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,  

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

Thats very pretentious of him. It is cash that they all want. Why did they set up Paypal in the first place? Cash, money, riches, fortunes. Do not tell me all they wanted is to change the world. Dan Schulman is a capitalist at heart. If were talking about waste, then for some people BTC is the most wasteful of all.

Bitcoin has given the freedom in financial requirements. Cash as a basics for all financing system is universally accepted from the existence of human civilization. If a war between the digital money and cash the cash will win the trust of people just due to the physical holding possibility and the stability in price which is complete backed by value based system.

I don't think bitcoin runs contrary to cash, the only problem of cash is that is part of the fiat system, of money issued by central banks that is not backed by anything, bitcoin it is not issued by governments and controlled by them so it give to us even more freedom than cash.

Paypal fees are making me more and more angry.I can only laugh at what Dan Schulman said.
Anyway,Schulman is right about the tremendous leakage.The leakage is caused by the United States Federal reserve system.Can paypal start a war against the central bank?
I don` think so.

Paypal is more popular in online business and online companies than the cash.And in my opinion paypal and cash is have an own advantages and disadvantages that can affect the user of it.

And there is a war against cash to give paypal a big advantage, with his big name become the online payment gateway. No doubt about it. But his word will not directly be supporting bitcoin also.

paypal declre war again about cash money
i think have have a purpose promotion not use cash money, this mean paypal dev want much people to use paypal account , debit card or credit card.
so if success to promote not use cash money, can incraese paypal business , and paypal client and user can incraese too

Paypal is right in declaring war against cash. But this cash should only be limited to United States of America Dollar (USD) because of overproduction. The united states has been allegedly accused of mass producing US dollars more than the required number of cash to be circulated. Though it is alleged it is a thing that the world must look at but who in the right mind has that ability when they are in control of the World Bank. Aside from mass producing cash is also easy to be faked and thus to avoid overproduction and forgery paypal is calling for war on cash.

Bitcoin is fully traced with white and black lists and not fungible, which also in turn makes it a permissioned ledger.  Bitcoin essentially is a part of the war against cash and against freedom unless someone magically makes it fungible overnight.  No, not optional fungibility mixers or sidechains that "authorities" will claim is laundering, but fungible by default.

Taken out of context a good amount as he was referring to how digital currencies such as bitcoin, venmo, and paypal are going to be helping people that can't handle most activities such as cashing a check, sending money and other things in a short and inexpensive time-frame. Still, I think this is pretty big news that someone of his caliber in the financial sector would say something like that.

Little do the people that use paypal know the amount of fees and stuff they're going to be incurring while using the service while selling goods, or even the simple things he listed above. Hope people that use PayPal for the ease see bitcoin and attempt to do the move over.

Rather than admit, you should say acknowledge. A war against cash does work in  favour of players like Paypal.
The governments' war against cash will come a cropper if people decide to shift to alternative assets like gold or Bitcoin.

"admitted" is an odd choice of words. Here is another quote to add some perspective:


There is a war against cash that is designed to give government and banks more control over your wealth.

And then there is the war against cash that is designed to give people a better alternative to pieces of paper, such as Bitcoin.

PayPal CEO Dan Schulman on the war against cash

edit: Removed link. Don't know why link form a well-known news site is classified as suspicious. To find the article look for the title given above.