Topic: Paypal CEO admitted war against cash (Read 1784 times)

They were just riding the boat  because they will benefit on the war against cash. The advantage of cashless is that it will give us an option to choose an alternative way of payment and ofcourse, convenience. The disadvantage is that the government will take control of your wealth because it is easier for them to monitor your asset plus TAX. Fees can also be higher than before because of high demand (it can be lower if there's a compettion).

Paypal seems to want to be out of bitcoin, they are not showing any attempt to get closer to bitcoin and bitcoin users and to be honest I cannot blame them, they are the leaders in online payments and then this new competitor appears in the form of bitcoin and they are realizing there is nothing they can do to stop it and that most likely in the future they are going to be destroyed by that competitor.

The war against cash was first introduced by some government first not even PayPal or cryptocurrencies was available then. When government embrace and introduced the cashless economic system. But bitcoin will support that act greatly in term of flexibility in transactions accuracy and minimal fees during transaction. But PayPal on the other hands have some fees which are even sometimes higher to that of banks during transaction.

well, if indeed he wants a war against cash, it's the same as the war against the government, because the system is made by the government, the means and infrastructure also made by the government. Indeed, to transact between countries requires a large transaction cost, therefore, cryptocurrency is very instrumental in the problem. But nowadays, people still consider cash as a quick and easy way of daily payment. Therefore, even though the government has made fintech, cash will not be eliminated as long as there are still many people who prefer to use cash rather than digital.

Hi,

The war is not against cash, it is against those who control traditionnal currencies. The problem is not the dollar, the euro, the yen, and so on, the issue is actually about large corporations, huge banks and corrupted government that can decide of ups and downs for a given currency, making many people unable to pay their rent or repay their loans.

The current problem is that the capitalist system has completely differenciated the notion of "value" and the correspounding thing/service. So today, something can be really expensve even though it does not really has a big value.

I guess that this is what the article is all about. Traditionnal currencies are not a problem, those who control it are. And bitcoin allows avoiding to have only 1 person in control!

So is he saying that paying directly to a cashier with cash is a more expensive way to pay money? I know this quote is a direct hit for Bitcoin stating that their transactions are now more expensive and slower but Dan Schulman is obviously just stating statements for Paypal's Best Interest as he is the CEO. The bad thing about this is he is stating bad things both about our Fiat Money and Bitcoin or cryptocurrency as a whole. Bitcoin is there but not as a payment method as of yet, so Paypal does not need to consider it as a threat.

It comes as no surprise. Cash is very hard to control and control is the only thing important here. Imagine the world where you have only one bank account and this is the only way to pay for something. Now imagine that this account is blocked for any reason from disagreeing with government's policy on any issue to supporting the cryptocoins. It does not look good at all.

No, it is a war, in many countries you cannot buy a lot of things with cash, for example you cannot buy a house, new cars or expensive jewelry with cash in my country and I'm sure the same is true in many other countries, now in some countries they want to abolish cash and the reason for this is that they want to control the way you spend your money so you have no way to survive out of the system.

The problem with PayPal is they are still centered around and based on the cash and fiat system. You need a bank account and cannot fund your PayPal with Bitcoin at the moment.

I think it would be an unbelievably amazing idea if PayPal were to start accepting funding of your account with Bitcoin and then offering debit/credit cards to users like some Bitcoin startups do now and we would be able to spend out PayPal balance like that. It would be amazing.

I dont know exactly if USA produce more Fiat money more than normal. So its not really good.
But if paypal ty to against cash then it would really hard and close to impossible.

It's pretty much all digital now anyways, difference being these payment processors and coins are doing something the banks are not and that's allowing ordinary people to do things faster, cheaper, easier and better.

Yup. So what kind of war is he talking about? For me, I think it is not about bitcoin. Government supports Paypal so I guess Paypal CEO is talking about a war that is beneficial to banks and governments. We all know, in some countries, bitcoin is not so much accepted, and for me there is a possibility that Paypal may think bitcoin as a threat, because bitcoin is better than Paypal maybe? So if Paypal CEO admitted a war against cash, do you think he can also state a war against bitcoin?

There could be several reasons, maybe he is able to see the trends and instead of denying it like all the lying politicians and bankers saying that bitcoin is a scam he is at least able to recognize what it is happening in front of his eyes and instead of being on denial he has decided to accept it, it may seem odd but only those that are able to accept what it is happening are going to be able to do something about it.

I agree on your point of view, it's hard to imagine a digitalized-based economy. What's more, it's going to be a difficult phase for everyone. But, the war against cash is ongoing.

Our current cash systems is the reason why there is great linkage in our economic. The governments has a way of promoting this linkage by putting men of experts in financial in the system but do not current the system itself. War against cash is real and men that are benefiting from the cash systems are the one fighting bitcoin.

war with cash I think is very silly, until now almost 100% in every payment I use cash, better he did not say war, but switch from cash ...

i think paypal needs other system to give back up so their business can continue grow and with bitcoin now become famous, they will try to attract crypto user to support them. but in reality, we still need cash because until now, only few country that is accepting bitcoin as payment so we have our real life and we need money to buy something. if in future we can pay something with bitcoin then i think in that time, cash will not be use like now and people will change from cash into bitcoin.

The war against cash has a very long history is nothing new, governments hate cash because once they print it they have no control about how it flows and where, that is why they love their electronic transactions because governments are in bed with the banks and they can see everything they want, they know where you have been and what you bought there and that is impossible with cash, they are going to give the old excuse that they are doing this to reduce crime but at the end is an effort to control their citizens.

CEO of PayPal looks desperate to defeat cash, because they support bitcoin and crypto currency. They just want to erase cash users in the community, but in my sight even PayPal joined forces with the crypto currency they cannot in the war against cash.

As per observation most of the people are straighly earn cash even they used digital tools like debit card or credit card they can still used cash.

Thank you and I’m glad you enjoyed reading it. It’s very possible that Paypal could in fact launch its own token as Amazon has already launched its own coin , but not to be confused with “currency” Amazon has essentially created its own rewards based system to allow customers the option to redeem goods and services through their own internal tokenized platform.  

Paypal on the other hand could accomplish something similar with Coinbase. But instead of using an Internal Tokenized Network they could use an External Network by allowing them to transfer what I would call a “Redemption Token” or digital coupon to Coinbase, the Redemption Token would serve as a means to redeem something of value. In such an event Paypal could successfully argue before the regulators that they’ve clearly stipulated in their agreements that they’re not held liable for user actions outside Paypal’s network.

This is where it gets good. Paypal would call it an action for the user to Redeem the “Transfer and Access” through a ‘Redemption Token’ which would be like a digital coupon, but would only pertain to the transfer its self. Their lawyers could argue before the regulators and win the case that anything can be redeemed and accessed at Coinbase not just cash or Bitcoin but the access to user bank accounts.

Such a move would save Paypal millions of dollars in both international transaction fees, tax fees, and compliance fees. And would, of course, limit end user fees. It would essentially place Paypal back on the map and closer to shapeshift.io



Yes, I fully agree -- Paypal is very expensive. In the near future Paypal would simply be seen as just another business on a decentralized platform and operating in a completely Free Market ecosystem.

What you should be worried about is the highly-monopolized Paypal of today. Because they’ve been operating under a very centralized financial system that’s controlled by FINCEN.

It’s very simply, if you can either limit or abolish the governments power then Paypal would not function under so much regulation and red-tape and could eventually function as a regular company again in the free market. Right now, if you have a complaint they’re not obligated to pickup the phone and that’s because “the people” have no voice and no say. But the more decentralized our societies become the more OUR voices will be heard! Not as a group or a collective but as individuals, because you can’t show me a country without showing me the individual person.

Thank you for your time,