Topic: Serious question - Corp Coin - page 2. (Read 1332 times)

This is the first response that makes a good point. There is the danger of bad PR for the Corporation.

They might still take the risk though. There are a lot of advantages: improved image from being so cutting edge, instant payments and not having to pay 3% to the credit cards. They might decide that these advantages outweigh the risk of having some bad PR from time to time.

It's not cut and dry. They will donate money to anti-drug campaigns.

No, not a shitty version of bitcoin. What if they use the technology as is.

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.

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.

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

I think it would be way too risky for a corporation to release its own crypto currency (assuming it's very similar to bitcoin). Imagine the bad PR if someone did create a anonymous marketplace to sell drugs or tweeted about financing terrorists using Corp Coin

It would have to be a shitty version of Bitcoin, blacklists and proof of ID like a certain dev proposed....

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?

There's a huge difference between bitcoin the coin and bitcoin the technology. Bitcoin the technology will stay. The dev's will continue developing it. It's open source, the Corporation can use whatever the bitcoin dev's create as soon as they create it. The Corporation will even throw a few (million) dollars at the dev's, to make sure everything runs smoothly.

No one is going to say bye to their Bitcoins in favor of "coin number #90342390" no matter what. Why? Because Bitcoin is the original and has the smartest devs in the game working on it, and "corp coin" doesn't, which means "corp coin" would depend on Bitcoin advancements to stay up to date, which means "corp coins" life depend on a healthy Bitcoin.

The cool factor? It costs them almost nothing, but it makes them seem like cool cutting edge innovators. It's good for the brand.

Maybe they want to accept bitcoin payments, but they don't want anything to do with BTC, because of perceived bad publicity (drugs, "dark internet", and so on). So they just rebrand BTC and launch it through their website under a new name. Again, minimal costs. Why not?

The Corporation won't "control" Corp Coin. They will just release it and promote it on their site.

Anyone can mine it. I am sure plenty of people will jump on the mining the Corp Coin bandwagon. It will be the first mainstream coin. The Corporation can even give away small miners to people for free. Imagine the bonanza, especially in the eyes of regular people. You can create money on your own home computer. And the USB miner, you get for free!

It will be completely decentralized, just like bitcoin. It will work in all countries, just like bitcoin. The difference is that it will have a much larger user base right away.

What possible reason or motivation do they have to create a new currency? No corporation has anything to gain from that. That's not and never has been their remit.

Governments and now us lot are the ones who have the ball ache of creating a currency. They make their money by making whatever currency easier to use. Why would they want to have to fuck with exchange rates and the security of maintaining their ledger when all they want is profits in USD.

There'll no doubt be ever faster and cleverer ways to process payments. Tokenisation already exists and that's where they'll head further into. I well and truly can't see any corporate entity bothering with more.

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.

Hi. I am a giant multinational corporation that deals with consumer payments - Amazon, Google, Apple, Facebook, whatever. I am going to start a new coin. It's an exact copy of bitcoin, but with a brand new ledger. I won't pre-mine, insta-mine, or any shit like that. It will all be fair and square. I will just launch this new coin and promote it to all of my users on my website.

"Shit coin clone", I hear you say? Well, I have 1 billion users all over the world, and I just started accepting and promoting my Corp Coin on my website. Want that Insane Birds app? That will be 10 Corp Coins. While we're promoting the coin, we will knock it down to just 2 Corp Coins for you. It's an exact copy of bitcoin, except it will have 100,000,000 users overnight and more to come after that. The user base will be 100x that of BTC overnight.

All the bitcoin businesses can very easily start accepting my Corp Coin. These businesses are built around bitcoin the technology, not around BTC, a specific coin.

What happens if I do this? Is this the death of bitcoin the coin (as opposed to the technology)? Network effect. Will everyone start using my Corp Coin and dump BTC?

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If bitcoin starts catching on, I think it is inevitable that something like this will happen. Sooner or later. Since bitcoin the technology has been doing so well, probably sooner.

If that's the case, holding (HODLING) BTC is very dangerous. It could crash to 0 any day, whenever the announcement of the Corp Coin comes.

What do you think? Is this possible or plausible? What's your plan if this happens?