Topic: Citibank set to destroy Bitcoin with Citicoin (Read 2888 times)

I dont think so that it will be minable. Maybe full ico.

 If citibank was truly "evil genius' like in Star Wars they would make the citicoin in the following manner imho

1) It would be sha256 and a POW coin and completely OPEN SOURCE just like Bitcoin ...(your pushing the coin for your bank and the name so deal with it)
    If they did such most folk would go WTF and at least look at your coin

2) Reason to make it sha-256 is obvious ..if you did so with all the old sha-256 stuff out there you'd get QUITE!!!! the leg up so to speak

3) NO PRE-MINE  a set amount of coins say no more then Bitcoin would be how I would do it and the POW mining starts at such and such a date
and time from diff 0 ...and off to the races

So again IMHO this is the ONLY WAY a bank could get enough traction on all this to get ANY KIND of legitimacy for a COIN ...and making it POW and
Sha-256 to say you'd have the good will of the old sha-256 miner crowd would be an understatement

Also as such it would do all the transaction action of the block chain technology Citi-Bank says it wants to tap into

Hell I'd have a hard time not dragging out my old Sha-256 KNC 550gh Jupiter if such conditions were the case

BUT BEFORE FOLK YELL AT ME FOR SELLING OUT ...NOTE:        THIS WILL NEVER EVER HAPPEN.......THE HEAT DEATH OF THE UNIVERSE WILL ARRIVE FIRST!!!!


NO WAY can a place like Citi-Group do something like this without some kind of control or angle ...the group think would simply not allow such ..they would
have to have a way to justify it to their bosses as the way to play this and of course the bosses would say 'why not just use bitcoin'

BUT this is the only way again imho you could act as a disruptive force in crypto imho ..if such was LEGIT NEWBIES and other folk would say hey its a bank
its open source its not that evil bitcoin the press keeps spreading FUD about..I've heard bad things about bitcoin etc what the heck I will dabble in citi-coin

Anyway the old microsoft topic with windows ..copy apple's mac O/S and make a borderline crummier version and push it because you have the market share
to pull it off and cross your fingers again it would be the only angle that would work for large scale use of your coin outside of your bank etc imho


AGAIN IT WON'T EVER HAPPEN ..in corporate culture you could never give up that much control to do such...but if you wanted to take a part of bitcoin's lunch
that imho would be the only shot you'd have .....releasing as a bank like them their own coin...you'd have no other angle no one would/could take you serious
with any less again imho

Anyway it is a lot like the Zombie Apocalypse ...this will not happen ..but fun to speculate about

Well it would be a  centralized ledger of course, but with some decentralized parts of course. I`m not sure how they want to create it, but if its totally centralized then its not a blockchain anymore...

Who will mine that banks coin,does citi know that blockchain is moving  thanks miners,miners will mine and dump or thay need to employe them and pay,and watch do thay dump or not

Because a bank has "reputation" while bitcoin is still regarded in the investment community as a bubble or as a hippy currency.

They need to put their toes in the water first before then jump in, and when the whales jump in, it will be a big splash

Yes. This I have been wondering also. There are plenty of stories of private blockchains. I do not get the point. What are they looking for?

These people are willing to have their own private centralized blockchain. Well. Anyone can produce an own blockchain. That is no problem. So they can go for it. No need to wait. But. Blockchain exists because it is a way to maintain a decentralized ledger. Blockchain is a decentralized ledger.

So if they want to have a private centralized blockchain to maintain a ledger, where they need the blockchain? It is much more practical to use a simple MySQL database to maintain a private centralized ledger.

Nailed it. There'll be a transition period, in which Citigroup's flacks will distance themselves from those "unregulated" cryptocurrencies but the mainstreaming train is boarding! Won't be very long before it's ready to start chugging forward, too.

i can't imagine that scenario Why should some millionaires invest in something "unknown" , when here is bitcoin which is much more known. Bitcoin its already a $4bn business.

Not much but it will lure in many whale investors which is enough for us.

If some millionaires/ billionaires start to faminiarize themselves with crypto, i think we can see 10,000$ bitcoin then soon!

What innovation can citicoin show to cryptoland?

Exactly my point, if for anything, this coin atleast increases awareness, and respect for cryptocurrencies.

(Unless they setup this coin to fail and then blame cryptocurrencies, to put more demonization on it  )

If citicoin will teach Joes how to use crypto, we can retire guys 

 not only Citi,also ABNAmro,IBM andsome more,thank you banks in the name of btc for free marketing
i am waiting for giveaway

Who started this discussion lmao

Banks and chains never going to happen its just media hype

Instead I'd focus on what corps will wiggle into place favourably

Have they actually said anything about releasing it? Or just that they made a shitty clone coin as part of their research into cryptos?

Only wait and a dev with newbie account  will launch another using same name or will change it to Cytycoin.  

Edit:  Oh wait again!        https://bitcointalksearch.org/topic/annciti-citicoin-scrypt-new-coming-soon-789952                 I told you! 
                                           

  

as i told before i think it will be just some "play coins" which you can use to buy knifes at a discount price , like at the gas stations lol

Maybe they just want to create a new derivative, not really a coin at all, but just a new speculative instrument, to play around with.

The derivative industry is a 1.6 quadrillion $ bubble, 1 more derivative in plus doesn't even count

How will citibank transfer coins/money to other banks if they dont use the same blockchain? I don't think we will see any other bank running the citicoin blockchain or we'd have the first completely centralized network around..

The only reason people give a shit about bitcoin is because they don't trust banks.  Price is mostly driven by the neckbeard libertarians and gold bugs.

Bitcoin is more inconvenient, more volatile, more likely to be stolen, slower to move and a host of other things than dirty fiat.  And yet it still attracts a lot of interest because it's global internet money.

The idea of anyone caring about a bank coin haha    All of the disadvantages - none of the advantages.