Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 6919. (Read 26711601 times)

Buying and selling bitcoin is a zero sum game. If all the grannies buy into bitcoin now prices go up 30x from here and many of those grannies sell out. How in the hell does Paypal fund that, they have to hedge unless they want to run the risk of losing shit tons of cash, and the lowest cost way to hedge is buy buying physical bitcoin.

Anyway, enough of this shitcoinery talk on WO!

fuck.paypal_CCMF.gif

1. The PayPal news is fantastic as it onboards a new audience into the world of bitcoin (kind of like the Cash App except 20x bigger and more important).
2. This is one of the first major steps toward crypto being directly integrated into a large economy of goods and services.
3. Crypto sold there may be non-withdrawable now but ideally that will change in the future -- this is what happened with eToro.

If PayPal never introduces a withdrawal (or even conversion) feature then I will be sad and yes it will be all for not, but I do not believe this to be the case.

4. I'm rooting for it for selfish purposes as right now its an absolute bitch to convert BTC into cash for me as crypto exchanges aren't legal where I currently live.

So, let me get this straight ... we should be happy about paypal? I don't think so.
When granny buys "BTC" on paypal - she hedges into a IOU in ... $. No actual BTC price moving buys and sells there.
Sure she's going to rip the profits if she hodls that thing, but that's not the point. The point is that BTC is not actually BTC - thus BTC is not being used at all.

Paypal stands for the wrong kind of exposure in BTC atm - crippled exposure - but exposure nevertheless.
Use BTC people, directly, that's how adoption will come. This guy gets it:


Agreeing mostly with marcus on this one, not Lambie. What a fucking strange world indeed.

Go BTC, go!

It is definitely odd that they won't have deposits/withdraws, but maybe that is actually on their plans ahead. Or maybe they don't think their customers are interested in withdrawing. Thinking more conspiracy wise, they could be in bed with the establishment and this is the plan to tame the FOMO, have everyone buy through Paypal rather than bid price up on exchange. Paypal holds no coins and never intends to and in the event that they can't surpress price, and people cash out for major fiat profits, the CB covers their losses.

I don't think there are any other alternatives because if it is some masterplan and someone doesn't cover their losses, they would end up suffering major losses when people convert to fiat and they have no hedge.

Seriously, is it likely that Paypal is a fractional reserve operation and management are willing to take the risk to expose this so they can make some fees of bitcoin?

Maybe...the main point is that paypal will not have bitcoin. Granny would have a database entry and paypal will hold some derivative contract aka they will not hold bitcoin either.
This is absolutely clear from their announcement, otherwise why you cannot move it out? Because bitcoin will NOT be there. Instead, there would be a bunch of IOUs.
If they would have "real" bitcoin, then why granny cannot take it out and, say, send it to coinbase if they are really concerned about granny losing the keys?

Haha just found it a funny one 😂

And how are the hedging their position? if BTC goes to 100k and all the grannies withdraw their funds, Paypal suffers a major loss (just as mt gox did).

I don't think so. If paypal was looking for yield they would hold the various stablecoins instead. The yield on BTC is dogshit compared to the stable coins.

They could literally transfer all the USD they hold in peoples accounts into tether and make a shit tonne. Of course it wouldn't last for long because they would crash the lending market, which will be the same for the BTC lending market if they start using blockfi etc. 

Jbreher has been missed.

He must be busy setting his BSV buy orders (or would it be sell orders? since his buy orders would be executing with ongoing droppenings of such prized project that should be flippening bitcoin any moment, once it can get out of the lower .013xx / upper .012xx doldrums).  



Sure, remember $13,880 is our high from late June 2019 - so there will be some interest regarding how strong such previous resistance point might still be.

I am not proclaiming anything.. beyond merely feeling good about the decent probability that it may well be challenged in the coming days.. and may have decent odds of being broken through.


I am thinking if we are able to meaningfully break above $13,880,. then the next resistance point would be in the $17,250 price arena... that's my tentative thinking (or at least has been my thinking for quite a while - and nothing really seems to be changing such sentiments).

that meme would make an awesome book cover. that thing is closer to reality than everything I posted this year.

this is our mission.

for every no-coiner you safe from the shitcoin devils there are 70 virgin bitcoins waiting for you in paradise.

This is predicated on the assumption that actual Bitcoin is being bought during these transactions.
Remember MT.GOX? Willy bot, fake orders - fake volume.

There is a great reason to not allow incoming/outgoing BTC, the guise of blockchain tx.

Edit: I see marcus_of_augustus beat me to it.

this does appear to be correct, but who knows, they keep providing more and more "clarifications" that actually muddy the water.

hhu
I think? If you move BTC Cash and BTC SV and other 'forks' off your main chain...it then is ALL profit...in other words it fell out of the sky at that price you moved

it at. Does not apply to cap gains...if it fell out of the sky say BTC cash at whatever it was at $214 usd or some such, in that it was ALL profit (like a gift) ..thus

if you had say 100 BTC and sold 100 BCH at say $400 at 15% cap gains and in my case (MN) 10% approx state tax that is 25% of $40,000.00 owed ($10k)

no matter how you cut it...mine is still riding on the original blockchains on all the forks...one time I was bored and used www.cointracker.io a free tracker

of BTC and Altcoins and put in like I think ALL the supposed BTC and some other Altcoin forks. Most of such is junk like 100 BTC is worth $1.98 on such forks. It

was boring and must be more than a couple dozen forks on the site...but since 2017 not any new real forks of any note....add altcoin wallets and setting up

manual wallets for not the public addresses on such altcoins...and it shows my total BTC/Crypto worth from day to day. It is a FREE service...so kinda slick.

anyway...my CPA says if MONEY falls out of the SKY you pay the full cap gains on whatever you sell it for in USD once you pull it off the blockchain...so the

day you pull your forked coin is the day it $$$ wise is you use for cap gains. Again, the cointracker site above..i keep track of my forked coins..but have not

pulled any....just a way to keep score.

brad

When was it written?
In April 2019 T-bill was 2.25-2.5%, but right now T-bill is at 0.08-0.09%, which is almost exactly zero comparing with 3%.
Don't take me wrong...I appreciate another thou/btc, but this does nothing for btc long term.
cashapp, on the other hand and everything Jack does has been genuine ...so far.

... you didn't buy bitcoin from Paypal, you bought and entry in their SQL db.

... or prove to me you own any bitcoin with paypal. it's like Mt. Gox ... after they closed the withdraw window.

They created more demand for btc. no more complex then that.

which is why i went and purchased $20 worth of btc on paypal

vs 20 worth on coinbase or bittrex.

Any place making new btc demand works for me.

1) take investors'  money

2) invest in (shitcoin of choice)

3) proffit!

They invented a new game 

They have that NY bitlicense i'm not even sure if that'd allow them to run a fractional reserve, regardless, any investment carries a risk so if they do lent anything out they have to insure it with their own $250 billion market cap. Any publicity is a good publicity, and i believe over all this is a net positive for BTC not sure why everyone got their panties in a bunch

https://www.paypal.com/us/webapps/mpp/ua/useragreement-full

Paypal "invests those funds in liquid investments". So yes, they do earn interest on $$.