Paypal bought up to 70% of all the newly mined bitcoin recently

bits4books

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Crypto is not a religion but i like it

Quote from: jaysabi on December 08, 2020, 07:52:33 AM

Quote from: bits4books on December 05, 2020, 10:33:04 AM

It would be better not to be happy about the increase in the BTC rate in relation to the "pieces of paper " but to be afraid of what it all might end up with. Everyone in the crypto club shouts "decentralization and anonymity are cool" and then rejoice when a semi-state or just a corporate whale buys a bunch of BTC. Are you all right? Where are your slogans about freedom decentralization and all that? Admit it, you don't care about BTC. You don't care about cryptocurrency. You only care how much it will cost tomorrow because you need to close another loan from the Bank.

It's because most people aren't into crypto for the sake of crypto, they just want the gains and bitcoin among regular folks is driven by FOMO more than anything else. The atmosphere around the sentiment breeds a cult-like mentality where if you're not a maximalist you're a hater. There's not much room for nuanced, well-thought out positions.

So we have created what we have now. Who shouted "BTC is the best investment"? Who shouted that BTC will cost $100k and that it is only for this purpose and needed?
Everyone got what they wanted - almost the death of the idea of cryptocurrency and its transformation into a an investing instrument. And now it's pointless to think that crypto is cool because of idea, and I think that's the end of it.

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Quote from: bits4books on December 05, 2020, 10:33:04 AM

It would be better not to be happy about the increase in the BTC rate in relation to the "pieces of paper " but to be afraid of what it all might end up with. Everyone in the crypto club shouts "decentralization and anonymity are cool" and then rejoice when a semi-state or just a corporate whale buys a bunch of BTC. Are you all right? Where are your slogans about freedom decentralization and all that? Admit it, you don't care about BTC. You don't care about cryptocurrency. You only care how much it will cost tomorrow because you need to close another loan from the Bank.

It's because most people aren't into crypto for the sake of crypto, they just want the gains and bitcoin among regular folks is driven by FOMO more than anything else. The atmosphere around the sentiment breeds a cult-like mentality where if you're not a maximalist you're a hater. There's not much room for nuanced, well-thought out positions.

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Quote from: cdtc on December 07, 2020, 02:24:27 PM

I think paypal getting into bitcoin is a good thing, just think of how many new people will be interested in crypto.
People have trust in these large corporations so when they start implementing bitcoin it will help it to get mainstream.

Completely agree with this. A lot of people have reservations, due to the lack of a clear legal status for cryptocurrency. And this is where the entry of PayPal can make the difference. PayPal is a widely recognized brand name, being in the payment processing sector for more than two decades. This can actually prompt some of the undecided investors to consider investing in Bitcoin.

cdtc

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I think paypal getting into bitcoin is a good thing, just think of how many new people will be interested in crypto.
People have trust in these large corporations so when they start implementing bitcoin it will help it to get mainstream.

Vishnu.Reang

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Quote from: davinchi on December 06, 2020, 10:03:34 AM

Crypto community seems to be divided into two parties in this paypal discussion.

One party says that it is not good to rely one these corporations (which other party doesn't deny) and we should focus on making bitcoin valid all by ourselves without these companies getting involved (other party disagrees), while the other party says it is awesome that paypal decided to join (first party doesn't disagree) and we should encourage them and other bigger parties to get more involved with crypto (first party disagrees).

So, there is a ying yang situation going on in the crypto world where the main topic is that yes it is good that big corporations are involved now, but some say they shouldn't be the biggest party in crypto world while others do not see any problem with it as long as they make a profit.

Everyone is free to have their opinion. And I am fine as long as PayPal is not forcing anyone to move their coins to the PP platform. And regarding the critics, I don't understand their issue. No one is forcing them to use PayPal. If they don't have any issue in using various cryptocurrency exchanges, then they should not complain against PayPal as well. Because in both the instances, the private keys are not provided to the users.

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Crypto community seems to be divided into two parties in this paypal discussion.

One party says that it is not good to rely one these corporations (which other party doesn't deny) and we should focus on making bitcoin valid all by ourselves without these companies getting involved (other party disagrees), while the other party says it is awesome that paypal decided to join (first party doesn't disagree) and we should encourage them and other bigger parties to get more involved with crypto (first party disagrees).

So, there is a ying yang situation going on in the crypto world where the main topic is that yes it is good that big corporations are involved now, but some say they shouldn't be the biggest party in crypto world while others do not see any problem with it as long as they make a profit.

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Quote from: ChrisPop on December 06, 2020, 03:30:10 AM

With the current raising buying pressure from institutions $20k is a low-ball target. I think Bitcoin will leap forwards towards the $50k once we officially break the $20k mark. It is a psychological price point as well.
Curious when will the Guggenheim fund start investing heavily into BTC. Are they waiting for a break of the ATH or for a dip. Or maybe.. for whichever will happen first.

I agree. But the $20K resistance level is really proving hard to breach. At least for now, it looks like the supply crunch in the market is being eased. Also, you can expect more selling, as long term holders would be liquidating some of their holdings to fund year-end vacations. And this is the reason why I am not expecting a resumption of rally before January 2021.

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With the current raising buying pressure from institutions $20k is a low-ball target. I think Bitcoin will leap forwards towards the $50k once we officially break the $20k mark. It is a psychological price point as well.
Curious when will the Guggenheim fund start investing heavily into BTC. Are they waiting for a break of the ATH or for a dip. Or maybe.. for whichever will happen first.

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Quote from: CarnagexD on December 05, 2020, 06:25:37 PM

The contributions they gave to the market is indeed astounding, but to the growth of the coin as a whole? I guess not so much. Especially when we take into account the fact that they are not allowing their users to do anything else with the bitcoins they purchased thru paypal other than to trade it with already existing fiats. I'm not so sure how this can help the coin grow when they are literally telling people bitcoins can be centralized and regulated.

I think the only contribution they gave to the crypto market is marketing! Just let them talk about Bitcoin and crypto! PayPal is doing something strange for most of us who are in crypto, probably they wish to attract new people, but when they find out what is real BTC and what's not, people will move their funds from them! I never used PayPal, in the end it's just a third party service, why we need that when we can be our own bank? People will figure them out sooner or later, at least I hope that will happen! For now my advice to people is to stay away from PayPal!

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Quote from: AmoreJaz on November 22, 2020, 04:29:52 PM

we really cant deny the fact that paypal has contribution with the current btc market. though most long-time crypto users here will not use their service, there will always be paypal users that will definitely use their crypto services. and we cant ignore the fact that they have millions of users already.

btw, similar article from cointelegraph- https://cointelegraph.com/news/bitcoin-shortage-is-real-and-paypal-is-the-cause-pantera-capital-claims

so yeah, seems that paypal is storing their btc stash to be available anytime to its users. wont be surprised if they will create their own crypto exchange in the future.

I agree. Paypal also contributed the current pump of bitcoin. The announcement and integration they made using bitcoin really triggers the buyers to buy bitcoin for the past few weeks. We all know how paypal popular to the world and it is really a massive announcement that brings good impact to bitcoin price. That's why it is also an honor for paypal that they pushes the price of bitcoin and bring bitcoins the new all time high.

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The contributions they gave to the market is indeed astounding, but to the growth of the coin as a whole? I guess not so much. Especially when we take into account the fact that they are not allowing their users to do anything else with the bitcoins they purchased thru paypal other than to trade it with already existing fiats. I'm not so sure how this can help the coin grow when they are literally telling people bitcoins can be centralized and regulated.

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Quote from: doomloop on December 01, 2020, 12:07:25 PM

At the end of the day, the only thing that could really change the price would be places like grayscale and similar places, they literally buy bitcoin and hold it and not sell it, not even depending on you or someone else buying from them because they have money invested into them and they use it however they want, if they need to pay the investors their money back via withdrawal, they can do it with something else other than bitcoin. Hence we need more places like that and not like paypal.

Yeah, we should not be counting on these huge companies to take the miners off our hands. There are talks about how Paypal did this, also about how grayscale bought more as well, and talks about even microstrategy is helping. These are all huge companies and to think that they would be of any help to you or me if it wasn't in line with their own profits would be idiotic.

The moment they realize they could make a lot more profits by just shorting, they will not only buy incredible amount of short futures with serious high leverage that would yield them insane amount of profit when bitcoin prices go down, but they will also sell tens of thousands of bitcoins at their hands to make it actually go down as well, and rebuy when the price is lower too in order to not lose any money along the way.

bits4books

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It would be better not to be happy about the increase in the BTC rate in relation to the "pieces of paper " but to be afraid of what it all might end up with. Everyone in the crypto club shouts "decentralization and anonymity are cool" and then rejoice when a semi-state or just a corporate whale buys a bunch of BTC. Are you all right? Where are your slogans about freedom decentralization and all that? Admit it, you don't care about BTC. You don't care about cryptocurrency. You only care how much it will cost tomorrow because you need to close another loan from the Bank.

aioc

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Quote from: bittick on December 05, 2020, 01:12:47 AM

If paypal really buying bitcoins in bulk then the price gonna be going up therefore acquiring large percentage of 21 millions is not an easy feat. Honestly, it seems paypal is just trying out and see whether their business model is profitable or not. The amount the used to buy freshly mined bitcoins before are some peanuts becasue we are talking about paypal here.
But once they see the opportunity they might buy a lot more btcs than ever before, time will tell.

I still don't see the impact, if they are buying newly mined Bitcoin, have they stopped, I hope they will continue buying so we can see the price grow to another all time high, PayPal once they announced their profit, many companies and institution, are going to do the same we owed a lot to Bitcoin, and of course they owed their profit to Bitcoin, it's a win win situation.

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Quote from: Fortify on December 01, 2020, 12:50:56 PM

I have a feeling that many people will underestimate the amount of currency that Paypal will be pouring into Bitcoin right now, if they have decided that it will become a large part of their payment system (and it seems they have) then they will want to get hold of as much as possible. They will definitely be seeing all the hedge funds and money managers who are also snapping it up right now. 21 million bitcoins isn't really all that much in the grand scheme of things and for billion dollar businesses, the lack of erosion from interest rates will be a very tempting factor, especially when the amount in circulation will gradually be lost (either through users losing access to wallets or many tiny amounts getting abandoned). Paypal have a huge and captive market of users who will be wanting to buy into this type of "investment", even if they don't understand that their bitcoin will be trapped within the Paypal network. They may even consider the security of the Paypal network to be a very big bonus and buy more that way.

If paypal really buying bitcoins in bulk then the price gonna be going up therefore acquiring large percentage of 21 millions is not an easy feat. Honestly, it seems paypal is just trying out and see whether their business model is profitable or not. The amount the used to buy freshly mined bitcoins before are some peanuts becasue we are talking about paypal here.
But once they see the opportunity they might buy a lot more btcs than ever before, time will tell.

bearexin

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In a way I am happy because their huge investment in bitcoin alongside other big institutions is leading us to a higher price, and that’s why the price of Bitcoin has been bullish as of recent. Those of us that have invested earlier are now going to be the lucky ones as we are going to be making profit from our early investment in the asset as the price keeps on growing.

But in one way, I am not really happy and that’s because I feel that them buying too much if the cryptocurrency and storing it in a private wallet, which I know they will be doing for a long time, is not good.

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Quote from: Spaffin on November 30, 2020, 06:08:28 AM

Quote from: Saisher on November 29, 2020, 11:35:05 AM

Quote from: nrvasquez on November 23, 2020, 10:46:33 AM

Ofcourse as a big party, Paypal will get the highest profit from FOMO and bullrun this time. but on the other hand they are also the party that triggers the bullrun, so I think it will be a healthy bullish if other big parties participate.

PayPal made a bold and a wise decision this is thinking long term profit, they can buy as many Bitcoin that they wants, they waited this long until they see that there is lesser risk to invest in Bitcoin, but there was a time that they are against Bitcoin, this is indeed a big turn of event, every company should emulate PayPal.

Undoubtedly, the PayPal solution is very beneficial for the entire cryptocurrency market and for each user in particular, since such a large investor in Bitcoin will definitely affect the value of the cryptocurrency. But I really don't like the hidden plans of PayPal, especially after many Pay Pal users who are somehow connected with cryptocurrency were blocked.

Paypal blocked accounts when they deal with cryptos was old news but now they officially like an exchange where we can buy or sell cryptos and also can make payment with cryptos in our PayPal wallet. They didn't mention that people cannot withdraw or move their cryptos all they can do is buy and sell.

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Quote from: suzanne5223 on November 22, 2020, 06:32:37 PM

There is some misunderstanding going on in the cryptocurrency sphere ever since the day Paypal announced the integration of Paypal and the last time I checked most of the crypto done on Paypal was operated by another crypto company but people seems to believe every positive trend posed by the market was the role of paypal whereas Paypal was not among the holding big amount of Bitcoin.

That's because people misunderstand what is going on. PayPal isn't buying bitcoin, PayPal's users are. The bitcoin treasuries site tracks companies that buy and hold bitcoin for themselves as company assets. When you buy through a service like Coinbase, Cashapp, or payPal, that doesn't apply as they're not owned by those companies but by those company's users.

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I have a feeling that many people will underestimate the amount of currency that Paypal will be pouring into Bitcoin right now, if they have decided that it will become a large part of their payment system (and it seems they have) then they will want to get hold of as much as possible. They will definitely be seeing all the hedge funds and money managers who are also snapping it up right now. 21 million bitcoins isn't really all that much in the grand scheme of things and for billion dollar businesses, the lack of erosion from interest rates will be a very tempting factor, especially when the amount in circulation will gradually be lost (either through users losing access to wallets or many tiny amounts getting abandoned). Paypal have a huge and captive market of users who will be wanting to buy into this type of "investment", even if they don't understand that their bitcoin will be trapped within the Paypal network. They may even consider the security of the Paypal network to be a very big bonus and buy more that way.

doomloop

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Where is all of this purchase during this fall? I couldn't see paypal buying anything during this fall period neither, they are all gone and hiding somewhere? I have always said this, they are not buying it, you are buying it from paypal, and that is why this is temporary and just a hype.

At the end of the day, the only thing that could really change the price would be places like grayscale and similar places, they literally buy bitcoin and hold it and not sell it, not even depending on you or someone else buying from them because they have money invested into them and they use it however they want, if they need to pay the investors their money back via withdrawal, they can do it with something else other than bitcoin. Hence we need more places like that and not like paypal.

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Quote from: Saisher on November 29, 2020, 11:35:05 AM

Quote from: nrvasquez on November 23, 2020, 10:46:33 AM

Ofcourse as a big party, Paypal will get the highest profit from FOMO and bullrun this time. but on the other hand they are also the party that triggers the bullrun, so I think it will be a healthy bullish if other big parties participate.

PayPal made a bold and a wise decision this is thinking long term profit, they can buy as many Bitcoin that they wants, they waited this long until they see that there is lesser risk to invest in Bitcoin, but there was a time that they are against Bitcoin, this is indeed a big turn of event, every company should emulate PayPal.

Undoubtedly, the PayPal solution is very beneficial for the entire cryptocurrency market and for each user in particular, since such a large investor in Bitcoin will definitely affect the value of the cryptocurrency. But I really don't like the hidden plans of PayPal, especially after many Pay Pal users who are somehow connected with cryptocurrency were blocked.

Vishnu.Reang

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Quote from: CyberKuro on November 27, 2020, 05:35:25 AM

Quote from: Vishnu.Reang on November 26, 2020, 10:16:30 PM

Quote from: CyberKuro on November 26, 2020, 02:33:45 PM

~

PayPal is having billions of $$$ in reserve funds available and they can easily acquire medium-level exchanges and other cryptocurrency ventures. My biggest fear is that they may try to acquire Binance or Blockchain.com, which may have a very negative impact on the users of these platforms. What will happen, if PayPal acquires Blockchain.com, and then asks all the users to update their KYC?

Although PayPal has billions of dollars, yet it's not easy to acquire a crypto-company such as BitGo, they have discussed but there seems to be no agreement because this news has been quite a while but Pay Pal has not shown any cooperation other than with Paxos. You see, it's not that easy to buy a company if no one to sell it, even though they have a lot of funds. And I doubt Binance or blockchain.com will ever sell their company.

https://www.bloomberg.com/news/articles/2020-10-22/paypal-said-to-be-in-talks-to-buy-crypto-firms-including-bitgo

Purchases and acquisitions are not that rare in the mainstream market. I guess the same will occur with the cryptocurrency market, as it matures. I am not saying that Binance would agree to an acquisition as soon as PayPal makes an offer. Most probably, they would reject the proposal. But there are dozens of cryptocurrency exchanges out there, such as Houbi, LAToken, Kraken, BitMEX and VinDAX. Some of them would be willing to consider the proposal by PayPal, if the amount is right.

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Quote from: nrvasquez on November 23, 2020, 10:46:33 AM

Ofcourse as a big party, Paypal will get the highest profit from FOMO and bullrun this time. but on the other hand they are also the party that triggers the bullrun, so I think it will be a healthy bullish if other big parties participate.

PayPal made a bold and a wise decision this is thinking long term profit, they can buy as many Bitcoin that they wants, they waited this long until they see that there is lesser risk to invest in Bitcoin, but there was a time that they are against Bitcoin, this is indeed a big turn of event, every company should emulate PayPal.

TheGreatPython

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Whether we are hitting $20,000 soon or not, I don’t know that, all I really wanted was real world adoption for Bitcoin. I want people, so many people, around the world to be adopting Bitcoin and using it mainly for transactions. All these institutions of a thing wasn’t what I was looking out for.

I do feel like institutions will just be here to be causing a pump and dump, although, maybe this one of PayPal will be quite different since they will be buying on a steady I guess? And that will help keep the price balanced? Another thing is that some of us here don’t even trust PayPal., It’s always been better to hold your coins yourself.

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Quote from: CyberKuro on November 27, 2020, 05:35:25 AM

Although PayPal has billions of dollars, yet it's not easy to acquire a crypto-company such as BitGo, they have discussed but there seems to be no agreement because this news has been quite a while but Pay Pal has not shown any cooperation other than with Paxos. You see, it's not that easy to buy a company if no one to sell it, even though they have a lot of funds. And I doubt Binance or blockchain.com will ever sell their company.

https://www.bloomberg.com/news/articles/2020-10-22/paypal-said-to-be-in-talks-to-buy-crypto-firms-including-bitgo

Yeah it's not easy when the owner or founder of that crypto company sees potential behind it in the upcoming years.
That's why sometimes when a large corporation trying to acquire some company they gonna make the founder and devs work for them.
Though, I wonder why paypal don't just start building their own crypto platform. I mean paypal is already big enough to easily create new brand.

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Quote from: Vishnu.Reang on November 26, 2020, 10:16:30 PM

Quote from: CyberKuro on November 26, 2020, 02:33:45 PM

~

PayPal is having billions of $$$ in reserve funds available and they can easily acquire medium-level exchanges and other cryptocurrency ventures. My biggest fear is that they may try to acquire Binance or Blockchain.com, which may have a very negative impact on the users of these platforms. What will happen, if PayPal acquires Blockchain.com, and then asks all the users to update their KYC?

Although PayPal has billions of dollars, yet it's not easy to acquire a crypto-company such as BitGo, they have discussed but there seems to be no agreement because this news has been quite a while but Pay Pal has not shown any cooperation other than with Paxos. You see, it's not that easy to buy a company if no one to sell it, even though they have a lot of funds. And I doubt Binance or blockchain.com will ever sell their company.

https://www.bloomberg.com/news/articles/2020-10-22/paypal-said-to-be-in-talks-to-buy-crypto-firms-including-bitgo

imstillthebest

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Quote from: Smartprofit on November 27, 2020, 05:16:58 AM

Quote from: lovesmayfamilis on November 27, 2020, 04:43:10 AM

Quote from: CyberKuro on November 26, 2020, 02:33:45 PM

They probably have that intention to create their exchange as PayPal ever want to acquire crypto-firm.
PayPal is a good thing to support Bitcoin adoption although users can't withdraw their bitcoin at the moment, but who knows if they will have that feature someday if the company really create or buy a crypto exchange.

I doubt PayPal will ever allow you to withdraw your Bitcoins. If they are already starting to block accounts, inventing suspicious activity, then do not expect improvements in this system about customers.
PayPal is destroying the Bitcoin idea, trying to take control of everything. Those people who do not fully assess all the risks of storing their bitcoins in this system can rejoice. He will never be yours, he can always be taken away, blocked, and at the same time without thinking too much about any moral principles.

Yes, if the price of bitcoin reaches $ 100,000, then many will forget about morality.

In December 2017, the price of bitcoins rose to $ 20,000. I left my satoshi on the Bitfinex cryptocurrency exchange. I lent my satoshi (BTC) to traders at interest (lending). Suddenly my balance went to zero. I could not withdraw my cryptocurrency from the exchange. Then satoshi appeared on my deposit again. However, no one returned the interest to me.

You don't need to trust centralized platforms.

of course your balanced will be zero because you lend the coin and you cant withdrew because you have a zero balance .
the balance will apear again on your account after the borowers paid but not paying interest as what ls promised is not right .
those users should be penalize so that they cant loan again .
the problem of paypal is different from your problem because paypal block accounts and other people dont recover thier funds anymore . thats more worst but i wonder why paypal is still number one

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Quote from: lovesmayfamilis on November 27, 2020, 04:43:10 AM

Quote from: CyberKuro on November 26, 2020, 02:33:45 PM

They probably have that intention to create their exchange as PayPal ever want to acquire crypto-firm.
PayPal is a good thing to support Bitcoin adoption although users can't withdraw their bitcoin at the moment, but who knows if they will have that feature someday if the company really create or buy a crypto exchange.

I doubt PayPal will ever allow you to withdraw your Bitcoins. If they are already starting to block accounts, inventing suspicious activity, then do not expect improvements in this system about customers.
PayPal is destroying the Bitcoin idea, trying to take control of everything. Those people who do not fully assess all the risks of storing their bitcoins in this system can rejoice. He will never be yours, he can always be taken away, blocked, and at the same time without thinking too much about any moral principles.

Yes, if the price of bitcoin reaches $ 100,000, then many will forget about morality.

In December 2017, the price of bitcoins rose to $ 20,000. I left my satoshi on the Bitfinex cryptocurrency exchange. I lent my satoshi (BTC) to traders at interest (lending). Suddenly my balance went to zero. I could not withdraw my cryptocurrency from the exchange. Then satoshi appeared on my deposit again. However, no one returned the interest to me.

You don't need to trust centralized platforms.

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Quote from: CyberKuro on November 26, 2020, 02:33:45 PM

They probably have that intention to create their exchange as PayPal ever want to acquire crypto-firm.
PayPal is a good thing to support Bitcoin adoption although users can't withdraw their bitcoin at the moment, but who knows if they will have that feature someday if the company really create or buy a crypto exchange.

I doubt PayPal will ever allow you to withdraw your Bitcoins. If they are already starting to block accounts, inventing suspicious activity, then do not expect improvements in this system about customers.
PayPal is destroying the Bitcoin idea, trying to take control of everything. Those people who do not fully assess all the risks of storing their bitcoins in this system can rejoice. He will never be yours, he can always be taken away, blocked, and at the same time without thinking too much about any moral principles.

Wind_FURY

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The people who are excited about companies like PayPal's increasing supply of Bitcoin under centralized custody should know the fact that it also increases their ability to censor you.

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We have more and more reasons to buy even more crypto than we have

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Quote from: CyberKuro on November 26, 2020, 02:33:45 PM

They probably have that intention to create their exchange as PayPal ever want to acquire crypto-firm.
PayPal is a good thing to support Bitcoin adoption although users can't withdraw their bitcoin at the moment, but who knows if they will have that feature someday if the company really create or buy a crypto exchange.

PayPal is having billions of $$$ in reserve funds available and they can easily acquire medium-level exchanges and other cryptocurrency ventures. My biggest fear is that they may try to acquire Binance or Blockchain.com, which may have a very negative impact on the users of these platforms. What will happen, if PayPal acquires Blockchain.com, and then asks all the users to update their KYC?

Twentyonepaylots

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Quote from: shield132 on November 26, 2020, 01:35:56 PM

Personally, I think that this is one of the most amazing news that I have heard lately. Paypal bought bitcoin when price was very high, between 15-19K USD. I guess there are very smart people behind the Paypal and their results prove everything.

It is amazing til you get banned for trading cryptocurrencies lol there is a man recently that was suspended for winning trades in paypal such as buying low and selling high, now paypal is asking for this user to explain how these things went and did not actually believe that it is easy to pull that up with crypto trading lmao.

Quote from: shield132 on November 26, 2020, 01:35:56 PM

If they bought bitcoin in so high prices, this means they have a huge expectation that price will rise or at least not dramatically fall. Also, this action is another alarm that shows society that PayPal is seriously interested and there is an increased demand on supply from such company. Logically, this should cause a price rise. And you know what? PayPal plans to develop and implement more crypto services, so, the very exciting year comes up for crypto world.

Besides they are taking this too far, buying at this ridiculously high prices might turn the table down for them, it is not always inclining, people might dump every bitcoin they have but I believe the trust they are putting into bitcoin will grow and be seen as opportunity by other companies.

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Quote from: Febo on November 22, 2020, 05:22:48 PM

Quote from: AmoreJaz on November 22, 2020, 04:29:52 PM

so yeah, seems that paypal is storing their btc stash to be available anytime to its users. wont be surprised if they will create their own crypto exchange in the future.

Bitcoin will never be available to paypal users. hey can never withdraw them. Only one that will be able to use papayl users Bitcoin will be paypal itself. They will be able to manipulate Bitcoin market with those coins from their users. Paypal users will be only able to watch.

They probably have that intention to create their exchange as PayPal ever want to acquire crypto-firm.
PayPal is a good thing to support Bitcoin adoption although users can't withdraw their bitcoin at the moment, but who knows if they will have that feature someday if the company really create or buy a crypto exchange.

lixer

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Quote from: pilosopotasyo on November 25, 2020, 08:03:36 AM

Quote from: dothebeats on November 25, 2020, 05:41:42 AM

but it's alarming that tens of millions are being controlled by a few entities.

That's likely to happen they have the means they can control the price the volume it has become the battle of the whales and we small investors are now a pawn on this kind of battle, we'll see more companies as big as PayPal to buy Cryptocurrency and integrate Cryptocurrency, we have read that some billionaires are already allocating their portfolio to Cryptocurrency.

With investment always comes the dilemma of whales controlling the market but I honestly do not think they will be able to manipulate the market because there are enough small whales and mixed investors who can carry the market in case one whale dumps and tries to bring the price down. The demand is going to become more and more as Bitcoins are in limited amount and daily some coins are lost in multiple ways.

Quote from: chretienm on November 25, 2020, 09:08:54 AM

Bitcoin will become is a very expensive asset in the hands of the few, no mass adoption will ever happen. Maybe that's their plan who knows. There are many very rare earth elements which are much more expensive that gold or platinum so what? Not many know and use them.

Haha that would be funny but I can assure you that there are enough whales in the market to keep the price solid and the recent bull run was always expected as it happens in late every year so this bull run is not the result of a particular whale going big.

shield132

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Personally, I think that this is one of the most amazing news that I have heard lately. Paypal bought bitcoin when price was very high, between 15-19K USD. I guess there are very smart people behind the Paypal and their results prove everything. If they bought bitcoin in so high prices, this means they have a huge expectation that price will rise or at least not dramatically fall. Also, this action is another alarm that shows society that PayPal is seriously interested and there is an increased demand on supply from such company. Logically, this should cause a price rise. And you know what? PayPal plans to develop and implement more crypto services, so, the very exciting year comes up for crypto world.

so98nn

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Quote from: Febo on November 22, 2020, 05:22:48 PM

Quote from: AmoreJaz on November 22, 2020, 04:29:52 PM

so yeah, seems that paypal is storing their btc stash to be available anytime to its users. wont be surprised if they will create their own crypto exchange in the future.

Bitcoin will never be available to paypal users. hey can never withdraw them. Only one that will be able to use papayl users Bitcoin will be paypal itself. They will be able to manipulate Bitcoin market with those coins from their users. Paypal users will be only able to watch.

Certainly this is truthful. What logic I am applying is, PayPal has just offered platform to transact in the form of bitcoin like what other wallets or exchangers do. The only thing is you get a trusted platform who will use your bitcoin to trade into market. You never know what the team is doing behind this, how they are manipulating the current prices.

If the news about acquisition of virgin bitcoin is true then boom, this market is coming under control of paypal staff. Yeah, thats undeniable probably i would say.

In our language we could say paypal is one step closer to become giant whale in the crypto space.

FanEagle

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Paypal didn't do anything, it was the people who are in paypal and uses paypal's crypto section that bought it. People need to realize that paypal does nothing, it is just a middleman, if there are tons of crypto purchased from paypal that means it was regular humans that bought it and not paypal itself, paypal just helped those people.

So, if people decide to never use paypal for crypto ever again, paypal would have zero significance on crypto all of a sudden as well. Obviously it will never be zero, and this could grow in the future as well, but we have to remember that it is still the market that decides this. We have to learn the difference between places like grayscale that directly buys bitcoin from the market, versus paypal that is just helping others buy from the market.

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Quote from: jrrsparkles on November 25, 2020, 12:06:58 PM

Paypal isn't actually buying and selling bitcoin right? Because they just integrated with a crypto exchange that is how they offer their customers to buy and sell bitcoin and other few cryptos and also they are not responsible for any hacks/scams from that crypto exchange side then how paypal is buying the bitcoins?

Paypal is just mandating Paxos to provide them with the bitcoins their clients are buying on their platform, so for every guy that buys 1000$ worth of BTC in Paypal, Paxos buys from the market 1000$ worth of it and stores it.

Quote from: Vishnu.Reang on November 25, 2020, 11:52:01 AM

The difference here is that unlike FB, PayPal is trying to adopt an already established innovation (BTC)

You're giving them a way to much credit, they have seen that people are still having trouble getting bitcoins from various sources and they stepped in offering their service in exchange for fees, not only are they gaining a lot but they also might get rid of the scams that were happening with people trying to sell and buy bitcoins via their service.

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There are a couple of things that are getting me excited now..

Remember, PayPal bought those bitcoins to "feed" the demand for coins for the US Market (only selected clients) .... they are still planning to extent this option to all their other clients and next year to their "selected" global clients.

Also, most of the coins bought... cannot be used on their supported merchant network and the CEO said... that is coming in the near future... so imagine what is going to happen ...after that announcement is made. Wink

Yes, we are still in for a very wild ride and I expect other large corporate giants are going to follow PayPal's example soon. Wink

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Quote from: plr on November 26, 2020, 04:33:14 AM

This is a long term strategy that will eventually pay off big corporation operate in a long haul or long term they want to by as much as they can at this price because they already know that many institution and corporation are coming and they want to have an edge in the competition, I'm pretty sure they have many plans in the long haul.

That may be strategy behind PayPal's move, but let's not forget that it was FaceBook which ventured first in to the cryptocurrency sector. However unlike the conciliatory approach by PayPal, FB's stance was far more hostile and they wanted to introduce their own version of crypto. Anyway, the fact that PayPal made this move despite knowing about the negative outcome of Libra proves that they are confident of Bitcoin's future potential.

plr

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Quote from: Poker Player on November 22, 2020, 04:08:53 PM

We knew that institutional investors were behind the latest price increases but it seems that Paypal is monopolizing most of it:

"Paypal bought up to 70% of all the newly mined bitcoin since the payments giant started offering cryptocurrency services four weeks ago.

This is a long term strategy that will eventually pay off big corporation operate in a long haul or long term they want to by as much as they can at this price because they already know that many institution and corporation are coming and they want to have an edge in the competition, I'm pretty sure they have many plans in the long haul.

Kong Hey Pakboy

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Quote from: jrrsparkles on November 25, 2020, 12:06:58 PM

Paypal isn't actually buying and selling bitcoin right? Because they just integrated with a crypto exchange that is how they offer their customers to buy and sell bitcoin and other few cryptos and also they are not responsible for any hacks/scams from that crypto exchange side then how paypal is buying the bitcoins?

I think PayPal is actually buying bitcoin on the market because they are offering their clients to buy and sell cryptocurrencies on its network that PayPal is buying bitcoin, and they sell it to its users. It is one of the reasons why we are now almost to reach bitcoin's ATH price because PayPal is buying 70% newly mined bitcoins.

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Quote from: Mauser on November 25, 2020, 02:21:05 AM

Quote from: Poker Player on November 22, 2020, 04:08:53 PM

I think we are going to hit 20k pretty soon. News like this are non-stop these days. I don't want to even think what will happen when the general public FOMO starts.

I agree with you, we are so close to 20k USD again. Let's do it guys, this would be an awesome Christmas present for all of us. I think we will see a new all time high this year. Everything is looking good. I wouldn't sell at the moment, prices are going to go up for sure.

I am not so worried about the price now because we have the corona vaccine made and now the economy will only recover which directly impacts the price of bitcoins positively because new investors will come into the market now and the price will continue to grow over the next year and it would be the best time to sell once the economy is fully recovered because then the price might get stable again.

Paypal buying 70% of the newly mined bitcoins is good for everyone because paypal isn't buying for their own use instead that shows the investors are now investing through paypal and that means the price keeps going up.

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Paypal isn't actually buying and selling bitcoin right? Because they just integrated with a crypto exchange that is how they offer their customers to buy and sell bitcoin and other few cryptos and also they are not responsible for any hacks/scams from that crypto exchange side then how paypal is buying the bitcoins?

Vishnu.Reang

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Quote from: bittick on November 25, 2020, 10:06:26 AM

So it's confirmed that paypal not gonna be a mere middle man but the one who provides bitcoin considering they bought a big chunk of newly mined bitcoin. Maybe they not gonna buy bitcoin continously but instead just testing the water providing some bitcoin for their users and see whether it's profitable or not. however still a good thing that now bitcoin gain even more exposure hope it contributes hugely to the bullish run so we can really see the new ATH this year or next year.

It is actually very simple. For PayPal, the traditional markets are getting saturated and in order to improve their annual revenues, they need to venture in to new sectors. And cryptocurrency is obviously one of the most promising innovations of this decade. FaceBook also tried its luck with cryptocurrency, but it didn't turned out that well for them. The difference here is that unlike FB, PayPal is trying to adopt an already established innovation (BTC) rather than attempting to create a new copycat version (Libra).

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So it's confirmed that paypal not gonna be a mere middle man but the one who provides bitcoin considering they bought a big chunk of newly mined bitcoin. Maybe they not gonna buy bitcoin continously but instead just testing the water providing some bitcoin for their users and see whether it's profitable or not. however still a good thing that now bitcoin gain even more exposure hope it contributes hugely to the bullish run so we can really see the new ATH this year or next year.

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Quote from: chretienm on November 25, 2020, 09:08:54 AM

Let's imagine that them and few other whales bought up all the supply and the price skyrocketed to $100k, then what? Are they gonna sell&buy it from each other? Bitcoin will become is a very expensive asset in the hands of the few, no mass adoption will ever happen. Maybe that's their plan who knows. There are many very rare earth elements which are much more expensive that gold or platinum so what? Not many know and use them.

The fact is that big Whales already receive quite large incomes, including paypal. There is some opinion that big whales, including paypal, will be able to maintain the value of Bitcoin at the highest level, thanks to their capital, without allowing a fall in the landfill. Perhaps they will achieve a situation where most of the small Bitcoin holders sell their assets.

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Let's imagine that them and few other whales bought up all the supply and the price skyrocketed to $100k, then what? Are they gonna sell&buy it from each other? Bitcoin will become is a very expensive asset in the hands of the few, no mass adoption will ever happen. Maybe that's their plan who knows. There are many very rare earth elements which are much more expensive that gold or platinum so what? Not many know and use them.

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Quote from: dothebeats on November 25, 2020, 05:41:42 AM

but it's alarming that tens of millions are being controlled by a few entities.

That's likely to happen they have the means they can control the price the volume it has become the battle of the whales and we small investors are now a pawn on this kind of battle, we'll see more companies as big as PayPal to buy Cryptocurrency and integrate Cryptocurrency, we have read that some billionaires are already allocating their portfolio to Cryptocurrency.

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Quote from: dothebeats on November 25, 2020, 05:41:42 AM

The only way to offset this huge, uneven distribution of bitcoins, or to stop them from acquiring even more is for the price to shoot up so high that the risks would soon outweigh the benefits of acquiring coins.

And do you think that people will invest more in BTC if they see the value skyrocketing at $100k for example?
We're still not over that newbie concern of not investing because they can't afford an entire bitcoin, a thing which makes no sense but on top of that there will be also the fear of an imminent crash, as bitcoin has a history of rapid ups and downs.

And there is one more thing, where would people who have not invested yet find the money to buy more at those rates, as we can assume that at this time there are two categories left
- those that have no money and who will still have no money
- those that were afraid to invest who will react the same as those investment funds, still afraid to do so

Quote from: dothebeats on November 25, 2020, 05:41:42 AM

While they have the capacity to risk more than us, they would surely still think twice to invest if they are already sitting on a huge pile of money with the bitcoins they already acquired. Either way, more people coming in on the industry is good, but it's alarming that tens of millions are being controlled by a few entities.

Those entities are not that few, those bitcoins which are "owned" by grayscale are actually owned by investors, and one company can have a multitude of those and a lot of the investment funds that are buying grayscale stocks are themselves owned by a multitude of persons. Them holding coins is the last of our problems, better to have those owned and stored by some known public companies that have to go through SEC filings than some unknown guys who played the pump and dump whale game for a little too much time in my opinion.

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It started as a pretty good news for adoption when it was first announced, although as the story progresses, it feels like most of these institutions are slowly choking bitcoin up to the point that they control most of it, leaving most of the general population empty-handed or just at the sidelines wishing for a huge crash to get their own share of the pie. The only way to offset this huge, uneven distribution of bitcoins, or to stop them from acquiring even more is for the price to shoot up so high that the risks would soon outweigh the benefits of acquiring coins. While they have the capacity to risk more than us, they would surely still think twice to invest if they are already sitting on a huge pile of money with the bitcoins they already acquired. Either way, more people coming in on the industry is good, but it's alarming that tens of millions are being controlled by a few entities.

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Quote from: Poker Player on November 22, 2020, 04:08:53 PM

I think we are going to hit 20k pretty soon. News like this are non-stop these days. I don't want to even think what will happen when the general public FOMO starts.

I agree with you, we are so close to 20k USD again. Let's do it guys, this would be an awesome Christmas present for all of us. I think we will see a new all time high this year. Everything is looking good. I wouldn't sell at the moment, prices are going to go up for sure.

Golftech

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Institutional investment impacts the crypto space which can not be denied. But there are many retail investors who are also causing the massive bull run of bitcoin. In crypto space what I think is " the early is the better". Those institutions will make a big amount of money in the future because the demands of cryptocurrency will be greater than it supplies in near future.

If those institutional investors are here to stay, the value of this assets will rise more
and will continue to keep reaching higher, we don't know the peak for now as the
more investors to come the more value it will added to the market, plus knowing that
bitcoin have limited volumes. It weights the possibilities to reached more..

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Quote from: ecnalubma on November 24, 2020, 12:54:19 PM

Quote from: Poker Player on November 22, 2020, 04:08:53 PM

I think we are going to hit 20k pretty soon. News like this are non-stop these days. I don't want to even think what will happen when the general public FOMO starts.

We’re very close to all time high Bitcoin is unstoppable right now, Paypal is the Catalyst of this massive bullrun. The 2017 pump will become a joke in the current market scenario, big companies realise the potential of Bitcoin and cryptocurrency. This craze will probably boom until 2021 because more positive things are coming, its just warming up.

It looks to me that the real spike will appear next year. What we are witnessing now is just the tip of the iceberg. But it will depend on a lot of factors. Most of the PayPal Bitcoin users are venturing for the first time in to the world of cryptocurrency and this makes them vulnerable to panic selling. It will be interesting to notice how these users behave to various FUDs and corrections in the market.

TeraBite

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Quote from: ecnalubma on November 24, 2020, 12:54:19 PM

Quote from: Poker Player on November 22, 2020, 04:08:53 PM

I think we are going to hit 20k pretty soon. News like this are non-stop these days. I don't want to even think what will happen when the general public FOMO starts.

We’re very close to all time high Bitcoin is unstoppable right now, Paypal is the Catalyst of this massive bullrun. The 2017 pump will become a joke in the current market scenario, big companies realise the potential of Bitcoin and cryptocurrency. This craze will probably boom until 2021 because more positive things are coming, its just warming up.

BTC is in high demand due to pandemic situation all around the world institutional investors are hedging against hyper inflation and that could be the result why it showing rapid growth. I also believe in coming months it will gain more value and we will it turning into Trillions Dollars market even at the moment it looking very hard but it would happen very soon.

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Quote from: Poker Player on November 22, 2020, 04:08:53 PM

I think we are going to hit 20k pretty soon. News like this are non-stop these days. I don't want to even think what will happen when the general public FOMO starts.

We’re very close to all time high Bitcoin is unstoppable right now, Paypal is the Catalyst of this massive bullrun. The 2017 pump will become a joke in the current market scenario, big companies realise the potential of Bitcoin and cryptocurrency. This craze will probably boom until 2021 because more positive things are coming, its just warming up.

Clement Kaliyar

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Quote from: Poker Player on November 22, 2020, 04:08:53 PM

I think we are going to hit 20k pretty soon. News like this are non-stop these days. I don't want to even think what will happen when the general public FOMO starts.

We already hit 20k already and we are on our way to hit the all time high valuation and if the FOMO could have started a long time ago and we never saw that and i think all the click bait news publications knew that it will not be affected like they used to be as there is nothing positive going on in the world and you cannot say anything good about the rest of the financial market to sell the FOMO.

(o)(o)ilikeboobs(o)(o)

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The 70% of Bitcoin mined recently is an impressive number, I think in the past few months very few bitcoins have been sold on exchanges as Paypal bought most of them. The remaining 30% will be held by Bitcoin miners.
Along with the wave of buying bitcoin to invest in businesses, Paypal also contributes to the scarcity of Bitcoin in the market. Bitcoin has a consistent bullish momentum.
After Paypal makes the world cryptocurrency available next year, Bitcoin could reach $ 50k.

Dorodha

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It is not possible to buy anything 100% while everything has improved through blockchain technology Bitcoin's high price has increased the number of scammers the bitcoin paypal system is a new thing it is also a kind of bitcoin transaction method or gateway like payza paypal money Bookers Currently,in many countries of the world, bitcoin system has been added to PayPal site as a different gateway payment process. Although PayPal has recently bought up to 70% of all new Bitcoins the miners are raising their prices instead of buying coins. That's why the price of Bitcoin is rising and people are saving for the future.

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Quote from: philipma1957 on November 24, 2020, 12:40:35 AM

I have two accounts. So the 346 million may really be 250 million different people.

So 10% could be 25 million so 100 bucks each is 2.5 billion

that would be 125000 coins so 200 days of buying at 20k a coin could happen.

The 10% figure sounds fair to me, so does the average of $100 per user. What I am hoping is that, since the prices are moving up so rapidly, at least some of those who made initial investments of $50 or $100 would make repeat purchases of $500 or $1000. Let's not forget the fact that the daily supply of freshly mined coins stand at around 900 BTC. If something like this happens, then there will be a sharp supply crunch at the market.

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Quote from: philipma1957 on November 23, 2020, 12:41:13 PM

Quote from: ampu on November 23, 2020, 10:30:43 AM

The decreasing amount of BTC on exchanges with Paypal offering Bitcoin on their payment system that they buy 70% of the mined Bitcoins shows their determination to provide related services. to Bitcoin and cryptocurrencies.
Bitcoin's value has not declined since last month since there is no source to sell to the market. I see this as the main reason that led to the sharp rise in Bitcoin price in October and November.

Yeah but if they are buying 12.6 million a day or 630 coins at 20k each.

The real question is how long will they do this?

in 20 days it would be over 252million usd in btc.

I think at a certain point in time they stop buying the coins.

As the buyer market dries up.

When they create a sufficiently large demand on their system, Bitcoin will continue to increase in value. As far as I know, they are only providing Bitcoin-related services in the US. If they expand around the world next year then more people will buy Bitcoin.
When everyone's demand stops, Paypal will either decrease or stop buying Bitcoin from mining pools to secure their profits.
I think the fact that they provide Bitcoin to their users gives Bitcoin a larger network. I'm not worried about them stopping buying Bitcoin because companies sell off Bitcoin after they've kept it from a very low price.

jacafbiz

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If one look at all these new companies entering the space now and their customer base, one would realize that their buying power is so strong that they can buy up all the new mined BTC and won't be enough to satisfy their demand. This is why people need to be cautious now and not to gamble with their BTC because once is sold you may not be able to buy it at that price again

bitgolden

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Unfortunately they are not going to keep buying at this speed, it is impossible to keep this up. The difference is basically similar to what happened with uniswap as well, there was a lot of uniswap interest that made it go into billions right away, but dropped to under 200+ million or so after a while.

Paypal started out and when they first started there was a lot of interest towards it which made it a lot more interesting to some people and they all bought it and that resulted with them getting most of the coins. This means after a period of time it will be something expected and common and not a hyped thing, and that will cause it to drop a lot as well. Plus paypal is not really an exchange but it is just a third party, which means if people stop buying, they will sell and paypal will sell too.

coin-investor

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PayPal is now doing things to their advantages, they have the capability to do that, 70% is a huge amount of Bitcoin, this will indeed make a big impact in the market, there's no doubt that PayPal is planning to become a major player in the industry, maybe the next time is for them launching their own exchange, it's not a remote possibility, for a company that has a name, reputation and a huge network anything can be done.

Looks like Binance has a huge competitor coming.

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Quote from: shoreno on November 24, 2020, 02:29:20 AM

im surprised that we still didnt hit 20k dollar after this news because the percent of btc that they have bought as shown on this thread was too huge .

20k dollars is the price that we wont only be getting but we can go further than that if the reaction starts to trigger but i think it was delayed so all we can do for now is to wait and to keep on hodling . paypal is high class because they bought new minted coins , they are like banks that issued fresh money . thats cool

take it easy the price of bitcoin will easily penetrate to the price of $ 20k because until now I have seen many who are starting to support bitcoin, one of which is a big product like paypal which is starting to support bitcoin, keep buying as much bitcoin as we can and keep holding and don't miss this opportunity .

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Quote from: Poker Player on November 22, 2020, 04:08:53 PM

I think we are going to hit 20k pretty soon. News like this are non-stop these days. I don't want to even think what will happen when the general public FOMO starts.

im surprised that we still didnt hit 20k dollar after this news because the percent of btc that they have bought as shown on this thread was too huge .

20k dollars is the price that we wont only be getting but we can go further than that if the reaction starts to trigger but i think it was delayed so all we can do for now is to wait and to keep on hodling . paypal is high class because they bought new minted coins , they are like banks that issued fresh money . thats cool

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This is crazy! It seems that Bitcoin is actually showing its credibility and inflation reduction function. In addition, we have seen since the Bitcoin buying / selling service took place in Paypal, there have been a lot of traders involved in using the service and even blocking transactions when the demand for trade is too high.
By the end of 2020 this will be a great year for Bitcoin, I think it will soon break the ATH peak and climb above the $ 25k price point this year. Do you think Bitcoin can do that? If yes, kindly give me the reason , i really appreciate that.

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Quote from: Sithara007 on November 24, 2020, 12:28:42 AM

Quote from: philipma1957 on November 23, 2020, 12:41:13 PM

Yeah but if they are buying 12.6 million a day or 630 coins at 20k each.

The real question is how long will they do this?

in 20 days it would be over 252million usd in btc.

I think at a certain point in time they stop buying the coins.

As the buyer market dries up.

PayPal is having an user-base of hundreds of billions of users (346 million active accounts, as per one source). From what I have seen, the average purchase per user is in the range of $20-$100. That would mean that the $252 million figure that you have quoted here would account for just 5 million or so users, which represent less than 2% of the total users. There is a lot of room to grow, to 50 or 100 million.

I have two accounts. So the 346 million may really be 250 million different people.

So 10% could be 25 million so 100 bucks each is 2.5 billion

that would be 125000 coins so 200 days of buying at 20k a coin could happen.

Sithara007

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Quote from: philipma1957 on November 23, 2020, 12:41:13 PM

Yeah but if they are buying 12.6 million a day or 630 coins at 20k each.

The real question is how long will they do this?

in 20 days it would be over 252million usd in btc.

I think at a certain point in time they stop buying the coins.

As the buyer market dries up.

PayPal is having an user-base of hundreds of billions of users (346 million active accounts, as per one source). From what I have seen, the average purchase per user is in the range of $20-$100. That would mean that the $252 million figure that you have quoted here would account for just 5 million or so users, which represent less than 2% of the total users. There is a lot of room to grow, to 50 or 100 million.

hatshepsut93

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Quote from: Poker Player on November 22, 2020, 04:08:53 PM

Now that’s according to estimates by hedge fund manager Pantera Capital, as revealed in its latest monthly blockchain letter. Together with Square’s Cash App, the two companies are buying more than 100% of all newly issued virgin bitcoin (BTC), it says...

How can you buy more than 100% of something? lol

And I wonder how do they buy freshly-mined coins, do they buy them directly from miners, or there are some special platforms for that, or maybe they use some middleman? And if it's true, why they want virgin bitcoins instead of just buying coins on the market - are they scared of authorities? And how do they deal with virgin bitcoins costing more than the normal bitcoins - their profit margins are already now very big to begin with.

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Quote from: cabron on November 23, 2020, 02:13:13 PM

Paypal seemingly made the prices soar after their announcement. If they are buying 70% of virgin BTCs, are they going to allow their users to withdraw BTC after all these?

I only read it from Reddit that they don't allow withdrawals so it's pointless all the collecting BTC if they are no going to send it to anyone who wants to withdraw the BTC out of their platform.

This one cannot be answered yet we need them to officially announced that update hopefully they will , because that's the only reason I see why they are continues buying a lot of Bitcoin they are preparing to have many in their own and sell it to their platform once they fully accept crypto trading in PayPal platform.

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Paypal seemingly made the prices soar after their announcement. If they are buying 70% of virgin BTCs, are they going to allow their users to withdraw BTC after all these?

I only read it from Reddit that they don't allow withdrawals so it's pointless all the collecting BTC if they are no going to send it to anyone who wants to withdraw the BTC out of their platform.

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I am not going to say this is something small and not important because obviously buying 70% of all minted coins is a big deal for any company. However you have to realize if we are talking about numbers, binance had about 10x more bitcoins bought with USDT on their website during the same period and nobody is shocked about that.

Do not get involved with bitcoin from a hype created by paypal, if you want to use paypal because it is easy you are free to do that but if you connect this bitcoin increase to only paypal, that means if paypal comes out tomorrow and says "we decided that crypto doesn't work for us and we are stopping all our crypto works this week" you would end up selling all of your coins that is not even on paypal because you would be scared paypal is the only reason.

I disagree with that notion and believe paypal is just one part of it while there are ton of other reasons for bitcoin to go up.

philipma1957

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Quote from: ampu on November 23, 2020, 10:30:43 AM

The decreasing amount of BTC on exchanges with Paypal offering Bitcoin on their payment system that they buy 70% of the mined Bitcoins shows their determination to provide related services. to Bitcoin and cryptocurrencies.
Bitcoin's value has not declined since last month since there is no source to sell to the market. I see this as the main reason that led to the sharp rise in Bitcoin price in October and November.

Yeah but if they are buying 12.6 million a day or 630 coins at 20k each.

The real question is how long will they do this?

in 20 days it would be over 252million usd in btc.

I think at a certain point in time they stop buying the coins.

As the buyer market dries up.

SaShiRaJaVu

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Quote from: AmoreJaz on November 22, 2020, 04:29:52 PM

we really cant deny the fact that paypal has contribution with the current btc market. though most long-time crypto users here will not use their service, there will always be paypal users that will definitely use their crypto services. and we cant ignore the fact that they have millions of users already.

It is a company that is running for over two decade and they have much bigger user base and it might attract users that are not accustomed to bitcoin and for them to acquire 70% of the newly minted bitcoin says a lot about the volume they are getting. I was not sure what their business model would be as they are not allowing to withdraw the coins, now we have a clarity on that on the long term.

Quote from: AmoreJaz on November 22, 2020, 04:29:52 PM

so yeah, seems that paypal is storing their btc stash to be available anytime to its users. wont be surprised if they will create their own crypto exchange in the future.

It is possible that they could start their cryptocurrency exchange and they are well aware of the huge profits these cryptocurrency exchanges make annually and focusing their business model to cryptocurrency will help them grow as a company as well.

nrvasquez

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Ofcourse as a big party, Paypal will get the highest profit from FOMO and bullrun this time. but on the other hand they are also the party that triggers the bullrun, so I think it will be a healthy bullish if other big parties participate.

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The decreasing amount of BTC on exchanges with Paypal offering Bitcoin on their payment system that they buy 70% of the mined Bitcoins shows their determination to provide related services. to Bitcoin and cryptocurrencies.
Bitcoin's value has not declined since last month since there is no source to sell to the market. I see this as the main reason that led to the sharp rise in Bitcoin price in October and November.

manfredmann

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Pretty sure paypal has a huge bitcoins holding now. However, as they are planning to make more bitcoins available to all of their users wishes to get more bitcoins using their platform. This means that bitcoin is ready and available and this is actually a good news to bitcoin and bitcoin users. The result is clear and visible that bitcoin market now has been doing well. We are already in th bullish trend and we will hope that it can grow and break the ATH recorded in the year 2017.

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It's not surprising tbh, Paypal is acting as the wallet for users who buy crypto using Paypal after all, and even if we do consider that it's only in the US, it's still a pretty big population. Imagine if they spread the function for global use, they'd buy quite an amount of Bitcoin imo just to accommodate the buys made by their customers. Ofc, this still means that paypal actually holds the bitcoin of their customers, not them.

Quote from: jseverson on November 22, 2020, 10:00:36 PM

I'm inclined to agree with you, but never is a strong word. The fact that Paypal is stocking up could indicate that every bit (or at least most) of Bitcoin they sell will be backed by real coins (which was a concern for some people when it was initially announced), so they would at least be capable of allowing users to withdraw BTC. I'm not holding my breath, but they haven't even rolled out this service worldwide yet, so it's probably far from a finished product as far as they're concerned.

Well, currently it's a never. That's a fact imo. And Paypal is basically stocking up on coins themselves because a rise in BTC price means they have to join the flow of increasing the BTC-USD rates in their company itself. That isn't the problem here really, it's just a matter of how Paypal is holding the coins when it's the customer themselves who should be holding it. It's like asking someone to hold your wallet. As for worldwide, afaik they were looking for a crypto merchant that could accommodate for each country, which is why it was only mainly tested on the US, since they already had negotiations done.

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Quote from: orions.belt19 on November 23, 2020, 12:23:46 AM

As compared to the 2017 bull run fueled by the ICO craze which was pretty unsustainable, we can expect a different kind of bull run. This year, the narrative is super different. The bullrun has been triggered bby institutional investors moving into Bitcoin (Microstrategy, PayPal, DBS, Grayscale, Square, etc.)

It could be true. Even if Paypal bought up to 70% of all the newly mined bitcoin, that will help bitcoin price increase and be adopted by their members because we know that Paypal has a large member. If that can grow fast, it will also help bitcoin have mass adoption, and once the mass adoption can grow, bitcoin will become mainstream. And that will attract more investors to come to the bitcoin world.

romero121

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PayPal has full fledged got into the cryptomarket, and with the reqular acquiring of large volume of bitcoin it will be having big plans behind. Anyhow the decentralized operation of the network shouldn't be affected through this centralized firm's acquiring of large volume of bitcoin. Compared to the entire supply atleast 30% of the bitcoins were in the hands of whales who try to make movements in the market.

Now it is PayPal, maybe we can expect more similar service providers get into the acquiring of bitcoin to stay active in the race.

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As compared to the 2017 bull run fueled by the ICO craze which was pretty unsustainable, we can expect a different kind of bull run. This year, the narrative is super different. The bullrun has been triggered bby institutional investors moving into Bitcoin (Microstrategy, PayPal, DBS, Grayscale, Square, etc.)

philipma1957

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Quote from: error08 on November 22, 2020, 06:41:35 PM

Quote from: suzanne5223 on November 22, 2020, 06:32:37 PM

There is some misunderstanding going on in the cryptocurrency sphere ever since the day Paypal announced the integration of Paypal and the last time I checked most of the crypto done on Paypal was operated by another crypto company but people seems to believe every positive trend posed by the market was the role of paypal whereas Paypal was not among the holding big amount of Bitcoin.

Do you mean 70% is a small amount and it's not driven the price to increase a little bit that it doesn't have an impact on the market?
They've just started, not even really launch it fully on their app to buy on merchants and other features.
PayPal has to do it, buy bitcoin as much as they could to keep up with the demand from users who buying bitcoin or they will end up lost in the future when the price keeps increasing.

900 coins a day x 70% = 630 coins. which would be 12.6 million a day at 20k a coin

sakbahagiaku

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In the title of the article it is written that paypal bought bitcoin 70% bitcoin which was just mined last month, I want to ask how many new bitcoins were mined in the last month, I think this is amazing because it can make bitcoin prices soar on the exchange.

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Quote from: Febo on November 22, 2020, 05:22:48 PM

Bitcoin will never be available to paypal users. hey can never withdraw them. Only one that will be able to use papayl users Bitcoin will be paypal itself. They will be able to manipulate Bitcoin market with those coins from their users. Paypal users will be only able to watch.

I'm inclined to agree with you, but never is a strong word. The fact that Paypal is stocking up could indicate that every bit (or at least most) of Bitcoin they sell will be backed by real coins (which was a concern for some people when it was initially announced), so they would at least be capable of allowing users to withdraw BTC. I'm not holding my breath, but they haven't even rolled out this service worldwide yet, so it's probably far from a finished product as far as they're concerned.

Manipulation is definitely a touchy subject, but with wealth spread around the multiple institutions starting to pour in, I imagine it would be hard for any one of them to do significant damage alone. I would also think that the SEC keeps a close eye on everything Paypal does. We'll see though I suppose.

magneto

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Not necessarily any "new" news. We've known for a while now that it would only be a matter of time before institutional investors jump on the wagon.

These institutional injections into the bitcoin scene are obviously great for bitcoin in the short run, but if the distribution of coins is too concentrated then it could definitely undermine the equity of the markets in the long term. Though, with BTC already pretty much mined up, it is not apparent that Paypal doing this at this late stage will cause any tangible harm.

It's really interesting to see all these firms completely do a 180 turn on BTC every time a bull market swings around. It just shows the disconnect between mainstream media portrayal, which is easily swayed by activity, and the real fundamentals underlying BTC which has not changed for a long time now.

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Quote from: suzanne5223 on November 22, 2020, 06:32:37 PM

There is some misunderstanding going on in the cryptocurrency sphere ever since the day Paypal announced the integration of Paypal and the last time I checked most of the crypto done on Paypal was operated by another crypto company but people seems to believe every positive trend posed by the market was the role of paypal whereas Paypal was not among the holding big amount of Bitcoin.

There might be a third party between this agreement but still Paypal is the mother company of all and we know the reputation of Paypal and that affects the mindset of the investors whether they fully own Bitcoin or just a third party company, this is still a great news for the market. Now that they support bitcoin, its good for them to totally own Bitcoin, maybe its not that big but at least we have their support and that's what matters to some I guess.

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Quote from: Poker Player on November 22, 2020, 04:08:53 PM

I think we are going to hit 20k pretty soon. News like this are non-stop these days. I don't want to even think what will happen when the general public FOMO starts.

After paypal's confirmation of accepting bitcoin payments, things are going very well with the market, indeed if the problem was raised at the beginning of the year, I believe people would never believe it. because the epidemic has been controlling us for a year. But the positive signals in the market recently, are reinforcing the confidence of the market in the near future.

error08

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Quote from: suzanne5223 on November 22, 2020, 06:32:37 PM

There is some misunderstanding going on in the cryptocurrency sphere ever since the day Paypal announced the integration of Paypal and the last time I checked most of the crypto done on Paypal was operated by another crypto company but people seems to believe every positive trend posed by the market was the role of paypal whereas Paypal was not among the holding big amount of Bitcoin.

Do you mean 70% is a small amount and it's not driven the price to increase a little bit that it doesn't have an impact on the market?
They've just started, not even really launch it fully on their app to buy on merchants and other features.
PayPal has to do it, buy bitcoin as much as they could to keep up with the demand from users who buying bitcoin or they will end up lost in the future when the price keeps increasing.

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There is some misunderstanding going on in the cryptocurrency sphere ever since the day Paypal announced the integration of Paypal and the last time I checked most of the crypto done on Paypal was operated by another crypto company but people seems to believe every positive trend posed by the market was the role of paypal whereas Paypal was not among the holding big amount of Bitcoin.

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Quote from: Poker Player on November 22, 2020, 04:08:53 PM

I think we are going to hit 20k pretty soon.

You know, if you'd asked me in March if bitcoin had a chance to hit $20k by the end of the year, I would have said you're crazy--and yet here we are in November, with bitcoin very close to that price. It'll never cease to amaze me what bitcoin can do, and I think you're right. $20k is probably coming shortly.

Regarding the article, I find it interesting and it sounds logical that PayPal had at least some part of bitcoin's recent explosion if they've been buying it up by the truckload.

Quote from: Febo on November 22, 2020, 05:22:48 PM

Bitcoin will never be available to paypal users. hey can never withdraw them.

Yeah, that's the huge sucky part of what PayPal is doing, i.e., selling people bitcoin that they don't actually have control over. As I've said a few times before, that's exactly what Robinhood is doing. But who knows, maybe PayPal will eventually change that and allow deposits and withdrawals of bitcoin. That would be fantastic IMO.

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Quote from: AmoreJaz on November 22, 2020, 04:29:52 PM

so yeah, seems that paypal is storing their btc stash to be available anytime to its users. wont be surprised if they will create their own crypto exchange in the future.

Bitcoin will never be available to paypal users. hey can never withdraw them. Only one that will be able to use papayl users Bitcoin will be paypal itself. They will be able to manipulate Bitcoin market with those coins from their users. Paypal users will be only able to watch.

JeffBrad12

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Paypal's effect looks like a real thing but if this will trend will still continues and then the price of bitcoin can go even higher and little shrimp can afford to buy bitcoin.
Paypal is not the only one and some management funds in US have been filling documents for SEC to be able to use bitcoin as a part of their portfolios. I expect more and more newly mined bitcoin will be bought by big companies.
It seems like big players will be controlling the price of bitcoin. Imagine companies with billion dollars of money keep buy more and more bitcoin.

The monopolize looks real.

AmoreJaz

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we really cant deny the fact that paypal has contribution with the current btc market. though most long-time crypto users here will not use their service, there will always be paypal users that will definitely use their crypto services. and we cant ignore the fact that they have millions of users already.

btw, similar article from cointelegraph- https://cointelegraph.com/news/bitcoin-shortage-is-real-and-paypal-is-the-cause-pantera-capital-claims

so yeah, seems that paypal is storing their btc stash to be available anytime to its users. wont be surprised if they will create their own crypto exchange in the future.

Poker Player

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We knew that institutional investors were behind the latest price increases but it seems that Paypal is monopolizing most of it:

"Paypal bought up to 70% of all the newly mined bitcoin since the payments giant started offering cryptocurrency services four weeks ago.

Now that’s according to estimates by hedge fund manager Pantera Capital, as revealed in its latest monthly blockchain letter. Together with Square’s Cash App, the two companies are buying more than 100% of all newly issued virgin bitcoin (BTC), it says....

"Pantera Capital says the shortage of bitcoin resulting from high corporate demand means that the likes of Cash App, which recently reported a record $1.6 billion bitcoin revenue, will have to pay more for each coin.

“When other, larger financial institutions follow their (Cash App) lead, the supply scarcity will become even more imbalanced. The only way supply and demand equilibrates is at a higher price,” it explained.

Source: Paypal Bought 70% of All Newly Mined Bitcoin Last Month as Demand Rockets.

I think we are going to hit 20k pretty soon. News like this are non-stop these days. I don't want to even think what will happen when the general public FOMO starts.

Topic: Paypal bought up to 70% of all the newly mined bitcoin recently (Read 916 times)