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PayPal to support Ethereum and Bitcoin

newsroom.paypal-corp.com

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Re: PayPal to support Ethereum and Bitcoin

#101

Post by DennisP »

tootie wrote: post #40

When Bitcoin first hit public consciousness the knock from economists was that it had a built-in deflationary spiral and that seems to be true. The price keeps going up and up with a few noted bumps. Rising value is great for speculators but it's a death knell for an actual spending currency. You'd be nuts to spend it if you expect it to appreciate. That's why central banks aim for low but positive inflation.

Aside from tax implications, there's no difference between spending $1000 from your salary, and spending $1000 in Bitcoin and rebuying that amount from your salary.

Re: PayPal to support Ethereum and Bitcoin

#102

Post by ecommerceguy »

dzonga wrote: post #11

one thing with these stablecoins is they're pushing to buying of 'us-debt'. congrats if you buy a stablecoin - you've effectively financed the US gvt at 0%. now the US gvt can inflate away that debt at 0 cost to them, and pass on the cost to you. that's why a bunch of these stablecoin companies are pushing it as a way to save for people in distressed economies. what a way to steal from the poor. that's why the crypto…

Stable coins can print anytime they want, there's no one at the SEC that will regulate it in this admin. As a matter of fact it's pretty well accepted in some circles, especially on subreddits, that Tether did exactly that, printed usdt, purchased btc at effectively 0 cost basis, inflating bitcoin prices by decreasing supply and then turned around and purchased treasuries. Cantor Fitzgerald ran that for them.

Further, stable coins / crypto are almost certainly being used to slop up as much liquidity as possible and has essentially so far pulled 4 trillion out of circulation. If not for that sleight of hand trick, hyperinflation, at least in the USA, would have already happened. Probably still will as there's only so much can kicking that can occur. I know of 30 year olds that literally live in mom's basement and dump nearly all of their just above minimum wage checks straight into Robinhood to blindly purchase crypto. Will forever beat inflation is the mentality.

Sure looks like there's going to be lots of pain for poor and middle class people in the next 5 years.

Re: PayPal to support Ethereum and Bitcoin

#103

Post by praptak »

throwaway-0001 wrote: post #32
Tarball10 wrote: post #20

Holding money (or crypto) in PayPal is a terrible idea. They are not a bank, they do not abide by banking regulations. They can lock you out of your account and your money at any time and leave you going in circles with their offshore support. Yes, they are somewhat of a necessary evil if you do any online peer-to-peer buying/selling, since they are the only money transfer service that provides some level of "buyer p…

If you link your bank, and approve direct debit (it’s just a popup with yes/later - very risky move), they will eventually withdraw from it when there are any issues. And most likely you’ll lose more disputes when your bank is linked - but no proof of this so take it with a grain of salt.

Fortunately I can review direct debit consents and revoke them via my bank's web app UI.

Re: PayPal to support Ethereum and Bitcoin

#104

Post by nepthar »

kotaKat wrote: post #77
Havoc wrote: post #42

Earlier quoted context omitted.

Plus they have a history of freezing people’s money for months on end for flimsy reasons.

Staring at a “you can no longer do business with PayPal” email myself. No clue what I did, no recourse, now locked out of a fuckton of global marketplaces and peer to peer transactions that uniquely only work on a platform like PayPal.

I had one of these. My account ended up eventually being reinstated. No reason was given for the initial account freeze or reinstating.

One thing I did - in response to them saying I could no longer do business, I told them that they also could no longer do business with me, requested a copy of all of the user data they had on me under CCPA, and told them to then delete all of my personal information. They did not actually comply and I didn't pursue. I probably should, though.

Re: PayPal to support Ethereum and Bitcoin

#105

Post by bix6 »

EbNar wrote: post #88
Tarball10 wrote: post #20

Holding money (or crypto) in PayPal is a terrible idea. They are not a bank, they do not abide by banking regulations. They can lock you out of your account and your money at any time and leave you going in circles with their offshore support. Yes, they are somewhat of a necessary evil if you do any online peer-to-peer buying/selling, since they are the only money transfer service that provides some level of "buyer p…

What's the problem with debit cards?

Debit cards generally have less recourse for fraudulent transactions compared to credit.

Re: PayPal to support Ethereum and Bitcoin

#107

Post by tracker1 »

loloquwowndueo wrote: post #31
squigz wrote: post #24

Earlier quoted context omitted.

Why does their support being "offshore" matter at all? If they wanted to provide good, user-friendly customer support, they would, regardless of where the reps are?

> If they wanted to provide good, user-friendly customer support, they would Has this been your experience with PayPal?

They marked my account as hacked (it wasn't), and the first two submissions of a photo of my driver's license from my phone were rejected... not until the third time after calling the third operator was like.. yep, that's a driver's license with your name on it.

That's not even close to the worst stories I've heard... like running Rippa through the ringer.

Re: PayPal to support Ethereum and Bitcoin

#108

Post by PhantomHour »

martin_a wrote: post #85
layer8 wrote: post #62

Earlier quoted context omitted.

It isn’t subject to the EU statutory deposit insurance, however. Edit: The above means that deposits on your PayPal account aren’t insured, different from regular bank accounts in the EU. This is a frequently emphasized caveat regarding the use of PayPal as a bank account in the EU.

Is that an issue if you don't plan to "store" money in PayPal but only use it for payments?

You'd be surprised. A lot of sellers don't "cash out" from paypal all that often, letting tens of thousands pile up. (And inevitably, some of them get hit with arbitrary account closures and have that money seized)

Re: PayPal to support Ethereum and Bitcoin

#109

Post by praptak »

mistercheph wrote: post #93
kotaKat wrote: post #77

Earlier quoted context omitted.

Staring at a “you can no longer do business with PayPal” email myself. No clue what I did, no recourse, now locked out of a fuckton of global marketplaces and peer to peer transactions that uniquely only work on a platform like PayPal.

If only there was a technology which fixes this...

It would have to handle chargebacks and resolve disputes.

Re: PayPal to support Ethereum and Bitcoin

#110

Post by berns »

dzonga wrote: post #11

one thing with these stablecoins is they're pushing to buying of 'us-debt'. congrats if you buy a stablecoin - you've effectively financed the US gvt at 0%. now the US gvt can inflate away that debt at 0 cost to them, and pass on the cost to you. that's why a bunch of these stablecoin companies are pushing it as a way to save for people in distressed economies. what a way to steal from the poor. that's why the crypto…

> congrats if you buy a stablecoin - you've effectively financed the US gvt at 0%.

As MMT teaches us, a government that issues its own currency does not need to borrow to finance itself, as it can create the money it needs, though it may still issue debt for other reasons.

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