Bitcoin Forum
June 25, 2017, 07:09:42 PM *
News: Latest stable version of Bitcoin Core: 0.14.2  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: Amazon cheapens "e-currency" concept  (Read 3991 times)
abbyd
Full Member
***
Offline Offline

Activity: 154


View Profile
February 06, 2013, 06:29:28 PM
 #1

Amazon Launches Its Own Currency to Make It Easier to Spend on the Kindle
http://www.wired.com/business/2013/02/amazon-coins-currency/



I'd say it's more like SCRIP : http://en.wikipedia.org/wiki/Scrip
You'll need a Swindle to buy crap you don't need off AZ... flames?
POLONIEX TRADING SIGNALS
+50% Profit and more via TELEGRAM
ALTCOINTRADER.CO
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1498417782
Hero Member
*
Offline Offline

Posts: 1498417782

View Profile Personal Message (Offline)

Ignore
1498417782
Reply with quote  #2

1498417782
Report to moderator
wtfvanity
Hero Member
*****
Offline Offline

Activity: 504


WTF???


View Profile
February 06, 2013, 06:32:30 PM
 #2

I can't believe how many posts we have about this same thing...

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

          WTF!     Don't Click Here              
          .      .            .            .        .            .            .          .        .     .               .            .             .            .            .           .            .     .               .         .              .           .            .            .            .     .      .     .    .     .          .            .          .            .            .           .              .     .            .            .           .            .               .         .            .     .            .            .             .            .              .            .            .      .            .            .            .            .            .            .             .          .
abbyd
Full Member
***
Offline Offline

Activity: 154


View Profile
February 06, 2013, 06:48:47 PM
 #3

Sorry, my search for "Amazon" on all forums was too general.

Perhaps the inline coin logo is more trollworthy than the other threads?
DeathAndTaxes
Donator
Legendary
*
Offline Offline

Activity: 1218


Gerald Davis


View Profile
February 06, 2013, 06:55:27 PM
 #4

Amazon is just following in a long line of other companies.  Microsoft, Sony, Nintendo, Zynga, etc.  Really this is just a sympton of broken credit card model.  Lower cost and more user friendly to make one payment gets a bunch of tokens and then buy on site.  I mean an physical arcade might accept credit cards for a bulk purchase of tokens but they aren't going to install a credit card reader on every game and charge the card $0.50 a swipe.  Casino's do the same thing.  You can buy chips for a CC cash advance at the cage but you can't hand the blackjack dealer your card to swipe for every hand.

Credit cards are a pain in the butt and these in house tokens are a way to make them a little less of a pain (for both consumer and merchant).  This neither helps nor hurts Bitcoin in the slightest. 
wtfvanity
Hero Member
*****
Offline Offline

Activity: 504


WTF???


View Profile
February 06, 2013, 07:03:14 PM
 #5

Amazon is just following in a long line of other companies.  Microsoft, Sony, Nintendo, Zynga, etc.  Really this is just a sympton of broken credit card model.  Lower cost and more user friendly to make one payment gets a bunch of tokens and then buy on site.  I mean an physical arcade might accept credit cards for a bulk purchase of tokens but they aren't going to install a credit card reader on every game and charge the card $0.50 a swipe.  Casino's do the same thing.  You can buy chips for a CC cash advance at the cage but you can't hand the blackjack dealer your card to swipe for every hand.

Credit cards are a pain in the butt and these in house tokens are a way to make them a little less of a pain (for both consumer and merchant).  This neither helps nor hurts Bitcoin in the slightest. 

Since this is already posted in dozens of forums, allow me to go COMPLETELY OT based on what you just said DT.

You know who would be the perfect candidate for Bitcoins? It doesn't help with charging them by the day or what not, but redbox. A $1.25 rental half of that goes to the credit card company. Of course they would have to have you send $20 in BTC for a DVD rental and when you return it, they send the coins back... but they could double their profits or reduce the rental fee back to a buck.

          WTF!     Don't Click Here              
          .      .            .            .        .            .            .          .        .     .               .            .             .            .            .           .            .     .               .         .              .           .            .            .            .     .      .     .    .     .          .            .          .            .            .           .              .     .            .            .           .            .               .         .            .     .            .            .             .            .              .            .            .      .            .            .            .            .            .            .             .          .
nobbynobbynoob
Hero Member
*****
Offline Offline

Activity: 742


Annuit cœptis humanae libertas


View Profile WWW
February 06, 2013, 07:21:11 PM
 #6

Should Bitcoin transaction fees get high enough in future, I foresee similar 'internal accounting' mechanisms being employed more often by bitcoin businesses too.

Earn Free Bitcoins!   Earn bitcoin via BitcoinGet
BTC tip: 1PKkvuwC24Vqjv9odigXs1QVzE66jEJqmb (if <200 µBTC, please donate to charity)
LTC tip: LRqXaNdF79QHvhPpS5AZdEJZnLiNnAkJvq (if <Ł0,05, please donate to charity)
Gabi
Legendary
*
Offline Offline

Activity: 1050


View Profile
February 06, 2013, 07:28:14 PM
 #7

I don't get why all this attention about this amazon thing.

It is not anything new, facebook had facebook coins, this is exactly the same, it is totally unrelated from bitcoin.
wtfvanity
Hero Member
*****
Offline Offline

Activity: 504


WTF???


View Profile
February 06, 2013, 07:32:04 PM
 #8

I don't get why all this attention about this amazon thing.

It is not anything new, facebook had facebook coins, this is exactly the same, it is totally unrelated from bitcoin.

Correction. FB had credit. Amazon has coins. I think the only new thing is them using coins in the name.

          WTF!     Don't Click Here              
          .      .            .            .        .            .            .          .        .     .               .            .             .            .            .           .            .     .               .         .              .           .            .            .            .     .      .     .    .     .          .            .          .            .            .           .              .     .            .            .           .            .               .         .            .     .            .            .             .            .              .            .            .      .            .            .            .            .            .            .             .          .
TraderTimm
Legendary
*
Offline Offline

Activity: 1862



View Profile
February 06, 2013, 07:39:25 PM
 #9

Essentially its just another one-way trapdoor token that is centralized and subject to the whim of a single corporation.

I'd run like hell away from it, personally.

fortitudinem multis - catenum regit omnia
evoorhees
Legendary
*
Offline Offline

Activity: 994


Democracy is the original 51% attack


View Profile
February 06, 2013, 07:54:58 PM
 #10



https://twitter.com/JamesGRickards/status/299004776799166464

James Rickards... I expected more from you :/

While James should know better, in many peoples' eyes, Amazon Coins is just "one more virtual currency" alongside Bitcoin, Microsoft Points, Linden Dollars, and Facebook Credits.

This is nonsense, and I'd like to explain why Bitcoin and Amazon Coins are as different as bumble bees and blueberry muffins. They are not both virtual currencies, of the same ilk, but fundamentally separate things entirely.

1) Bitcoin is actually a currency, while Amazon Coins are just US dollar tokens, spendable only with Amazon. Amazon Coins are a proxy of the USD, meaning they are USD with a different name, not a unique currency at all. They are dollars, but less useful.

2) Amazon Coins are non-transferable. What kind of "currency" is non-transferable? Transferability should be a prerequisite for the term "currency."

3) Amazon Coins are 1-way, meaning you buy them, then you use them for stuff. You cannot resell Amazon Coins back for dollars or any other currency.

4) Amazon Coins are territory and content restricted. Only useful where Amazon permits, and only usable to buy Amazon stuff.

5) Amazon Coins offer no privacy whatsoever. They're linked to your identity via your Amazon account.

6) Amazon Coins bow down to all US regulation. The moment the US Gov says no, they will vanish.

7) You have no claim of ownership over Amazon Coins. Amazon can remove them from your account with a click of a button and they are likely never legally your property whatsoever.

Amazon Coins are not a currency in any proper sense of the term, and provide no interesting utility whatsoever. It's a marketing ploy to get customers to provide interest-free float capital to Amazon (customers buy coins, then spend them later, meaning Amazon holds that balance as capital upon which it can operate and profit). There's nothing wrong with Amazon doing this, but it's not a currency.

Amazon Coins are just Amazon Gift Cards, but they've renamed them Coins and made them less versatile.

Ironically, Amazon Coins will generally be welcomed and trumpeted by the public as a legitimate Virtual Currency while Bitcoin remains marginalized for "not being real money." But we know the public has little understanding of money in the first place, so this should come as no surprise.

//rant over Wink
Fuzzy
Hero Member
*****
Offline Offline

Activity: 560



View Profile
February 06, 2013, 08:01:08 PM
 #11

//rant over Wink

//Thread over Wink
abbyd
Full Member
***
Offline Offline

Activity: 154


View Profile
February 06, 2013, 08:04:58 PM
 #12

3) Amazon Coins are 1-way, meaning you buy them, then you use them for stuff. You cannot resell Amazon Coins back for dollars or any other currency.

4) Amazon Coins are territory and content restricted. Only useful where Amazon permits, and only usable to buy Amazon stuff.

5) Amazon Coins offer no privacy whatsoever. They're linked to your identity via your Amazon account.

Agreed. I believe these "coins" are just "tech-scrip". Also they are a "loss leader" - they're trying to sell more consumer tablets by giving away a few bucks in credit at their store.

Is it just me or are those Swindles largely useless?  It took me 5 minutes to figure out how to just start a browser on one, I felt like I was using AOL!
Richy_T
Legendary
*
Offline Offline

Activity: 1302


1RichyTrEwPYjZSeAYxeiFBNnKC9UjC5k


View Profile
February 06, 2013, 08:09:01 PM
 #13


Is it just me or are those Swindles largely useless?  It took me 5 minutes to figure out how to just start a browser on one, I felt like I was using AOL!

You're talking about the Kindle Fire. The other Kindles are quite excellent at their intended task.

1RichyTrEwPYjZSeAYxeiFBNnKC9UjC5k
Gabi
Legendary
*
Offline Offline

Activity: 1050


View Profile
February 06, 2013, 08:17:49 PM
 #14

Is someone really comparing bitcoin to this thing?

Next what, we will compare horses with strawberries?
ElectricMucus
Legendary
*
Offline Offline

Activity: 1540


Drama Junkie


View Profile
February 06, 2013, 08:23:08 PM
 #15

Is someone really comparing bitcoin to this thing?

Next what, we will compare horses with strawberries?

They are both eatable.  Lips sealed

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
Piper67
Legendary
*
Offline Offline

Activity: 1092


AffBits.com Affiliate Network


View Profile WWW
February 06, 2013, 08:23:16 PM
 #16

Well, if imitation truly is the sincerest form of flattery, I guess we should all feel quite flattered.

abbyd
Full Member
***
Offline Offline

Activity: 154


View Profile
February 06, 2013, 08:42:52 PM
 #17

Well, if imitation truly is the sincerest form of flattery, I guess we should all feel quite flattered.

+1.  It's bullish when a mega-corp is poorly copying a nerdy open source currency movement.
I can almost hear the kids, "don't buy that Amazon weaksauce, you need real bitcoin!"
wtfvanity
Hero Member
*****
Offline Offline

Activity: 504


WTF???


View Profile
February 06, 2013, 08:57:36 PM
 #18

I'm not so sure. Sheeple will hear about Amazon coin. Then when they understand its just Amazon's crappy alternative to Itunes gift cards, if they then associate it with Bitcoin.... that's not what Bitcoin is at all and I think it provides no help at all.

          WTF!     Don't Click Here              
          .      .            .            .        .            .            .          .        .     .               .            .             .            .            .           .            .     .               .         .              .           .            .            .            .     .      .     .    .     .          .            .          .            .            .           .              .     .            .            .           .            .               .         .            .     .            .            .             .            .              .            .            .      .            .            .            .            .            .            .             .          .
Gabi
Legendary
*
Offline Offline

Activity: 1050


View Profile
February 06, 2013, 09:06:06 PM
 #19

We are associating it with bitcoin. You guys literally flooded the whole forum with this crap.
Puppet
Legendary
*
Offline Offline

Activity: 966


View Profile
February 06, 2013, 09:10:15 PM
 #20

You know who would be the perfect candidate for Bitcoins?

Yes, Gas stations.
I just read a (few years old) article where it said in the US on average gas stations pay 2x more in credit card fees as they make in net profit.  IOW, their profits could triple by accepting bitcoin . And if they sacrifice some of that to reduce prices, I dont know about the US, but here gas is mighty expensive and people actively search very hard for the cheapest gas prices, or drive quite a while. So cheap gas might be a nice incentive for them to buy some bitcoins to use at the pump.

/ot.
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!