Yet another industry-shaking paradigm shift is underway: a theater subscription service that lets users see as many theater movies as they wish for only $9.95. How does this work? The user pays MoviePass $9.95 a month and for each movie they attend, the company reimburses the theater. Unless there is some genius way to make the accounting of this work, MoviePass is doomed to fail. Each movie costs an average of $8.65. If a user sees more than one movie, MoviePass is losing money. Is this just an future IPO scam where investors pump cash in and the founder walks away rich? Do they plan on raising subscription costs? What do you think?
Chinese authorities have ordered Bitcoin exchanges in Beijing and Shanghai to submit their plans to close operations by September 20. The county is citing financial risks associated with criminal activity, including drug trafficking, money laundering, smuggling and unauthorized fundraising activity.
Will different countries follow suit? Can bitcoin grow without a huge country like China? Will people lose confidence? The value of the bitcoin has swung wildly in the last month after the bitcoin split from $2,500/bitcoin to $5,000. Very risky investment IMO.