To buy or not to buy Amazon Coin?

-1

This article talks about amazon creating its own crypto currency, the Amazon coin.

You can buy the coins at a set price in Amazon

Is this worth any bother? It seems like you cant trade amazon coins for Bitcoins. Did Amazon jsut create a self regulated Crypto currency that is a massive smoke cloud to use the word Crypto in Amazon and generate some interest?

Or Should i buy 10000? and wait for the price to go up?

Piotr Kula

Posted 2013-11-22T12:22:27.963

Reputation: 267

Question was closed 2013-11-24T21:21:57.553

The word "crypto" doesn't appear in that article at all. – Nate Eldredge – 2013-11-22T16:52:10.357

4This question appears to be off-topic because it is not about a cryptocurrency. – Nate Eldredge – 2013-11-22T16:52:51.813

Answers

5

The price wont rise, they are issued and redeemable by Amazon. Think of it as loyalty points you would receive from your local supermarket to use later rather than a cryptocurrency.

MaxSan

Posted 2013-11-22T12:22:27.963

Reputation: 3 680

1Yea so they used the technique behind Bitcoin engine, and twisted into their own little tracking system for money. ITs good for them but evil for the freedom of Crypto. I bet they track everysingle thing that happens with those coins. – Piotr Kula – 2013-11-22T12:50:02.193

1Not sure they are using the same bitcoin engine, do you have a reference for this? I think they are only using it within marketing terminology, not architecturally the way it works. – MaxSan – 2013-11-22T14:20:33.743

Well they claim its a crytpocurrency. So it must be based on something that originated from bitcoin, since Bitcoin is the origin of CryptoCurrency. Its propriertory and closed and hacked to hell most probably... But with that comes vulnerrbility. I just cant wait for the first hack stealing Amazon coins, then amazon taking stolen coins away from people who thought they were buying legitimate coins. I can almost foresee this happening. They shoudl just have used BitCoin! :) – Piotr Kula – 2013-11-22T14:37:33.810

1

ppumkin's comments are not correct: Amazon Coins are not crypto currencies. Some articles, including this Wall Street Journal blog have mentioned them side-by-side with Bitcoin, giving a false impression of somehow being comparable. But they are not; Amazon Coins are just Amazon-issued dumb value certificates.

– pyramids – 2013-11-22T15:53:59.620

@pyramids: Right, Amazon seems to call them a "virtual currency" but not a cryptocurrency, as far as I can find. Even this seems inaccurate, because I don't see any mention of it being possible to transfer Amazon Coins between users. So I think you're right, they are just credits that you can use to buy stuff from Amazon only. – Nate Eldredge – 2013-11-22T16:51:28.463

Asked: 2013-11-22T12:22:27.963

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Active: 2013-11-23T07:03:20.133