Amazon and CryptoCurrency

Seems like Amazon is either prepping to take on cryptocurrency exchanges, or just preparing to address them in the future.

Either way, when a massive commercial entity like Amazon invests into these exchanges, it immediately takes them from a fringe concept to mainstream. Many have indicated that it's time to get on the BitCoin train, but if Apple, Amazon, Walmart, etc drive the usage of these currencies, they become legit right away.

Currently, most people I know have zero Bitcoin. Most have heard of it, but aren't ready to plop down $1000 for one bitcoin. Amazon could change all that. I give it 12 months until you can use Bitcoin to buy Amazon products.

www.cnbc.com...

a reply to: cosmania

7k for one Bitcoin.

the government probably has no idea how to deal with coin exchanges at this point but when they figure it out expect a correction

a reply to: toysforadults

One attraction a global crypto currency has is that it theoretically protects against inflation in countries that have rampant inflation rates. In the US which is only part of the cryptocurrencies investor base inflation outpaces guarantted short term investments like bank interest. We have seen bitcoin crash before so the risk/reward/probability analysis has not proven itself over shrt term periods.

At todays market price (~$7k per BTC) I'd say that the entrance of corporations into its use will either crash the price, or inflate it artificially.

My guess: It will hit $10k per BTC until these groups buy in and maybe in the next few months (Jan. 2018). Then crash back down to normal pricing, possibly and hopefully below $4k in order to gain traction and climb like a normal market currency.

Time will tell....but it may not be a good time to buy?

a reply to: Cauliflower

the issue with cryptocurrency is that only people with liquidity are able to afford to get involved

no one is paying me bitcoin for construction jobs

I've said my opinion before that most don't see the true potential of btc. Now we have serious institutional money making news about possibly entering the market, cme is going to open up a futures market. More bankers are getting very concerned about crypocurrency.
Btc will hot a trillion dollar market cap soon in 2018.

All btc needs is this forking nonsense over with and then a correction. After that, all bets are off.

I bet Amazon is pissed they are missing the boat so to speak. Overstock has been accepting bitcoin since it was ~700$. If they havent been converting immediately to usd this whole time then they should be rolling in insane profits by now.

If the likes of a corporate fascist tech giant powerhouse were going anywhere near Bitcoin's, I'd expect them to start mining to essentially crash the (value) system.

Imagine if Elon Musk was going to try to make Bitcoin legitimate in some significant way. All that federal loot he's used to. Well that's Amazon; perhaps even worse.

a reply to: cosmania

The trouble is this has been on the rumourmill for such a long time now.

Be great if it happens, but don't hold your breath!

Amazon's aredy knows it's bitcoin customers ... most just swap out coins to gift cards and Amazon sells the gift cards to bitcoin sites that sell them so there in the know why take the risk when a 3rd partie company is aredy doing it for you

But if any major eteller is going to my bets are on Amazon

EBay aredy made the gift card sites only sell in usd but they own PayPal and PayPal never made there own version of a bitcoin wallet

I bought bitcoin early this year. I keep looking at my account and cant believe how much it has grown. I regret not buying more. It appears to have gone up between 500-600%

I suppose the entrance of Amazon, and/or a large etailer would at first disrupt the btc market, but after that, add stability. I don't know how fractional transactions will work, but I can't see anybody spending 1 btc on a box of tissues through Amazon, but as the portions of btc get used more, I see the value dropping, likely more in line with a Euro/USD rate.

I would think he would have to check with the big boys upstairs first.

These guys like Bezos and Gates now know they just can’t do what they want to do.

If the do, they can expect to get a visit in some form that won’t be pleasant…
That’s what happened to Gats in the 90’s when he thought he was a man unto himself—a master of the universe, then the elite went and broke his knee caps through antitrust lawsuits until Gates cried uncle and then he started to play ball so they let him off the hook.

These second teir puppets do what their told

IF they latch onto it you could bet its some elite fraud to cripple the economy, like the scam they did in 2007-8 to the housing loan industry in order to cripple the economy.

a reply to: cosmania

Bitcoin is not going to be the cryptocurrecy of the future. It's very slow transaction speed is reason enough why it has no chance to catch on in a really mainstream way.

Notice they said they just registered amazonetherium - etherium is what is really catching on now - it is a superior technology in every single way - other than it is under the control of it's creators. But guess what 99%+ of the population does not care about that.

Microsoft has endorsed etherium, and with the tons of microsoft developers now learning about and embracing blockchain and distributed apps it is clear etherium(ether) is going to blow way past bitcoin in terms of use.

But even if it is not etherium - the future is certainly not Bitcoin. Arguing Bitcoin is the future is like arguing Netscape will always be the browser of choice.

The push to crypto currency is going to become a very real thing - the only reason it has not happened already is because big business does not like bitcoin being outside the law, and it is too slow to be used in any kind of a heavy transaction environment. I do think within 5 years the majority of transactions will use crypto currency in one form or another.

originally posted by: cosmania

...aren't ready to plop down $1000 for one bitcoin.

theres no reason you would need to buy a whole coin, think of it more like a dollar that can be broken down into cents,
you can buy 0.001 bitcoin if you want, or whatever amount you want, you dont have to buy an entire coin.

also the price to buy an entire coin would be $7140 at this moment.

a reply to: proximo

You made a strong argument for the desire to create a Bitcoin bubble.

The tech can't survive so when it fails, banks etc can say "see~! We told you!"

Meanwhile anyone who follows know that Bitcoin is already antiquated.

a reply to: cosmania

What Amazon is doing is buying those up so that someone else doesn't buy them, and make it look as if the website is somehow affiliated with Amazon. It is very unlikely Amazon will use those addresses, they just do not want others to use them. This is not a new thing, Amazon has made similar moves in the past.