Bitcoin Forum

Read very positive news on CNN:

"This week, the payment processing company PayPal took its first venture into the world of all-digital money. Merchants that work with eBay's PayPal can now easily start accepting payments from customers that use Bitcoin, an independent, government-less currency.
PayPal struck a deal with three Bitcoin payment-processing companies: BitPay, Coinbase and GoCoin."

http://money.cnn.com/2014/09/26/technology/paypal-bitcoin/index.html

Why bitcoin price  is still felling?

Is this actually true though? I knew they have implemented it in some fashion, but is it as simple as any merchant that accepts PP can now take BTC too? Why can't we use it on ebay yet?


Falling. You should no buy now that good news doesn't really make the price shoot up anymore.

Paypal is great for bitcoin.

WTF is money.

Money is basically favor vouchers. You do something for someone and they give you some item (gold, seashell, signed piece of paper, etc.) that society agrees gives you the right to call in that favor owed to you, but the cool thing is it doesn't even have to be from the person you did the original favor for.

The way Bitcoin works is instead of actually passing around gold or pieces of paper to record who did what for whom, a globally synchronized accounting ledger records this data in a cryptographically secure way. Since no tokens have to be physically transported, it is global and fast. But since no central authority controls it, it cannot be politically messed with, inflated, confiscated remotely, etc.

It's like gold that weighs nothing, that you can carry in your brain without anyone knowing, and that you can teleport anywhere in the world for a tiny fee or even no fee. You can do this with a few cents or a few million dollars just the same way.

Doesn't this defeat the purpose of Bitcoin? I thought the idea was to take out all the middlemen (CC companies, PayPal, etc) who skim a percentage of each transaction for themselves.

Sort of. Remember, though, that Bitcoin can and does still benefit from 3rd party services such as escrow. The largest benefit to BTC as a currency is its "push" system, rather than "pull".

http://gendal.wordpress.com/2013/10/21/lessons-from-bitcoin-push-versus-pull/

If you think this is somehow not good for bitcoin, you are SORELY MISTAKEN.

I thought paypal accepting bitcoin would at leas bump the price, right now the average is sitting at $381.64

maybe we can buy nice things off ebay in the future with bitcoin.  but for now.  FIAT baby!!!

I do not see how PayPal can improve Bitcoin. Bitcoin is better in every way. All PayPal has is name value.

Someone enlighten me.

Bitcoin is the future , paypal is the present ;) . Together are ..... I don't know what are they ;D ?

Something major s wrong with this. This is HUGE news for BTC. Yet the price goes down. Really do not understand the market anymore.

Exactly. Money is so important to most people, that a lot of folks can't wrap their head around the fact, that the entire system is based on nothing other than trust.

money to buy that mouse for 3.99

Should be required reading for anyone who uses money.

Maybe BitPals?

So I was just bugging my web host (which accepts PayPal) about possibly accepting Bitcoin. Does this mean that I can just use Bitcoin to pay for hosting using the Paypal system to make sure they get the money anyhow? Or do the shops that accept PayPal have to do something special to accept Bitcoin too? If that's the case, they might as well just accept Bitcoin on their own...

I have given up trying to figure out why bitcoin keeps falling even though there is so much good news about it. If apple had 1/2 the news like bitcoin does, their stock would double...

this is a really good news for bitcoin, excellent!!!

..and dont worry guys aboyt the price of BTC now, will grow up soon ;) i hope....

That is exactly my thought. If some company went bankrupt or some other bad news hit bitcoin world it would be understandable that price will be low. But with only good news? What the hell is going on?

bitcoin is not a stock. AAPl is a stock. When there is good news about apple, it usually translates to the fact that apple will be able to earn more money over the long term, giving more value to shareholders.

The price of bitcoin is dictated by the supply and demand of bitcoin, and to some extent the anticipated future levels of supply/demand

What you retards dont get is that as more merchants accept bitcoin it causes the liquidity to go up and the price to do down. Adoption of anything other than hoarding puts downward pressure on the price. In other words good news about increased acceptance and use is bad news for the price.

It would be nice/fair to link to original poster on reddit. Borrowing text from someone else without credit is not very nice.

https://www.reddit.com/r/technology/comments/2hm3f5/paypal_now_lets_shops_accept_bitcoin/ckujq65

This calls for a celebration really. No hate to paypal.

Honestly i think that every kind of Mass adoption from the commercial, enterteinment, services, foods etc work fields is a good and positive things towards Bitcoin growth and expasion.

Althought many of these Big Middlemans and Companies seems to be in contrast with the decentralization thing of the BTC, the network and the BTC community will remain decentralized.

Maybe this is the start of something bigger and bigger, bringing more and more attention to BTC and it's related world.

Also, i'm not a fan or supporter of PayPal (had an account on it, blocked for stupid reasons and then never reopened one) but i feel this could be genuine for the BTC health itself, new fresh airs to fill.

Well put. There is a beautiful essay from Nick Szabo ("Shelling out - the origins of money") which explains this in more detail:

http://szabo.best.vwh.net/shell.html

and bitcoin's price is still falling  ??? ??? ???

I agree with this.
Only way for Bitcoin to become globally accepted and mainstream is that ''big'' merchants and online companies like paypal accept Bitcoin.
When average people see this, their confidence in bitcoin will raise, they will start buying bitcoin (not selling like today) and we will see that value of bitcoin will go again up.

We are in a downtrend. There was a price spice when the news broke.

But then people realized it's just in the US and only for digital content. The Chinese went: "PayPal? Meeeeh..." So the price went down again...

Put simply, it's not enough to stop the downtrend much less to actually reverse it...

The value of having such a big company such as PayPal willing to endorse the usage of payment system like Bitcoin is quite large in the fact that their support means that it will likely interest more consumers and further increase merchant integration and usage - which helps Bitcoin to grow and eventually outpace and make PayPal obsolete.

Totally agree with you on this.

ebay and Paypal are splitting... hopefully wont slow BTC adoption over at ebay...
http://www.cnbc.com/id/102037051

It will speed up the BTC adoption.

+1

What's interesting about that Szabo paper is the inherent confluence of the evolution of fiat type money and social structure including taxation and violence.

It brings to mind the following questions pertinent to bitcoin.

1) Can a non-socially binded (apolitical) money thrive just because it is useful? That is, are messy social cohesions part and parcel of a working system of value or can value exchange be purified as an abstraction? My hope is that it can.

2) If all forms of money are inherently intertwined with social construct including national fiat, does Bitcoin's success ultimately depend upon same. At this point Bitcoin fulfills a psychological and philosophical need more than any market convenience. Perhaps is still necessary for an abstract ephemeral token to have value as an intellectually interesting artefact.