🚨PSA🚨 BTZ No Longer Accepted At Some Businesses

Received this email from Bunz last night. As of Sept 10, they have terminated my contract (and many others) as a vendor on this platform. This will be a bit of a longer post, so buckle up.

A recap of events for those who didn't know about the signs that Bunz had financial problems leading up to this. Last year, Bunz wanted to limit the amount of BTZ per transaction, but had to roll it back due to backlash from businesses. The CEO stated that they wouldn't make changes without a 30-days notice. In April 2019, Bunz wanted to implement a monthly fee of $10+tax for all participating businesses starting May 1. The rollout was postponed until Sept 1 due to backlash and lack of interest from businesses. I just paid mine on Sept 9th. Then out of nowhere, they sent the termination email on Sept 10 at 9pm.

How does this affect you? You can no longer redeem BTZ for products and services from the affected vendors. This means you have less than half of the choices now (we had so few in Metro Vancouver to begin with). Affected Makers include myself @alisayao, @tinymoonspells, @zerowastesimplicity @alittlemaur. Affected Shop Local businesses included @thelittlebarber, a general store in North Van, @kotn and another store downtown (sorry I couldn't find their usernames). Not sure about the remaining non-food/coffee businesses left on here.

How does this affect me? I make and sell my products full time. Bunz has been about 5% of my income. Sucks to lose a chunk of income so suddenly, but this is exactly why I didn't put all my eggs in one basket. While I respect their decision to end the program, more notice would have been nice. This was literally 0 notice and not professional. I now have customers that can no longer support me on this platform, many who saved BTZ for months. And now their BTZ is no longer of use to them.

Going forward: While I can no longer accept BTZ for my products, I will be moving my product and service listings to my main account @aymyao in the next while. I will only be doing TRUE TRADES from now on. I no longer believe that BTZ is a sustainable form of currency because of the lack of choices that the users have, and the fluctuating rate at which they are rewarded.

What I think we, the Bunz community, should do:

1. Speak up about these changes happening behind our backs. I think all app users should have been informed. Bunz ONLY emailed those who were terminated, and that isn't right. And now the businesses remaining also face alot of uncertainty.
2. Reconsider the role of BTZ in your trades. It is only as valuable as a gift card in your pocket. It has no value if businesses don't accept it.
3. Want to support your locals? Come visit us in person at craft markets, farmers markets, and stores. Unfortunately this platform no longer supports us.

Bunz CEO's response: https://medium.com/@bunz/shop-local-changes-e866f2a67fd2