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`Jack C. Liu
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`Jack C. Liu — Bitcoin backed corporate currencies are coming
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`I
`3‘
`Hi I'm Jack. I live in Beijing after residing in many parts of the world,
`currently handle Institutional Development at OKCoin - the largest Ch......;c “NW... exchange. .__-_____- _-_
`followin .
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`
`
`Hi I'm Jack. I live in Beijing after residing in many parts of the world, most recently in Silicon Valley. I
`currently handle Institutional Development at OKCoin - the largest Chinese Bitcoin exchange. Thanks for
`following.
`ask me anything
`submit a post
`rss
`a—rchive
`blo lovin liu'ackc
`://t.co/9us6U lGUo on
`htt
`The OKCoin Sto
`
`
`Tip
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`Bitcoin backed corporate currencies are coming
`Quora credits, American Airline miles, Esso points, reddit Gold.
`What are these things backed by? The companies that issue them.
`What will they be backed by? bitcoins.
`Private banks issued Gold backed currency a hundred years ago for ease of use in everyday transactions.
`Corporates will be issuing Bitcoin backed rewards/loyalty/gamiflcation tokens in the near future.
`Many argue that Bitcoin will have gone mainstream when people don’t even know they are using it. Next
`time you are collecting those Starwood SPG points, what you will actually be doing is receiving Bitcoin.
`Any reward program not backed by Bitcoin will be less credible in comparison.
`Bitcoin fundamentally is dynamic in a way Fiat and Gold cannot be. This is why corporate points have
`never been redeemable for Gold or Fiat because it has been too difficult to link with digital reward units.
`For exclusivity and loyalty reasons, I don’t suspect companies will let you buy your way into Starwoods
`Platinum with bitcoins. Similarly, if you redeemed your points for bitcoins, you will lose your status.
`However, the reserves in bitcoins will be there should you choose to leave the company’s system.
`Private organizations move much faster than governments so I would expect corporates to be the first to
`back their currencies with Bitcoin. At that point, the argument that Bitcoin isn’t backed by anything
`becomes a whole lot more blurry.
`Today’s loyalty programs like One Alliance and Starwood’s SPG are extremely large and concentrated
`because people want more and more ways to collect and redeem. If you compare Bitcoin to flat currencies,
`then sure, it looks like Bitcoin isn’t quite there in terms of proliferation. However, if you compare to loyalty
`points, it looks a whole lot better. Bitcoin backing will allow many smaller companies to issue trusted
`loyalty points as they will be leveraging off the credibility of Bitcoin as value.
`
`November 9= 2014 (12:22 aml
`3 notes
`I bryanb229 likes this
`'jOjOrO likes this
`jOjOrO said: Very nice. If implemented with side chains, it would also enable clean conversion between
`rewards systems.
`ljackcliu posted this
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`http://Jackcliu.com/post/102166140017/bitcoin-backed-corporate-currencies—are—coming
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`1/23/2015
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`Jack C. Liu — Bitcoin backed corporate currencies are coming
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`OpenBazaar.
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`|:| Stephan Livera — Great post Jack - some
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`people might argue that credit cards are still
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`needed just for credit purposes - but I
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`|:| Leo Treasure — While I like the idea of
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`makes no logical sense for any bank that
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`Otonomos — Interesting decision to move to
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`Beijing from SV. What are the pro/cons? Re
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`work/life balance it may seem that
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