Why not. After we said this was going to happen and its just the tip of the iceberg. Like clockwork the landscape of digital currency if playing out just like history has repeated itself 1000 other times as yet another alternative blockchain (Altchain) will spawn to support yet another digital curency (Altcoin).
It's all deja vu or すでに見 (pronounced sudeni mi) in Japanese.
The new Altcoin will be Japanese being the product of yet another bank, the Bank of Tokyo-Mitsubishi UFJ (MUFG) as it dives into the industry poised to make all of the same mistakes as its predecessors starting with none other than .... making another digital currency.
The Altchain Race to Last Place
Let's face it, this has been done to death. Banks and these startups just weren't around years ago when we went through this cycle of growth so now they will go through it the hard way instead of listen to any possible voice of reason and that is exactly what they are doing. Just about every bank on earth along with piles of startups chasing their money (after chasing venture capitol money to allow them to chase this money) seem to be making a "private" block chain or digital currency (Altcoin).
So the organizations that currently have all of the money, and control thereof, now want the stuff the world united to create for themselves to get away from them... oh, and they want control that too, they'll have a "private" block-chain which is likely nothing more than just a database.
Although ... one of the chaser start-ups, R3CEV, that's currently talking several banks into joining their super secret private superchain that they are going to build and amaze the world with, hasn't built their ultrachain just yet and did test some things on the Ethereum network. Which is a public network, so maybe they plan to make more than just a database or perhaps that was just for publicity.
The Duplicate Effort of Duplicating Efforts
MUFG is also involved in the R3CEV conglomeration of 42 banks trying to glue something together to dominate the world. That's 42 sets of opinions throwing money at a company who's main mission is to catch it.
Meanwhile, Bank of America and other companies are tearing apart the blockchain's code-base (bitcoin) and scouring forums scraping up anything that looks, sounds, or smells remotely like something they can file a patent on. All this while admitting they have no clue why they are doing it or what product there is for them to sell in the future using it. They're playing dumb but the reality is that they know exactly what they're doing. What they're banking on (no pun intended) is that somebody somewhere is going to step into their landmine of patents and they'll suck everyone dry in earnings for the rest of time.
Which ironically makes Bank of America one of bitcoin's best friends ... but I'll save that one for another day.
MUFG's decision to go solo is starting to make some sense. However misplaced the idea may be you can almost feel some common sense being exercised. That doesn't make it right nor does it provide any guarantee of success or at least a soft failure, but at least a brain cell was used. They know that whatever the outcome of the R3 musketeers and their 42 plus opinionated banks is going to be, it won't be something they'll be able to use anytime soon.
Story by dinbits
image by dinbits staff