Is PayPal plannning to Launch of Own Stablecoin? - page 3.

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Quote from: sunsilk on January 10, 2022, 08:43:37 AM

Quote from: cabron on January 10, 2022, 07:13:18 AM

Few Paypal users over the years.

I wouldn't say few, there's still a lot of their users. They've got an estimate of 390 million users worldwide and that's ain't few.

I'll compare this possible launching of their own stable coin to Facebook's Libra that has failed. They're both planned but not executed so let's see if PayPal will just remain on their planning stage and might end up the same as Libra's.

it would be a great idea, their stable coin should be traded in crypto exchanges, and with that, everything will be easy to use their platform. I'm sure they know how to handle the legal aspects so they'll get approval and everything will run according to plan. Anything that adds users to the crypto space is a good development that's why this one is good for me.

carlfebz2

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Quote from: Slow death on January 12, 2022, 11:01:43 AM

I think that as the article says, they still have no idea of the dimension that this may not bring benefits, for example we are in 2022 and in the US they still haven't legalized bitcoin and in dozens of countries, so paypal creates its currency, but in 2023 the USA and many countries in the world legalize cryptocurrencies, at this moment no one will use paypal currency and paypal will have wasted time and resources with something that will become useless or little used, they are smart and have analysts and lawyers, I think they will analyze and see that it would not be viable in the long run to have their own currency

Can it be called a cryptocurrency in the first place? I would rather say its a stable coin instead and it doesnt have that quality or feature of being anonymous or decentralized so i dont really see any importance on such
existence.

It might really be that something good as an option for existing users but it wont really be getting much attention or support specially from people who are aware about cryptocurrencies.
They would just simply ignore since they do know on how heavily centralized this coin would be.

Lots of companies are considering Bitcoin or crypto now and only a few who had decided on launching their own coin.

Slow death

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I think that as the article says, they still have no idea of the dimension that this may not bring benefits, for example we are in 2022 and in the US they still haven't legalized bitcoin and in dozens of countries, so paypal creates its currency, but in 2023 the USA and many countries in the world legalize cryptocurrencies, at this moment no one will use paypal currency and paypal will have wasted time and resources with something that will become useless or little used, they are smart and have analysts and lawyers, I think they will analyze and see that it would not be viable in the long run to have their own currency

molsewid

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Quote from: The Cryptovator on January 12, 2022, 09:15:00 AM

I am not much excited at all about PayPal coin or whatever. You can expect only centralized coins from a centralized organization. We don't need more coins actually. We need Bitcoin adaption. More coins are just dust of cryptocurrency. There are good stable coins that exist in the markets. If PayPal uses Blockchain to deploy stable coins it will just make differ between on-chain and off-chain compared with current PayPal currency. It's like they allow to use of Bitcoin at the beginning but not on-chain. Means their thoughts are always centralized.

There's already a lot of token that added on the list of cryptocurrency, I mean yeah every company has their capacity, capability to create their own stable coin but yeah it only congested the existing token or coin that is present now. However, I think Paypal has set a great idea about it. But to be honest, cryptocurrency platform needs a wide adoption especially bitcoin. I know we are already a small step towards that goal but we the community of bitcoin or crypto are already eager to see this coming true.

The Cryptovator

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I am not much excited at all about PayPal coin or whatever. You can expect only centralized coins from a centralized organization. We don't need more coins actually. We need Bitcoin adaption. More coins are just dust of cryptocurrency. There are good stable coins that exist in the markets. If PayPal uses Blockchain to deploy stable coins it will just make differ between on-chain and off-chain compared with current PayPal currency. It's like they allow to use of Bitcoin at the beginning but not on-chain. Means their thoughts are always centralized.

davis196

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I have a 10 year old Paypal account and haven't been using this account in the last few years(since I've discovered Bitcoin).I'm thinking about deleting that account,since I don't use it anymore,but I'm confused about the possibility of using this account for something in the future.
I live in a country,where Paypal isn't accepting crypto payments.I guess that all the "Paypal has become crypto friendly" thing is still in the US only.I don't care about Paypal since 2016/2017.I wouldn't care about them even if they create a centralized shitcoin.
This is definitely a clickbait article,but if Paypal really wants to launch their own token,let them do so.
Calling this centralized "coin" a cryptocurrency would be a big mistake.

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Quote from: henryvuong on January 11, 2022, 09:26:50 PM

We already have USD Coin. No need for PP coin. It won't make any difference.

PayPal doesn't care that there are dozens of stablecoins, they are interested in making their own. It has become big business, and PP has obviously smelled profit in that, they are not the first or the last to make their stablecoin. What fascinates me most is the fact that people use stablecoins en masse, not only for trading, but also to store their money thinking it's a safe way - and they don't know that most stablecoins can be frozen even if you keep them in a non-custodial wallet. Another stablecoin in a row, but with the PP signature will surely attract a bunch of potential users who will use it.

henryvuong

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We already have USD Coin. No need for PP coin. It won't make any difference.

sunsilk

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Quote from: Blue0x.com on January 11, 2022, 10:16:18 AM

Paypal is the absolute definition of a company that should be using a stablecoin. Its goes against everything crypto used to stand for, but so does Elon Musk, and crypto 'investors' take his Tweets as the word of God. Paypal is also what made Elon all his money. So there is that....

Its not a dying service. Its used worldwide to send money 10x faster than a bank.

Yes, it's still popular as it is and got millions of users worldwide so it's not really a dying service, they're just adopting the trend that might get them with their competitors and so they've added crypto.

Quote from: Blue0x.com on January 11, 2022, 10:16:18 AM

Also Libra Coin didnt fail. They changed the name to Diem.

It is the reality that failed and that's why they have to replace the name into Diem. To avoid being tagged to the failed project that they've once worked for.

Quote from: Taskford on January 11, 2022, 08:05:14 AM

They are thinking smart on situation since little by little they are been overcome by bitcoin and its a good move for them to adopt bitcoin since this could make them survive in this business so for sure others will follow since this is the new trend right now. Also I see it a good move for having that plan so hopefully they will succeed since there's a huge competitor if we talk about stable coin and for provably they will get a hard time to surpass the other who came out first.

Well, as for the success, we don't know with that. There's too many stable coins in the market already as long as they can provide that they're backed with real money and it's for sure going to be a centralized stable coin.

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I think everyone explores stablecoins ever since tether destroyed $500 million dollars worth of their own supply back in 2018.

The $500 million number definitely put stablecoins on many peoples radar and those positioned to leverage those types of gains in the financial world would naturally explore and pursue such an option if it became available.

Quote

Tether Just Burned 500 Million USDT Stablecoin Tokens

Shortly before 1:00 p.m. ET Wednesday, Tether, the company behind the dollar-linked stablecoin of the same name, announced via Twitter that it had destroyed 500 million tether (USDT) tokens.

From Oct. 14, when USDT started to slip below $1.00, to Oct. 23, 680 million USDT were transferred to the company-controlled Treasury wallet.

As a result of these transfers, the supply of tethers in circulation has dropped by around a quarter in a week and a half, to approximately $2 billion. Now many of these tokens, in addition to having been taken out of circulation, have been "burned" or destroyed by the company.

https://www.coindesk.com/markets/2018/10/24/tether-just-burned-500-million-usdt-stablecoin-tokens/

Without knowing more details, its difficult to say exactly what paypal's motive is.

Perhaps they feel pressure from 3rd party payment apps like venmo, apple pay and whatsapp and are looking for competitive advantages.

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Quote from: Vaskiy on January 11, 2022, 05:12:40 PM

Quote from: ChiBitCTy on January 11, 2022, 04:47:08 PM

Quote from: jackg on January 10, 2022, 06:34:29 AM

I don't know if I'd take these ideas seriously, especially from PayPal.

Assuming it's still owned by eBay, its probably just trying to get some demand on ebay stocks (since they just seem to fall relative to their profits).

Also, I don't know if anyone uses PayPal for any other reason than it being useful for not putting in card details when paying for stuff, if you instead have to bother to sign a transaction or do something fancier then why would anyone bother?

All this being said, a centralised organisation controlling a cryptocurrency might make it more forgiving from scams and accidental mistakes (eg sending to addresses spelt wrong).

They (eBay) no longer owns PayPal and they have actually become somewhat “enemies” since splitting up but the premise here is the same, PayPal is one of that worlds most corrupt organizations and should not be trusted by anyone. It amazes me that people actually buy and store bitcoin and crypto through them. Steer far clear from these scumbags everyone !

Maybe PayPal is highly corrupt, but the positive mind Keep people using it. eBay and PayPal have been partnered and it got broken in the year 2020. Now eBay is with talks of partnering with adyen for transaction support. Adyen is an Amsterdam based transaction company.

PayPal might've found creating a stablecoin to be cost effective way to make transactions faster than the present system. Maybe that could've interested in going for a stablecoin, but we don't know how far this is going to be effective in real-time.

We would be seeing the effects of application when it is already been integrated.The thing we can do for now is to speculate whether it would really be that a big change or turns out to be nothing or not interesting at all.Every company could possibly made out those kind of changes as they would really be going along on whats the current trend which could neither be beneficial for them.
Of course they had made out such brainstorming whether they do apply it out on the business or would totally just skip out but we've seen that they had
consider it out.

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Quote from: ChiBitCTy on January 11, 2022, 04:47:08 PM

Quote from: jackg on January 10, 2022, 06:34:29 AM

I don't know if I'd take these ideas seriously, especially from PayPal.

Assuming it's still owned by eBay, its probably just trying to get some demand on ebay stocks (since they just seem to fall relative to their profits).

Also, I don't know if anyone uses PayPal for any other reason than it being useful for not putting in card details when paying for stuff, if you instead have to bother to sign a transaction or do something fancier then why would anyone bother?

All this being said, a centralised organisation controlling a cryptocurrency might make it more forgiving from scams and accidental mistakes (eg sending to addresses spelt wrong).

They (eBay) no longer owns PayPal and they have actually become somewhat “enemies” since splitting up but the premise here is the same, PayPal is one of that worlds most corrupt organizations and should not be trusted by anyone. It amazes me that people actually buy and store bitcoin and crypto through them. Steer far clear from these scumbags everyone !

Maybe PayPal is highly corrupt, but the positive mind Keep people using it. eBay and PayPal have been partnered and it got broken in the year 2020. Now eBay is with talks of partnering with adyen for transaction support. Adyen is an Amsterdam based transaction company.

PayPal might've found creating a stablecoin to be cost effective way to make transactions faster than the present system. Maybe that could've interested in going for a stablecoin, but we don't know how far this is going to be effective in real-time.

Gyfts

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Paypal owns Venmo, and Venmo directly competes with CashApp. CashApp allows stock trading but offers a large crypto platform too, so if Venmo doesn't already offer crypto, they soon will. I see Paypal as strictly a fiat based system and payment processor, doesn't seem to me that crypto users would be particularly interested. If they did create a stablecoin, they'd probably just use Venmo to to push it.

ChiBitCTy

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Quote from: jackg on January 10, 2022, 06:34:29 AM

I don't know if I'd take these ideas seriously, especially from PayPal.

Assuming it's still owned by eBay, its probably just trying to get some demand on ebay stocks (since they just seem to fall relative to their profits).

Also, I don't know if anyone uses PayPal for any other reason than it being useful for not putting in card details when paying for stuff, if you instead have to bother to sign a transaction or do something fancier then why would anyone bother?

All this being said, a centralised organisation controlling a cryptocurrency might make it more forgiving from scams and accidental mistakes (eg sending to addresses spelt wrong).

They (eBay) no longer owns PayPal and they have actually become somewhat “enemies” since splitting up but the premise here is the same, PayPal is one of that worlds most corrupt organizations and should not be trusted by anyone. It amazes me that people actually buy and store bitcoin and crypto through them. Steer far clear from these scumbags everyone !

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Quote from: arallmuus on January 11, 2022, 03:42:40 PM

Quote from: Reid on January 11, 2022, 08:13:45 AM

Isn't it a bit too late?! They should've created this when they made the announcement of acceptance of buying Bitcoin in their platform. That way it will be not just be an explosion but like a nuke dropped in the cryptocurrency field.

Its still pretty early for all of these companies to move around crypto space and create whatever opportunity that they deem profitable for their companies. Back when they started to add the new feature to buy and sell crypto, they probably didnt expect that it will blown up and the fact that this new idea is still in development phase means that they are not fully ready yet

They were totally hesitating on touching it up due to some legal issues or in with regulation since they do know that government is totally opposing crypto adoption thats why hindrance of these common

big companies could really be seen but they had made out their decision on touching or recognizing it and now that they have seen a possible benefit which can add up revenue then its expected that they

would really be doing such step for them to do so and creating their own coin is the one but do they really think that people here on crypto market would see it as a good add up?
I dont think so.

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If they bring their own stable coin which will be backed by USD then how crypto will be benefited from it? They are a very big company so many new people will come to crypto so fresh money will flow but the problem is it will be centralized which we are trying to eliminate. We are trying to create a decentralized economy so how that could be possible with a centralized crypto assets. It may serve good purpose for paypal but not for crypto.

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Quote from: m2017 on January 10, 2022, 06:29:02 AM

(-) The disadvantage in this, I see, is that the new PayPal Coin will be centralized and, of course, the problem of mandatory verification. And of course, PayPal Coin will be very far from the ideology of Bitcoin.

How do you rate the event with this company's plans to launch its stablecoin?

Paypal's Coin will certainly be centralized without a doubt, and without a doubt it will be completely different from the Bitcoin ideology, but the mere thought of Paypal making its own coin gives us a great indication of how different Bitcoin has made in the world of money and payments, in the beginning all these global companies were The big one that covers the payment system around the world completely rejects the idea, but we see them now racing to enter this new world. It is the fait accompli that Bitcoin imposed, despite all the correct negative points you mentioned. I see that thanks to Bitcoin, we are at the gates of a new financial world system completely different from Previous.

arallmuus

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Quote from: Reid on January 11, 2022, 08:13:45 AM

Isn't it a bit too late?! They should've created this when they made the announcement of acceptance of buying Bitcoin in their platform. That way it will be not just be an explosion but like a nuke dropped in the cryptocurrency field.

Its still pretty early for all of these companies to move around crypto space and create whatever opportunity that they deem profitable for their companies. Back when they started to add the new feature to buy and sell crypto, they probably didnt expect that it will blown up and the fact that this new idea is still in development phase means that they are not fully ready yet

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Stablecoins are the root of the evil type of thing in crypto these days. People get in and out of cryptocurrencies with ease thanks to these centralized stablecoins, even fiat would have been better. I mean when you are in crypto, going back to fiat takes a slightly more time compared to stablecoins, not a lot but still like maybe 10-15 minutes longer when you consider banking hours it could be even more.

This is also the key for most leverage places as well, you have a dollar worth debt and when you are going the wrong way you get liquidated and all of your crypto turns into stablecoins. The last thing we need is an industry giant to start their own stablecoin, facebook had their own thing for a while and I am hoping that we do not end up having the same thing once again. Not that it would be impossible or horrible but it would definitely not be profitable for anyone.

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Quote from: mk4 on January 10, 2022, 06:51:38 AM

I'm pretty sure exploring != planning.

The former likely means that they're still trying to find out if it's worth doing or if it's feasible; while the latter likely means that they're probably already decided. Also taking note that these huge companies frequently "explore" stuff that they can implement to their company; without any guarantees in the end that they will push through.

Good job by the media by creating a "pAyPaL cOiN" to get clicks and shares from the normies though.

Correct, besides now that governments are exploring the creation of their own coins I doubt they will tolerate that a company like PayPal that is entirely focused on being a form of payment will do something like this, so all in all even if they are exploring this possibility I think the chances are very low that something like this gets implemented, because the moment they try to do so the regulators will come to them and shutdown the project indirectly through their regulations.

Topic: Is PayPal plannning to Launch of Own Stablecoin? - page 3. (Read 538 times)