They are owned by someone who doesn't understand how one thing can be "good" without another thing in the same category being "bad".
Among a few.
There is widespread manipulation in the crypo market. The difference with crypto is that there are no regulations that even attempt to hinder it.
https://www.quora.com/Where-can-I-join-a-crypto-pump-and-dum...
https://www.reddit.com/r/CryptoCurrency/comments/lbzdn7/scam...
https://www.researchgate.net/figure/Example-of-a-pump-and-du...
> Unpredictable issuance.
Perhaps in theory, but USD has proven to be a far less volatile store of value than Bitcoin and Etherium, which have both been through the equivalent of hyperinflation and hyperdeflation over the past decade.
> Subject to censorship.
Currency is not subject to censorship, such a thing would be impossible. Certain payment providers have refused to process payments to various individuals, but such a thing would be possible in the crypto space as well.
USD is a horrible value storage in the last year's if you deal outside of USD
If by less volatile you mean gradually losing value, I mean yeah.. But is that a better store of value?
> such a thing would be possible in the crypto space as well.
Nope, that is literally impossible with Bitcoin. Hitler could open up a shop, and no one could stop him from receiving payments.
- Other payment systems like PayPal/Venmo/Zelle are for P2P domestic use only - you can't send money cross-borders.
- Paypal/Venmo requires you to have a bank account. Diem doesn't, and so part of Diem's mission is to serve the un-banked.
- This is a little pedantic, but PayPal/Venmo/Zelle/Square Cash are closed ecosystems. You can't send money from one to the other, for example. Diem is a protocol that you can interact with using any wallet, not just Novi.
Not being paid to post this or anything. I just think Diem is not well advertised haha
I think the problem with Diem is not that it doesn't fill a market role, it's that the target market, in general, knows how evil Facebook is, and would prefer a "cleaner" alternative. The problem with doing dodgey stuff with user data for years and years is that you gain a reputation, and then even if a small subset of your massive super organization makes a really good pure product, that product still inherits the stench from the parent. We don't trust the Zuck, and until fairly recently the target market for Diem were almost entirely people tech savvy enough to understand the depths to which Facebook operates in.
Imagine if Google came out with a new crypto-coin, and with all the soul and creativity a bloated bureaucracy can muster, called it "GCoin", a "New way to shop and get tracked!". Now, many normal people would stay away from GCoin purely because they know it would be in the GGraveyard in two years, but the rest of the target market would think," Ya know, Google has been absolutely evil this last decade or so, building their business model around surveiling us and toying with our emotions to get us to buy useless shit, while slowly trading away any uniqueness they ever had for fun primary marketing colors in a thousand different patterns. I think I'll pass on this GCoin bullshit...". That's how we feel about Diem. Except possibly not quite as angry, because at least Facebook has given us a figurehead to hate, instead of the faceless, souless, primary colored evil that is Google.
But I’m genuinely curious, why is this a massive product for anything more than a weird form of money laundering?
I still don't see a big upside for Amazon, but merchants wouldn't need to accept it. And of course, Amazon could incentivize merchants to use it. Maybe if you take it, you get 1% more value than if you take USD and spend it on the site/AWS.
If they send me 101 Bezobucks instead, I'm happy because they gave me $101 of value; they're happy because for that $101 purchase, they got $100 value; if I paid with a rewards credit card, they would probably get $98-$99.
Why it would need to be a cryptocoin thing instead of just a gift card/credit, I don't know. Cryptocoins are hot for reasons that don't resonate with me. Maybe some way around gift card laws, and if they can back into foreign remittances without needing a money transmital license, it could be useful.
Imagine if the dollar fluctuated widely (say because of inflation) but BezosBucks does not. Your buying power stays the same (while BezosBucks becomes more expensive to buy into over time).
I doubt sellers would say no to a sale if a client offered to purchase it with a blockchain store card.
In contrast, "use this coin to buy anything on Amazon" is a massive product from the second it launches.