To me, this sounds more like a well promoted marketing program than anything else. As pointed out, if successful, the program will benefit Amazon. It may have some benefit to customers, or may look like it has some benefit to customers, but as in Vega, the house always wins.
I do wonder if there is something of an attempt to skirt state sales taxes in this program someplace though. I don't know tax law well enough to know if such a loophole exists, but if it does, something like this might have that as an ulterior motive.
Yes, 2% inflation - where prices of goods and services are constantly increasing and savings and purchasing power are constantly being eroded - is "good" while any amount of deflation must be avoided at all costs. After all, imagine living in an economy where prices fall and purchasing power actually increases - what a catastrophe!
An interesting point.
If Amazon did decide to pay staff in Coin could the company argue that everything an employee could need could be bought at the company shop.
Probably not, so would there then HAVE to be an open market on converting Coin into dollars and vice versa?
Will Amazon soon pay employees salary and shareholders using Amazon Coins?
A currency similar to frequent flyers miles is one thing. Trying to walk away from country currency, with a side product of avoiding taxation, is much more serious. I am not sure how much federal can tolerate.
It seems the brightest and best university graduates are recruited by the financial sector where they invent financial "instruments" setting their own rules and making a killing at the expense of all other members of society.
As they are allowed to set their own rules by the government, control by the government tends to be too little and too late.
In my opinion money's purpose is to measure value of work and products, not as a gaming media by the financial sector.
You make this sound like a covert conspiracy, but the FED does have transparency with regards to inflation. They are targeting 2% and are having a hard time getting there, even with quantitative easing.
'Imagine ... online world to try and take control of money from governments'. I am sorry that you don't appear to know what is really going on right now. In the USA, the control of money is not by government - it is by the Federal Reserve which is a private cartel of banks who are responsible to their shareholders (not the people). The current round of US government deficit spending is aided by the Fed by Quantitative Easing (money-printing) which, via inflation, is a form of stealth tax of which most of the public is totally oblivious. BitCoin may eventually be a way around the totally profligate behaviour of the Fed and the US government.
Not only can Amazon lock users into the Amazon maze, but the company can control the financial transactions rather than relying on third part processors. Let's face it, managing financial transactions is big money and everyone wants a cut, which is why the electronic payments solutions segment is so fragmented.
"mostly useless stuff"! (S&H Green stamps). Hey, that is were our family got most of our "wouldn't it be nice to have" stuff. BBQ, Croquet set, Badmitten set, etc. All the stuff you needed to be real back in the 60's!
Blog That A-Ha Moment Larry Desjardin 12 comments Have you ever had an a-ha moment? Sure, you have. The Merriam-Webster dictionary defines it as "a moment of sudden realization, inspiration, insight, recognition, or ...