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PayPal Launches U.S. Dollar Stablecoin

newsroom.paypal-corp.com

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Re: PayPal Launches U.S. Dollar Stablecoin

#41

Post by MagicMoonlight »

spicybright wrote: post #32

Is there a real use case for this, or is it just to cash in on the crypto market? I ask because crypto transfer fees for bitcoin/eth are ridiculous if you're not transferring thousands of dollars at a time. And if paypal is the one exchanging/holding your USD, crypto or not, why pay that fee?

If paypal can make these "gold coins" look like real coins then they can freely mint their own coins and trade them for real assets. When people cut them open and find that they are made of lead then it will be too late, the owners will be long gone.

It also lets them take real money off you and give you casino chips that you can send around. The chips are meaningless so they never actually have to give your real money back as long as they stay in the casino. If you do ask for them back, they've been collecting interest on them the whole time so they'll double up either way.

Re: PayPal Launches U.S. Dollar Stablecoin

#42

Post by lesuorac »

nailer wrote: post #19
kelvie wrote: post #9

Earlier quoted context omitted.

Yeah paypal-corp.com screams phishing address, what were they thinking?

Same as withgoogle.com, and official site that also looks like a phishing site

withgoogle.com is so that the google.com cookies & etc aren't provided. i.e. any vulnerability with withgoogle.com doesn't affect google.com.

It could very well be the same idea for paypal where they're worried that whoever is in charge of the newsroom will have a vulnerability.

Re: PayPal Launches U.S. Dollar Stablecoin

#43

Post by 3np »

spicybright wrote: post #32

Is there a real use case for this, or is it just to cash in on the crypto market? I ask because crypto transfer fees for bitcoin/eth are ridiculous if you're not transferring thousands of dollars at a time. And if paypal is the one exchanging/holding your USD, crypto or not, why pay that fee?

Even if you disregard L2 (Lightning), an on-chain Bitcoin transfer is still usually <$1 (sometimes substantially so and at times not; it is volatile).

Re: PayPal Launches U.S. Dollar Stablecoin

#45

Post by yrhrodka »

MagicMoonlight wrote: post #38

If it was actually "backed by deposits" then you wouldn't need it. You would simply transfer those "deposits" around. So what they're actually doing is bypassing banking legislation and attempting to do fractional reserve banking with no licence. They're also trying to bypass official currency and counterfeit their own shit. People need to start doing time for this because it is ridiculous that these clowns think the…

[flagged]

Re: PayPal Launches U.S. Dollar Stablecoin

#46

Post by mamonster »

spicybright wrote: post #32

Is there a real use case for this, or is it just to cash in on the crypto market? I ask because crypto transfer fees for bitcoin/eth are ridiculous if you're not transferring thousands of dollars at a time. And if paypal is the one exchanging/holding your USD, crypto or not, why pay that fee?

Hopefully this will allow you to offboard crypto easier.

A lot of banks don't want to take incoming transfers if they see that they are from a crypto affiliated entity/bank, now you can (hopefully) have exchange wallet on binance/etc you want to cash otu -> Buy PaypalUsd on exchange -> Send PaypalUSD to PayPal account -> Swap stable for cash -> Send it out from Paypal account to normal account or keep it there. Again thats assuming Paypal plays ball with these exchanges.

So I guess any fee will basically be you paying Paypal to launder "crypto exposure" for you when moving back to fiat. The biggest way to make money in crypto right now is to figure out an offramp with capacity. There is a lot of people who have way too much crypto and want to offramp into fiat but can't.

Re: PayPal Launches U.S. Dollar Stablecoin

#47

Post by matthewdgreen »

MagicMoonlight wrote: post #38

If it was actually "backed by deposits" then you wouldn't need it. You would simply transfer those "deposits" around. So what they're actually doing is bypassing banking legislation and attempting to do fractional reserve banking with no licence. They're also trying to bypass official currency and counterfeit their own shit. People need to start doing time for this because it is ridiculous that these clowns think the…

The currency is regulated by NYDFS which has specific regulations for how stablecoins must be backed. TL;DR: 1:1 backing by T-bills and deposit accounts at regulated banks. There is certainly fractional reserve banking going on within those depository banks, but not specifically by PayPal. https://www.dfs.ny.gov/industry_guidance/industry_letters/il...

Re: PayPal Launches U.S. Dollar Stablecoin

#49

Post by JohnFen »

simple-thoughts wrote: post #28
3LazTjBv-f wrote: post #17

Earlier quoted context omitted.

And beside some slogans, how exactly will cryptocurrency beat that "archaic" system? As a customer there is exactly 0 benefit for be to use crypto. The single mobile app from my bank, allows me to pay for anything online in few seconds, contact-less credit cards do the same in brick&mortar shops. I am literally afraid that physical cash will die out, cause it isn't convenient enough.

There’s a wide range of products and services that are native to crypto that you don’t have access too without a blockchain wallet. Now you personally might not care about nfts, tokens, exclusive clubs, blockchain games just to list a few, but other people definitely do. Also the parent comment is out to lunch, crypto will likely never replace fiat simply because there’s nothing preventing states from implementing th…

> Now you personally might not care about nfts, tokens, exclusive clubs, blockchain games just to list a few, but other people definitely do.

Sure, but those are niche things that most people will never care about. Awesome for the people who are into such things, but not a draw for everyone else.

Re: PayPal Launches U.S. Dollar Stablecoin

#50

Post by mistrial9 »

Ekaros wrote: post #34

Why would I want something that is even less money than if I had money in Paypal?

you do not, it is useful for contracts between payments companies, and directly increases the assets of PayPal Corp. Basically you are a pebble on the beach, and these people want to create new kinds of automatable sand-movers.
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