Topic: Paypal CEO admitted war against cash - page 2. (Read 1734 times)

The trend is really we are going to be a cashless society where the use of fiat or paper money is getting to be limited and is giving way for the "digitalization" of money. This is a trend which many business and industry are already recognizing and there is nothing that can stop its way. However, it does not mean it would come fast and easy. There would always be problems and challenges along the way. We should also recognize the fact that fiat money and digital currencies will still be going side-by-side for decades as it is impossible for all people to be integrated into the digital-based economy. And this is actually recognizing diversity and options. When TV got into the market, many predicted that radios would be dead but in the end it did not as there would always be a market for it and I think it would be the same thing between digital money and the fiat counterpart.

paypal should never win this war, their charges are too high and their currency exchange rates are too low. Yes maybe you dont like cash and prefer alt coins, but anything is better than paypal 

yes obviously is now entering the era of digital currency like bitcoin, but paypal if only stand alone will not win and will not be able to affect paper money, paypal should be able to work with other digital currencies.

Thank you for your insight, that was actually an interesting new way to look at it, I would not be surprised one day to see Paypal launch a cryptocurrency of its own or purchase one such as utrust if it can become a success.

There it is.
It is like he is saying "Help me digital currency supporters!"
If you cannot defeat your real enemy then join them. Make another enemy which you both hate so that you will also look good just like the best one.

And here I thought also that Paypal is just like fiat which uses just known kind of currencies or powerful ones.

There may be a few gaping plot holes in that storyline. When people refer to "tremendous leakage" in cash that is wasteful, they're attempting to pinpoint inefficiencies. Its a systemic debate. Can paper cash function in a more efficient manner than electronic currency? What evidence is there for either side of the discussion?

The problem with the "cash is inefficient and wasteful" perspective is, most of those inefficiencies might be traced back to human origins rather than systemic ones intrinsic to the electronic payment versus paper fiat paradigm. Also many of the "inefficiencies" of cash can be attributable to wealth redistribution and profiteering campaigns.

There are certainly many stones being left unturned on this topic.

CEO Dan Schulman is supportive of Bitcoin and all other forms of crypto currency because Paypal has recently partnered with Coinbase to essentially protect its company from inflation and the devaluation of the US dollar which is the world reserve currency. Under the right conditions Paypal can survive if it can strategically stay within the Digital Payments arena as Shulman stated in the interview “the mass production of US dollars is wasteful” what he fails to divulge is that quantitative easing by the Federal Reserve hyper inflates the dollar which creates debt bubbles and devalues the dollar.

Regardless of how you personally feel about Paypal, it’s only a business like any other modern business, and like every corporation it needs to make money. And to do so it employs the most intelligent economists who know the difference between Keynesian Economics and Austrian Economics. And depending on the current global financial climate Paypal will always choose field advantage if it can fit within regulation. Again, Paypal is only a business; it doesn’t care about the Libertarian philosophies behind Bitcoin (although those are very important philosophies to have) Paypal is always positioned to evolve with the times and as a business must stay at the forefront of change and innovation. However, this will change over time as there are other centralized systems of control that could keep Paypal from evolving far into the future.      



Paypal is not trying to compete with Bitcoin or any of the other ALTCoins; it’s simply merging with other payment providers to allow the processing of payments. Paypal is accomplishing this goal slowly and incrementally and doing it very carefully to not violate the Securities ACT or any of the other Regulatory bodies mandated by FINCEN. Paypal is merging with Coinbase because they are compliant and will soon in the future merge with crypto-exchanges once they’ve been approved or have no need to be approved as they’ll be no regulatory body to stop them.

I personally feel very sorry for Paypal. Governments are not allowing them to innovate or incorporate newer forms of innovation into their platform as they are currently being forced to operate under mountains of government regulations that are decades old which, of course,  don’t pertain to current technology. Technology which is changing by the second, and becoming even more decentralized by the day.

You must understand that the essence of all this is that, Paypal is being forced to drown with an old and dying legacy banking system because they've chosen too much compliance over the years. They didn’t give themselves enough room to change their business model fast enough anticipate change and stay within compliance so they’ve partnered with Coinbase which is unfortunately another dying horse and a very bad move for long-term financial viability.

Coinbase is not a decentralized website and it too is overly compliant, much too compliant to turn on the dime of pure innovation, which means that (in the long run) none of these companies will be able to adopt the change required by Crypto Currencies to survive. This is because Crypto Currencies do not require such heavy regulations to function, but these publicly traded companies do .

And you really believe that this is possible? if you do, then it means that you dont even know how cryptocurrencies are really working.

One million dollars is impossible, it doesnt matter how much maths do you know, it is impossible because the whole marketcapitalizacion could not be higher than x15 of the total right now.

Maybe it can go up, but in ten years, it is impossible to reach more than one million dollars.

And if there is a crash of five percent, then it would mean that we all are going to lose more than $50k because of a little crash, everybody would panic because of this.

So he is emplying that they need to add cryptocurrency as payments too? They would need to change their platform and organize ico? I was thinking that because a lot of payment 0latform now a days have been made to accept crypto at payments so maybe paypal is getting late.

I still prefer cash over their centralized electronic money and am stacking up on it as well as on cryptocurrencies while completely leaving my bank accounts empty.
The electronic flow of fiat is not only easy to track and control, but allows the government agencies to cut you off if needed. It used to be a theme for a number of movies, Enemy of the state being one of them.
Let PayPal wage their wars, their fees are still a ripoff IMO.

Yes, Sir. Schulman wants to say that most of the wealth is controlled and managed by government and there is also a large amount of fees involved in it. This unwanted fees can be avoided with the use of digital money or money services like Bitcoin, Paypal etc. One day the whole world will support this words as there will be a total digital era and people will be self dependent then.

PayPal is probably going to go VABank. They decided to open a second front against cash. They probably already realized that will not be able to compete with bitcoin. It seems to me that PayPal reverse the report of their activities have already begun. As soon as possible to buy goods with bitcoin PayPal will be history.

One thing I find strange is why paypal CEO would be so supportive and vocal about bitcoin, while not direct competition to paypal the success of bitcoin can certainly hurt paypal in the future.

And 6 months later Dan Scuhulman says; "One bitcoin would hit $1 million before the next ten years."

http://www.altcointoday.com/bitcoin-price-will-hit-1-million-over-the-next-decade/

Without doubts, is a race between paper money against electronic money.

Again in more particularly, the electronic format money is evaluating into another efficient format crypto urrencies. Hence it is a war against cryptocurrencies for PayPal for its survival. PayPal found its success when there was a demand for electronic format of money on internet usage. Similarly cryptocurrencies will find its success in PayPal way additionally decentralization and investment opportunities will boost its dominance.

I believe there would be no other option left for PayPal other than "adopting cryptocurrencies or dying".

Venmo is a variation of paypal though.
But they are not available outside of the US so how do they expect to be a contender to paypal (even if they did by them out through the Braintree aquisition) if they are region restricted only to those citizens?
They have been proven to help scammers with their attempts to retrieve funds after they are sent:
http://time.com/money/4036511/venmo-more-check-than-cash/

This is why the cashout takes too long i just confused everytime i withdraw my money from paypal to my cRd it wont take days but now some of method from my county they removed it now i know the reason behind

The fees was one reason why I thought people would turn against banks and organizations like Paypal.
But now with huge backlog of transactions and increasing transaction fees, I am nor so sure. 

You have no clue... Bitcoin can be anonymous if you like and was specially designed to resist banks' and governments' financial abuse. It apears your posts here are against Bitcoin and against freedom. Either you shill for some altshit here or you work for banks, am I right?

i'm curious about how they are going to handle all the cash in the world, in fact removing cash from a single country isn't going to do much, you can always exchange your money with cash from another country

pretty much like bitcoin if it isn't done in all the countrie it will not work, and governments are not tht good at working together....


only transaction are traced the sender unless he reveal his identity with a purchase or a dump is not traced or at least not all his bitcoin are traced