IBM Rumored to Be Developing Bitcoin Alternative

[Q7]

Not another coin with the branding and issuing controlled by a big company. We already have few altcoins in the market right now so what makes this so special. And talk about success and failure we have also seen altcoins come and go. Unless the technology being developed behind it is so creative and special that it solves all bitcoins problem, then probably it's yes.

[medUSA]

I don't think IBM is creating an altcoin to compete with bitcoin as a currency. They could be trying to create an irreverisble open ledger system for clearing large amounts between banks. The database is distributed, so easy to backup and impossible for hackers to destroy.

[Snail2]

Yet another altcoin what we can pump and dump on Bittrex .

[notbatman]

I suspect they're developing blockchain technology for the "Internet of Things".

"The Internet of Things (IoT) is a scenario in which objects, animals or people are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction." -- http://whatis.techtarget.com/definition/Internet-of-Things

[ChuckBuck]

IBMCoin, can't wait to get my hands on this new crapcoin!



Stick to mainframes and consulting, Big Blue.  Nobody wants your centralized piece of shit coin.

[CrackedLogic]

Whatever they're making won't compare to bitcoin, they'll probably have a massive hidden premine and push the price sky high and then dump it for their customers and users to save it.

[LiteCoinGuy]

IBM-Coin to da Mooon  !

[Searing]

 it is like the open INTERNET or the old AOL online idea of a metered Internet back in the day....

 or open O/S like Linux vs closed O/S like Microsoft

 same thing

 open virtual currencies (BTC/LTC etc) or centralized control of virtual currencies (IBM's plan/Ripple/etc)

 let the wars begin!    Vested interests and the upstart new world view

 (I myself was hoping more along the lines of in 2015 of  the 'free willed" robot emancipation or "slave robots status quo"
but hey...such is the slow upward tick of 'progress' ...)

[shibaroll.com]

Yes, I heard them officially say that they were going to use the blockchain technology. But I don't think they will make their own coin.

[ChuckBuck]

Yes, I heard them officially say that they were going to use the blockchain technology. But I don't think they will make their own coin.

They'll peg their "payment system" to whatever the local currency is: Dollar, Euro, etc...

They'll make their own Blockchain like tech, but not off the original, so essentially an Alt Chain.

So Not a cryptocurrency per se, but payment system + Alt chain, and to make things easier for naming purposes, we all joke or jest to say IBM Coin even though IBM Pay is probably closer to the truth.

[chek2fire]

 

[Jakesy]

It's a centralized cryptocurrency...

Inadvertently, I think this is good news for Bitcoin. I think a lot of people may switch over to a centralized cryptocurrency for reasons of misguided 'trust.' In any event, which history shows it always will, some negative action will occur within this system. Over time I think people will see the light and more easily switch over into the Bitcoin economy.

Bitcoin doesn't have any competitors outside of duplication. Meaning, centralization has been the problem all along - decentralize it and, well, you have Bitcoin...

Bitcoin, again, will be like gold because it's more valuable with a limited amount.  Centralized authority will unjustly create more like they are now; the model doesn't change. 

They'll learn eventually...

[redsn0w]

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?

Because everyone want the exclusivity of "something". If they create this coin, they will say for sure "we have created this coin, it is safe, use it".  We need to get away from the centralization, the future is decentralized ... no more power in hands of few people, no more corruption.

[wr104]

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.”

LOL, that was an idea I had that I already implemented in my altcoin named Kryptohash (KHC).  It is called region codes. 

Perhaps, IBM would like to invest in Kryptohash.org   

[uglybird]

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

Not surprising at all.
And dont be surprised if Samsung, Microsoft etc will make one too.

[Fernandez]

I don't get why a company will do something like this. Any centralized solution is faster and the reason to go to BTC technology is the ability to keep it decentralized. If they are running it anyway there is no point to it.

[redsn0w]

Exactly, Bitcoin is not going anywhere, but you can't stop companies from making their own versions of the blockchain for whatever.

Yes of course, they can try their version of the blockchain but at the end (I hope) they will understand that the bitcoin will be the best choose for them (if they cannot create something better).

[nextgencoin]

Even among long term users here there is a glaring hole in people's understanding here. I guess most here we things from mainly a tech perspective, proble is that is useless without real world knowledge. Look this is the FED teaming up with IBM one of the biggest tech companies in the world, they will buy any Any people they need to build whatever they want to build and whe they do the FED has the backing of the central banks of he world as well as the banks and the major governments of the world to implement this digital dollar. the naivety on here makes me think the smart people have already left this forum.

[erpbridge]

For now wouldn't it be treated just like an altcoin ?
I doubt developing a new coin would be so famous unless it has something different to offer.  People would still stick to bitcoin.

[romanPolansky00]

For now wouldn't it be treated just like an altcoin ?
I doubt developing a new coin would be so famous unless it has something different to offer.  People would still stick to bitcoin.

Plz can you produce some link to read more about the news?
Thanks