Author

Topic: [2016-09-02]Purse.io: The DADT Business of Bitcoin (Read 305 times)

legendary
Activity: 3430
Merit: 3080
September 02, 2016, 10:56:51 AM
#4
The article is mostly FUD.

Amazon pays foreigners in Amazon money in order to avoid the currency problems with paying in local money everywhere for affiliate and global partner programs.  Purse.io provides one way of converting the amazon money to locally spendable money after they have bought all the junk on Amazon that they want.

Right, so who is buying BTC in your scenario? Foreigners seeking to cash out into a local currency? The number of countries with a currency that Amazon won't touch must be very small, and the number of businessmen interested in such a convoluted system in said countries must be even smaller (the number of entrepreneurs in those types of countries isn't going to be large, period). That does not sound even remotely plausible as a business model.
legendary
Activity: 1204
Merit: 1002
Gresham's Lawyer
The article is mostly FUD.

Amazon pays foreigners in Amazon money in order to avoid the currency problems with paying in local money everywhere for affiliate and global partner programs.  Purse.io provides one way of converting the amazon money to locally spendable money after they have bought all the junk on Amazon that they want.
legendary
Activity: 3430
Merit: 3080
Ahhhh, I always wondered how Purse.io could be attracting people that will take up to a 50% loss on market BTC price, and now we all know. I hear Bitcoin.scam owner Roger Ver is a big fan/promoter of this particular business fraud. How apt.
full member
Activity: 238
Merit: 100
Imagine you have $100. That’s U.S. fiat dollars, mind you. You’re in a foreign country, like Morocco or France. In order to spend your money you either need to find someone that will exchange your U.S. dollars to the local currency, or find merchants that accept U.S. dollars. That’s probably not overly challenging in a world dominated by the U.S. economy. An economist might say that U.S. dollars are liquid, easily exchangeable for goods, services, or an equivalent value in other currencies. You would likely visit an exchange which would take a small percentage of the transaction, as low as 0% for interbank transfers, or as high as 13% via traditional exchange services. You could pay even more to a local business if you’re in a pinch. Now change the scenario. You’re at home on your computer, you’ve got a stack of Amazon gift cards, and you’re taking a 33% loss to convert Amazon gift cards to bitcoin, arguably moving from a liquid asset to a less liquid asset. Why would any rational person do this? Answer: They wouldn’t. Purse.io has built a business upon the grey and black market of stolen credit card information, supporting a potentially criminal clientele by laundering their proceeds.

https://coinreport.net/purse-io-the-dadt-business-of-bitcoin/
Jump to: