what if companies start to make their own coin ?

OrientA

sr. member

Activity: 462

Merit: 250

Quote from: BittBurger on October 02, 2014, 02:07:42 PM

Quote from: XCASH on October 01, 2014, 05:10:40 PM

Quote from: zeroday on October 01, 2014, 11:27:01 AM

Corporations will never make decentralized cryptocurrency.
It's the same as imagine that Microsoft makes Windows OS open source.

IBM is going to fork ethereum when it's finished.

And IBM is already forking Bitcoin for "the internet of things". They said they'll be forking both. Exactly as I expected.
-B-

I thought IBM just wants to use the blockchain technology.

jjacob

legendary

Activity: 1554

Merit: 1026

★Nitrogensports.eu★

Quote from: rohnearner on October 02, 2014, 01:34:34 PM

The reality is most of the sites are already using virtual currencies..! not reddit already use Reddit gold, apple just launched there Apple Pay.. Google wallet.. etc etc. I do realize what you are saying but its gonna be pointless for them to do so because I don't think its gonna add any value to the brand unless they launch a decentralized sys and that's not possible with any of them.

The whole point of pseudonymity will be lost using these currencies. I just hate it when I have to sign in with my microsoft/google/facebook/yahoo account for some unrelated services. For this reason, I will not these other virtual currencies. I am sure that there are a lot of people who think like me

BittBurger

hero member

Activity: 924

Merit: 1001

Quote from: XCASH on October 01, 2014, 05:10:40 PM

Quote from: zeroday on October 01, 2014, 11:27:01 AM

Corporations will never make decentralized cryptocurrency.
It's the same as imagine that Microsoft makes Windows OS open source.

IBM is going to fork ethereum when it's finished.

And IBM is already forking Bitcoin for "the internet of things". They said they'll be forking both. Exactly as I expected.

-B-

rohnearner

sr. member

Activity: 350

Merit: 252

REAL-EYES || REAL-IZE || REAL-LIES||

The reality is most of the sites are already using virtual currencies..! not reddit already use Reddit gold, apple just launched there Apple Pay.. Google wallet.. etc etc. I do realize what you are saying but its gonna be pointless for them to do so because I don't think its gonna add any value to the brand unless they launch a decentralized sys and that's not possible with any of them.

hyphymikey

hero member

Activity: 784

Merit: 1000

I will trust no company that mines its own coin. If miners (the public) get to mine them, then whats the point? Might as well use bitcoin, the biggest computer hashing network ever known to man.

cmacwiz

sr. member

Activity: 704

Merit: 270

I have thought of this before, and some people seem to be missing the idea. A company can start their own crypto to use internally (acounting, billing, paychecks), and even partner with other companies, and use some conglomerate crypto. At the end of the day, they trade out their crypto for btc and what not, but as these corporate conglomerate cryptos grow in value, people can buy it like stock if they want to invest. Furthermore, any store that deals internally with a private crypto accepts their crypto for goods/services. BTC (or something like it) will always be a "gold" to hold and use to trade for other cryptos. How a company sets up their crypto would be interesting. I doubt any CEO's would like to set up a decentralized private crypto, although that would hurt the public's opinion said company (I would hope).

In 4 years we will see comcastcoin Grin

Unbelive

full member

Activity: 210

Merit: 100

Invest & Earn: https://cloudthink.io

Quote from: noobtrader on October 01, 2014, 10:54:54 AM

what if mircrosoft, gorgle, redit, facebok et al started to make their own coin, would it be good for bitcoin ? no one would call them scam and they have money to influence the LAW...

EDIT : forgot to add... aplle pay

There are 2000 coins allready, What Bitcoin have is that was first. is huge advantage. If those companies will make coin with something that Bitcoin will never have and they will advertise it nicely, that coin will for sure succeed.

yitingyou

newbie

Activity: 50

Merit: 0

interesting, I'd like to see what will happen

Clegg

full member

Activity: 176

Merit: 100

Quote from: yokosan on October 01, 2014, 03:55:25 PM

The strength in bitcoin is the network and the hashrate that is behind it which was only achieved due to the financial incentives put in place.

No centralized system can compete with it.

True, but I don't think that's going to stop some big companies trying their own coins, but the decentralised nature of bitcoin is the beauty of it.

Asrael999

hero member

Activity: 703

Merit: 502

Quote from: BillyBobZorton on October 01, 2014, 11:42:09 AM

Big CORPS love the dollar, thats why the closest we'll see big corpos going crypto is something like Apple Pay. No big corpo is going to release a trusteable, open source coin. Bitcoin is safe in this regard.

Big Corps love the USD because they have to account in it.

OrientA

sr. member

Activity: 462

Merit: 250

Quote from: zeroday on October 01, 2014, 11:27:01 AM

Corporations will never make decentralized cryptocurrency.
It's the same as imagine that Microsoft makes Windows OS open source.

If the company coin is centralized, then BTC will be the gold (centre of exchange) for all those currencies.

IMZ

legendary

Activity: 1498

Merit: 1000

Corporations will launch their own coins. They have financial-law experts, computer systems, capital for promotion, R and D departments, and the advertising gurus.

McRonald Money could tie together android people, cryptos, burgers, and discounts for far-flung Mc-Associate products. The advertising material will be 1000% better than that produced by the lacking-in-social-skills denizens of the Net (I mean no disrespect. It's an anthropological fact.)

Consider this perspective: forget 'corporate' coin, just consider the spectrum from 'Centralised' to 'Decentralised':

Centralised: Canada's experimental crypto last year, M-pesa in Africa, Ecuador's forthcoming national crypto, Mexico's discussion of same.

Semi-Centralised: many cryptos -- including one that starts with 'B' -- are clearly de facto semi-centralised. Aurora, Ozziecoin, Ripple

Decentralised: check Unobtanium

byronbb

legendary

Activity: 1414

Merit: 1000

HODL OR DIE

Quote from: yokosan on October 01, 2014, 03:55:25 PM

The strength in bitcoin is the network and the hashrate that is behind it which was only achieved due to the financial incentives put in place.

No centralized system can compete with it.

This is true, but the concern I have is the powers that be do not want decentralised systems. That said, if google et al release their own coins backed by their stock value bitcoin would very quickly be useful as a trading proxy, and serve as a commodity "safe haven" when stocks were tanking.

Chuckee

member

Activity: 70

Merit: 10

They already do. Go to Disneyland and buy their Mickey Dollars. Yet the world isn't conducting trade in Mickey Bucks. Just like the world isn't conducting trade in bitcoins, litecoins, or flappycoins.

People want a government backed currency, just like they want a politician who will promise to watch their backs and give them stuff. That's the short and long of it, my friend and why bitcoin will never be a major factor in the world economy.

XCASH

legendary

Activity: 929

Merit: 1000

Quote from: zeroday on October 01, 2014, 11:27:01 AM

Corporations will never make decentralized cryptocurrency.
It's the same as imagine that Microsoft makes Windows OS open source.

IBM is going to fork ethereum when it's finished.

yokosan

hero member

Activity: 700

Merit: 500

The strength in bitcoin is the network and the hashrate that is behind it which was only achieved due to the financial incentives put in place.

No centralized system can compete with it.

Odalv

legendary

Activity: 1414

Merit: 1000

Quote from: BittBurger on October 01, 2014, 03:29:07 PM

Explain to me why CHASE bank is going to bother with the Bitcoin Blockchain?

Rather than just fork their own?

The only reason banks are even considering Bitcoin right now is because they don't understand the technology enough yet. So they're being conservative and considering the "tried and true" version. As soon as someone there gets wind of the fact that they can easily fork Bitcoin and make their own coin, they will be on that like a fly on shit. Tell me why they wont? They care nothing for decentralization, and neither will any of their 80 million customers. Everyone just wants cheaper financial transactions. And "blockchain technology" provides that. With or without Bitcoin. If anything, CHASE will want to control their own coin, their own crypto network, and add features, customizations, and abilities to it. What is their incentive to go with a system that is propped up by a bunch of mining farms in rural China? Are we serious right now? If anything, mining will be considered a terrible solution when they can just put their own security on their own blockchain, and get *all* the same price benefits of Bitcoin.

Tell me why any bank would ever use Bitcoin, aside from ignorance of how easy it is to make their own?

-B-

Not so easy.

If you have bitcoins before blockchain is forked then you have bitcoins in both chains and you can spend in both.
So I'll simply sell my CHASE bitcoins and will buy more original bitcoins. :-)

BittBurger

hero member

Activity: 924

Merit: 1001

Explain to me why CHASE bank is going to bother with the Bitcoin Blockchain?

Rather than just fork their own?

The only reason banks are even considering Bitcoin right now is because they don't understand the technology enough yet. So they're being conservative and considering the "tried and true" version. As soon as someone there gets wind of the fact that they can easily fork Bitcoin and make their own coin, they will be on that like a fly on shit. Tell me why they wont? They care nothing for decentralization, and neither will any of their 80 million customers. Everyone just wants cheaper financial transactions. And "blockchain technology" provides that. With or without Bitcoin. If anything, CHASE will want to control their own coin, their own crypto network, and add features, customizations, and abilities to it. What is their incentive to go with a system that is propped up by a bunch of mining farms in rural China? Are we serious right now? If anything, mining will be considered a terrible solution when they can just put their own security on their own blockchain, and get *all* the same price benefits of Bitcoin.

Tell me why any bank would ever use Bitcoin, aside from ignorance of how easy it is to make their own?

-B-

PolarPoint

hero member

Activity: 672

Merit: 500

If they make their own coin, I don't think they can profit much from it. Big corporations would rather spend their resources on something more worthwhile.

An amorous cow-herder

sr. member

Activity: 322

Merit: 250

Quote from: zeroday on October 01, 2014, 11:27:01 AM

Corporations will never make decentralized cryptocurrency.
It's the same as imagine that Microsoft makes Windows OS open source.

I would even consider the later more likely.
Bitcoin is built around the concept of decentralisation. Remove that concept and the rest stops making sense. Why choose a blockchain instead of a normal rdbms? Why choose pow over authentification?

On the other hand basicly all the mayor corps have their own "currencies", e.g. Amazon coins, Microsoft Points (reward credits now) etc ...
Actually it doesnt even matter if they give them some funny name or just use the normal fiat currency value to show the credit for e.g. Play store/Appstore cards. Its just some numbers in a database (instead of a blockchain).

Topic: what if companies start to make their own coin ? (Read 1973 times)