Quote from: podyx on September 10, 2016, 05:47:04 PM

Quote from: hulla on September 10, 2016, 04:44:17 PM

Oh my God. If this could really happen buddy all body holding bitcoin at the moment will be in a lot of dough and the price of bitcoin will string up in a slap of fingers. My question is that is this news direct from true source?

If the big banks release a successful coin, bitcoin's market value would probably crash pretty hard.

Have you thought about your own comment?

What is a successful coin?

A centralized one or a decentralized one? Makes little sense.

A large aspect of the value of bitcoin remains it's decentralized component that is backed up by proof of work, and no one is going to attempt to recreate something that costs so much money in terms of establishing the extended proof of work network, so in that sense, any semblance of a system that is competing to bitcoin is going to have to be centralized in some regard, which defeats the whole purpose and makes it something other than bitcoin.

Yeah, sure there may be some attempts at competitors and some attempts to assert that they are the same as bitcoin and attempts to steal some of bitcoin's market cap, but in the end, none of them are going to be sufficiently decentralized in order to really compete.....

So, yeah, I will believe it when I see it, and in the meantime, seems unrealistic to be concerned and/.or fearful about something that is very unlikely to occur... and unlikely to really provide anywhere near the same level of decentralized immutability that is provided by our lilie fiend, bitcoin. Kiss

Edit: Added on below:

Quote from: podyx on September 10, 2016, 06:18:51 PM

Quote from: becoin on September 10, 2016, 06:06:29 PM

[edited out]

[edited out]

I'm definitely still very bullish on btc but if a centralized coin from banks catches on in a big way, I'll probably be quick to diversify.

Nothing wrong with diversifying at various points in time when such diversification is prudent and practical. Actually, diversification should be included in any long term investment strategy.

At this point, concerning your pie in the sky hypothesis of some kind of "bank backed" crypto meaningfully competing with bitcoin, there is nothing even close to justify diversify into (except maybe using 1 or 2 % of your crypto investment into various crypto "competitors" that you may consider to have some pump value or even some decent fundamentals that could justify their increasing in market cap).