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Author Topic: Amazon releases Amazon Coins... reactions?  (Read 4127 times)
mrvision
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February 05, 2013, 02:49:12 PM
 #1

Amazon Coins:
http://phx.corporate-ir.net/phoenix.zhtml?c=97664&p=irol-newsArticle&ID=1781495&highlight=

Amazon is releasing Amazon Coins, will this be a threat or an opportunity?

Of course we know nothing about Amazon inflationary plans... nor if Amazon will leak to the gov the amount of coins an individual has.

What do you people think? What will happen with bitcoin price?

UPDATE:  https://developer.amazon.com/help/faq.html#AmazonCoins

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niko
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February 05, 2013, 02:55:13 PM
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Any private currency backed by a powerful corporation can only help Bitcoin address regulatory questions. Amazon lawyers ought to be able to help set favorable precedents.

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Matthew N. Wright
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February 05, 2013, 03:00:33 PM
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Any private currency backed by a powerful corporation can only help Bitcoin address regulatory questions. Amazon lawyers ought to be able to help set favorable precedents.

This. The more digital currencies there are, the easiest it will be for bitcoin to be used to swap between them. That, and closed-loop gift cards already exist for Amazon, so I'm not sure what the difference is in this.

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February 05, 2013, 03:08:46 PM
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why should this in any way be related to Bitcoin?
looks more like a standard bonus miles system

what is special here?

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February 05, 2013, 03:12:25 PM
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It's like xbox points. Money goes in, money doesn't come back out. The same way iTunes points revolutionized currency (they didn't).

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February 05, 2013, 03:13:06 PM
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maybe we can setup an exchange ACOINS <=> BTC

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February 05, 2013, 03:14:37 PM
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maybe we can setup an exchange ACOINS <=> BTC
Loving that idea, looks like we have a new fiscal game in town.

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February 05, 2013, 03:30:18 PM
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Of course we know nothing about Amazon inflationary plans... nor if Amazon will leak to the gov the amount of coins an individual has.

It sounds like they're pegged to the US dollar and not free floating, so inflation or the number in circulation shouldn't matter.  As long as Amazon is willing and able to accept them at their equivalent dollar value, then they are essentially propping them up to be worth that.  Without that, they're worth zero.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
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February 05, 2013, 03:32:47 PM
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why should this in any way be related to Bitcoin?
looks more like a standard bonus miles system

what is special here?

Just because it sounds nice.

"Bitcoin?  For drugs?  No way, think of them like flyer miles."

"Bitcoin?  For drugs?  No way, think of them like Amazon coins."

THe first one will lead the listener to say Huh WTF, the second one won't.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
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February 05, 2013, 03:45:33 PM
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This is in no way competition. No more than American Airlines frequent flier miles. Private money is worthless to me. 

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February 05, 2013, 03:49:42 PM
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"Bitcoin?  For drugs?  No way, think of them like Amazon coins."

THe first one will lead the listener to say Huh WTF, the second one won't.

"So Bitcoins are worth $1 each and I can only buy them on $20 gift cards and I can only buy apps for a Kindle with them? Why would I want that? WTF?". Not completely analogous.

It is just another way for Amazon to cash in on "breakage", a term for unspent gift cards and unspent points and money in accounts.

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February 05, 2013, 05:14:21 PM
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"Bitcoin?  For drugs?  No way, think of them like Amazon coins."

THe first one will lead the listener to say Huh WTF, the second one won't.

"So Bitcoins are worth $1 each and I can only buy them on $20 gift cards and I can only buy apps for a Kindle with them? Why would I want that? WTF?". Not completely analogous.

You're confusing the logical with the perceptive.

The logical person is already against the war on drugs and doesn't need the comparison.

The kind of person this comparison works on already thinks "OMG drugs ban them", and puts more weight on whether two words rhyme versus whether a premise is logical.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
Matthew N. Wright
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February 05, 2013, 05:56:19 PM
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"Bitcoin?  For drugs?  No way, think of them like Amazon coins."

THe first one will lead the listener to say Huh WTF, the second one won't.

"So Bitcoins are worth $1 each and I can only buy them on $20 gift cards and I can only buy apps for a Kindle with them? Why would I want that? WTF?". Not completely analogous.

You're confusing the logical with the perceptive.

The logical person is already against the war on drugs and doesn't need the comparison.

The kind of person this comparison works on already thinks "OMG drugs ban them", and puts more weight on whether two words rhyme versus whether a premise is logical.

Is someone still wrong if they're against the war on drugs because it doesn't rhyme? hehe.  Wink

I think closed-credits will have rules applied that they cannot be exchanged between other members no doubt or lest Amazon be up against the same wall everyone else has been (including Facebook). I could see them confiscating funds that were involved in user-to-user trades making it just as dangerous as a number of other stored-credit > BTC exchanges.

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February 05, 2013, 07:05:36 PM
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The fact that Amazon has done this implies two things. One is that they recognize the power of digital money. Two is that they just don't get the open source concept and why it is fundamentally different than anything they can own.

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February 05, 2013, 07:27:24 PM
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maybe we can setup an exchange ACOINS <=> BTC
Loving that idea, looks like we have a new fiscal game in town.

Only if they let giving coins to other users.
Otherwise, it's going to be just like airline miles or BP (british petrol) points. Useless. Can't sell them, can't trade them, can't use them anywhere except on the services provided by amazon. .

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February 05, 2013, 08:58:23 PM
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My guess is these will not be transferable, so instead of picking an app, clicking "Buy," having it charge your card, and instantly downloading it, you'll be looking for coins, buying them, essentially letting someone else hold on to your money, and then using coins to purchase that app. Sounds like a REALLY stupid business idea that will only make things more difficult and confusing.

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February 05, 2013, 08:59:15 PM
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My guess is these will not be transferable, so instead of picking an app, clicking "Buy," having it charge your card, and instantly downloading it, you'll be looking for coins, buying them, essentially letting someone else hold on to your money, and then using coins to purchase that app. Sounds like a REALLY stupid business idea that will only make things more difficult and confusing.
So what you're saying is, it's good for bitcoin.  Cool

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February 05, 2013, 09:20:07 PM
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My guess is these will not be transferable, so instead of picking an app, clicking "Buy," having it charge your card, and instantly downloading it, you'll be looking for coins, buying them, essentially letting someone else hold on to your money, and then using coins to purchase that app. Sounds like a REALLY stupid business idea that will only make things more difficult and confusing.
So what you're saying is, it's good for bitcoin.  Cool

I would say it's completely irrelevant for bitcoin, but is bad for Amazon. Waste of company money.

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February 05, 2013, 11:06:12 PM
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My guess is these will not be transferable, so instead of picking an app, clicking "Buy," having it charge your card, and instantly downloading it, you'll be looking for coins, buying them, essentially letting someone else hold on to your money, and then using coins to purchase that app. Sounds like a REALLY stupid business idea that will only make things more difficult and confusing.
So what you're saying is, it's good for bitcoin.  Cool

I would say it's completely irrelevant for bitcoin, but is bad for Amazon. Waste of company money.

No, the reason they do this is "banking in disguise", they apparently will make further payments down the road. They can first offer kindle discount, make it acceptable and on par with dollars , then begin to allow people pay each other, then they will compete with paypal. Then they will have "deposit", balances unused. Then ....

It is not a bad plan, but it is really nothing new.
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February 05, 2013, 11:16:17 PM
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I don't think this is a currency...it's just a gift card system really...

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