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PayPal to support Ethereum and Bitcoin

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Re: PayPal to support Ethereum and Bitcoin

#111

Post by ecommerceguy »

alphazard wrote: post #75
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%. USDC on Coinbase yields interest. The USDC people make a little spread on it, but you aren't financing the US government at 0%, you're financing them at market rates. There is counterparty risk just like with a bank. Unlike a bank, there are liquid markets onchain for other fungibles.

It doesn't cost a stablecoin anything but a bit of electricity to manufacture a "coin". The coin is valued at whatever the peg is, but it doesn't move the m2 needle or any other measure of circulation, until they purchase a treasury (or whatever they claim is backing). How much did it cost mr stablecoin to do all that? And you better believe the US Gov NEEDS this to happen.

Russia's take on the system is correct and we're seeing ASIANs and BRICS run away as fast as possible from $.

Ways out include total protectionism/mercantilism or war.

Gold is parabolic now. 10k by March is completely doable.

Re: PayPal to support Ethereum and Bitcoin

#112

Post by arthurcolle »

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.

you should get a lawyer and try to sue in small claims court, it is the fastest path vs. anything they will surface to you. even by saying this I put myself at risk but they are truly a demonic organization

s/demonic/pernicious

Re: PayPal to support Ethereum and Bitcoin

#113

Post by Animats »

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…

> Link one bank account (not your primary) to PayPal to receive money, and transfer received money immediately.

Costs 1.5%. Or wait a few days.[1] Plus a fee for receiving cryptocurrency. There are additional fees for buying cryptocurrencies, other than PayPal's own. And none of this is FDIC insured.

[1] https://www.paypal.com/us/legalhub/paypal/pp-balance-tnc?loc...

Re: PayPal to support Ethereum and Bitcoin

#114

Post by mistercheph »

praptak wrote: post #109
mistercheph wrote: post #93

Earlier quoted context omitted.

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

It would have to handle chargebacks and resolve disputes.

Those are functions of a marketplace, a low-cost pseudo-legal system so that you hopefully avoid using a state's costly and slow legal system. But if marketplaces also own the medium of exchange, e.g. marketplaces that issue tokens and only allow transacting in tokens (Paypal behind the scenes), their economic incentive is not to resolve disputes, but to create as many barriers as possible to converting tokens back into value as they can get away with, since this becomes the profit center of the business.

And, when the only medium of exchange available to consumers and merchants is through one of these tokenized marketplaces, getting locked out of marketplaces means getting locked out of doing business entirely with no recourse or alternative.

Mediums of exchange should be neutral, and self-sovereign exchange has to be an option in order for marketplaces to offer competitive marketplace services, else they just abuse their monopoly on medium of exchange.

It's pretty nice, e.g. that when I buy a leash, it doesn't also have to walk the dog. Maybe for some, it's ideal to have someone else walk the dog, and the dog walker can even insist on bringing their own leash, but having the option of buying my own leash, putting it on my dog, and walking it myself means I don't need anyone's permission to own a dog, (not a big deal in the case of dog-walkers since there are so many) and substantially lowers the premium that dog-walkers can command in the marketplace for their services.

Re: PayPal to support Ethereum and Bitcoin

#115

Post by NoahZuniga »

JumpCrisscross wrote: post #74
NoahZuniga wrote: post #70

Earlier quoted context omitted.

All those trilions and trilions of dollars of stablecoins sure are bringing down the us' cost to borrow.

> those trilions and trilions of dollars of stablecoins sure are bringing down the us' cost to borrow If you think trillions of dollars in de novo price-insensitive demand doesn’t move a market, even one as deep as the Treasury market, I’ve got a stablecoin to sell you.

Yes, trillions of dollars of new price-insensitive demand would move the treasury market. That's why I named that number! But, there just isn't that much value in stablecoins.

Re: PayPal to support Ethereum and Bitcoin

#116

Post by jdadj »

praptak wrote: post #103
throwaway-0001 wrote: post #32

Earlier quoted context omitted.

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.

I've seen such features on business accounts (Wells Fargo ACH Fraud Filter, JPMorgan ACH Debit Block, etc).

What bank allows that on a consumer account?

Re: PayPal to support Ethereum and Bitcoin

#117

Post by sowbug »

jmcgough wrote: post #59
CalRobert wrote: post #3

I thought the whole point of a decentralised ledger was not needing companies like PayPal…

PayPal has been slowly circling the drain for years, grasping at highly questionable Hail Mary's like crypto coins.

They earned $1.2 billion last quarter. That drain must be in a very nice part of town.

Re: PayPal to support Ethereum and Bitcoin

#118

Post by btouellette »

DennisP wrote: post #95
graeme wrote: post #79

Earlier quoted context omitted.

The total stablecoin marketcap is not that high relative to US debt, and open question whether they're actually buying all the treasuries they claim. Tether has never been audited.

Times are changing: > The GENIUS Act requires permitted payment stablecoin issuers to maintain reserves backing outstanding payment stablecoins on at least a one-to-one basis, and provides that reserves may only consist of certain specified assets, including US dollars, federal reserve notes, funds held at certain insured or regulated depository institutions, certain short-term Treasuries and Treasury-backed reverse…

With regard to Tether none of this is applicable as they aren't compliant with the GENIUS Act. They are in fact attempting to launch a totally separate stablecoin to try to get some of that market: https://www.reuters.com/sustainability/boards-policy-regulat...

Re: PayPal to support Ethereum and Bitcoin

#119

Post by abdullahkhalids »

CalRobert wrote: post #3

I thought the whole point of a decentralised ledger was not needing companies like PayPal…

There is a beautiful quote about this that captures an essential process within our economic system.

> Under capitalism necessities become luxuries, while luxuries become false necessities. Umair Haque

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