@Pantera
edited
more from that month
Debunking the Amazon Crypto Rumor
The market is again growing after the Amazon rumor appeared, but it also seems that this rumor has no substantial facts backing it. If there is no new valid information about this in the next few days then it will not help the market, not even in the short term. Last year, credible sources of the crypto industry announced that PayPal was months away from adopting cryptocurrencies for its online app and services. These rumors appeared after a discussion of known cryptocurrency individuals with PayPal executives. The PayPal rumor was more than just a rumor but mostly a pre-announcement of PayPal adding BTC, Bitcoin Cash, Ethereum, and Litecoin as payment options. Meanwhile, this rumor we read about yesterday has many red flags that we can’t just ignore. An anonymous female informant, presumably from the higher levels of Amazon’s hierarchy just happened to discuss top Amazon plans for integration of cryptocurrencies with an irrelevant newspaper in the UK. In fact, there is nothing credible in this report by “Citi a.m.” newspaper, besides the fact that Amazon is creating its own Digital Currency that may resemble some of the features cryptocurrencies today have.
How the Rumor Started Circulating
*Image from:* *flickr* *by* *Bernard Goldbach**(**Creative Commons Licence**)* https://www.flickr.com/photos/topgold/8325104250 https://creativecommons.org/licenses/by/2.0/ Crypto news started yesterday circulating the information that Amazon is on its way to accept Bitcoin. Even though the rumor itself wasn’t just mentioning BTC but it contained also Bitcoin Cash, Ethereum, and Cardano, something that was underreported by the crypto media.
*Source:* *Citi a.m.* https://www.cityam.com/amazon-definitely-lining-up-bitcoin-payments-and-token-confirms-insider/ ***“Ethereum, Cardano and Bitcoin Cash will be next in line before they bring about eight of the most popular cryptocurrencies online,” she added.*** *Source:* *Citi a.m.* https://www.cityam.com/amazon-definitely-lining-up-bitcoin-payments-and-token-confirms-insider/ **The first two red flags are already there.** **The word "definitely"** that is included in this title, gives us the hint that this "insider" doesn't have actual knowledge but is just speculating. **The word "confirms".** There was no rumor before about Amazon. Confirmation of a rumor appears after we first have a rumor circulating. Until this article appeared no rumor existed.
This is how the rumor spread Amazon posted on its website a vacancy for a blockchain expert to take over the product management for the creation of an Amazon digital currency. (Source) https://www.amazon.jobs/en/jobs/1644513/digital-currency-and-blockchain-product-lead **The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap.** -Amazon After reading the whole Amazon ad, the conclusion is that Amazon is looking for a product manager for its digital currency that will be running on its private blockchain. The facts we have are just coming from this Amazon ad, and there is no mention of introducing other cryptocurrencies in the Amazon ecosystem. It will be just the "Amazon Coin" and nothing else. The ad itself wasn't going to "pump" the market so an untrustworthy rumor had to appear and be recycled within the crypto media. Market Reaction to the Rumor Amazon has posted cryptocurrency-related ads before (source) but this didn't move the market and no rumors of crypto adoption appeared. https://cryptobriefing.com/amazon-wants-hire-someone-with-experience-defi/ It required an anonymous informant in a dubious newspaper nobody ever heard before to create a pump. It is also interesting that nearly 900 million shorts were liquidated in minutes after this news circulated the web.
*Source of Image:* *The Block Crypto* https://www.theblockcrypto.com/linked/112437/crypto-short-liquidation-bitcoin-btc-39000?utm_source=cryptopanic&utm_medium=rss The Amazon rumor even though it has very small chances of being real, it managed to push prices upwards a lot, liquidate shorts and create a bullish sentiment. What happened was that not just the aforementioned cryptocurrencies pumped as the logical assumption would be, but everything started rising. Was Dogecoin, Polkadot, XRP, or UniSwap on the list of this newspaper? No, but they are still rising like this rumor will have any effect on them. The rumor is about **BTC**, **Ethereum**, **Bitcoin Cash**, and **Cardano**. There is no mention of any other cryptocurrency, yet this happened:
Dogecoin had the best performance out of all and we observe all cryptocurrencies rising today.
Conclusion **The Amazon Digital Currency** **“When all these crypto ducks are lined up, there’s another twist to push things even further into Amazon’s favour – a native token,” the insider explained.** *Source:* *Citi a.m.* https://www.cityam.com/amazon-definitely-lining-up-bitcoin-payments-and-token-confirms-insider/ About the Amazon digital currency, as many are expecting, the only resemblance to cryptocurrencies will be the word "blockchain". It will be a centralized currency under the control of Amazon. The Amazon coin is widely expected to be a stablecoin. Possibly Amazon will try to create another "Libra" that will be also met with the same regulatory resistance that didn't allow Facebook to proceed with its plans. **Amazon Rumor on Adopting Crypto** Considering the rumor about Amazon accepting Crypto, it seems there was some kind of poorly constructed rumor circulating some dubious crypto-news websites, but there was no hint that Amazon could ever adopt cryptocurrencies from the information provided. (Source). Speculation was at the lowest point and these rumors weren't convincing unless an insider was going to drop the adoption bomb. https://cryptobriefing.com/amazon-hiring-blockchain-and-digital-currency-leader/ An anonymous insider appeared out of nowhere and a report from an unreliable source induced a market "pump". This is how it looks like everything happened. I'm taking this kind of rumor with a pinch of salt unless there is some serious leak of inside information coming from credible sources in the following weeks. While we all would love to see Amazon adopting cryptocurrencies this rumor looks like it was made-up. What we have witnessed so far is just an imaginary insider that informs us that "definitely" Amazon is looking to accept cryptocurrencies.
**BACKPAGE** **References:** **Amazon vacancy post** https://www.amazon.jobs/en/jobs/1644513/digital-currency-and-blockchain-product-lead **City A.M article** https://www.cityam.com/amazon-definitely-lining-up-bitcoin-payments-and-token-confirms-insider/ **Images:** ***Lead Image from:*** ***flickr*** ***by*** ***Bernard Goldbach******(******Creative Commons Licence******)*** https://www.flickr.com/photos/topgold/8325104250 https://creativecommons.org/licenses/by/2.0/ **Gif made with Canva** **Real Bullish News:** **JPMorgan Allows Access to Retail Investing In Bitcoin Cash** https://read.cash/@Pantera/jpmorgan-allows-access-to-retail-investing-in-bitcoin-cash-c82844b4#comment-cb19a9eb
***Active on:*** *●****Read.Cash*** *●****Noise.Cash*** *●****Memo.Cash*** *●* ***Medium*** *●****Hive*** *●* ***Steemit*** *●****Vocal*** *●****Minds*** https://read.cash/@Pantera https://noise.cash/u/Pantera99 https://memo.cash/profile/16QQohWB3U9PC9kwCNasPorwYKmZ5oNYeE https://medium.com/@panterabch https://hive.blog/@pantera1 https://steemit.com/@pantera1 https://vocal.media/authors/pantera https://www.minds.com/pantera99/ *●****Twitter*** *●****LinkedIn*** *●****Reddit*** https://twitter.com/Panterabch https://www.linkedin.com/in/panterabch/ https://www.reddit.com/user/PanteraBCH **Shout-out to my Top Sponsors:** *●* **@CryptoMax** *●* **@TruSuccessXpert** *●***@btcfork** *●***@PVMihalache** https://read.cash/@CryptoMax https://read.cash/@TruSuccessXpert https://read.cash/@btcfork https://read.cash/@PVMihalache
23 comments
Check this page, as i know they accept bch to buy amazon stuff https://purse.io
Yes, purse.io is used for many years. This is different though as they are talking about Amazon directly adopting.
yes, i dont know if they are amazon partners or something , btw accepting btc too.
Not Amazon partners. Purse is just Amazon credit trading site.
A post in noise said he tried buying amazon gift card on coinbase with bch but the process won't go through for it kept asking additional fund. I guess this is somewhat related to that? Amazon is not accepting bch?
It doesn't relate.
Ah, got it :D
It's a rumor hard to believe. With the size of Amazon's business, I don't see any viable adoption of cryptos in the short term due to its volatility. When you have a large-scale retail business, you need to guarantee your cash flow. In Venezuela, some big stores and supermarkets accept cryptos. But they use the service of an exchange company that provides them a paying platform. The customer pays in cryptocurrencies, but they receive fiat after an exchange operation that is executed immediately after each payment.
Thanks for reason!
Hey! Thanks for stopping by @molecular, and for the leet tip!
Well. That's a splash of cold water in my face. I was so happy this morning. You also burst my husband's Cardeno bubble. I did ask him if Amazon had issued a press release. I am waiting on the edge of my seat for Amazon to comment.
Oh, I'm sorry about that. I didn't mean to. I'm still hoping the market will react normally to the upside as it seems it was at bottom levels for too long. But I also know there is no need to fake interest. Amazon has been used before by publications, not to this extend though. However, I wish this was true, as it involves Bitcoin Cash which together with Cardano would be the low fee options.
A splash of cold water is never a bad thing! It doesn't really change my philosophy. I'm long on my entire potfolio. I will only hold to sell at a profit. But I'm also so new, I have a lot of FUD. So, I just HODL. I am not a trader. I will never be a trader. I'm an investor. But I'm a guppy. Trader = gambler to me. I'm too chicken to take more than 20 bucks to a casino.
I think eventhough it was only a rumor, it could possibly happen jn the future. Crypto is moving forward and now there are lots of people getting engage with it, business are on it too. I just read JP Morgan Chase are inyo it too. Crypto currencies are good option as a digital money.
This clearly makes me understand that the pump we in the last 12-15 hours could be a temporary one since it was built on the foundation of mere rumors. I didn't know what resulted in the pump and when I got to see the Amazon news, I didn't verify and was happy because I believe it would do the crypto world a lot of good but seeing this post would make me keep my expectation at normal.
Amazon denied this half an hour ago: https://www.thestreet.com/crypto/news/amazon-denies-crypto-acceptance-rumor If you read carefully what I've written, you may find the reasons for the pump, and then when the fake news blew out the dump follows.
I get that and I see the possibility of people getting defrauded again with this sudden news. I just hope everything remains well after all the turbulence.
So now we wait for the correction from the fake news . I think Amazon will eventually accept Bitcoin, but it won't be until the SEC puts some kind of regulations in place . I think we will see a proprietary Amazon token first though. That is just my guess as an Amazon customer , and Amazon Prime member for the last few years . Oh , and please do not tip my comments. Save the tips for someone with a better comment. I just want to comment, not get tipped .
Alright. Thanks for the comment. Sometimes I tip just a few cents instead of saying thanks for the comment. The rumor was a fake one, constructed and not valid. But Amazon's response left a lot to be desired. It wasn't a clear denial of what was presented in these news. And I also know the reason for this. The part from my article about Amazon trying to create another Libra is the reason.
I am really perturbed that a rumor was even started. Bezos had just made that space trip and I feel like somebody started that rumor in order to “ride the wave” and try to manipulate the price of Bitcoin. It's unfair! It's WRONG!! I hate price manipulation. Bitcoin has the potential to increase in value on its own. There is no need to create a “fake value”. Anyway! I'm glad the whole matter straightened out and the truth was brought to light.
I was hoping for a few days to pass before Amazon was going to deny it. It was only 12 hours later after I made this article though. That denial buried my article..
Oh omg I think I read that headline somewhere in Noisecash but didn’t really read thoroughly. Apparently it is just a rumor huh
A made-up one. Or, it could be that Amazon didn't want these plans leaked so it denied them.