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Author Topic: "Introducing Amazon Coins: A New Virtual Currency for Kindle Fire"  (Read 1927 times)
Rassah
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February 05, 2013, 07:54:30 PM
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More info here:

http://www.amazonappstoredev.com/2013/02/introducing-amazon-coins.html

So, it's just like paying with your credit card the way you do now, except more complicated, involves you paying more than what you actually need to buy, forces you to trust someone else to hold on to your money, and gives you coins that you can't sell back, which are completely useless outside of Amazon. Is it just me, or does this seem like a totally useless idea that misses all the points of having a virtual currency?

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February 05, 2013, 08:02:49 PM
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This is Jeff Bezos succumbing to megalomania decease
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February 06, 2013, 04:16:13 AM
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Pointing AND laughing.

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February 06, 2013, 09:37:22 AM
 #4

Do you remember that episode in the Simpsons in which they visit Itchy&Scratchy Land? Do you remember Itchy&Scratchy money? Well this is just like that.


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February 06, 2013, 10:11:46 AM
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I blame this on all of you people* who wrote to Amazon desperately pleading for them to accept bitcoin. You have given them a terrible idea.

*I may sadly be one of those "you people".

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February 06, 2013, 10:18:18 AM
 #6

More info here:

http://www.amazonappstoredev.com/2013/02/introducing-amazon-coins.html

So, it's just like paying with your credit card the way you do now, except more complicated, involves you paying more than what you actually need to buy, forces you to trust someone else to hold on to your money, and gives you coins that you can't sell back, which are completely useless outside of Amazon. Is it just me, or does this seem like a totally useless idea that misses all the points of having a virtual currency?

Let's ask Amazon!

Quote
Q: Will Amazon Coins be awarded to International Customers when Amazon Coins is launched?
No, Amazon Coins will be awarded only to US customers at launch.

Q: Will International Customers be able to buy and spend Amazon Coins?
No. At launch only US customers will be able to buy and spend Amazon Coins.

Q: Can subscriptions be purchased with Amazon Coins?
No. Customers will not be able to purchase any subscriptions with Amazon Coins.

Hmm...

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February 06, 2013, 11:50:32 AM
 #7

More info here:

http://www.amazonappstoredev.com/2013/02/introducing-amazon-coins.html

So, it's just like paying with your credit card the way you do now, except more complicated, involves you paying more than what you actually need to buy, forces you to trust someone else to hold on to your money..... Is it just me, or does this seem like a totally useless idea that misses all the points of having a virtual currency?

Hopefully it's not the death of Bitcoin  Shocked
Joking aside, don't a lot of us trust exchanges every day, some of which have ran off witht he money or else lost it through hacking/poor security??

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February 06, 2013, 12:07:51 PM
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Imitation is the sincerest form of flattery.

Mind you that Amazon is a huge bureaucracy and this is the closest thing they can do in their current state.

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February 06, 2013, 12:47:46 PM
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It is a gift-card-like system. Move on, nothing to see.
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February 06, 2013, 04:08:16 PM
 #10

It appears that:
- you cannot transfer AmznCoin to another person (they can only be used to buy stuff from the Amazon Android store)
- they have a fixed exchange rate where $1 = 100 AmznCoins

So, this is nothing more than a pre-payment method and a way of batching costly credit card transactions (along with a promotional giveaway).  It's interesting to compare this approach with Apple iTunes.  Apple considered the possibility of introducing their own "virtual currency" but they decided against it for usability reasons...mainly that people would have to always keep in mind an exchange rate.  Apple went with the much simpler model that their "virtual currency" is pegged 1:1 to the USD and is simply called dollars.  With this approach people don't have to think about exchange rates. 

To solve the batching problem, they delay billing and batch multiple transactions together when they can, and they market and sell iTunes gift cards everywhere.  It's an effective model and much more user friendly than forcing everyone to buy $10 or $20 worth of credit up front.  They probably do pay a high fee on some individual transactions, but I'm sure they make up for it with the tons of $50 or $100 gift cards that they sell.

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February 06, 2013, 04:13:56 PM
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It appears that:
- you cannot transfer AmznCoin to another person (they can only be used to buy stuff from the Amazon Android store)
- they have a fixed exchange rate where $1 = 100 AmznCoins

So, this is nothing more than a pre-payment method and a way of batching costly credit card transactions (along with a promotional giveaway).  It's interesting to compare this approach with Apple iTunes.  Apple considered the possibility of introducing their own "virtual currency" but they decided against it for usability reasons...mainly that people would have to always keep in mind an exchange rate.  Apple went with the much simpler model that their "virtual currency" is pegged 1:1 to the USD and is simply called dollars.  With this approach people don't have to think about exchange rates.  

To solve the batching problem, they delay billing and batch multiple transactions together when they can, and they market and sell iTunes gift cards everywhere.  It's an effective model and much more user friendly than forcing everyone to buy $10 or $20 worth of credit up front.  They probably do pay a high fee on some individual transactions, but I'm sure they make up for it with the tons of $50 or $100 gift cards that they sell.

Yes, they're not a currency, they're credits, or a digital gift card.
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February 06, 2013, 04:25:10 PM
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I blame this on all of you people* who wrote to Amazon desperately pleading for them to accept bitcoin. You have given them a terrible idea.

LOL! Best comment I've read tooday  Grin

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February 06, 2013, 04:40:56 PM
 #13

Sorry if i am totally misinformed here but the article was scarce of details.

If these coins are easily transferred from one owner to another, like bitcoin. It could be amazons way of embracing us without inuring the wrath of the government. Think about it, exchanges like btc/ltc make exchange really simple. similar exchanges could possably make btc/amazon coin really simple. If "amazonCoins" were like bitcoin in that they are extremely easily transferred from own user to another, this would make it extremely easy to use bitcoin to buy things on amazon.

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February 06, 2013, 04:50:34 PM
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. . . If these coins are easily transferred from one owner to another, like bitcoin . . .

It appears that:
- you cannot transfer AmznCoin to another person (they can only be used to buy stuff from the Amazon Android store) . . .

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February 06, 2013, 06:33:51 PM
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The collection grows...

https://bitcointalk.org/index.php?topic=141316.0
https://bitcointalk.org/index.php?topic=141308.0
https://bitcointalk.org/index.php?topic=141335.0
https://bitcointalk.org/index.php?topic=141425.0
https://bitcointalk.org/index.php?topic=141432.0
https://bitcointalk.org/index.php?topic=141591.0

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February 06, 2013, 06:39:18 PM
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It never ceases to amaze me that people will take the time to create a post without first taking less than a second to scan the subject lines of the most recent posts in the forum to see if the information has already been presented.

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February 06, 2013, 06:59:26 PM
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It never ceases to amaze me that people will take the time to create a post without first taking less than a second to scan the subject lines of the most recent posts in the forum to see if the information has already been presented.

Your example applies to this post and the newest one ending in 591. However, most of these are in different forum categories. But still... Smiley

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February 06, 2013, 07:04:02 PM
 #18


How do we know for certain that they wen't all started by Amazon sockpuppets? And why isn't there a thread on this topic in Newbie? Don't they deserve the ability to comment on such a interesting topic?

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February 06, 2013, 07:04:07 PM
 #19

Am I the only one who thinks this kind of thing is good?

This kind of "store credit" with a static exchange rate is the best way to avoid bitcoin's scalability problems.

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February 06, 2013, 07:13:20 PM
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Good point, if you would like to create one, I will follow you and add it to the list.



Am I the only one who thinks this kind of thing is good?

This kind of "store credit" with a static exchange rate is the best way to avoid bitcoin's scalability problems.

This is no different than Itunes gift cards or compare to a billion other things like zynga cash or facebook credits. Amazon coins cannot be traded so there is no trade value associated with it and it is not a means of storage of wealth nor is it a means to transfer funds.

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