IBM Rumored to Be Developing Bitcoin Alternative

[pooya87]

i think creating something like this by a big company is defeating the sole purpose of bitcoin which is being decentralized. besides it would be a new altcoin at best which is not gonna work unless it adds something new and important, not just simple changes.

[1715406439]

1715406439

[Kprawn]

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.

Yes.... They would most likely end up as being one of the 900+ Alt coins out there..... Who needs more of those?

Bitcoin has HUGE merchant adoption already.... Why would people want to use 10 different flavors of crypto currencies, if they can use Bitcoin?

Yes, Bitcoin has a dodgy pass... but it's slowly changing as more people adopt and use it. 

 

[rikkie]

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.

They are trying to implement bitcoin technology for something they can hopefully profit off of.

The concept of using a blockchain where the units are backed by hard assets is deeply flawed because it relies on a central authority to exchange the units for the asset on demand which goes against the concept of having a decentralized blockchain. It would also make it difficult to give enough incentives for the miners to mine early on because it would be irrational to offer any kind of block subsidies as it would be essentially giving away money

[networthsigns]

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.

This is a great part of bitcoin the open source is an example of giving to the world and that is always good When i first heard about this i thought it was bad for business but they are going to give bitcoin free publicity whatever they do with blockchain technology so i am less worried now but i do wonder why they did not just use bitcoin and not start another shitcoin. BTC will remain number one that is all that matters here..

[hack_]

an aletrnative to bitcoin must follow the basic concepts of decentralization, known supply and open source. If IBm can do those three then yeah maybe we can play, else it will just be an alternative Paypal

[coinits]

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

There is no such person a Satoshi Nakamoto. Please stop believing government propaganda.

https://bitcointalk.org/index.php?topic=985481.msg10766912#msg10766912

[coinits]

an aletrnative to bitcoin must follow the basic concepts of decentralization, known supply and open source. If IBm can do those three then yeah maybe we can play, else it will just be an alternative Paypal

Already been done and 100% anonymous. Monero (XMR)

[jetson111]

If Google did their own ALT Coin the I might be worried. Google wants to dominate as much as possible so wouldn't it be logical that they would try?

BitCoin is making inroads, it isn't far from becoming the Kleenex, jello name of cryptocurrency, if you get my meaning. I just don't see how an IBM would succeed, BitCoin likely has too much of a head start for anyone to catch up.

[oblivi]

If Google did their own ALT Coin the I might be worried. Google wants to dominate as much as possible so wouldn't it be logical that they would try?

BitCoin is making inroads, it isn't far from becoming the Kleenex, jello name of cryptocurrency, if you get my meaning. I just don't see how an IBM would succeed, BitCoin likely has too much of a head start for anyone to catch up.

They will probably try to along with Apple, those are that worry the most, since they have endless resources for advertisement and make things go viral.

[Jamie_Boulder]

Basically stealing the idea and tagging their name to it.

Shows the lack of innovation in a dying company.

[opossum]

Basically stealing the idea and tagging their name to it.

Shows the lack of innovation in a dying company.

Nope not stealing it is open source free to everyone including you and me, it just shows how good it is and i am kind of excited to be honest the more they promote their crap altcoin the more people will see where the real party is going on and that is here with bitcoin, everything they do now will benefit bitcoin

[picolo]

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

You would think that they have some expertise to bring but it is usually hard to arrive on a new tech market as a company from an other market even if you have a lot of expertise that relates to this new market.

Look at google with its social network.

[pereira4]

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

You would think that they have some expertise to bring but it is usually hard to arrive on a new tech market as a company from an other market even if you have a lot of expertise that relates to this new market.

Look at google with its social network.

True, but never underestimate the herd mentality... Im just hoping people don't buy on this bs and don't put their money in closed source monetary systems.

[GenieBTC]

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

Pros: It will succeed. A new payment alternative.
Cons: It will fail.

[kpitti]

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

Pros: It will succeed. A new payment alternative.
Cons: It will fail.

I did not get if it suceed or fail quite good.
When IBM will decide to put some money in it will not fail, but there is a highly possible that they will completely change the basic idea and turn oposite. Which can be see as failing anyway.

[adworker]

As I see it IBM sees chance for some government funding to develop/run centralized cryptocurrency alternative. If their coin cannot be charged back, it could at least be used for safer Bitcoin selling

[keyscore44]

What's the point of developing their own 'alternative' when we already have bitcoin?

Can safely say I'll never be exchanging any IBMcoin

[manselr]

As I see it IBM sees chance for some government funding to develop/run centralized cryptocurrency alternative. If their coin cannot be charged back, it could at least be used for safer Bitcoin selling

Sooner or later someone is going to try to outgame Bitcoin, what they don't know is it doesn't make sense to combat Bitcoin, only to join it.

[j5d]

Take a technology built for a decentralized method of exchange, and exchange the centralized stuff with it.

Like utilizing a free energy device to pump more oil from the Earth.

[tokeweed]

What's the point of developing their own 'alternative' when we already have bitcoin?

Profit? Control? Power?  You know... the usual..