Is Alibaba going to develop their own cryptocurrency?

cheekychap

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Quote from: CryptoCurrencyInc.com on December 21, 2014, 06:01:07 PM

Alibaba is the hottest website that let traders all over the world buy & sell products in bulk (wholesale).

To make the transaction better and faster for the business people;
Is Alibaba going to develop their own cryptocurrency?

Do you think Alibaba should develop their own cryptocurrency so their buyers & sellers can make fast & efficient transactions with each other?

I don't think so. Their current payment system is efficient already, no point in getting their own coin.

Febo

legendary

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Why would they do that?
That is same question as will General Motors start refineries and buy oil fields.
Every company do what they are best at, they dont try to do just everything.
If model of doing everything would be successful, then would be only one company in the world right now.
On first sight sounds like this utopic company would be super efficient, but history tells you that planed economies that worked like one company were not so prosperous.

On Alibaba will be sued many currencies. And it will not be they who will decide which currencies will be there, but merchants and customers. They will chose currencies that will be most perfect for them. Alibaba will just follow their wishes.

Q7

sr. member

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Alibaba core business is not into crypto and they are doing well well as a wholesaler selling in bulk which are both totally not related. Furthermore Why do they want to allocate their resource to go into crypto when they can easily use btc or even any of the crypto for payment?

LiteCoinGuy

legendary

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In Satoshi I Trust

the question is naiv because you cant do your own secure coin when you dont use the BTC - blockchain.

start BTC 101.

(bad advertisement for your website Roll Eyes

)

548845

newbie

Activity: 56

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You guys should be begging for Alibaba to NOT accept Bitcoin.
If they accept Bitcoin the price will crash.

They are the biggest market in the world, and they will definitely NOT hold coins (maybe just a fraction), they will sell immediately.

So you guys should be begging for them NOT to accept Bitcoin.

cyberpinoy

hero member

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Of course they will, its a Chinese company, and since the Chinese government have in their own ways banned Bitcoins what other alternative would they have. Once completely banned they bwill follow suite in their normal commoditiy and currency operations and traditions. Then you will see their coins value go straight thru the roof as all the Chinese mines buy alibaba coins with their Bitcoins raising the value of thier coins up while pushing BTC down against the alibaba coins. Then they will sell a massive amount of BTC against the euro and the USD and kill the Bitcoin price overall. The chinese have used this tactic so many times in forex and commodities it is not funny.

p2pbucks

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Evolution is the only way to survive

they don't need to , chinese yuan is already a virual currency in alipay .
& chinese central bank PBOC does not allow them to develop their own.

MemoryShock

hero member

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There is no reason for Alibaba to develop their own cryptocurrency.

Granted, it would cost them nothing but the amount of people who use crypto outside of BTC is very small...and the amount of people who regularly use BTC for purchasing is also small relative to their userbase.

It should also be noted that a volatile/fluctuating currency is not really attractive for a merchant system (so I have been lead to believe)...sellers/buyers remorse could be a relevant deal for a marketplace that big. Nubits would be a better crypto than BTC but I don't see either being worth the attention for them at this point...

romerun

legendary

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Bitcoin is new, makes sense to hodl.

Quote from: Sythyn on December 21, 2014, 07:53:24 PM

If they use Bitcoin the international orders will be less complex.

what he said

Zhan21

sr. member

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Alibaba is born in China, recently successfully listed on the Nasdaq.

rz20

legendary

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Quote from: Sythyn on December 21, 2014, 07:53:24 PM

If they use Bitcoin the international orders will be less complex.

Why? You can't pay a freight forwarder, a cargo company or duties and vat with bitcoin so you still cannot complete an international order only with bitcoin and you need the help of the banks.

Also explain me what security gives to an importer right now paying with:

1 - an irrevocable payment method like bitcoin.
2 - In case you use a multi-sig transaction to make the transaction revocable, (trying to do something similar like a letter of credit), you will need to wait 30 to 50 days for an international order by sea to arrive. With the current volatility nobody will accept to receive a payment in bitcoin.

Sythyn

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A Digital Universe with Endless Possibilities.

If they use Bitcoin the international orders will be less complex.

slacknation

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they have their own centralised digital money, alipay, which is already very popular in china. (https://www.alipay.com/)

rz20

legendary

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Alibaba should allow payment with bitcoin but if the do, then we will need cargo companies, freight forwarders... to accept it too.

KIRAZ

sr. member

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What's the problem with just accepting bitcoins for it? Shocked

CryptoCurrencyInc.com

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Alibaba is the hottest website that let traders all over the world buy & sell products in bulk (wholesale).

To make the transaction better and faster for the business people;
Is Alibaba going to develop their own cryptocurrency?

Do you think Alibaba should develop their own cryptocurrency so their buyers & sellers can make fast & efficient transactions with each other?

Topic: Is Alibaba going to develop their own cryptocurrency? (Read 1206 times)