RE:RE:RE:RE:RE:RE:CryptocurrencyOK…OK…I have stopped laughing!
Let me correct your statement that Bitcoin is hugely popular "…because there is a demand for equities that return 800+%." In case you have not heard or read, the vast majority of Bitcoin transactions relate to global underground economic activity. Furthermore, Bitcoin is the cryptocurrency of choice for the global underground economy because it is anonymous, irreversable, and conveniently circumvents financial regulations.
An Aeroplan CryptoCurrency would be properly regulated and legitimate.
There are some legitimate and REGULATED cryptocurrencies that are gaining popularity. For example , GoldMoney is a Toronto-based company that offers its GoldMoney cryptocurrency.
There are many valid reasons for the popularity of cryptocurrencies. For example, cryptocurrencies are universal so there is no need for currency conversion when sending funds. In your example of simply sending an Interac transfer…well it depends where you are sending the funds to. If you are sending the funds internationally, then currency conversion is needed. If you are sending funds with a cryptocurrency, then no currency conversion is required.
Aimia/Aeroplan has an opportunity to be an early mover in the cryptocurrency market to establish the Aeroplan CryptoCurrency. Aeroplan has some competitive advantages including strong brand recognition and trustworthiness (hopefully!) and provide the financial credibility that would ensure consumer acceptance of its Aeroplan CryptoCurrency.
A cryptocurrency takes "digital points" to the next level of business opportunities. The business model of a cryptocurrency is very attractive and could significantly improve total revenues and profits for Aimia in the long term. An Aeroplan CryptoCurrency would result in a "money supply" being created over time and a global business eco-system using the Aeroplan CryptoCurrency.
Simply re-naming the "Aeroplan Points" to "Aeroplan Coins" would not be effective…in the long term. It may fool some people initially into thinking that the Aeroplan Coins are like a cryptocurrency…but the fundamental issues of a points program would still exist. Furthermore, this approach may damage the Aeroplan brand. There are much greater business opportunities for creating a real Aeroplan CryptoCurrency in the long term.
Another thought for you…
Apple recently launched Apple Pay and their business model is to collect a very small percentage of each transaction that Apple Pay processes. Some people think that Apple Pay may eventually evolve into a cryptocurrency.
Launching an Aeroplan CryptoCurrency NOW would get a good head start over Apple Pay…
Just a thought…
mikebarq wrote:
justbull4u wrote: IIn the case of Aeroplan, the pivot needs to be towards cryptocurrencies...and the revolution that Bitcoin has started. Bitcoin is flawed as a cryptocurrency (exists and used for all the wrong reasons) but is hugely popular because there is a strong market demand for cryptocurrencies.
Either Aeroplan pivots towards a cryptocurrency model and remains relevant in the future...or...it can join Blockbuster, Kodak, Sears etc. in the business scrap heap
Bitcoin is not hugely popular not because there is a demand for cryptocurrencies... but because there is a demand for equities that return 800+%.
Have you ever used a crytpocurrency such as bitcoin for the actual purpose it was intended? The technology is interesting, but currently it's like dial vs. broadband. Transactions can take literally hours to be verified - so the only positive is the fact that transactions are anonymous. Not to mention the fees involved / gas tax etc... you might as well just send an Interac transfer and move money instantly for a dollar.
How all this applies to Aeroplan or how it would affect their business going forward is beyond me and I like to think I have some understanidng of crypto having owned/used many forms of it as well as traded it.
Tell me what advantages a cryptocurrency would offer vs. the current system of simply redeeming digital "points". Heck, they could just rename points to "aeroplan coins", says it's an alt-coin and 99% of collectors wouldn't know the difference.