[2020-10-23]PayPal is eyeing a BitGo purchase - page 2.

hatshepsut93

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Quote from: philipma1957 on October 23, 2020, 06:09:30 PM

The worst case is they all come in and kill it off.

How would they do it? Bitcoin is not a proof of stake shitcoin, where owning coins gives you voting power, and even mining doesn't give you voting power, and strictly speaking, there's no such thing as voting power in Bitcoin, even node count doesn't count as such. At worst they'll try to mess with it in a way SegWit2x tried, which I'd like to remind everyone, was backed by big names like Coinbase and Bitmain and BitPay. But Bitcoin users rejected it, so they have failed. If PayPal and all these big players will try to takeover Bitcoin, the Bitcoin community will simply reject it.

gentlemand

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Welt Am Draht

Quote from: philipma1957 on October 23, 2020, 06:09:30 PM

WHAT do you think adaption is going to be like?

Ooh. That's a big question.

What I wonder about all of these companies is whether they're patient enough and whether they've taken the time to understand or anticipate the course it's going to take. I don't really think anyone knows still and if they try to mould their interpretation into something they're familiar with it simply won't work and will wander off into a dead end.

I absolutely don't believe they can kill it off. It's a big old world and in large swathes of it those companies are nowhere. Where they are prevalent the disenchantment with conventional finance is not going to shrink.

My guess is anyone who sets off thinking it's going to become a means of payment any time soon is going to to fail. Human nature doesn't buy something to buy something. It also doesn't want to spend what it thinks may be worth more tomorrow.

With that out the window I'm not really sure what's left for them beyond facilitating buying, selling and storing. Paypal at least have kicked off with that and kept quieter about merchant stuff.

Maybe that's enough but I still think many of them are stuck in an intranet mind set and will remain so right up until they throw in the towel.

philipma1957

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'The right to privacy matters'

Quote from: gentlemand on October 23, 2020, 06:03:51 PM

Quote from: squatter on October 23, 2020, 05:17:23 PM

I don't love it, if I'm being honest.

At least it would be competition of a sort? Coinbase have been looking like they were well on their way to being a standalone behemoth which isn't healthy either. Having said that I would basically prefer it to be anyone other than Paypal.

We also have no idea as to the depth of their commitment to this. Coinbase came out of this from nothing. Paypal are the direct opposite. It could be something they decide may never work for them after less time than we expect. Many others have reached the same conclusion, usually with outrageous prematurity.

WHAT do you think adaption is going to be like?

VISA
DISCOVER
MASTERCARD
AMEX
PAYPAL

are the major players here.

The best case is they all come in and BTC whales as a blended product.

The worst case is they all come in and kill it off.

there is no in-between in the long run. at least I see it that way.

BTW I have often been very wrong. Roll Eyes

gentlemand

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Welt Am Draht

Quote from: squatter on October 23, 2020, 05:17:23 PM

I don't love it, if I'm being honest.

At least it would be competition of a sort? Coinbase have been looking like they were well on their way to being a standalone behemoth which isn't healthy either. Having said that I would basically prefer it to be anyone other than Paypal.

We also have no idea as to the depth of their commitment to this. Coinbase came out of this from nothing. Paypal are the direct opposite. It could be something they decide may never work for them after less time than we expect. Many others have reached the same conclusion, usually with outrageous prematurity.

squatter

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STOP SNITCHIN'

Quote from: Daltonik on October 23, 2020, 08:08:36 AM

Payment company PayPal is considering options for absorbing cryptocurrency companies to expand its product line. Among them is the BitGo custodian, Bloomberg reports, citing knowledgeable sources.

This is a big deal. BitGo is a giant in the institutional custody space, probably the largest after Coinbase. Some of the world's biggest exchanges are their clients. They also launched an institutional trading service earlier this year, although I'm not sure how much traction it has gained.

With PayPal's existing customer and merchant base, they're already positioning themselves to be a giant in the Bitcoin exchange and payment processing industries. If they absorb BitGo on top, they could be right up there with Coinbase in terms of overall industry influence and market share, almost overnight.

I don't love it, if I'm being honest.

Daltonik

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Payment company PayPal is considering options for absorbing cryptocurrency companies to expand its product line. Among them is the BitGo custodian, Bloomberg reports, citing knowledgeable sources.

The deal may take place within the next few weeks. The publication notes that in the event of a breakdown in negotiations, PayPal may switch attention to another company from the industry.
Both companies did not comment on the publication. Investors in BitGo include Goldman Sachs, Digital Currency Group, and Galaxy Digital Ventures. According to Crunchbase, by April 1, 2019, BitGo had raised $69.5 million through five rounds of funding.

Coinshares development Director Meltem Demirors suggested on CNBC that one of the next stages of PayPal in the digital asset space will be the release of Its own cryptocurrency.
https://twitter.com/CNBCFastMoney/status/1319033981153775616

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