know that Bitcoin itself is a complete failure.