aren't bitcoin transactions irreversible, making it incompatible with PayPal general policies?
Paypal President: We're thinking about adding Bitcoin (2:50) [video]
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Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#42Oh, dear. If I were the president of PayPal and wanted to make quick buck, I would buy some bitcoins, released news like this, and sold my bitcoins the next day with a nice profit. And then, I could just deny the news, sending bitcoin value back where it was so that it is ready for the next exploiter... Heh. But seriously, PayPal and Bitcoin are by nature rivals. If PayPal wanted to have a crypto-currency, it would d…
Bitcoin is more than a currency, it's also a massive, international, and reliable transaction network. Furthermore it isn't tied to any individual entity (government or corporation) so there is value in its impartiality and lack of restrictions on senders or recipients.
Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#43Paypal already encourages you to use your bank account instead of a credit card. Paypal is not Visa/mastercard. They have to make their money in addition to whatever the credit card is making. It only makes sense they look at bitcoin as a method for frictionless digital payment.
Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#44It sounds like they see it as a way to get money into paypal. That is, it's no different than a bank deposit. In other words, an easy way to transfer BTC->USD ("funding instrument"). What they'll then do is dump the BTC they get on the market.
Not a bad idea, but it seems they're thinking too small.
Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#45The main line: "So I've been spending a lot of time looking at it. It's truly fascinating, actually, the way the currency's been designed and the way inflation is built-in to pay for miners and all that, it's truly fascinating. And I think, for us at PayPapl, it's just a question of whether Bitcoin will make its way to PayPal's funding instrument or not, and we're kind of thinking about it right now."
inflation? I think he means DEflation
The price relative to other currencies deflates as long as demand rises. The total number of Bitcoins inflates (at a decreasing rate) for the next 100+ years.
Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#46aren't bitcoin transactions irreversible, making it incompatible with PayPal general policies?
Bitcoin transactions are irreversible, but so are cash transactions. Wrapping either currency with a transaction model that introduces a delay between commitment and transfer allows reversing during the delay.
Paypal transactions are reversible because there's a delay between me confirming the order with a merchant and the funds appearing in their account.
Paypal bitcoin would be similar; I deposit BTC with Paypal, and a week or two after I approve sending to a merchant, the merchant gets BTC in their Paypal account.
Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#47Oh, dear. If I were the president of PayPal and wanted to make quick buck, I would buy some bitcoins, released news like this, and sold my bitcoins the next day with a nice profit. And then, I could just deny the news, sending bitcoin value back where it was so that it is ready for the next exploiter... Heh. But seriously, PayPal and Bitcoin are by nature rivals. If PayPal wanted to have a crypto-currency, it would d…
I think everyone is over-reacting... He clearly states that they're thinking about it just like everyone else...
Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#48Oh, dear. If I were the president of PayPal and wanted to make quick buck, I would buy some bitcoins, released news like this, and sold my bitcoins the next day with a nice profit. And then, I could just deny the news, sending bitcoin value back where it was so that it is ready for the next exploiter... Heh. But seriously, PayPal and Bitcoin are by nature rivals. If PayPal wanted to have a crypto-currency, it would d…
A lot of what keeps regular Joes away from bitcoin is its complexity and the difficulty of keeping your funds secure. If PayPal were to make the most secure, easiest-to-use bitcoin wallet, they could profit greatly from it and also provide something that doesn't really exist anywhere yet. All PayPal does right now is help you get dollars from point A to point B, and in the process they take a cut. They could do the s…
I am sorry I cannot agree with you.
You cannot collect profits from a transaction between 2 Bitcoin users like PayPal does right now with "real" money. If the world adopted Bitcoin, it would be the end of PayPal's business model. If PayPal were ready to replace their business model with something way less profitable, but more future-proof, it would still make no sense for them to adopt bitcoin. It would only make sense if they owned significant amount (50%) of the existing bitcoins and had the code base under at least indirect control. What would happen if this were true and the bitcoiners found out? ...too many ifs.
That said, Bitcoin will never become a commonly used currency in its current form. The built-in deflation is a fatal flaw, which makes it unusable for normal buyers or sellers. It is only appealing for "get-rich-quick" investors, which is a shame, 'cause we really need a good solution (0% fee & safe) for online payments.
Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#49Yeah, just like Western Union was "thinking about" Bitcoin.
Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#50Oh, dear. If I were the president of PayPal and wanted to make quick buck, I would buy some bitcoins, released news like this, and sold my bitcoins the next day with a nice profit. And then, I could just deny the news, sending bitcoin value back where it was so that it is ready for the next exploiter... Heh. But seriously, PayPal and Bitcoin are by nature rivals. If PayPal wanted to have a crypto-currency, it would d…
David Marcus makes ~$1.5-2M / year, and has $11M+ in stock options, plus whatever he made from selling his last startup (Zong). I really don't think he needs to worry about gaming the bitcoin ecosystem.
Also: Developing a new currency is hard, and inherently antagonistic with other governments. BTC, on the other hand, is basically tolerated for the time being.