ItBit Reveals Bankchain Project Won't Use Bitcoin

thejaytiesto

legendary

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Quote from: hexafraction on August 13, 2015, 06:25:47 PM

Any benefits to the end-user? Transparency is screwed up if end-users can't connect, even in a read-only manner.

There are no benefits to the end user. It's still closed source crap where you cannot see if the fees they ask you to pay for make sense or not. All the extras of decentralization aren't there. These fucking scammers are back at it. Did you really think banks would use Bitcoin? wake up people, this is a war and to be on the good side you need to be on the Bitcoin side.

LiteCoinGuy

legendary

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In Satoshi I Trust

"It is a proprietary itBit protocol, not blockchain based, but is derived off of blockchain. We will also not be using bitcoin as the native token it will be an itBit proprietary token."

=

Kprawn

legendary

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They have a long way to go if they want to compete with SWIFT

SWIFT links more than 9,000 financial institutions in 209 countries and exchange an average of over 15 million messages per day. {Add that to the Blockchain}

There are also close links between the "3 letter agencies" and SWIFT ---> http://www.spiegel.de/international/world/spiegel-exclusive-nsa-spies-on-international-bank-transactions-a-922276.html

They would have to have huge balls to go up against these companies and the US government. Roll Eyes

gentlemand

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Welt Am Draht

Quote from: monsanto on August 14, 2015, 01:32:40 AM

Okay, you could have a point there, maybe it should be moved to a different section. I thought the fact that yet another company is trying to institute a private blockchain was interesting nevertheless.

Well, they themselves don't even call it a blockchain. Consensus based ledger is the closest they get.

monsanto

legendary

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..like bright metal on a sullen ground.

Quote from: TheMage on August 14, 2015, 12:48:17 AM

This isn't Bitcoin related, heck according to the article is isn't even Blockchain related.

Why is this posted in the general section? The only relationship with Bitcoin is the fact that they arent using it nor the same technology.

Okay, you could have a point there, maybe it should be moved to a different section. I thought the fact that yet another company is trying to institute a private blockchain was interesting nevertheless.

TheMage

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Litecoin Association Director

Quote from: Envrin on August 14, 2015, 12:58:04 AM

Quote from: meono on August 14, 2015, 12:40:48 AM

Its funny because they're making the exact clone of SWIFT but lets call it bankchain to be hip.

Yeah, I think in the near future itBit is going to begin realizing they bit off more than they can chew.

Let's compete with SWIFT. We'll give our product a hip name for competitive advantage. That sure sounds like a good business plan to me. What could go wrong?

More like Ripple 2.0 from the sounds of it.

Envrin

sr. member

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Quote from: meono on August 14, 2015, 12:40:48 AM

Its funny because they're making the exact clone of SWIFT but lets call it bankchain to be hip.

Yeah, I think in the near future itBit is going to begin realizing they bit off more than they can chew.

Let's compete with SWIFT. We'll give our product a hip name for competitive advantage. That sure sounds like a good business plan to me. What could go wrong?

TheMage

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Litecoin Association Director

This isn't Bitcoin related, heck according to the article is isn't even Blockchain related.

Why is this posted in the general section? The only relationship with Bitcoin is the fact that they arent using it nor the same technology.

meono

full member

Activity: 196

Merit: 100

Quote from: Envrin on August 14, 2015, 12:33:10 AM

So itBit is going to wipe out SWIFT, and other similar networks?

Talk about an uphill battle.

Its funny because they're making the exact clone of SWIFT but lets call it bankchain to be hip.

Envrin

sr. member

Activity: 318

Merit: 251

So itBit is going to wipe out SWIFT, and other similar networks?

Talk about an uphill battle.

Searing

copper member

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Clueless!

Quote from: Envrin on August 13, 2015, 11:46:37 PM

Cool article, except I still have no clue what itBit is.

The article didn't really say anything, except itBit is working on some software, and trying to wow large financial institutions.

private bank to bank network from what i can see ..could use it instead of wire xfers overseas etc is my guess and currency exchanges could all go thru
their private blockchain

anyway my guess

Envrin

sr. member

Activity: 318

Merit: 251

Cool article, except I still have no clue what itBit is.

The article didn't really say anything, except itBit is working on some software, and trying to wow large financial institutions.

The Bitcoin Co-op

legendary

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ItBit sounds like a bunch of sell-outs.

meono

full member

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Quote from: monsanto on August 13, 2015, 04:49:35 PM

Wonder just how this is going to work. Imagine a hacker gets into the network with some miners.

http://www.coindesk.com/itbit-reveals-top-secret-bankchain-project-wont-use-bitcoin/

Quote

"It is a proprietary itBit protocol, not blockchain based, but is derived off of blockchain. We will also not be using bitcoin as the native token it will be an itBit proprietary token."

Quote

Wager sought to underscore that Bankchain is "inspired by" bitcoin's blockchain, but that it is a consensus-based alternative system. Upon release, he said itBit has no plans to open source the code or distribute it outside of participants in the network.

Awww............... they should have used mySQL, its much cheaper and can run on a 30w computer.

hexafraction

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Tips welcomed: 1CF4GhXX1RhCaGzWztgE1YZZUcSpoqTbsJ

Any benefits to the end-user? Transparency is screwed up if end-users can't connect, even in a read-only manner.

monsanto

legendary

Activity: 1241

Merit: 1005

..like bright metal on a sullen ground.

Wonder just how this is going to work. Imagine a hacker gets into the network with some miners.

http://www.coindesk.com/itbit-reveals-top-secret-bankchain-project-wont-use-bitcoin/

Quote

"It is a proprietary itBit protocol, not blockchain based, but is derived off of blockchain. We will also not be using bitcoin as the native token it will be an itBit proprietary token."

Quote

Wager sought to underscore that Bankchain is "inspired by" bitcoin's blockchain, but that it is a consensus-based alternative system. Upon release, he said itBit has no plans to open source the code or distribute it outside of participants in the network.

Topic: ItBit Reveals Bankchain Project Won't Use Bitcoin (Read 910 times)