The Daily Paul has been archived. Please see the continuation of the Daily Paul at Popular

Thank you for a great ride, and for 8 years of support!

Comment: Amazon Coins

(See in situ)

In reply to comment: But Amazon has plans to (see in situ)

Amazon Coins

Amazon Coins could catch on, and they probably will have a short life as a replacement for credit card rewards programs, but so long as Amazon controls the production of coins and sets their price, not only is the "currency" no better than a centrally controlled national currency, but there's also a single point of siezure where a government could attack if they felt Amazon Coins were siphoning off too many tax dollars for an exchange of goods that would've otherwise been taxed, if the transaction was made with USD.

Also, Bitcoiners welcome competing currencies. There are probably hundreds of them in existence already, and each has their own slight twist on the Bitcoin formula. Still, Bitcoin remains the champion, but someday, something might come along that is superior, and users will decide what they like better.

Isn't that the point of competing currencies?