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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

#91

Post by babyshake »

Havoc wrote: post #42
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…

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

If this happens to you, I imagine it is grounds for legal action?

Re: PayPal to support Ethereum and Bitcoin

#92

Post by cortesoft »

JumpCrisscross wrote: post #54
this_user wrote: post #38

Earlier quoted context omitted.

That's not how any of this works. You may not receive any interest on your stablecoin balance, but the issuer certainly does. Why would they offer to lend money to the US government at zero when they can get the market rate and pocket it? What's more, these are mostly short-term instruments This means any increase in inflation will be reflected in their yield.

> You may not receive any interest on your stablecoin balance, but the issuer certainly does A bunch of zero marginal cost capital funding purchases of U.S. debt would absolutely push down rates, possibly lower than inflation, because if you’re a stablecoin issuer you’re not constrained by yield. This is a dumb-money venture. And if there is this much money that is this dumb, Treasuries aren’t the worst place for it…

Even if every dollar of market cap for every crypto currency in the world was invested into us treasuries, it would still be a drop in the bucket and wouldn't drastically change rates.

Re: PayPal to support Ethereum and Bitcoin

#93

Post by mistercheph »

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.

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

Re: PayPal to support Ethereum and Bitcoin

#94

Post by pbhjpbhj »

fweimer wrote: post #80
dotancohen wrote: post #37

What is this paypal-corp.com website? I immediately suspected phishing when I saw that. Doubly so when the feature being discussed is crypto related.

Add the end of https://www.paypal.com/us/home there is a Hewsroom link to https://newsroom.paypal-corp.com/ . They use https://about.pypl.com/about-us/default.aspx as well. At one point, employee email accounts used paypal-inc.com. It might not even be a SEO thing, it could just reflect their corporate structure and the different IT teams. I agree that it is confusing.

It's a little annoying, but as long as the main domain has a paste that links to the dodgy-looking domain then it's bearable.

Ideally, companies would have a page "all the domains we use" as part of their footer links.

So many companies that should know better are helping to enable phishing by using random domains.

Re: PayPal to support Ethereum and Bitcoin

#95

Post by DennisP »

graeme wrote: post #79
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…

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 repurchase agreements, and money market funds.

> In addition, the GENIUS Act requires stablecoin issuers to provide monthly public reporting as to the composition of their reserve portfolios on their website, and requires larger issuers (with more than $50 billion in consolidated total outstanding issuance) to publish annual audited financial statements. These monthly reports must be examined by a registered public accounting firm, and the CEO and CFO of a permitted payment stablecoin issuer must certify the accuracy of these reports to the primary federal payment stablecoin regulator or state payment stablecoin regulator, as applicable.

https://www.lw.com/en/insights/the-genius-act-of-2025-stable...

Re: PayPal to support Ethereum and Bitcoin

#96

Post by iammrpayments »

johnwheeler wrote: post #44

I don’t understand all the immediate negativity surrounding this. Can someone in the know explain what the ramifications are?

I hate paypal, because they froze my money for 6 months and destroyed my mental health for weeks. Compared to other people my situation was not even bad.

Re: PayPal to support Ethereum and Bitcoin

#97

Post by tcgv »

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…

It’s actually more of a win-win situation if you look closely.

Stablecoin issuers earn yield from holding U.S. Treasuries, which sustains their business model. Meanwhile, people in distressed economies get practical access to a digital dollar, often cheaper and faster than navigating restrictive exchange rules or paying steep conversion fees at money-changers. That’s meaningful when local currencies are unstable or losing value.

Of course, not all stablecoin issuers are trustworthy, and some governments under economic distress may ban or limit these instruments. But when the setup works, both sides benefit.

Re: PayPal to support Ethereum and Bitcoin

#98

Post by DennisP »

egorfine wrote: post #86

Title: PayPal [..] Reimagining How Money Moves to Anyone, Anywhere. Text: PayPal users in the U.S. can begin [..] today, with international expansion [..] starting later this month. So immediately out of the box it is exactly NOT for "anyone" and NOT "anywhere". This is contagious: a couple of years ago Gnosis tried to launch their Gnosis Card[1] on Berlin DappCon with the exact same slogan: "Anyone, anywhere" while…

Well in fairness they really have reimagined how money moves to anyone anywhere, they just haven't changed it yet. Plus they used a verb tense suggesting the process is ongoing. If they said "we changed how money moves to anyone anywhere" then that would be inaccurate, but that's not what they said.

Re: PayPal to support Ethereum and Bitcoin

#100

Post by DennisP »

olivia-banks wrote: post #49

One of the reasons I don't think crypto can succeed is because people will only use it if it's convenient, which very likely means corporate involvement, which of course ultimately defeats the whole argument of being decentralized.

Corporate involvement isn't that bad as long as the user can exit to fully decentralized operation in case of abuse.
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