Yes.  This is by far the most disappointing part of the thing to me.  Overall I see this as mega bullish... but fucking BCash

Interesting landmark.  I don't expect it to hold, but then again this is really deflating on low volume...

Do you think PayPal has rolled out their be all end all final product?

But the masses have the same reason to store their wealth in the hardest asset on Earth as the rest of us do.

Also LOOOOOTS of people like to gamble.

^^^  Gets it.

This is the AOL of Bitcoin and they will onboard a lot of people.  Only difference is PayPal can still pivot and NOT become a instant messaging service no one uses in 10 years.

I will say this as an OG Bitcoiner (lolrothlmfaoetc).

If Paypal allows us to use their network with Bitcoin to buy things then I *will* allow them to custody a portion of my wealth as a spending wallet.  Why not?  I mean I got a bit on there new from Ebay sales.  Can't quite bring myself to convert all that *today* as I think the chance of a pullback is pretty high... but... you know.

You should not use Paypal to custody your bitcoin, obviously.

But more than 99% of people are nowhere near ready to custody their own keys.

The less stories about how dangerous it is to own Bitcoin, the better.

This is analogous to the arrival of AOL in the internet age.  Do we want AOL instead of the internet?  Hell no.  Did AOL onboard 70% of the US market.  Yup.

Was coming to post this?

What's that phrase all the cool kids say?

Gradually, then...

Liquid was made for that.

I am gonna risk looking like a jackass... but you know.  No pride etc.

So many models show us kinda leveling out.  Losing volatility, not gaining quite as much as the first 3 times.  Follow the pattern.  Each candle gets a little smaller.   And it makes sense right?  I mean to go from $1 to 1000 takes less than a grand.  1000 to 20000 takes 19 grand.  Etc.  a LOOOOOT of money has to come in to get a cnadle like the first one this time.  Eventually it starts settling down.  Many long term analysts take this basic position.

However.

We have barely seen any adoption.  I think those first few waves?  Maybe more like tremors. (Hmm mixed metaphors)  The big one is still yet to come.  I think it is possible we see a candle at some point that is bigger than the first three.  Or at least breaks the pattern.  The upward part of the "S curve".  We might be about to see it now. when giant corps and nations start getting in. Retail won't really be able to even keep up.  And then after the surprise of surprises, we can see the descending volatility log curve top of the s curve sort of resume.

My biggest fear is it breaks bitcoin.  We are about to get the mamma of all throughput tests.  And we are liable to see BCH and ETH centralize and break.  I actually think LTC has more chance of staying somewhat decentralized than the others.

The right choices were made for BTC.  But we will need to start making the world understand why fees are not the point.  Because I predict they are about to get pretty damn big.

In the PayPal app... where do you turn on Whirlpool?  Are they using coinjoins?  What is this shit?

Proudhon, I know it's not that good... but yeah?

[troll mode back off]

You know what would be ridiculously bullish?  IF we do not see a "sell the news" drop sometime very soon.  Seriously when buys overcome all the insiders selling the extra stakes they bought?  See what I am saying?  I mean we should be seeing a drop in 3... 2...

[troll mode back on]

I don't see anywhere in the PayPal app that you can turn on your lightning node.  Where is it? Are they using Neutrino?

I would have been surprised if they would allow sending/receiving.  Nor BTC withdrawal, and obviously this is a big win for KYC.  And using it as "cash" for purchases will be it being spent at it's market rate etc.

it's messy.  There will be big negatives.  In some ways the status quo companies coming in is a bit of an invasion.

But this is SUCH a positive step in spite of all that.  And now the race is going to be who is the one that offers the most features you want.  Paypal, Square, Baakt, Fidelity, Robinhood, Etc?

This is DEFINATELY one of those "don't let the perfect get in the way of the good" moments.

I think Square/Cash App is going to set the tone for the industry, although PayPal is certainly a 900lb gorilla.

*cough* Monero. *cough*

No Single Battle
Will Bring Victory in War
But today, we won.

I think I disagree.

Reason being, PayPal cannot take the risk of letting you hold a synthetic version of something for which they do not have a real one of.

What happens when 1000 people buy .1 btc today, and try to "cash out" in a year after a 10x.

Another way to put it... I do believe we will see some player in the fintech space be absolutely brought to their knees because they decided to get too fancy with fractional reserve and rehypothecation. That's gonna suck... and I am almost sure it happens.

This does not happen with gold because even though gold is a bearer asset, it is being "born" by world government primarily so the risk is muted.  But not only can people SPEND bitcoin, they can also "withdraw" it.  And even if they can't withdraw to self custody, they WILL be able to sell for fiat and withdraw.

The first folks to die on that hill will set the bar.

Has anyone thought about the fact that there will probably be no network fees when you buy something with bitcoin using PayPal?

Bueller?

This is a picture of both a chart, and my trousers, somehow.

I am genius!  Woot!

Lol.

Are we back to that sort of time where we all get to think we are the special anointed super-investors who can make no mistakes?

I hope it lasts for a couple years is what I hope.

Yeah... but the thing is... People will get exposed. And some people will figure out that other wallets let you have more control etc.  As much as @jack makes me want to march around with my AR strapped to my chest, he is going to drive things in the right direction for BTC.  At least it seems so.