Amazon cheapens "e-currency" concept

[wtfvanity]

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 then they make in net profit.  IOW, their profits from accepting bitcoin could triple. 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.

If I owned a gas station I would be the first to implement this. Unfortunately, I do not. It would be easy though. Pay with bitcoins the amount you think you will need. If you click full before your coins are gone, they send the coins right back to you.

I'd move to where I could pay for gas like that. I know casascius or however his name is spelled let someone pay for gas with bitcoins but not directly to the merchant.

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[oOoOo]

Is this a new kind of attack on the Bitcoin ecosystem? A name based attack?

• Bitcoin's hashing and curve algorithms are secure
• the network code is sound
• 50% attacks are almost impossible
• exchanges can be hacked, but there are too many of them already
• users spread around the world, no legislative power over the whole network
• P2P, nodes can not be shut down
• can be anonymous, difficult to identify individual users
• etc. and many more...

So, what is the last resort of the system?

Create a crappy, non-functional "alternative", with similar name, to distract people from the "real-thing" and discredit the whole concept of crypto currency! If it works out, there will be lot of confusion and nobody will understand the qualitative differences between Bitcoin and those Fraud-Coins...

What could be a mitigating strategy?

Post your ideas below!!
.

[ArticMine]

Is this a new kind of attack on the Bitcoin ecosystem? A name based attack?

• Bitcoin's hashing and curve algorithms are secure
• the network code is sound
• 50% attacks are almost impossible
• exchanges can be hacked, but there are too many of them already
• users spread around the world, no legislative power over the whole network
• P2P, nodes can not be shut down
• can be anonymous, difficult to identify individual users
• etc. and many more...

So, what is the last resort of the system?

Create a crappy, non-functional "alternative", with similar name, to distract people from the "real-thing" and discredit the whole concept of crypto currency! If it works out, there will be lot of confusion and nobody will understand the qualitative differences between Bitcoin and those Fraud-Coins...

What could be a mitigating strategy?

Post your ideas below!!
.

A class action lawsuit for trademark infringement? There is a case to be made that Amazon coin has been designed to create confusion in the market place with Bitcoin. Take a good look and the official announcement and the golden coin. http://www.amazonappstoredev.com/2013/02/introducing-amazon-coins.html

[repentance]

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.

Businesses like petrol stations are subject to a fair bit of scrutiny.  Both taxation authorities and banks have a damned good idea of how much a service station in a particular area should be turning over and their fraud algorithms will flag the business if they go too far outside the average (if cash sales seem to high, there's a possibility to business is being used to launder money; if they're too low, there's a possibility that income is being undeclared).

Accepting Bitcoin might be more trouble than it's worth in the short term for businesses which are already regarded as somewhat high risk by conventional financial services/authorities.

[abbyd]

Yes, Gas stations.

I'm not sure you realize how radical an idea this is.
You don't transact petrochemicals for anything other than petrodollar$!

[Monster Tent]

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!

Amazon Coins is a joke however the kindle is an exceptional product for what it does. Theres nothing better for reading ebooks.

[ArticMine]

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!

Amazon Coins is a joke however the kindle is an exceptional product for what it does. Theres nothing better for reading ebooks.

The Amazon Kindle uses DRM to replicate the memory hole in George Orwell's 1984. http://www.nytimes.com/2009/07/18/technology/companies/18amazon.html?_r=0. The use of DRM for censorship by Amazon was debuted by sending George Orwell's 1984 into the "memory hole", back in 2009. This makes the Amazon Kindle a very serious threat to freedom of expression.

[Puppet]

Businesses like petrol stations are subject to a fair bit of scrutiny.  Both taxation authorities and banks have a damned good idea of how much a service station in a particular area should be turning over and their fraud algorithms will flag the business if they go too far outside the average (if cash sales seem to high, there's a possibility to business is being used to launder money; if they're too low, there's a possibility that income is being undeclared).

Accepting Bitcoin might be more trouble than it's worth in the short term for businesses which are already regarded as somewhat high risk by conventional financial services/authorities.

Im not suggesting these gas stations dont properly declare their income. Jus that that they could potentially avoid paying 2/3 of their net margin to VISA.