Author Topic: PayPal to open up network to cryptocurrencies  (Read 143 times)

Offline drunkenshoe

"I believe you find life such a problem because you think there are good people and bad people. You're wrong, of course. There are, always and only, the bad people, but some of them are on opposite sides." Havelock Vetinari

Re: PayPal to open up network to cryptocurrencies
« Reply #1 on: October 22, 2020, 11:32:23 AM »
https://www.reuters.com/article/paypal-cryptocurrency/update-1-paypal-to-open-up-network-to-cryptocurrencies-idUSL1N2HC0PL

What do you guys think about it?
It is a pretty big step in promoting digital currency from being merely speculative into being somewhat useful. Guessing you can't purchase directly with bitcoin, there still has to be an exchange? The financial  community has been very skeptical, so many issues with bc.

Offline drunkenshoe

Re: PayPal to open up network to cryptocurrencies
« Reply #2 on: October 22, 2020, 11:59:59 AM »
You think so? That makes more sense actually. I thought it is saying that people will use bitcoin directly because the expression is vague.

"...Wednesday it will allow customers to hold bitcoin and other virtual coins in its online wallet and shop using cryptocurrencies..."
"I believe you find life such a problem because you think there are good people and bad people. You're wrong, of course. There are, always and only, the bad people, but some of them are on opposite sides." Havelock Vetinari

Re: PayPal to open up network to cryptocurrencies
« Reply #3 on: October 22, 2020, 12:04:49 PM »
You think so? That makes more sense actually. I thought it is saying that people will use bitcoin directly because the expression is vague.

"...Wednesday it will allow customers to hold bitcoin and other virtual coins in its online wallet and shop using cryptocurrencies..."

Yes, but the vendor will get US dollars or whatever. PayPal will take a cut, I bet. When the vendors start receiving bit coin directly they won't need PayPal.

Offline Baruch

Re: PayPal to open up network to cryptocurrencies
« Reply #4 on: October 22, 2020, 12:09:58 PM »
It is a pretty big step in promoting digital currency from being merely speculative into being somewhat useful. Guessing you can't purchase directly with bitcoin, there still has to be an exchange? The financial  community has been very skeptical, so many issues with bc.

EU is developing their own EuroCoin.  This actually works in bank-to-bank transactions, because if creates a chain that is hard to forge.  Any effective XCoin will be state controlled.  Non-state controlled XCoin is play money or money laundering.
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Don't do that.

Offline Baruch

Re: PayPal to open up network to cryptocurrencies
« Reply #5 on: October 22, 2020, 12:10:46 PM »
You think so? That makes more sense actually. I thought it is saying that people will use bitcoin directly because the expression is vague.

"...Wednesday it will allow customers to hold bitcoin and other virtual coins in its online wallet and shop using cryptocurrencies..."

PayPal would like to be the portal for XCoins of course.  For a handling fee ;-) ... same as Visa/MC.
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Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
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Don't do that.

Offline Baruch

Re: PayPal to open up network to cryptocurrencies
« Reply #6 on: October 22, 2020, 12:11:28 PM »
Yes, but the vendor will get US dollars or whatever. PayPal will take a cut, I bet. When the vendors start receiving bit coin directly they won't need PayPal.

Won't happen.  The banks and government won't be dis-intermediated.  Per se ... anything else is an anarchist fantasy.

Satoshi Nakamoto is a pseudonym for NSA/CIA

http://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm
« Last Edit: October 22, 2020, 12:15:14 PM by Baruch »
Ha’át’íísh baa naniná?
Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
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Don't do that.

Re: PayPal to open up network to cryptocurrencies
« Reply #7 on: October 22, 2020, 12:13:21 PM »
BC is just so unstable. I wouldn't want my wallet value changing +/- 300% against the dollar every few months. Having a stable dollar does a lot for the United States. Will that continue for a long time? Who knows because the whole point of bitcoin is to replace government issued money and the reliance on banks who each take their slice of pie. BC will have to settle down somehow.

Offline Baruch

Re: PayPal to open up network to cryptocurrencies
« Reply #8 on: October 22, 2020, 12:17:09 PM »
BC is just so unstable. I wouldn't want my wallet value changing +/- 300% against the dollar every few months. Having a stable dollar does a lot for the United States. Will that continue for a long time? Who knows because the whole point of bitcoin is to replace government issued money and the reliance on banks who each take their slice of pie. BC will have to settle down somehow.

Look at the ownership pool ...

"In reality, the single person or organization that holds the most bitcoins would seem to be Satoshi Nakamoto, the creator of the Bitcoin protocol, which according to different estimates should own at least 1.1 million BTC, or more than 6% of all bitcoins created to date, equal to a fortune of almost ten billion dollars ...Jan 19, 2020" ... like in other financial sand boxes, a large actor can swing a market at will (Whale speculators).  A sand box like investing in rare "beanie babies".

Back in about 2017 I did check out Etherium and the block-chain technology in general.  Putin likes Etherium.

Of course the US dollar won't be stable unless the Elite want it to be.  Since one can make money on both put and call option.  Finance makes it possible to make money on the creation and destruction of whole societies.
« Last Edit: October 22, 2020, 12:21:59 PM by Baruch »
Ha’át’íísh baa naniná?
Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
Are you taking any medications?
Don't do that.

Re: PayPal to open up network to cryptocurrencies
« Reply #9 on: October 22, 2020, 12:26:59 PM »
Look at the ownership pool ...

"In reality, the single person or organization that holds the most bitcoins would seem to be Satoshi Nakamoto, the creator of the Bitcoin protocol, which according to different estimates should own at least 1.1 million BTC, or more than 6% of all bitcoins created to date, equal to a fortune of almost ten billion dollars ...Jan 19, 2020" ... like in other financial sand boxes, a large actor can swing a market at will (Whale speculators).  A sand box like investing in rare "beanie babies".

Back in about 2017 I did check out Etherium and the block-chain technology in general.  Putin likes Etherium.

Yeah, there's that too. The concept may eventually win out with new generations of consumers. Just not 100% sure that BC and/or ETH will be the vehicle. There is the computation issue too. The technology is useful to convey all sorts of stuff directly such as intellectual property. Music from the musicians directly to the customer.

Offline Baruch

Re: PayPal to open up network to cryptocurrencies
« Reply #10 on: October 22, 2020, 12:48:08 PM »
Yeah, there's that too. The concept may eventually win out with new generations of consumers. Just not 100% sure that BC and/or ETH will be the vehicle. There is the computation issue too. The technology is useful to convey all sorts of stuff directly such as intellectual property. Music from the musicians directly to the customer.

Consumers are secondary.  Just like democracy.  institutional power is what matters.  it is inefficient however for mass-document mass-credit use, because the block-chains only get longer and longer.  I was once involved in finance assurance (title verification) ... that business will use block-chain, because the paper version is a nightmare, I can tell you.  A more sophisticated version of the free lunch is free computer storage and bandwidth.
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Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
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Don't do that.

Offline drunkenshoe

Re: PayPal to open up network to cryptocurrencies
« Reply #11 on: October 22, 2020, 12:50:02 PM »
I had read a piece telling nobody actually knows if Nakomoto really exists or not. I didn't think about it much as the subject is flying over my head in general but most people keep refering to BC as a Ponzi scheme, while some others claim there are people who have made millions of dollars with it.

The basic concept is good. But then I would say all this was probbaly thought just after the first online shopping was made, when the future horizon of the online shopping was first realised by some people, decades ago. I wouldn't be surprised if this actually goes back to 70s-80s.

"I believe you find life such a problem because you think there are good people and bad people. You're wrong, of course. There are, always and only, the bad people, but some of them are on opposite sides." Havelock Vetinari

Offline Baruch

Re: PayPal to open up network to cryptocurrencies
« Reply #12 on: October 22, 2020, 12:52:17 PM »
Part of the idea is that the IRS will know every stick of gum you buy, and you can't deny it.  Total Control.  The idea that the government won't covertly control this is delusional.
Ha’át’íísh baa naniná?
Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
Are you taking any medications?
Don't do that.