RE:RE:RE:RE:RE:What's Next For Aimia/Aeroplan? Maybe This!I am slowing chewing through your comments and spitting back out my responses through various emails.
Yes, I get your Point...pun well made.
In terms of Aimia/Aeroplan collecting consumer behaviour data for retailers, a cryptocurrency would gather more data than the current Aeroplan program does. Presently, the Aeroplan card must be presented at the time of purchase in order to earn/record the points. There are many Aeroplan member purchase transactions that are presently not being captured because of the payment method they use and not presenting their Aeroplan card. With an AeroCoin, the transaction is recorded automatically, just like with some of the Aeroplan credit cards.
The idea of a Cash-Back incentive incorporated into the AeroCoin cryptocurrency is good.
drphunk wrote: "Get with the program"... I like that.
My point (get it?) is that points and crypto are NOT the same thing. Points are earned and redeemed through a very rigid and defined process, are run through a single administrator (i.e. Air Miles, Aeorplan etc...), and have no intrinsic monetary value. Crypto is decentralized, peer to peer in nature, and subject to the market forces of supply and demand when it comes to exchange to fiat currencies. They are not the same, not even close. A rewards program allows a retailer to entice consumers to shop at their store/site, and helps give them some insight into consumer behaviour that they otherwise wouldn't have. The rewards issues benefits because the retailer will pay them to manage the program and provide said insights, while consumers benefit because they can earn and redeem points by making their purchases at particular retailers, or use particular credit cards.
This is very different from "simply" creating a cryptocurrency and issue it to members. Again, Aimia doesn't have the technical expertise to do this, and some stodgy retailers would not want to be associated with some sort of crypto-rewards scheme. If we're talking about issuing this crypto as a reward, then why not just have a cash-back incentive? Isn't that easier? That also circumvents the redemption portion of the cycle, reducing incentives for businesses to partner with the program.
Again, what's the benefit to Aeroplan members for the program to evolve into a cyrpto? What's the benefit to shareholders (aside from a transitory pop due to some buzzwords)?
Believe me, I'm all ears if there's a convincing argument to be made, I've just not yet heard it.