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  • SiriCoin: Should Sirius Create Its Own Alternative Currency? 4 comments
    Jun 1, 2014 5:52 PM | about stocks: SIRI, DISH, BTCS, CHAG, OSTK

    Bitcoin is back over the $600 mark and showing no signs of stopping. Wider adoption of Bitcoin has taken place with Dish Networks latest deal. A new way for companies to retain consumers, advertise and revenue share on transaction fees is set to emerge. This is with alternative currencies created for specific consumer bases or fan bases. A company that builds its own currency for its own consumers stands to win in the context of loyalty. This is largely due to the company building in incentives or discounts to use the currency similar to how different credit card plans offer different perks and advantages.

    Virtual currency has paved the way with companies like Kik, the Canadian startup that beats WhatsApp, Snapchat and others in the US market., now offering their own currency to their consumers and users. This company is doing better in the US than the one Facebook just bought for $19 billion. Would Kik be worth even more given the fact that they'd have their own currency?

    Sirius XM, with a large individual consumer and subscriber base, could stand to benefit by issuing it's own alternative currency. Or, at the least incorporating Bitcoin as an option for people to pay with should be considered.

    According to recent filings and on their website, "Sirius XM Holdings Inc. is the largest radio broadcaster measured by revenue and has 25.8 million subscribers. SiriusXM creates and broadcasts commercial-free music; premier sports and live events; news and comedy; exclusive talk and entertainment; and the most comprehensive lineup of Latin commercial-free music, sports, and talk programming in radio. SiriusXM content is available via satellite and through the SiriusXM Internet Radio app for smartphones and other connected devices, as well as online at siriusxm.com. SiriusXM Internet Radio listeners can personalize SiriusXM's expertly curated commercial-free music channels using MySXM and listen to thousands of hours of programming on demand using SiriusXM On Demand.

    SiriusXM is also one of the world's largest pure-play audio entertainment companies and is among the largest subscription media companies in the United States, offering an impressive array of exclusive content that spans virtually all genres and interests, including Howard Stern, Oprah Winfrey, Dr. Laura, Michael Smerconish, Jamie Foxx, Opie & Anthony, Bob Edwards, Coach K, John Madden, Chris "Mad Dog" Russo, Cristina Saralegui, Eddie "Piolín" Sotelo, Comedy Central, Entertainment Weekly, Jimmy Buffett, Elvis, Eminem, Grateful Dead, B.B. King, Willie Nelson, Ozzy Osbourne, Pearl Jam, Pink Floyd, Tom Petty, Frank Sinatra, Bruce Springsteen, and Tiësto. SiriusXM is the ultimate destination for sports fans, offering listeners sports talk and live play-by-play from the NFL, Major League Baseball®, NASCAR®, NBA, NHL®, PGA TOUR®, IZOD IndyCar® Series, FORMULA 1, soccer, college sports, and more.

    SiriusXM has arrangements with every major automaker for installation of satellite radio in their vehicles. SiriusXM products for cars, the home or office are available through shop.siriusxm.com and at retail locations nationwide.

    SiriusXM is also a leading provider of telematics and connected vehicles services, providing safety, security and convenience services to a host of major automotive manufacturers.

    SiriusXM also provides premium traffic, weather, data and information services for subscribers in cars, trucks, RVs, boats and aircraft through SiriusXM Traffic™, SiriusXM Travel Link, NavTraffic®, Nav Weather™, SiriusXM Aviation, Sirius Marine™, Sirius Marine Weather, XMWX Aviation, and XMWX Marine™. SiriusXM also holds a minority interest in SiriusXM Canada which has more than 2 million subscribers. On social media, join the SiriusXM community on Facebook, Twitter, Instagram, and YouTube."

    Not bad for a community of subscribers and entertainers ready to receive their own form of virtual or alternative currency!

    Other Companies Benefiting from Alternative Currency

    Dish Networks (NASDAQ:DISH) - According to the NY Times: "Most of Dish Network's 14 million subscribers are probably not Bitcoin users. But that will not stop the company from accepting payments in the virtual currency later this year."

    Overstock.com (NASDAQ:OSTK) - Overstock says, "You can now pay for all your favorite products on Overstock.com using Bitcoins! As the first major retailer to accept Bitcoins, Overstock.com is expanding the possibilities of Bitcoin purchases by offering thousands of products to the Bitcoin community."

    Chancellor Group (OTCPK:CHAG) - Billboard and SPIN magazine reports Pimovi, Chancellor Group subsidiary, issuing an alternative currency called songcoin for the entertainment industry. The market cap for this currency is unknown but if it's even just a small percentage of Bitcoins $8 billion market cap, it would bode very well for shareholders.

    Bitcoin Shop (OTCQB:BTCS) - Bitcoin Shop, Inc. operates an ecommerce Website. It hosts an online presence that enables third party vendors to sell merchandise, as well as consumers to purchase such merchandise using virtual currencies, such as Bitcoin. Bitcoin Shop, Inc. is based in Arlington, Virginia.

    Conclusion

    Providing subscribers, consumers and fans around the world with new kinds of payment options is a clear win for Sirius XM and a win for their subscribers. Maximizing the opportunity might just come in the form of SiriCoin! Perhaps this is the way that Sirius XM enters the gates of Apple, undetected and with a Trojan Horse as a gift!

    Disclosure: I am long SIRI.

    Stocks: SIRI, DISH, BTCS, CHAG, OSTK
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Comments (4)
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  • ProtoCola
    , contributor
    Comments (168) | Send Message
     
    Your excellent piece puts an 'alternative' light on the long term promise of SIRI as more than just a money making powerhouse, indeed, maybe even a money printing proposition!

     

    Thank you "piperjaff"!!!
    1 Jun 2014, 08:04 PM Reply Like
  • piperjaff
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » That's how I see it and I'm sure others will before too soon.
    1 Jun 2014, 08:39 PM Reply Like
  • redbirdtom
    , contributor
    Comments (121) | Send Message
     
    So, at a price of less than $17.00 for SIRI how would you pay with a bitcoin? Fractional percents?

     

    Just not sure how this would work?

     

    If they create their own it would need to be a lot lower than $600 as the currency (Bitcoin)

     

    Red
    2 Jun 2014, 08:52 AM Reply Like
  • khajnar24
    , contributor
    Comments (222) | Send Message
     
    Each bitcoin is divisible to up to 8 digits, the smallest unit of which can be referred to as "Satoshi" commonly. So .00000001 BTC is a usable measure.

     

    That's why the limit of 21 million bitcoins, isn't much of a factor.
    3 Jun 2014, 06:33 AM Reply Like
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