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Amazon launches its own virtual currency

Amazon has launched its own currency called Amazon Coins.

It's currently only available in the States for Kindle Fire owners, but the Coins can be used to pay for games, apps and in-app purchases from the Amazon Appstore.
One Amazon Coin is worth one US penny, and Kindle Fire owners are getting 500 Coins ($5) for free as part of the launch.

http://www.dailymail.co.uk/sciencetech/article-2324188/Amazo...

One Amazon Coin is worth one US penny
Coins can be bought in batches of 1000 and Kindle Users have been given 500 Coins for free

Amazon Coins can be bought in batches of 1000, 2500, 5000 and 10,000.

The more you buy, the bigger the discount and 10,000 Coins costs $90, for example.

Customers will also get a 10% discount on items bought using Amazon Coins.
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I'm not implying this is a 'competing currency'... it's still 'fiat' as far as that goes...
but
they are world wide...
they could be bartered for, stored, exchanged for goods...

The 'phenom' of alternate 'money' is catching on.... and that can only help to wage the people's war against debasement by their own governments.



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Coins

'Coins' created out of thin air just like the central banks. I bet they are tax deductible for them.

No surprise they are of the same tribe.

You are nothing but a battery to them. Taking Your labor for nothing.

Luke 3:38
Isaiah 43:3-5

Amazon also supports the

Amazon also supports the internet tax bill. 'Nuff said.

My brother has a bucket full of Chuck E Cheese's Tokens...

They work at one location in South Carolina...

Defeat the panda-industrial complex

I am dusk icon. anagram me.

This sounds like a gimmick to

This sounds like a gimmick to me. Is the price always tied to USD? No cap on how many coins are created? Not at all related to Bitcoin to me, sounds more like a coin from Chuck-E-Cheese or Funzone.

Not a currency.

You can't even transfer your Amazon coins to another user:

from http://www.amazon.com/gp/feature.html/ref=zeroes_surl_ct_ter... :

2.5 Restrictions. Coins cannot be resold, transferred for value, redeemed for cash or applied to any other account, except to the extent required by law. We may limit the number of Coins you can purchase or receive within certain periods of time, or implement other restrictions on the receipt or use of Coins. If we give you Promotional Coins in connection with your purchase of a product and you later return or receive a refund for that product, we may revoke those Promotional Coins. If you have already used those Coins, we may deduct the same number of other Promotional Coins or Paid Coins from your account or charge your credit card or other payment instrument for any products you purchased using those Coins.

additionally:

4. Limited to U.S. The Program is currently only available to customers located in the United States. You may not purchase, receive, or redeem Coins if you are outside the United States. "United States" refers to the 48 contiguous states, the District of Columbia, Alaska, Hawaii, Puerto Rico, American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands.

I'm confused...

You mentioned that they are only available in the states, but then you said later that they are worldwide. Which one is it?

Almost every

Massively Multi-player Online game has virtual online currency that can be bought using "real" world money. Most games have farmers that (illegally per terms of service) sell the virtual currencies for "real" money as well.

This Amazon money appears to be similar to that.

I doubt they will draw government attention like Bitcoin is though.

Our family's journey from the Rocket City to the Redoubt: www.suburbiatosimplicity.com

MMO premium coins

are what I thought of first, too. Is there a version that's used by more than one company yet?

A big difference between that kind of money and Amazon's would be how "free" the money is for the administrators to distribute. When it's used by the game administrators to, for example, compensate a player for something that went wrong, it has zero cost for the administrators to use that way. There's only the opportunity cost of what that player might have bought otherwise, but it's considered part of not losing a customer so not exactly.

When real products, not virtual products, and lower tier vendors are involved, it can no longer be thought of by the administrators as having zero cost to distribute, so it becomes more like a currency than a voucher, but still a bit voucher-like.

Defend Liberty!

Meh

Not much different from a gift card.

Ron Paul - Intellectual hero

You can buy a $25 Amazon gift card on ebay right now for $26.50

$10 costs 10.50
What's up with that?

http://www.ebay.com/sch/i.html?_trksid=p2050601.m570.l2632.R...

Defeat the panda-industrial complex

I am dusk icon. anagram me.

maybe money laundering

maybe money laundering

How about the $938 cards...

for $961.25?

Or the $.01 paperbacks you can buy for $726.94?

Defeat the panda-industrial complex

I am dusk icon. anagram me.

I'm just guessing. I don't

I'm just guessing. I don't really know but it looks like a decent way to clean money.

That is not a "virutal currency" ...

... it is more like an in-store coupon.

It is meaningless if it cannot be used for anything other than Amazon products.

The Daily Paul

is usually first for breaking news, but Amazon's coins were discussed back in February on the Bitcoin Talk forum (for obvious reasons) if anyone is interested.

https://bitcointalk.org/index.php?topic=141425.msg1508179#ms...

Diversify

Instead of going all in on these I'm hedging my bets with Chuck E Cheese tokens.

End The Fed!
BTC: 1A3JAJwLVG2pz8GLfdgWhcePMtc3ozgWtz

I can make you an offer...

To trade some for my stash of Canadian Tire money! ;)

Just kidding,

Paul B.

When I want to mess with my kids

I give them a few Chuck E Cheese tokens or something similar to play with.

They think they're real gold and are enthralled by them.

I know evil of me...

Our family's journey from the Rocket City to the Redoubt: www.suburbiatosimplicity.com

I saw this yesterday. They

I saw this yesterday. They need to find a way to make the coins inflation-proof.

“Let it not be said that no one cared, that no one objected once it’s realized that our liberties and wealth are in jeopardy.”
― Ron Paul

No centralized

money system is inflation proof because the people that control the system can create more whenever they want. That's why decentralized cryptocurrencies like Bitcoin where nobody is in control work better, similar to gold (nobody controls gold either).

not really currency

I don't really consider this currency for two reasons, you can't buy things outside of one company, and you can't change it back into other currencies. This is really just a point system, like microsoft, wii store, or itunes has. They can call it coins but unless it actually competes with currencies, it's not really changing anything.

Your right, but I still like the idea because

it facilitates goods to goods transactions. Could you imagine if they tied it to gold or silver?

Being that this is a gift

Being that this is a gift card basically, think of it like this... they sell you a gift card today and you come back and it's worth 10 gift cards. They would go out of business.

I mean like if you sell an

I mean like if you sell an item and its paid out in Amazon coins, but Amazon will honor an exchange of their coins for gold/silver they buy at whatever the going rate is at the time you redeem. It would mean that you could sell/buy items through Amazon in terms of increments of gold, without physically having to send/receive every transaction.