I think, one of the biggest flaws in your logic is, that you would not reach the hashing power of the BTC network by giving away free usb-miners. It's the same discussion as saying a big cooperation could just build there own miners and make a 51% attack on Bitcoin. They can not. They don't have the resources. They can't just build something similar to something that was build over years, regardless at how much money they throw at it.
On the other hand: Some BTC-miners could easily attack your corp coin.
Topic: Serious question - Corp Coin (Read 1332 times)
corporations:
1* can start using bitcoin instead of your "corp coin", just because established development team and whole infrastructure behind
2* simply create and start using own internal coin for them and partners.
I really don't see any reason, why they should use something, what is described by OP here..
1* can start using bitcoin instead of your "corp coin", just because established development team and whole infrastructure behind
2* simply create and start using own internal coin for them and partners.
I really don't see any reason, why they should use something, what is described by OP here..
Lets say Google creates "Googlecoin" tomorrow
and promotes the shit out of it on their homepage,
and even claims its "superior to Bitcoin".
a LOT of people are going to hear about it.
Some people will start mining it.
But then, there's going to be a tremendous
buzz and debate -- is it really better than
Bitcoin? Bitcoin will have a stronger network,
more merchants, more distribution, more security.
So unless Googlecoin is truly superior in some
way, everyone is going to be asking themselves:
"Shouldn't I just go with Bitcoin instead"?
and promotes the shit out of it on their homepage,
and even claims its "superior to Bitcoin".
a LOT of people are going to hear about it.
Some people will start mining it.
But then, there's going to be a tremendous
buzz and debate -- is it really better than
Bitcoin? Bitcoin will have a stronger network,
more merchants, more distribution, more security.
So unless Googlecoin is truly superior in some
way, everyone is going to be asking themselves:
"Shouldn't I just go with Bitcoin instead"?
still i can't see the point of all this, i mean as long as there is one good decentralized currency i'm fine, it doesn not really matter if it replace bitcoin or not
but then again, why it should replace it when it is offering exactly the same thing? also it is better for the big companies to adopt bitcoin instead of wasting time and money by creating a clone of it
this is just a no-sense scenario, and it will never happen
You are gonna waste your money and just create altcoin following the upgrade step of bitcoin. You know that a lot of bitcoin's venture capital is injecting thousands of millions of money to its ecosystem. Bitcoin is still the leading cryptocoins. How can you compete with Bitcoin? I wonder that how can you convince your stakeholders to make such decision of creating a clone bitcoin rather than following other companies' step?
IMO most important aspect of bitcoin is ability to skirt currency laws as much as possible through decentralization. Your company would expose itself to legal problems.
legendary
Activity: 1302
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Lets say Google creates "Googlecoin" tomorrow
and promotes the shit out of it on their homepage,
and even claims its "superior to Bitcoin".
a LOT of people are going to hear about it.
Some people will start mining it.
But then, there's going to be a tremendous
buzz and debate -- is it really better than
Bitcoin? Bitcoin will have a stronger network,
more merchants, more distribution, more security.
So unless Googlecoin is truly superior in some
way, everyone is going to be asking themselves:
"Shouldn't I just go with Bitcoin instead"?
and promotes the shit out of it on their homepage,
and even claims its "superior to Bitcoin".
a LOT of people are going to hear about it.
Some people will start mining it.
But then, there's going to be a tremendous
buzz and debate -- is it really better than
Bitcoin? Bitcoin will have a stronger network,
more merchants, more distribution, more security.
So unless Googlecoin is truly superior in some
way, everyone is going to be asking themselves:
"Shouldn't I just go with Bitcoin instead"?
Corp coin like Applecoin or Intelcoin or Ebaycoin etc... all have a fundamental problem to solve: The coin's value
Apple can back the Applecoin's value by one iphone 6. However, if everyone is able to produce apple coin through apple miner, then Apple will be giving out 50 iphone 6 every 10 minutes. So, the mining cost of one Applecoin must be as high as iphone 6's price $700, so that apple won't have a drain of their wealth quickly
However, if I have to spend $700 to mine Applecoin then purchase iphone 6, why don't I just directly purchase iphone 6?
If no one is backing corp coin, then its value will be decided by the mining cost, and it will take corp coin many years, maybe forever to reach bitcoin's total mining cost today. However, if a corporation back the coin with their products, the coin's value will be fixed by their products, thus lose the most attractive character of bitcoin: Long term price appreciation potential
Apple can back the Applecoin's value by one iphone 6. However, if everyone is able to produce apple coin through apple miner, then Apple will be giving out 50 iphone 6 every 10 minutes. So, the mining cost of one Applecoin must be as high as iphone 6's price $700, so that apple won't have a drain of their wealth quickly
However, if I have to spend $700 to mine Applecoin then purchase iphone 6, why don't I just directly purchase iphone 6?
If no one is backing corp coin, then its value will be decided by the mining cost, and it will take corp coin many years, maybe forever to reach bitcoin's total mining cost today. However, if a corporation back the coin with their products, the coin's value will be fixed by their products, thus lose the most attractive character of bitcoin: Long term price appreciation potential
Flagging for admin action, since this belongs in the altcoin subsection.
GTFO
GTFO
he's positing a hypothetical. there is no actual corp coin.
The question being posed is "would scenario X be a threat to bitcoin?", so personally I'd leave it here. That's just me, though. Mods might see it differently.
As for the answer, I can't see that there would be much of an incentive for a company to accept payments in a currency that they had literally just created. It would basically be like giving away free product. It's the same reason companies wouldn't just suddenly let customers create their own 'buy one get one free' coupons/vouchers and use them whenever they wanted. Your losses would naturally exceed any potential profits you might make from the increased attention.
no reason to do this except for a new generation of assholes fooling themselves they're going to be early adopters and become rich, if the coin is to be an exact copy of btc the company should promote the authentic btc, buy , hold , integrate with their system
this would be mined and dumped for btc like almost every other alt and then forgotten about
this would be mined and dumped for btc like almost every other alt and then forgotten about
Who are your nodes? At the core of bitcoin is a voluntary distributed network. Without this it is nothing like bitcoin. This is why a corporate coin will not work. It would have to be a centralized currency that only works at their store. In other words, it's a coupon.
I would never even consider using another system unless it was a decentralized, distributed network that is not tied to identity. It must work in all countries and at many outlets, and must be beyond the control of any entity. No business is going to fund such a coin as they will have no advantage using it. The war is over and bitcoin won.
I would never even consider using another system unless it was a decentralized, distributed network that is not tied to identity. It must work in all countries and at many outlets, and must be beyond the control of any entity. No business is going to fund such a coin as they will have no advantage using it. The war is over and bitcoin won.
Well said, "Amazon credits" or "Google tokens" can never start to replace the power of a decentralized, Bitcoin network.
The most important question for Corp Coin is how would it benefit the corporation? Corporations are most certainly not benevolent.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
Flagging for admin action, since this belongs in the altcoin subsection.
GTFO
GTFO
he's positing a hypothetical. there is no actual corp coin.
can't simply build a network like bitcoin, overnight, no way
True.
Just because a corporation backs something doesn't mean you're going to get more people into crypto than Bitcoin. And in fact, I think what probably would happen is they will just end up creating more awareness and adoption of bitcoin.
The OP assumes that tens or hundreds of millions of people would rapidly end up using corporatecoin. If that was the case then you sure as shit would need it to be absolutely 100% bulletproof from minute one. That's not exactly the easiest thing to rustle up from nowhere.
All money, especially new forms of it, lives and dies on faith and trust. Every day it's above ground, Bitcoin earns more. You can't replicate it and you can't transfer it. It's a long, hard road to get to a position where people will feel comfortable.
Considering the track record of hacks and data breaches among some of the biggest governments, banks and corporations, I can't see the masses flocking on the strength of a couple of quirky youtube vids.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
can't simply build a network like bitcoin, overnight, no way
True.
Just because a corporation backs something doesn't mean you're going to get more people into crypto than Bitcoin. And in fact, I think what probably would happen is they will just end up creating more awareness and adoption of bitcoin.
Microsoft also didn't take over the Internet with their proprietary "Microsoft Network" back then. (only the name remained, MSN)
then if it is the exact copy we will embrace it and we will be happy, but aside from this i don't see any point in a big company to create an exact clone of bitcoin, if they cannot still control it
better to invest in bitcoin, without wasting tons of money to build another network equal to bitcoin, with all the costs that, there will be for electricity and everything else, nobody in their right mind would ever do it
better to invest in bitcoin, without wasting tons of money to build another network equal to bitcoin, with all the costs that, there will be for electricity and everything else, nobody in their right mind would ever do it
If you embrace it, it means you are spending your fiat to buy Corp Coin, and there is less fiat left to buy BTC. Meaning, the price of BTC falls, correct?
There is no money wasted for them. There are no costs. The miners bear the cost of mining and electricity. What costs does the Corporation have to pay?
how there is no cost, from where their will buy all the mining equipments to build their huge centralized farm? which basically can double spend anytime, and for this alone i doubt many will embrace it
Why shouldn't I just mine corpcoin and immediately dump it for bitcoin which has a better network?
this is my point, you can't simply build a network like bitcoin, overnight, no way
So why should people use a brand new coin that is an exact clone of Bitcoin when Bitcoin is the exact same thing but has been around longer, has the largest use, and has the largest user base?
Why? Because the Corporation will promote Corp Coin on its website. It will have giveaways and prizes if you start using it. It will give away free Corp Coin USB miners. It will be exciting and fantastic.
BTC around for longer. And? Actually, BTC being around for longer could be spun as a disadvantage. A lot of people whine that the early adopters have a shit ton of coins, and that's "unfair". Now, the Corporation comes in, and launches a new coin that's open to everyone around the world. No unfair early adopters. Everyone can get as much as they want.
Largest use. No it doesn't. All of the businesses that accept or use BTC can very easily start using Corp Coin. It's just a few lines of code for them. Once they see the exploding user base for Corp Coin, they'll start accepting it.
Largest user base. Not so fast. With 1 billion customers worldwide, even if 10% of them start using Corp Coin, that's 100,000,000 users. BTC probably has around 1,000,000 users. So Corp Coin will have 100x the users right away.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
Why shouldn't I just mine corpcoin and immediately dump it for bitcoin which has a better network?
then if it is the exact copy we will embrace it and we will be happy, but aside from this i don't see any point in a big company to create an exact clone of bitcoin, if they cannot still control it
better to invest in bitcoin, without wasting tons of money to build another network equal to bitcoin, with all the costs that, there will be for electricity and everything else, nobody in their right mind would ever do it
better to invest in bitcoin, without wasting tons of money to build another network equal to bitcoin, with all the costs that, there will be for electricity and everything else, nobody in their right mind would ever do it
If you embrace it, it means you are spending your fiat to buy Corp Coin, and there is less fiat left to buy BTC. Meaning, the price of BTC falls, correct?
There is no money wasted for them. There are no costs. The miners bear the cost of mining and electricity. What costs does the Corporation have to pay?
so i assume this is a pos coin, because you were not talking about the mining aspect and how to secure your network
since you can't replicate the bitcoin network out of thin air, bitcoin has still something more to offer in term of secuirty in comparison with the stupid pos system
no one will ever take seriously the distribution of a pos coin, there will be always some form of abuse and it will labeled as a scam since birth
since you can't replicate the bitcoin network out of thin air, bitcoin has still something more to offer in term of secuirty in comparison with the stupid pos system
no one will ever take seriously the distribution of a pos coin, there will be always some form of abuse and it will labeled as a scam since birth
No, I said it would be an exact copy of bitcoin. Only two differences: different name, and it will be promoted on the Corporation's website, and accepted by the Corporation as payment.
People will mine it just as they mine BTC. Lots of miners will want in because the demand for the coin is almost guaranteed -- since the Corporation accepts it as payment. Plus, free USB miners for the lucky winners, so they can mine from home.
then if it is the exact copy we will embrace it and we will be happy, but aside from this i don't see any point in a big company to create an exact clone of bitcoin, if they cannot still control it
better to invest in bitcoin, without wasting tons of money to build another network equal to bitcoin, with all the costs that, there will be for electricity and everything else, nobody in their right mind would ever do it
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