IBM Rumored to Be Developing Bitcoin Alternative

[tokeweed]

I'm just wondering what the pros and cons of such a project can have.  And also what you guys might think on the hurdles and obstacles in implementing it.

IBM may be looking to further its exploration of bitcoin and blockchain technologies in a way that goes beyond its previously revealed proof of concept ADEPT.

Reuters reports the US-based tech giant is seeking to create a digital cash and payment system for traditional currencies that uses blockchain technologies.

Citing a person familiar with the matter, IBM said the objective is to make traditional payments instantaneous while cutting out traditional intermediaries such as banks and clearing parties.

The article explained:

    ”The transactions would be in an open ledger of a specific country's currency such as the dollar or euro, said the source, who declined to be identified because of a lack of authorization to discuss the project in public.”

Complete article is here...  http://www.coindesk.com/ibm-rumored-bitcoin-alternative/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CoinDesk+%28CoinDesk+-+The+Voice+of+Digital+Currency%29

[thrax]

Well Apple's trying to get into the action, and IBM won't want to be left behind.

[Meuh6879]

IBM is just a depreciate industry ... and cut 120 000 jobs at 2015 year.

[Klestin]

These things are mutually exclusive:

- No central authority/trusted authority
- Denominated in fiat currency

[albert11]

I'm just wondering what the pros and cons of such a project can have.  And also what you guys might think on the hurdles and obstacles in implementing it.

IBM may be looking to further its exploration of bitcoin and blockchain technologies in a way that goes beyond its previously revealed proof of concept ADEPT.

Reuters reports the US-based tech giant is seeking to create a digital cash and payment system for traditional currencies that uses blockchain technologies.

Citing a person familiar with the matter, IBM said the objective is to make traditional payments instantaneous while cutting out traditional intermediaries such as banks and clearing parties.

The article explained:

    ”The transactions would be in an open ledger of a specific country's currency such as the dollar or euro, said the source, who declined to be identified because of a lack of authorization to discuss the project in public.”

Unlike bitcoin, where the network is decentralized and there is no overseer, the proposed digital currency system would be controlled by central banks,

Complete article is here...  http://www.coindesk.com/ibm-rumored-bitcoin-alternative/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CoinDesk+%28CoinDesk+-+The+Voice+of+Digital+Currency%29

This article is full of contradictions, either IBM has no clue what they are talking about or they used the blockchain technology as a tool to promote their centralized fiat project.

[ranlo]

These things are mutually exclusive:

- No central authority/trusted authority
- Denominated in fiat currency

I saw that as well... it seems more like instead of creating a cryptocurrency that stands on its own, they want to have a virtual form of cash. Which we already have: banks, PayPal, Google Wallet, etc. I'm not really understanding what they're going to try to accomplish that hasn't already been done/isn't readily available.

[chek2fire]

Satoshi Nakamoto create open source Bitcoin for that reason. To everyone copy and create another version of that Blockchain system.

[ebliever]

These things are mutually exclusive:

- No central authority/trusted authority
- Denominated in fiat currency

I saw that as well... it seems more like instead of creating a cryptocurrency that stands on its own, they want to have a virtual form of cash. Which we already have: banks, PayPal, Google Wallet, etc. I'm not really understanding what they're going to try to accomplish that hasn't already been done/isn't readily available.

From the quoted material, it appears they want to keep all the bad stuff, but just make it cheaper to move the bad stuff around. 

[lyth0s]

Anytime these companies/countries want to incorporate/create their own cryptocurrency with a P2P ledger etc into their own system they forget that they are getting rid of the whole decentralized aspect and they could essentially do the same stuff with their own personal databases and/or clearing houses which would not be an improvement on the current system. It also keeps them open to hackers gaining access over their centralized system and destroying it or altering data to the point that they no longer know where their currency went (IE Gawminers cloud hashing supposedly was hacked and they internally no longer knew who actually owned what amount of hashing power) thus you have to choose to either let the hackers win and lose money or destroy the entire system and start over.

Let them try, let them fail, and then they will appreciate bitcoin even more.

[QuestionAuthority]

I can see their slogan now.

"Bitcoin from a name you trust.

                                               IBM"


This will further confuse the great beast who already thinks Bitcoin is for criminals.

[winchancer]

All such multinational cannot be trusted, they are all under cia.
I would never invest there...

[Somekindabitcoin]

Well, they have the money and programmers to do so. If they make a bitcoin alternative, they'd probably build an entire infrastructure around it and launch products they couldn't have without their currency.

[monkeygang]

probably dig up all their shitty thinkpads from landfills to run the blockchain. despicable

[Beatkoyn]

I'm just wondering what the pros and cons of such a project can have.  And also what you guys might think on the hurdles and obstacles in implementing it.

IBM may be looking to further its exploration of bitcoin and blockchain technologies in a way that goes beyond its previously revealed proof of concept ADEPT.

Reuters reports the US-based tech giant is seeking to create a digital cash and payment system for traditional currencies that uses blockchain technologies.

Citing a person familiar with the matter, IBM said the objective is to make traditional payments instantaneous while cutting out traditional intermediaries such as banks and clearing parties.

The article explained:

    ”The transactions would be in an open ledger of a specific country's currency such as the dollar or euro, said the source, who declined to be identified because of a lack of authorization to discuss the project in public.”

Complete article is here...  http://www.coindesk.com/ibm-rumored-bitcoin-alternative/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CoinDesk+%28CoinDesk+-+The+Voice+of+Digital+Currency%29

Big companies like IBM, Apple and countries like Russia and China is fully capable of making one.
Of course making your own digital currency generates more money but if Bitcoin (with the recent series of good news this year) succeed they will eventually give in to bitcoin.

[calme]

I can see their slogan now.

"Bitcoin from a name you trust.

                                               IBM"

Bitcoin without the Bitcoin (yet somehow something).

IBM

Controlled by the most hated country in the world,
but using a technology you love.

IBM

A history that is long,
and a potential for shorting.

IBM

Only NY does technological innovation right.

IBM

[Possum577]

I don't think they can replace it...but they can use it or innovate within the system to get it to benefit their business or offer a new element/service, etc.

Cons for them...they're WAY behind.

Pros for us...further validates the value of bitcoin, the technology, the system...

[Agestorzrxx]

What's the point?
There are already a lot of alternative coins, but all of them can't replace bitcoin.
The block-chain is useful, only if it is very security.
Without  security, blockchain is useless.
Bitcoin has the most security blockchain.

[Hazir]

What's the point?
There are already a lot of alternative coins, but all of them can't replace bitcoin.
The block-chain is useful, only if it is very security.
Without  security, blockchain is useless.
Bitcoin has the most security blockchain.

You are right. If IBM or Apple would indeed create their own version of 'bitcoin' it would be just another alt coin. It may be technologically better than bitcoin of course, but firstly: bitcoin is fine for now and does not need improvements as of yet and secondly people already invested A LOT in bitcoin to throw it away just like that. Bitcoin is here to stay.

[Sir Bitcoin]

Satoshi Nakamoto create open source Bitcoin for that reason. To everyone copy and create another version of that Blockchain system.

This is the idea I like behind BTC. The fact that it was written and left open for future programmers and people to take apart, modify and learn from.

[Lauda]

The main question is why? Why develop something useless and add it to the existing bunch of altcoins that we already have? Why just no use Bitcoin?
I understand that certain individuals are fooling the masses with the altcoins, hoping that they will have X amount of coins which will one day be worth as much as Satoshi's stash is now. But why IBM?