Design Con 2015
Breaking News
Comments
Newest First | Oldest First | Threaded View
<<   <   Page 2 / 2
marcot
User Rank
Rookie
re: London Calling: Amazon 'Coins' its own currency
marcot   5/20/2013 3:32:31 PM
NO RATINGS
All currencies are a Ponzy scheme. None are based on true value. They are just printed out of thin air.

Peter Clarke
User Rank
Blogger
re: London Calling: Amazon 'Coins' its own currency
Peter Clarke   5/20/2013 10:33:31 AM
NO RATINGS
Another benefit to Amazon is that they may choose to "retire" particular issues of the currency....and those that are un-spent then become worthless. Unless users of the currency have managed to spend up every last Coin prior to the "retirement" they may end up having given money to Amazon for nothing, which may wipe out any discounts offered at purchase.

DrQuine
User Rank
CEO
re: London Calling: Amazon 'Coins' its own currency
DrQuine   5/19/2013 5:15:32 PM
NO RATINGS
The production of "scrip" (private currency) is common in a variety of venues ranging from folk music festivals, arcades, carnivals, remote towns, and subways. It benefits the provider by making the currency only usable within their venue. In exchange, they may provide some kind of discount. With widespread "gift cards", users get locked in but they also pay fees and taxes to get the card. This approach removes some of the overhead costs (but still means that the funds are locked into a particular provider without any external guarantees).

D J Liu
User Rank
Rookie
re: London Calling: Amazon 'Coins' its own currency
D J Liu   5/19/2013 1:13:02 AM
NO RATINGS
Two benefits to Amazon: collect advance payments in pre-paid accounts and avoid credit card exchange fee on frequent small purchases.

Duane Benson
User Rank
Blogger
re: London Calling: Amazon 'Coins' its own currency
Duane Benson   5/17/2013 11:13:08 PM
NO RATINGS
The biggest question that comes to mind is "why?" The "it's an easy way to..." really doesn't hold water. Not much is easier than buying things online. I can't imagine it being any more secure either. What I can imagine is that it's like loading up a store gift card. It's just like real money except you can only use it in one place. In exchange for locking a lot of your money up, they give you a coupon. I'd say this is a pretty old and conventional marketing program just described in a "new and innovative" way.

tb1
User Rank
Rookie
re: London Calling: Amazon 'Coins' its own currency
tb1   5/17/2013 8:33:32 PM
NO RATINGS
"This is very different from Bitcoin which sounds like an ordinary Ponzi scheme (if I'm wrong on this would someone please explain why it's different than a Ponzi scheme)." Be careful what you wish for. There are Bitcoin fans (fanatics?) that will talk your ear off.

bjr
User Rank
Rookie
re: London Calling: Amazon 'Coins' its own currency
bjr   5/17/2013 7:21:09 PM
NO RATINGS
It sounds like an ordinary obscured discount, i.e. a discount that sounds larger than it really is. It's akin to S&H Green Stamps (remember them?) or frequent flyer miles. With Green Stamps your grocer gave you stamps that you pasted into a book. When you had a full book you could redeem it from a catalog of mostly useless stuff. The book gave the illusion that you had something much more valuable than you really did. The same thing is true of frequent flyer miles. The real value of a mile is hard to pin down but the apparent value seems very high because the unit is so small, somewhere in the neighbourhood of a penny, but possibly much less. An Amazon Coin has the value that's exactly a penny so 500 Coins is only worth $5. However 500 Coins sounds much larger than $5 because it's not a common unit. If they said you had 500 pennies in your account you would treat it as worthless, after all most people have at least that many pennies sitting on their dresser. This is very different from Bitcoin which sounds like an ordinary Ponzi scheme (if I'm wrong on this would someone please explain why it's different than a Ponzi scheme).

tb1
User Rank
Rookie
re: London Calling: Amazon 'Coins' its own currency
tb1   5/17/2013 5:53:17 PM
NO RATINGS
This is not really anything like Bitcoins, that people and companies can give each other. It is really more similar to grocery store coupons. Actually it is a lot like Disney Dollars.

any1
User Rank
CEO
re: London Calling: Amazon 'Coins' its own currency
any1   5/17/2013 5:29:36 PM
NO RATINGS
It's an interesting idea with lots of potential marketing applications for Amazon. But as far as creating an alternative currency is concerned, it just boils down to who do you trust - Jeff Bezos or the US government?

<<   <   Page 2 / 2


Flash Poll
Top Comments of the Week
Like Us on Facebook
EE Times on Twitter
EE Times Twitter Feed

Datasheets.com Parts Search

185 million searchable parts
(please enter a part number or hit search to begin)
EE Life
Frankenstein's Fix, Teardowns, Sideshows, Design Contests, Reader Content & More
Max Maxfield

DIY Practical Joke Project Idea
Max Maxfield
Post a comment
I just received a rather interesting email from a member of the EETimes community who prefers to remain anonymous. This message was as follows:

Jolt Judges and Andrew Binstock

Jolt Awards: The Best Books
Jolt Judges and Andrew Binstock
1 Comment
As we do every year, Dr. Dobb's recognizes the best books of the last 12 months via the Jolt Awards -- our cycle of product awards given out every two months in each of six categories. No ...

Engineering Investigations

Air Conditioner Falls From Window, Still Works
Engineering Investigations
2 comments
It's autumn in New England. The leaves are turning to red, orange, and gold, my roses are in their second bloom, and it's time to remove the air conditioner from the window. On September ...

David Blaza

The Other Tesla
David Blaza
5 comments
I find myself going to Kickstarter and Indiegogo on a regular basis these days because they have become real innovation marketplaces. As far as I'm concerned, this is where a lot of cool ...