Citigroup Is Testing Its Own Bitcoin: 'Citicoin' - page 3.

jbreher

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lose: unfind ... loose: untight

Quote from: jeannemadrigal2 on July 07, 2015, 05:03:09 PM

I wonder what their angle is?

Quote

He described Citicoin, as “an equivalent to Bitcoin,” and said it’s “up and running” within company labs in an effort to give Citigroup a head start. “It’s in the labs, but it’s to make sure we are at the leading edge of this technology and that we can exploit the opportunities within it.”

Maybe there will be something shady about the coin, like a pre mine or something.

Oh. Yeah. I see it now.

PenguinFire

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That Darn Cat

Quote from: notbatman on July 07, 2015, 07:55:43 PM

Will City Wok be accepting Citycoin?

Haha but I still think there is more hate than their should be. Citi has a huge call center where I live.

I wish they called me back after a short interview. Sad

Basically, there is no harm in this. Just let them do there thing and either it works or doesn't.

coinableS

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I really don't get it, this seems stupid. Who is going to mine Citicoin? No one, except for the company CitiBank. So it will be entirely centralized and defeats the whole purpose of trying to mimic the way the blockchain works. How long is it going to take these guys to realize that someone has already tried this, they're called ~~altcoins~~ shitcoins.

Frost

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I goes nobody will be interested in this coin.

philipma1957

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'The right to privacy matters'

Citibank = ($1,231,154,000,000)

http://www.moneyeconomics.com/top-10-by-total-asset-citibank/

this was my source for above.

Bitcoin = ($3,819,228,000)

http://www.bitcoincharts.com/

I did 14.358 mill coins x 266 usd

So Citibank has 322x the value Of BTC

Plain and simple they can crush BTC if they want to, my gut tell me it could be a very rough time for Crypto Coins if banks adapt the tech and attack the coins with a winner take all strategy .

notbatman

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Will City Wok be accepting Citycoin?

jeffthebaker

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Citibank is premining their own coin and will issue them out as they see fit. Citicoin does not represent the principles that crypto currency represents, there is no way that the project will be successful.

jbrnt

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Too many people's thinking are limited by how bitcoin works. Citibank is a fiat bank, they do not need a digital coin, they want to use the blockchain in a different way. The open ledger and smart contracts are the features which are useful to large banks.

I think they are using the blockchain as a timestamped, verifable, contract system between global banks. The coin may be minable by the public but they will be useless to us, because we aren't banks.

Citibank coin is not a competitor to bitcoin. I think it is going to raise awareness of the "blockchain" buzzword, more people will be more comfortable using a crypto.

runpaint

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Activity: 518

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It doesn't matter how much money they save or how many employees they lay off, they still won't charge smaller fees to their customers.

Kind of like how the plastic water bottles now use 50% less plastic "to save the environment", but the price is still the same even though they've reduced their material costs by 50%.

Jordan23

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Can someone explain "mainly open source" that's referenced in the article?

Jordan23

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Merit: 311

Quote from: runpaint on July 07, 2015, 06:13:50 PM

Stupid and pointless. If they're going to let us mine it, then it's just another altcoin. If they're going to run a blockchain with no mining, then it's just their own internal computer system and not a cryptocurrency. Maybe they're trying to implement it as an automated system so they can fire a few thousand people.

Great discussion so far everyone. I 100% agree with Runpaint here. I find it mildly interesting but no threat to Bitcoin, at all.

jbrnt

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Quote from: erpbridge on July 07, 2015, 05:07:01 PM

I don't think bitcoin or the banking world would be real excited about it, as its just another altcoin. However since its a bank and has customers might be the reason it might become big. I don't really see the advantage of having a centralized currency accepted by the people, and this is probably just going to be only for one bank.

Yes, they are making internal blockchains with citicoin running on them. It's an interbank system not open to public. I think their so called citicoin doesn't hold any value, it's just a token to enter smart contracts with citibank. It will be interesting to see how they tackle the problems. It will be so diferent to bitcoin where bitcoin holds the value.

galbros

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Quote from: runpaint on July 07, 2015, 06:13:50 PM

Stupid and pointless. If they're going to let us mine it, then it's just another altcoin. If they're going to run a blockchain with no mining, then it's just their own internal computer system and not a cryptocurrency. Maybe they're trying to implement it as an automated system so they can fire a few thousand people.

I like the internal computer system idea. I don't think they seriously want to start an alternate coin. There have been an increasing number of articles on coindesk about the blockchain technology, it looks like Citi is taking its potential seriously. I'm not sure this is good for bitcoin though.

fancy_pants

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quarkchain.io

Quote from: runpaint on July 07, 2015, 06:13:50 PM

Maybe they're trying to implement it as an automated system so they can fire a few thousand people.

of course this, like they even have a choice!

countryfree

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Your country may be your worst enemy

I'm urgently asking all bitcoiners to boycott this altcoin. BTC is quite good, it may evolve, it may even be replaced in the future, but the last thing we want is a cryoptocurrency managed by a bank! What's the point? BTC has been invented to bypass, to ignore banks, we shall refuse any coin which would bring them back at the top of the game.

runpaint

sr. member

Activity: 518

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Stupid and pointless. If they're going to let us mine it, then it's just another altcoin. If they're going to run a blockchain with no mining, then it's just their own internal computer system and not a cryptocurrency. Maybe they're trying to implement it as an automated system so they can fire a few thousand people.

yayayo

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"Citicoin" - what a joke. That sounds like just another altcoin to be used only in cities (someone should ~~create~~ clone-fork it).

Apparently banks don't want to use Bitcoin, because they can't control it. I'm sure this and similar initiatives won't last. They will be outrun by more innovative open-source approaches that run on the Bitcoin blockchain. Banks will come to a painful realization: They can't lead anymore, they'll have to follow (Bitcoin).

The age of traditional banks is coming to an end.

ya.ya.yo!

nicked

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I think that the Bitcoin network is far too big for "shiticoin" to compete with it.

ransomer

newbie

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To me... the blockchain innovation is an almost certain winner..

The doubts imo is not about the blockchain, but whether bitcoin or some other use of the same innovation will be the winner - because as the Winklevos twins said recently.. "it's probably a winner takes all market". Just like Facebook, Google etc.. when the dust settles there is likely one clear winner.

So now the question is... will that now be Citicoin rather than bitcoin?

bananas

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Their intention is just to move money fast overseas in a private network owned by the bank, it is no competition to bitcoin. It is just the blockchain tech being used to make the current banking system more efficient.

Topic: Citigroup Is Testing Its Own Bitcoin: 'Citicoin' - page 3. (Read 3116 times)