How long before Amazon announces their coin? Free Prime delivery if using A-Coin!
I'm from the kind of family where the vast majority of my relatives are nearly exclusively Walmart shoppers. Every now and again, if they want to splurge, they use Target. And there are a couple who can afford, once in a very rare blue moon, to use Amazon or the Apple store.
Here's the thing though, even when they are using Target, or Amazon, or the Apple store, that segment of the population is probably doing it not with bank cards, but with prepaid Walmart connected cards. So Walmart, if they wanted, could create something that would be actually more valuable than dollars to people from my family's socioeconomic background. If they could pay their rent and electric in Wally Bucks, they would literally have no use for dollars at all.
And that class of people is very large, and growing. (At least it is out here in Wisconsin. And I'd imagine most of fly over country is similar.)
At least at the Amazon FC where I work, they can purchase cheap branded stuff like water bottles, lanyards and t-shirts, gift cards and coupons for the commissary, but not Prime or general purchases.
Gig economy my friend. Back the currency in some nominal amount of USD and pay the independent contractor at the door 1 walbuck per customer greeted.
this is taking it one step further, and it seems like using cryptocurrency technology to basically eliminate/compete with visa as a payment network (and therefore recoup txn fees locally and earn them outside of their own stores)
I see WalmartCoin and Libra as "digital corporate currencies" which will compete with digital FIAT currencies. This already exists to an extent, for example people spend and trade Amazon gift cards because they are fungible and redeemable anywhere. Or people buying Steam wallet funds with their USD. Or people buying pre-loaded Amex gift cards?
Can we just think about Libra et al. as alternatives to fiat currencies? Or as a "digital wallet" / "gift card" you can spend anywhere?
What is the difference between me having a Libra wallet with $100 that I can spend at participating merchants, vs. me having a $100 prepaid Amex giftcard that I can spend at participating merchants? The only real difference is now I can actually transfer "my" money to others.
edit: I know the DMV is not the federal government I was just making a exaggerated point
Walmarts core is poor, rural/suburban America. How can wal-mart use tech to make their lives better? Same day home delivery is an obvious one, say every $X you spend in store you get a free same day home delivery credit. That would be nice / appreciated by folks struggling to get by.
Target, at least, seems to be doing its own thing vs constantly copying amazon/tech X, and I respect them for that.
Maybe in 'Merica but not in Canada. It's the go-to for the huge array of products between Costco & the grocery store for a wide set socioeconomic segments. If it's a supercentre they get lots of the grocery dollars too.
They give you free shipping on everything, including big, bulky items like diapers. I think this is more important for lower income folks than same day delivery.
As far as I can tell they are one and the same. In both cases you have an account balance that can be digitally transferred and the value of that balance completely depends on a trusted entity (a bank or the entity "backing" the digital currency).
- FDIC Insurance. (some banks don't have it though especially if you are talking international banks).
- Regulation. Banks are regulated. They can freeze your money (randomly but not that randomly) but they are bound by laws. Most of the time they need to report their sheets and get audited by a central authority.
This information is available to the public about the USD supply as well: https://fred.stlouisfed.org/categories/24
> The information on how much banks are holding onto in fractional reserves should therefore be available and make cooking the books more difficult and allowing audits to be more accurate and hopefully regulations could exist to keep banks better in check.
You should look into just how much regulation there is in banking, and the history of banking itself. All publicly traded banks are audited yearly, and yes I am aware of Enron/Arthur Andersen and the GFC of 07/08, among others.
No system is infallible, but investors trust US audited
company statements 100x more than chinese audited companies, for instance.
If trading is done off-chain, or transactions are made between currencies, those are not a part of the blockchain. For bitcoin-only transactions between wallets, no exchange is required.
It may also have to do with transfer taxes: it’s easier to say the payment was sent to an uninhabited island when the threshold is now IslandWithInternet instead of IslandsWithBankingSystems
I bet Walmart wouldn't even have to offer a discount.
Not convinced they quite grasp the point of a digital currency...