RT @SeanSteinSmith: Big news from #Paypal and #Venmo yesterday as it connects to #bitcoin - sounds like #crypto may have to copy or work with existing financial incumbents after all - https://t.co/sJ3uyz1Qs9
RT @HHorsley: Sources say @PayPal & @venmo to launch crypto buying for users in Q3/4.
Unconfirmed, but could be *massive*.
Venmo has >50M users, >$100B in annual payments volume.
PayPal has >300M users, >$700B in volume.
Robinhood has 13M users, Coinbase has 40M.
For the first time ever @CashApp and @venmo users will be able to send each other money.
How? An open-source, global, permissionless value transfer protocol known as Bitcoin tying them together.
All payment stacks will eventually speak #Bitcoin.
This is the @ln_strike vision https://t.co/B7F1WJk6Id
Well here comes "the institutional". There will be a small price pump, then it will level out, maybe drop, and we are still not one step closer to hyperbitcoinization. Apparently buying a decentralized asset from a centralized financial intermediary does not spread adoption for the decentralized asset as a money system. Imagine that
they care about getting their payments.
one of the major obstacles for the booming market of ransomware has been the difficulty of getting less technical users to understand how to acquire bit coins.
now they can can just embed a normal paypal dialog into their ransomware!
if it's time for the broken clock that is coindesk to be right, that is.
They could already just link you to coinbase, bitpay, etc. Paypal is not bringing anything new to the table....
Edit: the whole point of bitcoin is to have a PERMISSIONLESS payment system. relying on third-parties like paypal is antithetical to this purpose.
> They could already just link you to coinbase, bitpay, etc. Paypal is not bringing anything new to the table....
if you've done e-commerce stuff you would know the fall-off from just people having to pull out their credit card, a single-click payment via paypal is much easier.
ok, to be a bit more serious: my point wasn't that ransomware authors care about paypal, what I intended to convey was that a) bitcoin is primarily used for illicit payments, excluding speculation/hodling/get rich quick-schemes b) how ridiculous coindesk is when it comes to rumors
and given bitcoin's primary usage and what paypal is usually used for (payments, not "investing"), I made a moderately funny suggestion about what paypal's motives could be (assuming the unsubstantiated rumors coindesk is spreading are true)
I could have based the title on buying illegal drugs instead, but picturing paypal as a soulless corporation willing to prey on unlucky grandmothers was funnier to me.
that said, there are a fair amount of grandmothers that have a paypal account, but aren't able to acquire bitcoins otherwise. in addition I'd be willing to bet that a fair share of people call their local savvy teenager if they get infected, and said teenager might be able to recover the data or convince the unlucky person to not pay.
I honestly don’t know. It sounds really cool but is it a case where it’s already too late to jump on the crypto train and it’s harder to make money on it? I guess it still would be a super easy way to pick up some bitcoin or something if you’re looking to anonymously buy some stuff at the least... but I’m pretty ignorant to the crypto world so your guess is as good as mine.
My guess is we're very much still in the infancy of crypto, it's not too late to buy in by a long shot. The hype may have died down since a couple years ago but in the long term crypto is a much safer and stable system than the current which means eventually it should switch over and crypto will be the new norm.
Good point. I'm thinking they'll have a wallet where we out our ETH, BTC, and then an in-app exchange of their own tokens (let's call it the PP, hehe), and this PP is what's used for purchases. That sounds like something they'd do.
In terms of the on/off ramp, yeah that's great news. I just hope the banks don't stop it as it really affects their stranglehold...
Just some thoughts. Good points, so had to reply.
Fact of the matter is that demand for Bitcoin is growing. The masses are finally starting to wise up. Bitcoin never "died" like everyone thought it would. It's here to stay, and the fact that governments around the world are printing endless amounts of money only makes the case for a decentralized, supply-capped currency even stronger.