Episode #73: Navigating the New Marketplace
Andrew Lee, co-founder of Purse, had a common frustration that Bitcoin didn’t offer any incentive for normal people to use it, and had a hunch that he could use blockchain escrows to liquidate Amazon gift cards and deliver great deals. That hunch proved to be correct – and transacted over $4.5M and saved users almost a million dollars. That is why we personally endorse it ourselves on our website. But we don’t just talk about it — we be about it, by….talking about it…with HIM! There’s strong evidence that people will alter their behavior for great deals. For decades, retailers have convinced customers to clip coupons, pre-purchase Groupons, and buy in bulk at Costco, all just to gain access to great deals. We’re not sure Bitcoin is ready for a head to head battle with credit cards but, nonetheless, bitcoin adoption will depend on novel use cases and clever business models that leverage the technology’s unique capabilities. In addition, PopChest announced they are shutting down. Is this the end of bitcoin + microtransactions? We offer up our thoughts, ideas, and criticisms because we want and need PopChest to get better to serve the community to the best of their ability.