Paypal and Bitcion



dmnEPC said:
Why would you want to use paypal as a middle man for bitcoin?
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Yeah, the whole point of bitcoin is to get away from shit like PayPal, wire transfers, bank visits, merchant accounts, etc.

I couldn't even imagine going back to that shit any more. Just the thought of it pisses me off.
 
jacky8 said:
Buyer protection.

Transaction can be disputed. Pay with paypal and be protected. This will make bitcoin more mainstream.
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A big part of bitcoin is the fact it cannot be reversed, so I do not imagine it will be any more protected - especially when bitcoin has been transferred out of their control.
 
Paypal recognizes the kind of threat Bitcoin poses to their market and when a slow beast like BTC comes hurling along at you you can do 2 things:

1. You can fight against it tooth and nail. Which is kind of pointless because of the nature of BTC. It wouldn't be possible for them to lobby against it. They could impose restrictions on their customer base but that would just drive more people away. Seriously, what options do they have?

2. You can join it and figure out how to integrate it into your system. Borg them.

Ultimately BTC needs more adoption and if PP can become a vehicle for that I don't see what the problem is.
 
Paypal and similar services can also improve transaction speeds. If you have BTC in your PayPal balance, they can transfer your balance to another PayPal account instantly, instead of waiting for the transaction to get into a block and then waiting for confirmations.

Essentially, we still need financial services, but we replace gold with BTC.

The other alternative is using altcoins with fast transaction times. I don't fully trust the security of proof-of-stake or of Nxt, but Nxt's predictive mining scheme (where you know what node will forge the next blocks and can send transactions directly to that node) may be the kind of thing that solves the problem of tx speed and volume.

Obviously, there are other areas where PayPal (and competitors) can add value.

Kiopa_Matt said:
Yeah, the whole point of bitcoin is to get away from shit like PayPal, wire transfers, bank visits, merchant accounts, etc.

I couldn't even imagine going back to that shit any more. Just the thought of it pisses me off.
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This is still an opportunity for Bitcoin to cut out PayPal. For a company to offer the same services as PayPal, but with Bitcoin instead of USD is possible without jumping through legal hoops, complying with regulations, and so on. Politicians might try to make it illegal, but Bitcoin regulations (that don't cash out into USD) are basically unenforceable.
 
I can't believe you guys are even debating this. Paypal is know for freezing accounts, holding funds, and outright fraud. Yet for some reason, you guys think it will be any different when they are touching your bitcoin?

Lulz are going to be had in the future when they start confiscating them for being involved in "shady activities."
 
mpbiz said:
I can't believe you guys are even debating this. Paypal is know for freezing accounts, holding funds, and outright fraud. Yet for some reason, you guys think it will be any different when they are touching your bitcoin?

Lulz are going to be had in the future when they start confiscating them for being involved in "shady activities."
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There are a lot of centralized systems for a currency that's inherently decentralized. Some folks want convenience over security. Even after the mtgox debacle, folks flock to something like Coinbase.

The nice thing is that people don't have to use them if they don't want to.

I'm all for anything that gets BTC more mainstream adoption.
 
this is pretty big, all the people that are going to be added to the bitcoin pool by paypal.
question though
does anyone know if and how you'll be able to convert your bitcoin?

for example you can use euro in my account to send USD or pay for something in CHF
will you be able to do the same with the bitcoin in you PP?
if yes, what else more do you want? fully functional curreny
 
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Scary thought. PayPal will likely become an exchange and dominate the bitcoin exchange market. They are already setup for 95% of it from a legal standpoint. It wouldn't be much of a stretch. And it would keep them very relevant.
 
could you please explain how that impacts the price at which btc trades? im at a loss. good or bad? will we reach 10k any time soon?
 
3nyaw said:
could you please explain how that impacts the price at which btc trades? im at a loss. good or bad?
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Depends how PayPal / Braintree runs their operation. Are they actually going to hold a supply of BTC, or just act as a transfer agent? If the former, the price will probably go up a bit. If the latter, it'll probably continue slowly trending downwards.

That's why it's slowly trending down right now. You have all these companies like Dell, Expedia, NewEgg, Overstock, etc... accepting bitcoin, but none of them hold it. They instantly sell it for USD as it comes in.
 
If any of you wanted to make some decent coin over the next ~12 months, right now is a good time to buy bitcoin. It's only about $420, and I could be wrong, but am guessing it's going to rise substantially over the next 12 months.

Right now the two main things keeping the price low are, a) $1.5mm in new coins generated daily, a lot of which is also sold into fiat to pay mining expenses, and b) high merchant adoption, but merchants instantly sell into USD instead of holding BTC.

However, seems the "next big thing" and the newest service that's coming out en-masse is payroll services. Even BitPay is getting in on it, and so are companies from countries around the world. You're just now beginning to see reports of employees asking their bosses to signup for these payroll services, so they can be paid in bitcoin instead of fiat.

Don't worry, it's all legal. As normal, appropriate taxes are withheld and paid to govt in USD or whatever. Remaining employees share is sent to payroll service, who transfers it into BTC at market rate, and pays the employee. If this gains decent adoption, which I'm assuming it will, then that's a whole lot more BTC being bought every month, which should result in a substantial rise in price.

Will see if I can remember to bump this in 12 months, see if I was wrong or not.
 
How is it "only 420". Its 420. Qualifying that is just imposing your directional opinion. Id like to know how supply > demand leads to higher prices. Quite counterintuitive?

You try to make payment processors out to be holders of currency. They are not. I dont know how you think it works, but banks do certainly not hold onto large quantities of random stuff. Which btc is. If a customer needs money that they cant provide, theyll just buy it for them. If random employees want to be paid in btc, they certainly dont want to hold it either.

BTC is fiat garbage like all the currencies you hate so much. You cant trade it in for the electricity it cost to mine. Its just sitting there, trying to be useful. Maybe if you sent some of it to thai slaves, they could walk right past the armed guards because wallet.
 
Kiopa_Matt said:
Will see if I can remember to bump this in 12 months, see if I was wrong or not.
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The economy has been doing pretty well lately and I think it's going to continue on that trend for at least a year or more.

I imagine Gold, Silver, and BTC will continue to slide during that time like they all have been doing. 12 months is not enough time for your prediction IMO.

Have you been watching how much hoopla the Alibaba IPO is getting or how much home building and new home sales are picking up? The more this kind of stuff happens, the more people divest out of SHTF investments.

Look at the 3 month charts for gold, silver, and BTC. They're all getting the shit kicked out of them right now. Last week gold dropped a full 1% in a single day, silvers at a 4 year low.
 
Hate to say it, but I think apple just killed bitcoin. Apples new "wallet" maybe the murder weapon.
 
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