2013-02-12 Could Amazons New Currency...

[Piper67]

http://www.activistpost.com/2013/02/could-amazons-new-virtual-currency.html

[kjlimo]

This is great news!  How awesome will bitcoin look when this new coin fails for all the reason bitcoin suceeds!

[grondilu]

How awesome will bitcoin look when this new coin fails for all the reason bitcoin suceeds!

There is no reason why this currency should fail, as it makes total sense for a company to emit its own currency.

In fact, when one believes in monetary freedom, private currencies like this are something one should expect and look forward to.  By any means, I think it's good that big companies such as Apple, Microsoft, Coca-Cola, Amazon and so on emit their own currency with their signatures.

This with a free and efficient market exchange between all these currencies would depict the perfect picture of a libertarian notion of money.

[fancy_pants]

How awesome will bitcoin look when this new coin fails for all the reason bitcoin suceeds!

There is no reason why this currency should fail, as it makes total sense for a company to emit its own currency.

In fact, when one believes in monetary freedom, private currencies like this are something one should expect and look forward to.  By any means, I think it's good that big companies such as Apple, Microsoft, Coca-Cola, Amazon and so on emit their own currency with their signatures.

This with a free and efficient market exchange between all these currencies would depict the perfect picture of a libertarian notion of money.

I'm fine with a company emitting its own currency too, I call it an IPO.  But this Amazon thing IS NOT A CURRENCY!  It's one coin equals one penny.  It's a gift card program.

[DeathAndTaxes]

I'm fine with a company emitting its own currency too, I call it an IPO.  But this Amazon thing IS NOT A CURRENCY!  It's one coin equals one penny.  It's a gift card program.

This.  It isn't fungible, isn't transferable, isn't exchangeable, doesn't float.  It isn't a currency. 

It is a gift card.  Nothing more except gift cards are "old" and virtual currency is new and cool. 

[grondilu]

How awesome will bitcoin look when this new coin fails for all the reason bitcoin suceeds!

There is no reason why this currency should fail, as it makes total sense for a company to emit its own currency.

In fact, when one believes in monetary freedom, private currencies like this are something one should expect and look forward to.  By any means, I think it's good that big companies such as Apple, Microsoft, Coca-Cola, Amazon and so on emit their own currency with their signatures.

This with a free and efficient market exchange between all these currencies would depict the perfect picture of a libertarian notion of money.

I'm fine with a company emitting its own currency too, I call it an IPO.  But this Amazon thing IS NOT A CURRENCY!  It's one coin equals one penny.  It's a gift card program.

Oh, I missed that part.  Well, maybe for them it's a start, and they plan on turning it into a currency later.

PS.  IPO is a different matter.   In an IPO, it's the capital of the company that is distributed.  Whereas if a company creates its own currency, it's usually as a unit of account for selling its products.    Very different.

[ShadowOfHarbringer]

http://www.activistpost.com/2013/02/could-amazons-new-virtual-currency.html

Could Amazon's New Virtual Currency Rival Bitcoin?

No.

[silverfuture]

The fact that it's value is tied to FRN makes it essentially just a FRN with greatly limited acceptance and some possible slight advantages regarding on line transfer. YAWN. Where's the BEEF?

[ShadowOfHarbringer]

I think that this situation is quite useful for Bitcoin for 2 reasons.

1. It disperses attention of governments & banks so that they now will have to go after 2 targets.
2. It may pave the way for all alternative currencies into the current system

I wonder if Amazon will take this "coin thing" further, making it a real currency, not just a gift card system.

[Piper67]

I think that this situation is quite useful for Bitcoin for 2 reasons.

1. It disperses attention of governments & banks so that they now will have go after 2 targets.
2. It may pave the way for all alternative currencies into the current system

I wonder if Amazon will take this "coin thing" further, making it a real currency, not just a gift card system.

One other reason, it will be a lure for hackers... wait till Ama-coins start getting hacked and costing Amazon millions of dollars a year.

[nybble41]

I'm fine with a company emitting its own currency too, I call it an IPO.  But this Amazon thing IS NOT A CURRENCY!  It's one coin equals one penny.  It's a gift card program.

It's worse than that, since "this Amazon thing" isn't even transferable (except to Amazon). How can non-transferable credit be considered a currency? At least some stores offer gift cards which aren't tied to a specific owner, making them a kind of currency-substitute, though still less valuable than cash.