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Topic: My 'vast' BTC hodl on PayPal (Read 1220 times)

full member
Activity: 382
Merit: 109
March 19, 2021, 02:32:36 PM
#86
...



Surely, something does not seem quite right about your numbers phillip, and surely we are seeing something like a 2x in that performance.

Of course, if you had lump summed into your paypal purchases of bitcoin coupons, your value would have gone up 4x to 5x from a kind of $12k-ish to something approaching $60k.. so the fact that you have something that is much closer to 2x seems to support that your purchases are a bit skewed in very recent times rather than earlier times of your getting involved with reporting your paypal purchases..

My suspicion is that your profits from mining, as measured in dollars, had gone up more in the second half of the measuring period rather than in the first half and so therefore, your injection of value into your paypal account to buy bitcoin coupons actually was skewed towards the later half rather than the first half of the measuring period.


Well One account  did more profit than 3x  the middle one. Moved up 125 to 444 my personal account. 3.55 to 1


My wife's account did not start until December as it was not made eligible until mid December.. so it went up 1.81 to 1 or 467 to 257

The business account had late money added and only went up 1.86 to one. or 1364 to 740

I only feed back money that comes in to the accounts so it can be slow to happen.
We announced that PayPal users in the U.S. can buy, sell and hold select Cryptocurrencies directly through PayPal using their Cash or Cash Plus account. Users will be able to learn about Crypto, track crypto prices, all without leaving the PayPal app. We plan to introduce this service to Venmo in 2021.Customers in the U.S. (except Hawaii) can buy, sell and hold four different Cryptocurrencies on PayPal: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
legendary
Activity: 4032
Merit: 7391
'The right to privacy matters'
March 19, 2021, 01:20:39 PM
#85
...



Surely, something does not seem quite right about your numbers phillip, and surely we are seeing something like a 2x in that performance.

Of course, if you had lump summed into your paypal purchases of bitcoin coupons, your value would have gone up 4x to 5x from a kind of $12k-ish to something approaching $60k.. so the fact that you have something that is much closer to 2x seems to support that your purchases are a bit skewed in very recent times rather than earlier times of your getting involved with reporting your paypal purchases..

My suspicion is that your profits from mining, as measured in dollars, had gone up more in the second half of the measuring period rather than in the first half and so therefore, your injection of value into your paypal account to buy bitcoin coupons actually was skewed towards the later half rather than the first half of the measuring period.


Well One account  did more profit than 3x  the middle one. Moved up 125 to 444 my personal account. 3.55 to 1


My wife's account did not start until December as it was not made eligible until mid December.. so it went up 1.81 to 1 or 467 to 257

The business account had late money added and only went up 1.86 to one. or 1364 to 740

I only feed back money that comes in to the accounts so it can be slow to happen.
legendary
Activity: 3654
Merit: 9972
Self-Custody is a right. Say no to"Non-custodial"
March 19, 2021, 12:15:00 PM
#84
update. So far 1112 in is now 2276 not bad.

I was reviewing my PayPal btc purchases and paper profits.

wife's account >>>>>>   $257.56  is now $467.25
my personal account >>  $125.00 is now  $444.55  
my business account >>  $730.02 is now  $1364.55

totals >>>>>>>>>>> $1112.58 is now  $2276.35


The plan was to never cash these just add to them now and then.
So far no coins are cashed out.
I know no keys not your coins.
I have other wallets with keys.
This was simply a mainstream investment. Starting in Oct of 2020 and  using various deposit amounts at various times.
Not bad for simply supporting a mainstream BTC investment.


first buy was below

So here goes.









Surely, something does not seem quite right about your numbers phillip, and surely we are seeing something like a 2x in that performance.

Of course, if you had lump summed into your paypal purchases of bitcoin coupons, your value would have gone up 4x to 5x from a kind of $12k-ish to something approaching $60k.. so the fact that you have something that is much closer to 2x seems to support that your purchases are a bit skewed in very recent times rather than earlier times of your getting involved with reporting your paypal purchases..

My suspicion is that your profits from mining, as measured in dollars, had gone up more in the second half of the measuring period rather than in the first half and so therefore, your injection of value into your paypal account to buy bitcoin coupons actually was skewed towards the later half rather than the first half of the measuring period.
legendary
Activity: 4032
Merit: 7391
'The right to privacy matters'
March 19, 2021, 08:22:30 AM
#83
update. So far 1112 in is now 2276 not bad.

I was reviewing my PayPal btc purchases and paper profits.

wife's account >>>>>>   $257.56  is now $467.25
my personal account >>  $125.00 is now  $444.55  
my business account >>  $730.02 is now  $1364.55

totals >>>>>>>>>>> $1112.58 is now  $2276.35


The plan was to never cash these just add to them now and then.
So far no coins are cashed out.
I know no keys not your coins.
I have other wallets with keys.
This was simply a mainstream investment. Starting in Oct of 2020 and  using various deposit amounts at various times.
Not bad for simply supporting a mainstream BTC investment.


first buy was below

So here goes.








legendary
Activity: 4032
Merit: 7391
'The right to privacy matters'
January 17, 2021, 11:52:30 PM
#82
logged into my pp account for 1st time in like 2 years...

Good news... had a shitload of points that I cashed out. (my default cc I use for all purchases that is set on auto monthly payoff)
Forgot about that, lol....   Hey now!... I'll just turn that cash into bitcoin!!

bad news....   gotta wait 2 weeks??   wtf?





I am highly active with paypal.

I guess it was why I was able to do it so easily.

Would be nice to know how many were stalled like you were.

Hey now!. Just logged in and hello!...Turned all my cashed out PP reward points into "free" bitcoin..yay!
So be prepared folks ..whenever I buy, a massive dump ensues...

Nice. I went to other account that I have and purchased 20

I actually went to cash out free PayPal bitcoin in mid December to cover my monthly pp bill. (converted from my pp rewards when bitcoin @13.5k )
Figured it was a nice profit anyway, so why not?
Then the tax form popped up and I was like "ahhhh fuggit, ICBB, I'll wait till next year....."
That turned out to be a wise decision. Thanx IRS tax form pop up! (still hodling)





They did you a favor.

I have the three accounts with paypal. I think I have 800 usd total in BTC in the three accounts.
legendary
Activity: 3318
Merit: 3427
born once atheist
January 17, 2021, 04:09:24 PM
#81
logged into my pp account for 1st time in like 2 years...

Good news... had a shitload of points that I cashed out. (my default cc I use for all purchases that is set on auto monthly payoff)
Forgot about that, lol....   Hey now!... I'll just turn that cash into bitcoin!!

bad news....   gotta wait 2 weeks??   wtf?





I am highly active with paypal.

I guess it was why I was able to do it so easily.

Would be nice to know how many were stalled like you were.

Hey now!. Just logged in and hello!...Turned all my cashed out PP reward points into "free" bitcoin..yay!
So be prepared folks ..whenever I buy, a massive dump ensues...

Nice. I went to other account that I have and purchased 20

I actually went to cash out free PayPal bitcoin in mid December to cover my monthly pp bill. (converted from my pp rewards when bitcoin @13.5k )
Figured it was a nice profit anyway, so why not?
Then the tax form popped up and I was like "ahhhh fuggit, ICBB, I'll wait till next year....."
That turned out to be a wise decision. Thanx IRS tax form pop up! (still hodling)




legendary
Activity: 4032
Merit: 7391
'The right to privacy matters'
November 17, 2020, 10:45:15 PM
#80
This is the close to the same deal put in some cash and it grows. the interest so to speak is from the rise in btc value.

I don't know if that is a very good comparison, Philip.. because the BTC situation is far from guaranteed, even if we might place decently high odds upon BTC's ability to gain value in the coming years, especially relative to fiat.

well like i said close.

your risk for a christmas club is failing to do all your 50 payments and simply getting back what you put in.

49x 1 = 49 zero interest.

50 x 1 = 50 + 2 interest or 52 dollars.


with paypal

50x1 = 50 usd in and the btc value can go way up or way down.

so you could get 0 or 50 or 100 or even 1000.

so risk factors and possible gains or losses are different.

but the idea of simply placing 1 or 2 dollars when ever you can with almost no restrictions to deposit what ever and when ever . does allow for easy building of the asset.

in both cases building the pile is easy. that is what I am trying to convey.

try and buy stock for a ton of people it is hard.
try to buy btc from paypal. once they give you a chance to do so and approve your account it is really easy. 

much like it was easy to put money into an old school christmas account.

yes is is a different animal you are feeding $$ to.

btc high risk with loss,or maybe large gain.

christmas club low risk low return
legendary
Activity: 3654
Merit: 9972
Self-Custody is a right. Say no to"Non-custodial"
November 17, 2020, 07:47:27 PM
#79
This is the close to the same deal put in some cash and it grows. the interest so to speak is from the rise in btc value.

I don't know if that is a very good comparison, Philip.. because the BTC situation is far from guaranteed, even if we might place decently high odds upon BTC's ability to gain value in the coming years, especially relative to fiat.
legendary
Activity: 4032
Merit: 7391
'The right to privacy matters'
November 16, 2020, 09:51:46 AM
#78
I wasn't alive during 50's and 60's so I have no clue what Christmas clubs are, but as long as that is a good thing, I am all for it Cheesy. I just wanted to say that bitcoin savings in paypal when you can get paid and put aside would allow a lot more people to be involved with crypto a lot more easily than what we had previously, obviously people could have put their money into coinbase and get bitcoin for it, and they could have withdrawn it and use it anywhere as well and that is still applicable today as well, people can still do it, having paypal didn't suddenly remove other options.

However having this added more people, so on top of people who used coinbase and similar places, we ADDED paypal and even though some people like you who would have otherwise bought bitcoin some other way uses paypal now, we also added people who would have never be involved with crypto to begin with go into crypto because of it as well.

They were like this. Dec 1 you go to a bank and open a club.  a 1 dollar a 2 dollar a 5 dollar  a 10 dollar a 20 dollar.

You put in 50 payments for the next year or so.

 so the 1 dollar  became 50 plus a 2 dollar bonus for making the 50 payments.
the 2 dollar became 100 plus a 5 dollar bonus for making the 50 payments.
the 5 dollar became 250 Plus a 12 dollars bonus for making the 50 payments.
the 10 turned into 500 + 25
the 20 turned into 1000 + 50

the bonus was higher then interest rates.  because you got zero bonus if you did not do the 50 payments.

but it was a good deal for savings if you have discipline you earn a high interest rate.

Plus it was easy peasy to do it.

This is the close to the same deal put in some cash and it grows. the interest so to speak is from the rise in btc value.
legendary
Activity: 2296
Merit: 1101
November 16, 2020, 08:46:33 AM
#77
I wasn't alive during 50's and 60's so I have no clue what Christmas clubs are, but as long as that is a good thing, I am all for it Cheesy. I just wanted to say that bitcoin savings in paypal when you can get paid and put aside would allow a lot more people to be involved with crypto a lot more easily than what we had previously, obviously people could have put their money into coinbase and get bitcoin for it, and they could have withdrawn it and use it anywhere as well and that is still applicable today as well, people can still do it, having paypal didn't suddenly remove other options.

However having this added more people, so on top of people who used coinbase and similar places, we ADDED paypal and even though some people like you who would have otherwise bought bitcoin some other way uses paypal now, we also added people who would have never be involved with crypto to begin with go into crypto because of it as well.
legendary
Activity: 3682
Merit: 1694
November 16, 2020, 01:39:52 AM
#76
Did paypal set some max limit of BTC that you can purchase? Someone on twitter said that they got some approval and can buy up to $20,000 worth of crypto. Wondering if this is the limit that is set to everybody or just the people who got verified accounts with a good reputation?

In my opinion its a pretty high limit because if I recall if you made a new account on Coinbase a few years back during 2017-2018, I think they only let you buy like $200 or $300 worth every week. No idea why it was set so low, most likely to combat fraud.
legendary
Activity: 4032
Merit: 7391
'The right to privacy matters'
November 15, 2020, 10:45:04 PM
#75
You may have only 135 dollars, but that is 135 dollars worth of bitcoin you didn't had previously and now you have it. Obviously it requires people to keep saving up a bit but I see this paypal deal could only benefit long termers a lot and not short term people, it looks more like an investment and not trading. For example, let's say you own a shop or a business that deals with paypal paying customers right?

If you sell one product for 100 dollars, costs you about 30-40 bucks (with everything from tax to fee's to everything included) and leaves you with 60-70 dollar profit and that is how you survive, why not just say "put 5 bucks of it aside for bitcoin as well" and keep increasing your bitcoin savings? It could be done and I think that is where we are headed with paypal investments, having a decent bitcoin savings on your paypal account is an awesome thing.

It is very much like old school Christmas clubs that banks would do in the 50's and 60's
hero member
Activity: 2478
Merit: 582
November 15, 2020, 03:44:48 PM
#74
You may have only 135 dollars, but that is 135 dollars worth of bitcoin you didn't had previously and now you have it. Obviously it requires people to keep saving up a bit but I see this paypal deal could only benefit long termers a lot and not short term people, it looks more like an investment and not trading. For example, let's say you own a shop or a business that deals with paypal paying customers right?

If you sell one product for 100 dollars, costs you about 30-40 bucks (with everything from tax to fee's to everything included) and leaves you with 60-70 dollar profit and that is how you survive, why not just say "put 5 bucks of it aside for bitcoin as well" and keep increasing your bitcoin savings? It could be done and I think that is where we are headed with paypal investments, having a decent bitcoin savings on your paypal account is an awesome thing.
legendary
Activity: 4032
Merit: 7391
'The right to privacy matters'
November 14, 2020, 05:06:15 PM
#73
Ah right, thanks for the info guys. I have actually had to verify several times over the years, initially even needed to send bills (not identity though as I recall) and I always felt it was to do with the problem with virtual CCs used to verify.

135 philipma? Super jelly here. But you're right no tax issues as long as you keep it there. Just got me thinking.

no 135 usd bro not 135 btc Grin

I could only wish to have that much coin.
legendary
Activity: 2758
Merit: 3408
Join the world-leading crypto sportsbook NOW!
November 14, 2020, 06:04:07 AM
#72
Ah right, thanks for the info guys. I have actually had to verify several times over the years, initially even needed to send bills (not identity though as I recall) and I always felt it was to do with the problem with virtual CCs used to verify.

135 philipma? Super jelly here. But you're right no tax issues as long as you keep it there. Just got me thinking.
legendary
Activity: 4032
Merit: 7391
'The right to privacy matters'
November 13, 2020, 09:09:04 PM
#71
So, I just read the news. Apparently PayPal has now removed the waiting list and gone live with Bitcoin trading in the US. I actually STILL can't see any changes to my PayPal dashboard, nothing's changed at all, so am I one of the unlucky few whose accounts are deemed unworthy of Bitcoin buying?

Or is this a country issue?

They aren't bringing Bitcoin services to countries outside of the US, or to Venmo customers, until 2021.

I'm a US resident (not a citizen) and I've had a Paypal account for a while. My dashboard previously said "Join the waitlist." Now it says "Curious about crypto? Buy Bitcoin and more."

I clicked through and had to accept some terms about the risks and volatility and lack of regulation, but it looks like they're letting me buy without any further verification. I've only ever verified my email address and bank account with Paypal, never sent in any documents, so that's pretty sweet. That's a real advantage over Coinbase if you think about it.

Which is what I was trying to explain this is easy peasy.

Zero tax issues until you sell your stake. I have about 135 now as it has gone up in price.
hero member
Activity: 2786
Merit: 568
Leading Crypto Sports Betting & Casino Platform
November 13, 2020, 08:31:48 PM
#70


They aren't bringing Bitcoin services to countries outside of the US, or to Venmo customers, until 2021.

I'm a US resident (not a citizen) and I've had a Paypal account for a while. My dashboard previously said "Join the waitlist." Now it says "Curious about crypto? Buy Bitcoin and more."

I clicked through and had to accept some terms about the risks and volatility and lack of regulation, but it looks like they're letting me buy without any further verification. I've only ever verified my email address and bank account with Paypal, never sent in any documents, so that's pretty sweet. That's a real advantage over Coinbase if you think about it.

I have not used my Paypal also for the last three years and not in a country where Cryptocurrency features are accessible I stopped using Paypal when I shift to Cryptocurrency but out of curiosity I would like to see that feature when my location is finally accepted and will cross the bridge when I get there if I am going to buy and sell Cryptocurrency in their dashboard because what they are offering is very much different from what I've known from other exchanges.
legendary
Activity: 1806
Merit: 1521
November 13, 2020, 06:58:44 PM
#69
So, I just read the news. Apparently PayPal has now removed the waiting list and gone live with Bitcoin trading in the US. I actually STILL can't see any changes to my PayPal dashboard, nothing's changed at all, so am I one of the unlucky few whose accounts are deemed unworthy of Bitcoin buying?

Or is this a country issue?

They aren't bringing Bitcoin services to countries outside of the US, or to Venmo customers, until 2021.

I'm a US resident (not a citizen) and I've had a Paypal account for a while. My dashboard previously said "Join the waitlist." Now it says "Curious about crypto? Buy Bitcoin and more."

I clicked through and had to accept some terms about the risks and volatility and lack of regulation, but it looks like they're letting me buy without any further verification. I've only ever verified my email address and bank account with Paypal, never sent in any documents, so that's pretty sweet. That's a real advantage over Coinbase if you think about it.
legendary
Activity: 4256
Merit: 3404
what is this "brake pedal" you speak of?
November 13, 2020, 11:46:18 AM
#68
So, I just read the news. Apparently PayPal has now removed the waiting list and gone live with Bitcoin trading in the US. I actually STILL can't see any changes to my PayPal dashboard, nothing's changed at all, so am I one of the unlucky few whose accounts are deemed unworthy of Bitcoin buying?

Or is this a country issue?

couple weeks ago i checked my paypal account of 10 years of mostly buying, no selling and i keep no money there, its just to pay for things. i too wound up with "you are now on the waiting list." havent checked since that new announcement though. USA here.
legendary
Activity: 2758
Merit: 3408
Join the world-leading crypto sportsbook NOW!
November 13, 2020, 09:52:11 AM
#67
So, I just read the news. Apparently PayPal has now removed the waiting list and gone live with Bitcoin trading in the US. I actually STILL can't see any changes to my PayPal dashboard, nothing's changed at all, so am I one of the unlucky few whose accounts are deemed unworthy of Bitcoin buying?

Or is this a country issue?
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