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Why does Bitcoin have value and how is the price determined?

Liza Visser 
As a growing number of people become aware of and interested in Bitcoin –especially when the price tends to increase– we often get asked:

“Why exactly does Bitcoin have value?”

Many people find it difficult to grasp how something which only exists digitally can have any value at all.

Economics 101
The answer to this question is rather simple and it lies in basic economics: scarcity, utility, supply and demand.

By definition, if something is both rare (scarce) and useful (utility) it must have value and demand a specific price, with all other things being equal.

Take gold, for example. Why does gold cost as much as it does? Put simply, it is relatively expensive because it is rare, hard to find and limited in supply (scarcity). Gold also has some uses to which consumers derive satisfaction from (utility).

The combination of these two elements creates value by which price is determined based on the market’s supply and demand.

So what does this all have to do with Bitcoin?
Like gold, Bitcoin is also scarce: its supply is limited. There are currently just over 16.2m Bitcoin in circulation and the maximum that will ever exist is capped at 21 million. This set cap is well known, making its scarcity transparent.

However, to have value, Bitcoin must also be useful. Bitcoin creates utility in a number of ways.

Like gold, Bitcoin is perfectly fungible (one Bitcoin is similar to another), it is divisible (you can pay someone a small fraction of Bitcoin, should you want to) and easily verifiable (via the Blockchain).

gold

Bitcoin is not just scarce, it also has utility
Bitcoin also has other desirable properties. It is fast, borderless and decentralised with the potential to change the financial world for better.  Not only does it currently have value as a payment system, but also as an asset class (a store of wealth). It is also useful because it is built on open protocols, meaning, anyone can innovate on top of it and make the system better.

Bitcoin also has undeniable utility even when compared to other, newer cryptocurrencies. There is simply no other digital currency that is as widely used and integrated at this point in time. Through network effects, we’re starting to see exponential growth, which creates value as more and more people start using Bitcoin and more merchants accepting it as a means of payment.

Today, there are already thousands of merchants around the world accepting Bitcoin as a means of payment, thus proving the growing usefulness of it.

Take telephones, for example. When the first telephone came out, it had very little value in that hardly anyone used it yet. However, as more and more people started using it, the usefulness grew exponentially.

The same is true for Bitcoin: the more people who start using and understanding it, the more useful it will become to everyone else.

How the price of Bitcoin is determined
The price of Bitcoin is not the same as its value. Price is determined by the market in which it trades: by means of supply and demand. This is the same way the price of your secondhand car, a bag of apples in the supermarket, an ounce of gold and just about everything else is determined.

Traders with bank accounts in our supported countries can trade Bitcoin on the Luno Exchange, which sets the specific price at a specific time for a specific market. Luno doesn’t set the price: the traders (buying and selling on Luno) do.

Put simply, it is the ongoing interaction between buyers and sellers trading with each other that determines the specific price of Bitcoin (and everything else).   

However, when determining price, one must also consider the amount that buyers are currently willing to pay for the future value of a specific item. In other words, if the market believes the price of something –like property, a certain stock or Bitcoin– will increase in the future, they are more likely to pay more for it now. 
Some of the instances where Bitcoin currently has utility was mentioned above, but since Bitcoin is an evolving and improving technology, many are optimistic that there are many other use cases to come. Some, perhaps, that we haven’t even thought of yet.

Why does the price change so often?
This is called volatility and it’s not only Bitcoin exchange rate that seems to change from day to day. The price of many things, such as stocks, currencies, oil and many other products, can be quite volatile: moving up and down a lot against a base currency (such as the US dollar).

The total Bitcoin market is still relatively small when compared to other industries. It doesn't take significant amounts of money to move the market price up or down, thus the price of a Bitcoin is still somewhat volatile.

That said, the volatility of Bitcoin has consistently been going down and it has become much more stable in recent times.

How has the price of Bitcoin changed over time?
We created a Bitcoin Price Calculator page, where you can see what price of Bitcoin was with Luno at any time in the past.

So, there you have it. In a nutshell: if something is both useful and scarce, it will demand value and a price. Bitcoin is both useful and scarce, so it has a value and a price, determined by supply and demand. And remember that the value of Bitcoin and the price of Bitcoin are not synonymous.  

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Avatar Liza Visser
AUTHOR
Liza Visser

Liza holds a BCom Management Sciences degree in Marketing and Economics from Stellenbosch University. She previously worked for two national event companies and is passionate about digital marketing and e-commerce.

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Trump Plans Have Deal Makers Dreaming Big ($100-Billion-Cash-Takeover Big)

Bayer’s German headquarters. The company’s $66 billion offer for Monsanto last year is the record for an all-cash takeover bid. Credit Volker Hartmann/Getty Images

By MICHAEL J. de la MERCED APRIL 2, 2017

Bayer’s German headquarters. The company’s $66 billion offer for Monsanto last year is the record for an all-cash takeover bid. Credit Volker HartmanNEW ORLEANS — It wasn’t just cocktails on Bourbon Street or lucky breaks at the blackjack tables that contributed to the buoyant mood of the deal makers who gathered here last week. President Trump — and his support for lower taxes and lighter regulations — also had something to do with it.

At a gathering of the nation’s top mergers and acquisitions lawyers and bankers, the consensus was that under the Trump presidency, deal making should boom.

Lower taxes and less regulation, the thinking goes, should contribute to strong stock prices. And when the markets are up, companies are more likely to strike big deals. Finally, the pro-business Trump administration, most deal makers believe, is likely to take a forgiving view when it comes to antitrust matters.

Taken together, it was enough to lift the spirits of the lawyers, bankers and other advisers who attended Tulane University’s mergers conference last week.

Officially known as the Corporate Law Institute, the event is the year’s pre-eminent gathering of mergers advisers, a Davos for the deal maker set. For decades, top bankers and lawyers from Goldman Sachs; Cravath, Swaine & Moore; and other firms have come to the conference, in good times and in bad.

Lawyers who attend earn legal credits (several lawyers said they eagerly awaited a panel discussion on the arcane matter known as shareholder appraisal rights, a topic that makes nonlawyers’ eyes roll). But the real purpose of the event is to network, whether over butter-laden gulf fish at Galatoire’s or sherried turtle soup at Commander’s Palace or at the high-roller poker tables at Harrah’s.

This year’s gathering had more than 600 attendees, setting a record. And the general agreement throughout the crowd attending presentations at the stately Roosevelt Hotel was that the prospects for business were as good as ever. The sentiment was best captured when a senior banker from JPMorgan Chase made the bold claim that, under current market conditions, a company could strike a $100 billion takeover, paid entirely in cash.

Many deal makers had hoped this year would bring more business after a relatively slow 2016. A survey of 120 advisers by the Brunswick Group, a financial public relations firm, found that 44 percent of respondents believed that more mergers would be struck this year than last.

Mergers data for the first three months of the year appeared to at least partly support that. Some 10,229 transactions, worth $771.3 billion, were announced in the first quarter, according to Thomson Reuters. The dollar value was up 11 percent from the same time a year ago, although the number of deals was down about 11 percent.

Yet doubts were already emerging about whether Mr. Trump will really usher in a boom time for mergers, with the failure of the Republican health care overhaul and the president’s unpredictability threatening to dampen spirits.

Crossing Borders, Making Deals
Mergers worldwide grew 11 percent in the first three months of the year, compared with the period a year ago, as stock markets climbed. Leading the surge were cross-border transactions, which totaled $339.5 billion — the highest level since the first quarter of 2007.

The $100 Billion Deal

The tone for much of the conference was set as Kurt Simon, global chairman for mergers and acquisitions at JPMorgan, made his bold prediction that an enterprising corporate giant today could assemble an all-cash takeover bid of $100 billion.

It was an audacious claim — the record for an all-cash offer is Bayer’s $66 billion bid for Monsanto last year — but it illustrated how favorable the markets are for deal making.

Mr. Simon argued that the right company could borrow enough debt at low interest rates to cover the cash. Investors have largely supported corporate takeovers, pushing up the stocks of purchasers. And the Trump administration, which recently named a health care lobbyist as its choice for the Justice Department’s top merger reviewer, seems unlikely to block many deals.

Some attendees quietly joked that JPMorgan was simply angling for big lending fees. But none disputed the data underlying Mr. Simon’s claim. Interest rates remain low despite two raises by the Federal Reserve. Stock markets have been largely calm, devoid of whipsawing that would give buyers or sellers pause.

“The U.S. economy is in really good shape,” Mr. Simon said.

A Nod to Shareholder Activism

For years, many of the panelists at Tulane argued vigorously that activist hedge funds trying to shake up companies were short-term investors and did not have the best interests of other shareholders at heart.

Now, even the staunchest critics of these activist shareholders concede that the practice is here to stay.
SEE SAMPLE PRIVACY POLICY
This conference was perhaps the first one in which an activist sat on stage with the chief executive of a company his firm had targeted. And each man sang the other’s praises.

Gerald L. Hassell, the chief executive of Bank of New York Mellon, spoke on a panel with Edward Garden, the chief investment officer of Trian Partners, an activist hedge fund that had targeted Bank of New York Mellon. The men discussed how they had cooperated in improving the bank’s financial performance, recounting dinners spent discussing strategy and joint efforts to provide financial benchmarks.

“I just want great outcomes,” Mr. Hassell said when asked who deserved praise for the bank’s turnaround. “It’s not an issue of who gets credit.”

And during another panel on activism, the entire group — advisers both to activists and to the companies those investors target — treated the practice as a permanent fixture on the corporate landscape.

Even Joele Frank, a financial publicist who has long advocated waging war on activists, has mellowed out on the topic.

“The biggest change I’ve seen in my practice is there is positive dialogue between the activist and the company for a settlement,” she told the group.

The Wisdom of Leo Strine

For lawyers in particular, one major draw of the conference is the chance to mingle with judges from Delaware, the corporate home for the vast majority of American companies.

And in particular, that means hearing from the most quotable of them all: Leo E. Strine Jr., the chief justice of Delaware’s Supreme Court.

Mr. Strine is widely regarded as one of the sharpest minds on the Delaware bench, and almost certainly its sharpest wit.

At the Roosevelt, he displayed the offbeat humor that laces his judicial opinions. He described one legally dubious situation as having a smell that was “not Bourbon Street when you’re having fun, but Bourbon Street the next morning.”

Not all was sunshine at the Tulane conference, whether with the mercurial New Orleans weather or with the outlook on transactions.

Panelists pointed to the rise of economic nationalism as a potential dampener on mergers. Both the Brunswick survey and Mr. Simon, of JPMorgan, cited a likely drop in offers for American companies by Chinese and Russian bidders.

Then there was the prospect that the Republicans’ failure to pass a replacement for Obama-era health care regulations made a sweeping tax law overhaul less likely. Some deal makers feared that the issues on which they most want to see reform — corporate tax rates and the taxation of sales made abroad and then brought back to the United States — could end up felled by political gridlock.

“Post-heath care, we have to consider a number of scenarios, one of which is that nothing happens,” said Eileen T. Nugent of the law firm Skadden, Arps, Slate, Meagher & Flom.

And finally, there is Mr. Trump himself, and his brand of economic populism.

Merger proposals that would lead to big job cuts would be unlikely to go anywhere, George R. Bason Jr. of the law firm Davis Polk & Wardwell said, calling such layoffs “a tragedy for a lot of people.”

A version of this article appears in print on April 3, 2017, on Page B1 of the New York edition with the headline: Trump’s Plans Fuel Big Dreams by Deal Makers. Order Reprints| Today's Paper|Subscribe

 

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The 2 Biggest Cybersecurity Fears of NASDAQ’s Chief Information Security Officer

NASDAQ CISO, Lou Modano, shares the big picture fears that businesses need to think about — even if they already have a great information-security program in place.
  
By Joseph Steinberg CEO, SecureMySocial   @JosephSteinberg

I recently spoke with Lou Modano, Chief Information Security Officer of NASDAQ, and asked him what his greatest fears are right now when it comes to keeping NASDAQ cyber-safe. Of course, there are many threats facing NASDAQ – from criminals to hacktivists to nation states – and the stock exchange obviously has an army of highly skilled information-security professionals, intensive information-security-related training, and a robust information-security technological infrastructure, so my question went beyond the usual technological and human issues, and, instead focused on what risks are hardest to correct even with significant cybersecurity resources. As such, CISO Modano's observations provide insight into the big-picture problems that businesses, cybersecurity professionals, and policymakers should be thinking about.

Modano told me that his two greatest concerns are:

1. The speed at which vulnerabilities are exploited to create cyber-weapons.
It is no secret that, in recent years, hackers have become much more adept at creating cyberweapons to exploit vulnerabilities, and that the time between the disclosure of a particular vulnerability and the creation of a weapon that exploits it has dramatically decreased. When vulnerabilities are found in software, the software makers typically issue patches – that is, fixes that can be downloaded and installed either automatically or manually. Modano pointed out, however, that the because the time between the issuance of a patch and the discovery of weapons that exploit the associated vulnerability in unpatched systems is going down, organizations wishing to stay secure often have a lot less time to deploy patches than they used to have in the past. Because a formal change management process including the testing of patches is needed in order to ensure that patches do not interfere with system functions or otherwise have adverse side effects, organizations face a growing risk of being unable to fully deploy patches before hackers start attacking unpatched systems or of deploying inadequately tested patches. While businesses can work to make their patching and change management process extremely efficient, even doing so does not fully solve the problem – especially in situations in which vulnerabilities are announced before patches are available, in which cases criminals often create cyber-weapons that exploit the vulnerabilities even before the associated patches are released by vendors. We may see an example of this in the near term if Wikileaks decides to publish details of CIA cyberweapons before the associated vulnerabilities are fixed by vendors, and folks have had adequate time to test and install the fixes; such an occurrence could force security-conscious organizations to temporarily disable various online services.

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Lesson: Make sure you have an efficient process for obtaining, testing, and deploying security fixes, and be aware of when you may be at risk even with such a process in place.

2. How does the information-security team know what it does not know?
As Sun Tzu pointed our thousands of years ago, it is much easier to defend against attacks when you know your enemy and its tactics. While security professionals do attempt to monitor hacker communication channels for indications of brewing attacks and exploits, one of the greatest problems that defenders face is that hackers are, by definition, one step ahead. Security pros face challenges in getting as much intelligence about what threats are coming – sometimes there are warnings from chatter or from information shared on social media, but sometimes defenders know nothing about a powerful attack before it is launched. Modano pointed out that industry groups and other methods of exchanging information do help – as one organization that detects something anomalous or hostile can share its findings with others both to warn them and to see if others have observed similar potential threats. Even firms that compete for business often recognize that when it comes to information security it is in their common interest to share information about threats that they discover – after all, if a criminal or nation state breaches one of the firms, he/she/it is likely to launch similar attacks against the others. At the same time, however, as Modano noted to me, there is a lack of standardization across federal and state regulators on matters related to privacy, information sharing, breach notification, and other areas of security; a lack of uniformity complicates matters related to knowledge sharing, as not all businesses are subject to same rules and requirements.

Lesson for us all: Make sure you obtain as much relevant intelligence as you can about threats to your business and personal information systems. Industry groups and information-security venues can be one good source of such knowledge.

For insights from other experts who attended the recent NASDAQ – National Cybersecurity Alliance Summit in New York, please see my article 6 Insights From Experts At The NASDAQ-NCSA CyberSecurity Summit.

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How To Compete With Big Companies And Win

By Jabed Hasan | October 7, 2016

You’ve probably read about the story of Goliath of Gath.

He was a giant Philistine warrior who was defeated by the young boy David, the future king of Israel.

History has shown us time and time again that it’s possible to compete and win the big guys.

MySpace was once the biggest social media site in the world and the most visited in the United States. But it lost the social media battle to Facebook.

Today, MySpace is almost dead.

Yahoo was once the #1 search engine on the web. Google is now the undisputed search engine in the world.

Recently, Yahoo was sold to Verizon for $5 billion. Forbes called it the saddest deal in the tech history.

In fact, the story goes like this:

1998: YAHOO refused to acquire Google for $1 million.

2002: YAHOO realized its mistake and offered $3 billion. Google requested $5 billion. YAHOO refused.

2008: Microsoft offered 50B to acquire YAHOO. YAHOO rejected the offer.

2016: YAHOO has been acquired for $5 billion.

The current value of Google is around $545 billion.

No big company is safe.

You can compete and win.

Apple was once a garage shop that competed with the big guys like IBM and software giant Microsoft. It won!

Apple is the world’s most valuable brand today.

Some marketing and business strategies that will help your startup (David) compete and win your established and big competitors (Goliaths).

Free PDF Download: Get access to the free checklist that will show you how to compete with big companies and win.
Go Niche. Expand Later.
Your established competitors are BIG.

Your startup is small. That’s the truth.

Here comes the biggest mistake most startup founders make:

They want to act big.

You shouldn’t act big because your capital and resources aren’t as much as that of your competitors.

But there’s a smart way to crush your big competitors:

Focus. Specialize. Niche.

These are the keys.

When Facebook started out, they didn’t compete directly with MySpace.

They didn’t act big like MySpace. They can’t.

Facebook acted small. Very small.

Back when it launched, it focused on Harvard students.

It captured Harvard.

Then it moved to other campuses until it has captured every one of them.

It all started from somewhere.

Remember:

Focus. Specialize. Niche.

Amazon is the world’s biggest online retailer with 74.1% market share.

But that wasn’t how it started.

Amazon started as a bookstore.

Back in 1997, Barnes & Noble sued Amazon for claiming to be “the world’s biggest bookstore.”

Today, Amazon is the biggest online retailer.

That’s the power of starting from a niche. That’s the power of focus. That’s the power of specialization.

Selling a large number of different products will be a nightmare. You’ll be trying too hard to appear big when, in fact, you’re so small.

Save yourself the stress. You won’t win when you compete this way.

Compete smart.

Drop any product that doesn’t contribute to growth.

When Steve Jobs returned to Apple in 1997, the company was struggling and almost at the edge of collapsing.

Apple had 20+ product lines at the time.

Jobs cut that number to 4.

So Apple focused on 4 great products:

A consumer desktop
A consumer notebook
A pro desktop
And A pro notebook
He was proved right.

Apple turned profitable and went to become the most valuable brand in the world under Jobs’ leadership. That’s the power of going niche and focus.

Scott Gerber, the founder of Sizzle It! wrote on the Entrepreneur Magazine:

“In 2004, my partners and I launched a typical “do everything” video production company.

After years of under-performing, I transformed the company into a single product specialist.

While the vast majority of video production companies still tout their large service rosters, Sizzle it! has carved out a niche as the only company that specializes in sizzle reels–stylized 3-to-5 minute product videos commonly used by PR and marketing professionals.

Result; Sizzle It! has emerged as a go-to company for sizzle reels and benefits from top keyword visibility on all major search engines.”
There are thousands of T-Shirt stores both online and offline. But Threadless is different.

Threadless is a user-generated T-Shirt and apparel website that determines its product line based on the results of online design competitions.

Though the management doesn’t disclose revenues, it was estimated that the company makes $30 million sales per year and a 30% profit margin.

In 2008, Threadless was featured on the cover of Inc. as “The Most Innovative Small Company in America.”

Being everything to everyone is impossible. You have to be one thing. Do one thing extremely well.

One thing the world could associate your startup with.

You can’t be all over the map claiming you do all things well. That will only hurt you more and give more power to the established companies.

Smaller is bigger in business. It’s highly focused. It gives you the chance to win against the bigger guys.

A niche is a targetable part of the market.

When you go niche, you’re a specialist providing a product or service that focuses on a specific need a group of individuals or companies have. Your big competitors shouldn’t be meeting that need.

If your big competitors are meeting that need, then it’s not a niche.

For example, Google is the world’s biggest search engine. It’s for everyone.

How about a search engine for kids?

That looks like a niche. This is just an example.

Creating a search engine for kids is a real challenge.

The point here is to differentiate yourself so small that your biggest competitors won’t feel like you’re taking the majority of their market share away.

Before they know it, you’ve already taken a big chunk that you’re almost ready to expand.

By then, they won’t see you as another small startup, but a real competitor.

Niche marketing is really easier.

Your positioning and branding will make attracting people easier.

People with similar interests behave the same way and are attracted to similar things. Your customers will be the one doing the majority of the marketing for you instead of the other way round.

Getting repeat business would also be easier because you can deliver a better product and service that’s based on the customer needs.

Build And Leverage Your Personal Brand
Your personal brand is how you sell when your product is completely unknown.

When you’ve worked hard to build a personal brand, it’ll lend trust and authority to any product and company you create.

For example, Ramit Sethi has worked hard for years to build his personal brand.

Today any product he creates sells fast.

It’s because people know him.

It’s because they trust him.

His online courses such as Earn1k, Zero To Launch, and the Fitelligent were all successful.

Building a personal brand is now more important than ever. It’s your key to driving growth for your small company.

In the early stages of your company, people are more interested in you than what your company has to offer them.

When you’ve built a personal brand, selling your product becomes easier.

It’ll also be easier to get other people on board to market your product.

It’s because you’ve built a relationship with them through your personal brand.

You may begin wondering what a personal brand is and why it’s really important?

Your personal brand is how others see you.

It’s important that people have a positive view of you.

In addition to that, the relationship you have with people is very important.

You should engage people on a personal level. That’s how you develop a great relationship with them.

Meet a lot of people.

Help a lot of people.

Share your knowledge and ideas with them.

The relationships you build through this will be valuable for your startup. It could mean going from point A to Point B.

It could mean getting that big client that will move your company up on the ladder.

You Have to Give to Receive
Are you ready to get massive customers for your company?

You have to give and help a lot of people.

Think about what you can offer others more than what you can get from them.

In his words, here’s how Sujan Patel is giving to promote his company:

“One of the first things I did was begin to host some dinners for marketers and entrepreneurs.

I simply wanted to get people together to share knowledge and ideas. I certainly had no intention of selling or pushing my products on them.

I made a point of holding these dinners in various locations around the world. The idea was that I would appear more successful than I was at the time, that I was jet-setting around the world for business meetings.

This was all part of the bigger building-a-brand-to-sell plan.”
So, start giving.

Start writing a lot of high-quality blog posts.

Start appearing on podcasts that will have you.

Start hosting dinners with professionals in your industries and those related.

Start offering one-on-one consultations with potential customers.

Start doing webinars. This can be highly rewarding for your startup.

Just continue helping people, and the selling part will naturally take care of itself.

When you create a lot of helpful contents online, people will start finding your website on search engines. This means another avenue to promote your company.

Content is the fuel of social media too.

Giving in the form of high-quality contents is a great way to gain an advantage over your established competitors.

When you apply this advice, you’ll find that your startup will succeed pretty much faster.

Have An Awesome Customer Service
Customer service is a brilliant way to compete with the big guys.

For example, Zappos built a billion-dollar empire on their ability to deliver an excellent customer service alone.

In fact, delivering an excellent customer service is Zappos main company values.

There are thousands of negative customer service stories on the web, but only a very few people (if they ever existed) can say a bad thing about Zappos.

Here’s one of the amazing statements coming directly from the CEO.

“We believe that the speed at which a customer receives an online purchase plays a very important role in how that customer thinks about shopping online again in the future, so at Zappos.com, we have put a lot of focus on making sure the items get delivered to our customers as quickly as possible.

In order to do that, we warehouse everything that we sell, and unlike most other online retailers, we don’t make an item available for sale unless it is physically present in our warehouse.” – Tony Hsieh, CEO of Zappos.com, Inc.
Speed is one of the keys to delivering an excellent customer service.

STELLAservice conducted a response time report in 2011 and found that the average email response time for the to 100 Internet companies was 17 hours.

Frost reported that 41% of consumers surveyed listed being put on hold as their biggest frustration.

So make sure you don’t leave customers waiting.

No company is perfect. You’ll have some unsatisfied customers.

How you deal with tough customers can have a big negative or positive impact on your reputation.

Don’t be afraid to admit mistakes if the blame is on you.

And sometimes, the blame might be on the customer, but that doesn’t mean the customer is bad.

One unhappy customer can lead to 5 lost customers.

Even Amazon care about its customers.

“In 2007, an Amazon customer ordered a new PlayStation for his son for Christmas.

When the shipping company delivered the parcel, the customer was away and had a neighbor sign for the package.

The neighbor left the package outside the customer’s house (in which it soon disappeared).

When the customer realized what had happened, he was left in complete shock.

Even though Amazon was not to blame for this mistake, they were quick to resolve this by not only sending a new PlayStation in time for Christmas, but did not charge for the extra shipping.”
A recent survey found that 68% of consumers would react by telling family and friends about a bad experience by posting it on a social network.

And as each Facebook profile has an average of 229 friends, the reach of this experience can quickly reach thousands.

There is great value in ensuring you deliver a positive customer service.

RightNow Technologies 2011 Customer Experience Report found that 86% of U.S. adults are willing to pay more for a better customer experience and 73% of U.S. adults said a friendly customer service made them fall in love with a brand.

Not only will brands get happy, loyal customers but will see increased business.

Improving your customer service is the key to competing with the big companies.

Can’t wait to win your big competitors?

Start applying these tips today.  http://www.mountnow.com/compete-big-companies-win/#

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Pokémon Go on Android: Already bigger than Tinder, may soon be as big as Twitter

Five days after the launch, Pokémon Go — an augmented reality game in which you hunt virtual Pokémon on your phone in real-life locations — is huge.

It's so big, actually, that it's already catching up with some of the largest social networks out there, at least on Android. According to mobile app analytics company SimilarWeb, the game had been installed on an enormous 5.16% of all Android devices in the U.S. by July 8. 

SEE ALSO: How to be the best, least annoying, 'Pokémon Go' trainer

To put things into perspective, SimilarWeb compared the numbers with several top Android apps out there. As of July 8, Pokémon Go was installed on twice as many Android devices in the U.S. as dating app Tinder.

 
Even more astoundingly, when measuring the number of daily active users, SimilarWeb had found that Pokémon Go is nearly as big as Twitter. 

 
"Over 60% of those who have downloaded the app in the US are using it daily, meaning around 3% of the entire US Android population are users of the app. This metric (…) has put Pokémon GO neck and neck with Twitter, and in a few more days, Pokémon GO will likely have more users Daily Active Users than the well-established social network," SimilarWeb's Joseph Schwartz wrote in a blog post Sunday.

Finally (and somewhat unsurprisingly, given games are typically time-consuming), Pokémon Go is consuming an enormous amount of its users' time: more than 43 minutes per day, ahead of WhatsApp, Instagram, Snapchat and Facebook's Messenger. 

Pokémon Go is still very new — in fact, its global launch has been delayed due to the high demand — so these numbers could significantly change over time, in any direction. But right now, it's taking the mobile world by storm. 

The game is not without controversy, though. In Missouri, police are investigating what they believe to be a string of armed robberies that targeted Pokémon Go players over the weekend. And one Wyoming native found a dead body in a river while searching for a Pokémon. 

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