How do we justify the bubble, part 162: Amazon totes needs crypto, dude!
So I read this article on Medium today (no, I don't know why I torture myself with Medium) which talks about how amazon adopting or not adopting butts or other cryptocurrencies will be good or bad better for buttcoin. It has made me irrationally angry. Through the whole of the (admittedly short) article, there are only a few reasons given as to why amazon would adopt cryptocurrencies, and they are all laughably bad:
There are already services that sell amazon gift cards for bitcoin so in some respect Amazon offering bitcoin on their site would simply cut out the middleman
I don't think this would do anything to the gift card industry. All those shady deals and cheap gift cards bought with stolen credit cards will probably still appeal more to the average butter than amazon's own service. And in the end, amazon would still convert your butts to real money and credit that to your account, so it's really not at all an argument for cryptocurrencies, a la "It's money - but with extra stepsand feesTM"
If customers demand a cryptocurrency payment method Amazon is sure to eventually give them what they want.
Well yes, like Steam, they'd just use Bitpay (or some similiar service) and convert your butts to real money. So they'd (wisely) never actually touch the butts themselves. And we all know how that whole buttcoin-payment-thing turned out for Valve.
Given that many of its shoppers buy goods internationally, cryptocurrency could be an excellent way for shoppers to enjoy a standardized currency without worrying about exchange rates.
Yes, because buttcoin is all about ignoring exchange rates. Also, do they pay their merchants, delivery people and suppliers in crypto? No, they pay them in real money. So there'd probably be more exchange fees involved and not less.
If Amazon created its own cryptocurrency they could spread its use across their many services: from Amazon Prime, to Twitch, to Audible, allowing consumers to easily transfer funds within the Amazon ecosystem.
Yes. They could also do this with Dollars though? I think amazon has its reasons for keeping their services seperate. The only reason they have "bits" on twitch is because of the transaction fees for small donations.
They could outcompete any other cryptocurrency and entice mainstream adoption by offering a 5% or 10% discount on purchases made with AmazonCoin.
And what do they gain from doing that as opposed to just taking the full value in dollars!? If amazon sells the AmazonCoin for real cash then its just extra fucking steps again. Amazon doesn't need a goddamned decentralized ledger, they do regular fucking databases pretty damn well. And if they buy AmazonCoin back in exchange for real cash - and why would they even do this? - then they land themselves in the same regulatory nightmare as all the crypto exchanges. I'm fairly certain that not trying to be their own bankTM is part of the reason for amazon's success and not a hindrance to it. In the end, I really, really, really don't understand how anyone thinks amazon - or literally anyone running a good business with real money - would profit from getting involved with crypto and I have not read a single argument for it that even made me scratch my head. It's like 3-4 years ago all over again - people trying desperately to find a problem for their convoluted and messy "solution" of cryptobutts to somehow justify price rises and dreams of moon rockets. Sorry, I needed to vent a little. If butters want to speculate on price swings, that's entirely fine with me. It's all the ridiculous bullshit that they feed themselves, the press and anyone isn't running away quickly enough, that makes me angry. Anyway, if someone actually has a reasonable explanation of how amazon would profit from crypto, I'd be interested to hear it.
This is the best tl;dr I could make, original reduced by 85%. (I'm a bot)
Amazon peaked at 600 transactions per second during last year's Amazon prime sale. Why Amazon Might be Considering CryptocurrenciesAlthough it hasn't announced an official position on cryptocurrencies, there are several indicators that suggest Amazon is considering this space and not necessarily in a bitcoin friendly way. There are already services that sell amazon gift cards for bitcoin so in some respect Amazon offering bitcoin on their site would simply cut out the middleman. If Amazon chooses to go this route it probably wouldn't kill bitcoin, but whatever coin they went with could knock bitcoin out of its top spot.3. If Amazon created its own cryptocurrency they could spread its use across their many services: from Amazon Prime, to Twitch, to Audible, allowing consumers to easily transfer funds within the Amazon ecosystem. Keep an eye on Amazon as demand for cryptocurrencies risesFor now Amazon seems to be keeping quiet about its plans in this space.
What's the easiest way to convert cash to btc right now?
I know there are exchanges and many popular services out there, but they all tend to have drawn out verification processes that would take a while, and take quite a bit of effort. Are there any quick ways to convert cash to bitcoin? I've been toying with selling Amazon gift cards for bitcoin, etc, but no one seems to be doing the same.
12-20 02:33 - 'Looking to sell bitcoin for amazon gift cards on paxful' (self.Bitcoin) by /u/BackStrapOrDontStrap removed from /r/Bitcoin within 90-100min
''' Im selling bitcoin for amazon gift cards on paxful as I’ve seen the return rate is pretty good. Im not very knowledgeable on selling bitcoin though and I couldn’t find much info through google. So I’ve listed my offer with “no id required” & “e-codes accepted” as i want a quick sale. Just wondering what i need to look out for in regards to scammers/scams. Any help is massively appreciated (Not sure if this is the correct sub reddit to post to, let me know if it isn’t and ill remove post asap) Thanks ''' Looking to sell bitcoin for amazon gift cards on paxful Go1dfish undelete link unreddit undelete link Author: BackStrapOrDontStrap
01-03 06:42 - '💰 💸 💵 Buying bitcoin with bank deposit on a major exchange e.g. coinbase and reselling it on [[link]] is the way, 1. Create an account on cointal, 2. Sell bitcoins for PayPal, Amazon/itunes gift cards or secure wire trans...' by /u/cryptogeekgirl removed from /r/Bitcoin within 2-12min
''' 💰 💸 💵 Buying bitcoin with bank deposit on a major exchange e.g. coinbase and reselling it on [[link]3 is the way, 1. Create an account on cointal, 2. Sell bitcoins for PayPal, Amazon/itunes gift cards or secure wire transfer... People currently having problems getting fast enough in to crypto on the major platforms - the verfication processes takes up to a week... so most of them are willing to pay some extra margin on [[link]3 - it's like ebay for cryptos ''' Context Link Go1dfish undelete link unreddit undelete link Author: cryptogeekgirl 1: *it**o/*ointal 2: b*t.**/coi*tal 3: www.coint**.co**^^* 4: w*w*coin*al*com*^^1 Unknown links are censored to prevent spreading illicit content.
My friend recently got license to sell Gift cards for MANY different retailers including Amazon and Google Play. Since he is new into this, he gets higher commission and lower fees. Should I ask him to accept Bitcoin?
Hey Bitcoin, My friend just got license to sell gift-cards last week. Since his business is new into this, he gets higher commission and low fees on selling, plus he gets incentive for more sales since he got the access via a large scale supplier. All in all, he gets gift-cards at about 86% the actual value of the card and is currently running a 5% cashback on his business website for the same. Should I ask him to accept Bitcoin, and therefore give some discount on gift-cards too? (Higher than Gyft possibly..?) (I can't reveal the person name and business name for obvious reasons) EDIT: Yay, got him! http://redd.it/2d52j9
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4 Sites That Sell Gift Cards for Cryptocurrency (One w/ Deep Discounts)
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