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New Starbucks Partnership With Microsoft Allows Customers To Pay For Frappuccinos With Bitcoin (cnbc.com)
Earlier this week, Nestle said it was jumping on the blockchain bandwagon, today, Starbucks said it is ready to top that. From a report: The Seattle-based coffee giant is working with Microsoft and a leading global exchange on a new digital platform that will allow consumers to use bitcoin and other cryptocurrencies at Starbucks. Starbucks along with Intercontinental Exchange, Microsoft and BCG, among others, is working to launch a new company called Bakkt that will enable consumers and institutions to buy, sell, store and spend cryptocurrencies on the global network by November. The platform with convert bitcoin and other cryptocoins into U.S. dollars that can be used to buy a Cold Foam Cascara Cold Brew, Matcha Lemonade or anything else at Starbucks. Starbucks has consistently been at the forefront of embracing new technologies. For instance, it added support for mobile payments in 2011. In May, it was estimated that Starbucks' mobile payment solution is more popular than those of Apple and Google.
In a statement, Maria Smith, vice president of partnerships and payments for Starbucks, "As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks. As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers."
According to Starbucks spokespeople, Motherboard reports, Starbucks doesn't want bitcoins, but it's willing to help people spend them -- the venture is an exchange that will allow people to convert their cryptocurrency into US dollars, which they can then spend at Starbucks locations.
In a statement, Maria Smith, vice president of partnerships and payments for Starbucks, "As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks. As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers."
According to Starbucks spokespeople, Motherboard reports, Starbucks doesn't want bitcoins, but it's willing to help people spend them -- the venture is an exchange that will allow people to convert their cryptocurrency into US dollars, which they can then spend at Starbucks locations.
The problem with bitcoins is that they are too volatile. That $5.00 Coffee you bought today could have a opportunity cost of $15.00 next year. Vs using the Dollar where that $5.00 would have an opportunity cost of $5.15 the next year.
If something is so important that you feel the need to post it on the internet... It probably isn't that important.
... mouth-to-mouth to try and create a market nobody asked for.
It is actually worse than that.
Every time that I read something about BitCoin or any other crypto-currency it is clear that the "currency" part of it (technically described as "proof of work") is nothing more than "proof I was able to most efficiently turn a quantity of electricity into waste heat."
Given that how far we yet have to go to achieve worldwide sustainable energy production, I find it odd (hypocritical, even?) that so many socially conscious companies and organizations now effectively encourage people to waste electricity.
I get that not every occupation makes the same contribution to society, but generating crypto-currency has to rank near the bottom by producing effectively zero net benefit. Even a grave digger at the end of the day has performed a service for someone else.