Amazon Plans to Accept Cryptocurrency for Payment “As Soon As Possible”

Tsing

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Bitcoin has pumped nicely over the last few days, and there could be one obvious reason for that. As spotted by Business Insider, Amazon recently published a new job listing for a Payments Acceptance & Experience team leader who can help develop a “Digital Currency and Blockchain strategy and product roadmap” for the company, indicating that the world’s biggest online retailer was hatching a plan to accept digital currency as a payment method. A spokesperson with Amazon later confirmed that the company was keen on the idea and would eventually accept cryptocurrency, opening up the possibility of customers being able to purchase goods with popular tokens such as BTC and ETH...
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We all know that this is just Amazon establishing their own Cryptocurrency, offloading the 'processing for profit' to end users who's profit can only be spent on Amazon.com... right?

I'm not the only one who read that into this right?
 
Corporations will eventually run America, and their currency of choice will be Crypto.
Only to be spent in approved outlets of course.

The American dream, re-imagined
katu.com

How Scrip Coins Enslaved Generations of Workers

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katu.com katu.com
 
Doesn’t corporate America already have a version of their own currency with Gift Cards?
 
Auer said:
Corporations will eventually run America, and their currency of choice will be Crypto.
Only to be spent in approved outlets of course.

The American dream, re-imagined
katu.com

How Scrip Coins Enslaved Generations of Workers

KATU ABC 2 offers coverage of news, weather, sports and community events for Portland, Oregon and surrounding towns, including Beaverton, Lake Oswego, Milwaukie, Happy Valley, Gresham, Vancouver, Hillsboro, Oregon City, Tualatin, West Linn, Woodburn, Tigard, Tualatin and Garden Home.
katu.com katu.com
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Eventually? That shipped has sailed.
 
Funny as heck was when tesla invested a billion in Bitcoin and then wouldn't accept it as payment. Just wow.
Bitcoin dropped and they be pumping it back thats all.
 
Amazon has backpedaled on this somewhat:

www.reuters.com

Amazon denies report of accepting bitcoin as payment

Amazon.com Inc (AMZN.O) on Monday denied a media report saying the e-commerce giant was looking to accept bitcoin payments by the end of the year.
www.reuters.com www.reuters.com

I don't see how Amazon could - the price is too volatile, unless they

a) have a very tight integration with an exchange and can do real-time exchange rate work, which with bitcoin transaction speeds I don't know that they could accept anything coming close to high volume

or

b) just open it up to third party resellers as a payment option and let them accept all the risk, just taking their usual cut on the transaction. That means Amazon would have to do some work on their backend payment to be able to segregate.

or

c) see it at an investment credit, similar to Tesla. They accept as payment but don't liquidate immediately, keeping it in BTC and hoping it appreciates

I know amazon can handle exchange rates and such, as they have different nationality-stores.. but I don't think it's real-time, and the marketplaces other than US currency, from what I hear, are often at a pretty big disadvantage and not very price competitive versus native options. But I guess if your creating your money out of thin air, it doesn't matter if it's at a disadvantage?
 
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How could this possibly work? Crypto is so volatile, are they going to dynamically change the price of items to match whatever Amz feels it is worth that minute?
 
Burticus said:
How could this possibly work? Crypto is so volatile, are they going to dynamically change the price of items to match whatever Amz feels it is worth that minute?
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Probably different prices between crypto and cash. Could even be a different marketplace.
 
Imagine generating a taxable event every time you bought something on Amazon because the crypto you used for your purchase had gone up in value from your basis.
 
Nanobot said:
Imagine generating a taxable event every time you bought something on Amazon because the crypto you used for your purchase had gone up in value from your basis.
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I wonder if it would be a tax loophole if Amazon crypto could only be used for amazon sold product.
 
If they make their own crypto and can control the fluctuations somewhat it may work, but how it is currently no chance in hell.
 
They can control the value by utilizing un consumed cpu cycles in their cloud service.
 
Grimlakin said:
They can control the value by utilizing un consumed cpu cycles in their cloud service.
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Nah, would cost way to much in energy. They certainly have the infrastructure to do so if they wanted to, but their energy costs would go through the roof taking all their data center loads up to full utilization.

Most of the value in crypto doesn't come from mining it. It comes from speculative investment.
 
Grimlakin said:
I wonder if it would be a tax loophole if Amazon crypto could only be used for amazon sold product.
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If it goes up in value then it’s taxable. If they were able to stabilize the value then there would be no incentive to use it over cash or gift cards.
 
Nanobot said:
If it goes up in value then it’s taxable. If they were able to stabilize the value then there would be no incentive to use it over cash or gift cards.
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Actually if they can offload the transactions to users in exchange for Amazon coins wouldn't that be a cost savings to them. Instead of paying credit card companies a % they pay end users a fraction of that % to be their ach.
 
Grimlakin said:
Actually if they can offload the transactions to users in exchange for Amazon coins wouldn't that be a cost savings to them. Instead of paying credit card companies a % they pay end users a fraction of that % to be their ach.
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So in effect have an Amazon DeFi segment and issue their own coin, is that what you’re saying?
 
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