Please don't. Bitcoin is a ticking time bomb. When it goes off you don't want to be the one holding the coins.
Paypal President: We're thinking about adding Bitcoin (2:50) [video]
51–60 of 124 posts
Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#52Earlier quoted context omitted.
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 sen…
There's no reason PayPal has to build a vanilla bitcoin wallet interface. It's true that you cannot simply deduct a certain percentage from a direct bitcoin transaction. However, they could pool your coins in their own controlled address, and when you choose to send a payment through them, it makes one transaction on your behalf for that amount, and also a second transaction for 1% to their revenue address.
Average Joes who don't want to bother having to understand bitcoin may find this tradeoff acceptable if PayPal makes it worth it by providing a very simple and secure bitcoin interface that is better than everything else out there.
Whether you think bitcoin itself is doomed to failure due to deflation and all that is a different topic entirely.
Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#53Earlier quoted context omitted.
In 8 years (by 2021) 90% of Bitcoins will have been issued. Strictly speaking, the supply is inflating continuously, though it is unlikely to ever be growing faster than future demand (we seem to have past that point within the last year). The only reason economists would call Bitcoin deflationary is the presumption of constantly growing demand.
> Strictly speaking, the supply is inflating continuously what about Bitcoins being lost? perhaps we should also consider coins that are not used in the past five years also "lost".
This is known as seigniorage: http://en.wikipedia.org/wiki/Seigniorage
Interestingly, though, while (some) seigniorage is a good thing for a debt-based like the dollar, it's a bad thing for Bitcoin.
Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#54If Bitcoin does succeed, I don't see a regular person wanting to manage his own wallet and security let alone understand all the complexity that is bitcoin.
I see Bitcoin becoming the underlying infrastructure on which companies like Paypal, Square, Banks and other financial institutions trade.
If Paypal does invest in adding Bitcoin, it would be right step ahead for Bitcoin and for Paypal.
Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#55I expect this news alone will make Bitcoin go up $30 - $40 today.
A stiff breeze makes Bitcoin go up (or down) $30-40.
It's like signal and noise. Responses to news like that are still visible on their own shortly after the event, even if the exchange rate is not stable in general.
Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#56Earlier quoted context omitted.
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 sen…
> The built-in deflation is a fatal flaw
Yeah, I mean, gold didn't work as a currency all those hundreds of years. /sarcasm
Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#57Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#58Earlier quoted context omitted.
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 sen…
There's no reason PayPal has to build a vanilla bitcoin wallet interface. It's true that you cannot simply deduct a certain percentage from a direct bitcoin transaction. However, they could pool your coins in their own controlled address, and when you choose to send a payment through them, it makes one transaction on your behalf for that amount, and also a second transaction for 1% to their revenue address. Average J…
One of the advantages of bitcoin is that you do not need a middle man to do a transaction. Some people may choose one for whatever reason, but would they be OK with paying the transaction fees? Would you use a credit card if you had to pay 4% more than if you paid in cash? I do not think many people would be OK with that.
It may sound as if I am a PayPal lover and bitcoin hater, which is NOT the case. I just do not see them cooperating sensible.
Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#59Can't click this link right now. Abbreviated transcript please? It's weird to see Paypal and Bitcoin in one sentence on the domain bloomberg.com... Bloomberg is one of the biggest financial companies and entirely against Bitcoin. I can't rhyme this; what are they saying about it?
> Bloomberg is one of the biggest financial companies and entirely against Bitcoin.
You say this as if it is fact. Care to expand on why you feel this way?
Re: Paypal President: We're thinking about adding Bitcoin (2:50) [video]
#60Earlier quoted context omitted.
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 sen…
> The built-in deflation is a fatal flaw Yeah, I mean, gold didn't work as a currency all those hundreds of years. /sarcasm
The amount of gold in circulation has never stopped increasing.