PayPal president interested in bitcoin - page 3.

Anon136

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Quote from: basementdweller on April 24, 2013, 10:49:38 AM

Quote from: crazy_rabbit on April 24, 2013, 10:39:38 AM

Whatever my issues are with Paypal- them joining bitcoin will make us rich. So I'm 100% supportive.

I'm a passionate Paypal hater. My desire to see them fail is even greater than my desire to be rich.

So I'm not supportive. I hope they perish like the dinosaurs 60+ million years ago.

wow thats some serious conviction! are you sending this message from outside the paypal headquarters with a maltov cocktail in the other hand?

Bitcoin Oz

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Wat

My sense is that they want to compete with western union rather than bitcoin.

Since bitcoin is open source they could literally copy the entire code and mine all the coins themselves. This would make more sense than buying coins at the current prices. They would claim it is the "safe" alternative to bitcoin because they would put a floor under the price by promising to redeem each coin at an agreed value.

Rampion

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Quote from: P4man on April 24, 2013, 05:15:51 PM

Quote from: xane on April 24, 2013, 03:25:23 PM

More like PayPal will introduce PayCoin, their own brand on top of the Bitcoin system. After they leverage the entire Bitcoin network for free, they will charge both sellers and buyers fees to send PayCoins through it's "secure" network. Since PayPal is already ubiquitous in NA and is required for sites like eBay, everyone will adopt PayCoin and not even know what a "Bitcoin" is. Then they will freeze your PayCoin balance any time you make a transaction they consider "too large". They will reverse payments to sellers because the item "didn't work" or "never arrived" even though you have delivery confirmation. You won't be allowed to use PayCoins to purchase any digital goods either, of course.

Sounds amazing.

Doesnt make any sense for paypal to use bitcoin in the way you describe. They already have their own coin and network. The main difference is their coin is pegged to local currencies, but they can still transfer that money instantly and basically for free from anywhere to anywhere they want. For paypal, bitcoin doesnt add anything in that sense. The only thing paypal can do that does make sense, is accept bitcoins as deposit and convert them to a paypal dollar/euro balance. And perhaps offer a bitcoin wallet service, so you can store bitcoins like you store dollars and euros in your paypal account. Both of those would help rather than hurt bitcoin; regardless if you choose to use it.

I really don't get how Paypal can "integrate" Bitcoin in a way that has a strategic sense for them. Bitcoin is a natural enemy for Paypal, as it's designed to be decentralized (you don't need to trust a third party, so no need to Paypal).

marcus_of_augustus

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Eadem mutata resurgo

I was really expecting Elon Musk to get back into payments systems via bitcoin ... that would put the fear into PayPal having their founder breathing down their necks.

Guess revolutionary electric vehicles and rocket ships keeps him occupied these days.

Elwar

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Viva Ut Vivas

Bitcoin is not yet ready for a large company such as PayPal unless they go through BitPay (And I doubt BitPay is ready for that many PayPal transactions).

Right now most Bitcoin businesses have a single person or a few trusted people who have access to cold storage wallets. A huge company like PayPal would have to figure out how to allow an accounting department to have access to private keys without someone just logging in at home and draining their wallets.

P4man

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Quote from: xane on April 24, 2013, 03:25:23 PM

More like PayPal will introduce PayCoin, their own brand on top of the Bitcoin system. After they leverage the entire Bitcoin network for free, they will charge both sellers and buyers fees to send PayCoins through it's "secure" network. Since PayPal is already ubiquitous in NA and is required for sites like eBay, everyone will adopt PayCoin and not even know what a "Bitcoin" is. Then they will freeze your PayCoin balance any time you make a transaction they consider "too large". They will reverse payments to sellers because the item "didn't work" or "never arrived" even though you have delivery confirmation. You won't be allowed to use PayCoins to purchase any digital goods either, of course.

Sounds amazing.

Doesnt make any sense for paypal to use bitcoin in the way you describe. They already have their own coin and network. The main difference is their coin is pegged to local currencies, but they can still transfer that money instantly and basically for free from anywhere to anywhere they want. For paypal, bitcoin doesnt add anything in that sense. The only thing paypal can do that does make sense, is accept bitcoins as deposit and convert them to a paypal dollar/euro balance. And perhaps offer a bitcoin wallet service, so you can store bitcoins like you store dollars and euros in your paypal account. Both of those would help rather than hurt bitcoin; regardless if you choose to use it.

BubbleBoy

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Sorry to burst your ehm... bubble... but what he's actually saying is this:

"This technology is getting allot of hype and it's a direct competitor to our business model. So while our current strategy is to kill it with fire and freeze any and all accounts that touch bitcoin, we need to show preparedness. In the hype materializes and we need to move towards cryptocurrency, I don't want to be remembered as that guy who said 640K should be enough for everyone. We stay on top of things and if need may arise we are ready to build our own cryptocurrency".

An acknowledgement at this level is indeed bullish and can only mean that cryptos are a hot issue for venture capitalists in Silicon Valley at the moment. That doesn't mean the Bitcoin speculative bubble isn't as ridiculous as ever; it means the XRP guys have basically hit the gravy mother lode.

Spendulus

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Quote from: Jocky on April 24, 2013, 09:04:40 AM

Bitcoin not interested in Paypal.

Accepting Bitcoin payment would always be in combination with 'delayed funds', You'll receive Bitcoin in 21 days. That is not Bitcoin...

...reserves the right to remit the e-currency within a 21 day period of clearing, at the price as of clearing.

TRANSLATED: We'll hang on to the bitcoin, sell it at the high of the 21, and send you the low of the 21.

Suuuuurrrrrreeeee....

Mahn

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Quote from: xane on April 24, 2013, 03:25:23 PM

Quote from: ?? on ??

Quote from: basementdweller on April 24, 2013, 10:49:38 AM

I'm a passionate Paypal hater. My desire to see them fail is even greater than my desire to be rich.

So I'm not supportive. I hope they perish like the dinosaurs 60+ million years ago.

PayPal will introduce the masses to Bitcoin. Then, when Bitcoin becomes easy enough for the average Joe to use, those people will abandon PayPal for pure Bitcoin.

Then PayPal will wither away, and you will get your wish.

More like PayPal will introduce PayCoin, their own brand on top of the Bitcoin system. After they leverage the entire Bitcoin network for free, they will charge both sellers and buyers fees to send PayCoins through it's "secure" network. Since PayPal is already ubiquitous in NA and is required for sites like eBay, everyone will adopt PayCoin and not even know what a "Bitcoin" is. Then they will freeze your PayCoin balance any time you make a transaction they consider "too large". They will reverse payments to sellers because the item "didn't work" or "never arrived" even though you have delivery confirmation. You won't be allowed to use PayCoins to purchase any digital goods either, of course.

Sounds amazing.

Which would be an excellent opportunity for a small guy to show up with a no-bullshit alternative to PayPal for Bitcoin, which eventually, hopefully, would drive people away from PayPal and make it crash badly.

Their business is at stake, unlike with traditional money people can (or should be able to) easily move their BTCs to the next online wallet if they suck.

Also it shouldn't be that easy for them to pull a currency out of their asses and magically have it have value. Bitcoins are valuable because people decided they have value, but would PayPal succeed convincing the masses their paycoin is valuable aswell? They could try but I personally don't see it.

xane

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Quote from: ?? on ??

Quote from: basementdweller on April 24, 2013, 10:49:38 AM

I'm a passionate Paypal hater. My desire to see them fail is even greater than my desire to be rich.

So I'm not supportive. I hope they perish like the dinosaurs 60+ million years ago.

PayPal will introduce the masses to Bitcoin. Then, when Bitcoin becomes easy enough for the average Joe to use, those people will abandon PayPal for pure Bitcoin.

Then PayPal will wither away, and you will get your wish.

More like PayPal will introduce PayCoin, their own brand on top of the Bitcoin system. After they leverage the entire Bitcoin network for free, they will charge both sellers and buyers fees to send PayCoins through it's "secure" network. Since PayPal is already ubiquitous in NA and is required for sites like eBay, everyone will adopt PayCoin and not even know what a "Bitcoin" is. Then they will freeze your PayCoin balance any time you make a transaction they consider "too large". They will reverse payments to sellers because the item "didn't work" or "never arrived" even though you have delivery confirmation. You won't be allowed to use PayCoins to purchase any digital goods either, of course.

Sounds amazing.

deepceleron

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Quote from: jdbtracker on April 24, 2013, 12:28:39 PM

Did you see the smile on that guy? Did you notice how the president of Pay pal was acting?

He's happy.

Primates also have a smile response to fear. Here's a juvenile chimpanzee being restrained in his space capsule, part of his space training was getting electric shocks if he pushed the wrong button:

bitcoincraps

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Its not bad news but bitcoin and paypal are competing business. PayPal can never replace Bitcoin but Bitcoin can ANYTIME replace PayPal. Its a good reason for PP to destabilize Bitcoin.

andrufala

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Quote from: nebulus on April 24, 2013, 08:59:41 AM

Quote from: lebing on April 24, 2013, 08:52:52 AM

Quote from: nebulus on April 24, 2013, 08:51:39 AM

Not sure if this is bad or good news...

how could it possibly be bad news?

-Im asking the same question

Herodes

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Quote from: ?? on ??

Quote from: basementdweller on April 24, 2013, 10:49:38 AM

I'm a passionate Paypal hater. My desire to see them fail is even greater than my desire to be rich.

So I'm not supportive. I hope they perish like the dinosaurs 60+ million years ago.

PayPal will introduce the masses to Bitcoin. Then, when Bitcoin becomes easy enough for the average Joe to use, those people will abandon PayPal for pure Bitcoin.

Then PayPal will wither away, and you will get your wish.

Genius - all I have to say!

Phenomenon

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Having more widely used payment processors accept bitcion can only be good for bitcoin as a whole, even if those processors have horrible customer service.

virtualmaster

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http://thenextweb.com/insider/2013/04/24/paypal-president-is-fascinated-by-bitcoin-says-company-is-thinking-about-including-the-virtual-currency/
It seems he is already a step further and considering to adopt bitcoin.

jdbtracker

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Minimum Effort/Maximum effect

Did you see the smile on that guy? Did you notice how the president of Pay pal was acting?

He's happy.

he knows he can integrate Bitcoin into his infrastructure, Bitcoin's proven cryptography lets PayPal use it as it's foundation, sitting on top of it as the front end providing escrow services to protect consumers before the Bitcoin machinery starts it's unstoppable/irreversible transaction.

It'll save PayPal/western union/moneygram billions!!! hell they'll pay their fees to guarantee getting their service done in 10 minutes.

all the services will be on-board very soon providing services that Bitcoin's Ultra Security will not allow it to do.

It's time for Bitcoin to go Global.

DoomDumas

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