Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[El duderino_]

Belgium

Haha just found it a funny one 😂

[Biodom]

of course paypal will rip off granny because it would give her btc to blockfi/celsius while maintaining a database entry for her.
at, say, 3% a year, in 10 years paypal has 35% more btc, granny has the same amount in btc (in an unlikey scenario that there are no fees).
if granny puts $$ in paypal, paypal would not benefit as much since there is almost no interest in $$.
it's a bank,a bitcoin bank.

I don't think so. If paypal was looking for yield they would hold the various stablecoins instead. The yield on BTC is dogshit compared to the stable coins.

They could literally transfer all the USD they hold in peoples accounts into tether and make a shit tonne. Of course it wouldn't last for long because they would crash the lending market, which will be the same for the BTC lending market if they start using blockfi etc.  

Maybe...the main point is that paypal will not have bitcoin. Granny would have a database entry and paypal will hold some derivative contract aka they will not hold bitcoin either.
This is absolutely clear from their announcement, otherwise why you cannot move it out? Because bitcoin will NOT be there. Instead, there would be a bunch of IOUs.
If they would have "real" bitcoin, then why granny cannot take it out and, say, send it to coinbase if they are really concerned about granny losing the keys?

[somac.]

of course paypal will rip off granny because it would give her btc to blockfi/celsius while maintaining a database entry for her.
at, say, 3% a year, in 10 years paypal has 35% more btc, granny has the same amount in btc (in an unlikey scenario that there are no fees).
if granny puts $$ in paypal, paypal would not benefit as much since there is almost no interest in $$.
it's a bank,a bitcoin bank.

I don't think so. If paypal was looking for yield they would hold the various stablecoins instead. The yield on BTC is dogshit compared to the stable coins.

They could literally transfer all the USD they hold in peoples accounts into tether and make a shit tonne. Of course it wouldn't last for long because they would crash the lending market, which will be the same for the BTC lending market if they start using blockfi etc.  

Maybe...the main point is that paypal will not have bitcoin. Granny would have a database entry and paypal will hold some derivative contract aka they will not hold bitcoin either.
This is absolutely clear from their announcement, otherwise why you cannot move it out? Because bitcoin will NOT be there. Instead, there would be a bunch of IOUs.
If they would have "real" bitcoin, then why granny cannot take it out and, say, send it to coinbase if they are really concerned about granny losing the keys?

It is definitely odd that they won't have deposits/withdraws, but maybe that is actually on their plans ahead. Or maybe they don't think their customers are interested in withdrawing. Thinking more conspiracy wise, they could be in bed with the establishment and this is the plan to tame the FOMO, have everyone buy through Paypal rather than bid price up on exchange. Paypal holds no coins and never intends to and in the event that they can't surpress price, and people cash out for major fiat profits, the CB covers their losses.

I don't think there are any other alternatives because if it is some masterplan and someone doesn't cover their losses, they would end up suffering major losses when people convert to fiat and they have no hedge.

Seriously, is it likely that Paypal is a fractional reserve operation and management are willing to take the risk to expose this so they can make some fees of bitcoin?

[Cryptotourist]

So, let me get this straight ... we should be happy about paypal? I don't think so.
When granny buys "BTC" on paypal - she hedges into a IOU in ... $. No actual BTC price moving buys and sells there.
Sure she's going to rip the profits if she hodls that thing, but that's not the point. The point is that BTC is not actually BTC - thus BTC is not being used at all.

Paypal stands for the wrong kind of exposure in BTC atm - crippled exposure - but exposure nevertheless.
Use BTC people, directly, that's how adoption will come. This guy gets it:

1- Register here in 30 seconds
2- Go to the order page, select the package and gateway method you want.
3- You can pay directly pay with cryptocurrency like Bitcoin or pay with card indirectly

Agreeing mostly with marcus on this one, not Lambie. What a fucking strange world indeed.

Go BTC, go!

[nutildah]

1. The PayPal news is fantastic as it onboards a new audience into the world of bitcoin (kind of like the Cash App except 20x bigger and more important).
2. This is one of the first major steps toward crypto being directly integrated into a large economy of goods and services.
3. Crypto sold there may be non-withdrawable now but ideally that will change in the future -- this is what happened with eToro.

If PayPal never introduces a withdrawal (or even conversion) feature then I will be sad and yes it will be all for not, but I do not believe this to be the case.

4. I'm rooting for it for selfish purposes as right now its an absolute bitch to convert BTC into cash for me as crypto exchanges aren't legal where I currently live.

[Cryptotourist]

Anyway, enough of this shitcoinery talk on WO!

fuck.paypal_CCMF.gif

[somac.]

So, let me get this straight ... we should be happy about paypal? I don't think so.
When granny buys "BTC" on paypal - she hedges into a IOU in ... $. No actual BTC price moving buys and sells there.
Sure she's going to rip the profits if she hodls that thing, but that's not the point. The point is that BTC is not actually BTC - thus BTC is not being used at all.

Paypal stands for the wrong kind of exposure in BTC atm - crippled exposure - but exposure nevertheless.
Use BTC people, directly, that's how adoption will come. This guy gets it:

1- Register here in 30 seconds
2- Go to the order page, select the package and gateway method you want.
3- You can pay directly pay with cryptocurrency like Bitcoin or pay with card indirectly

Agreeing mostly with marcus on this one, not Lambie. What a fucking strange world indeed.

Go BTC, go!

Buying and selling bitcoin is a zero sum game. If all the grannies buy into bitcoin now prices go up 30x from here and many of those grannies sell out. How in the hell does Paypal fund that, they have to hedge unless they want to run the risk of losing shit tons of cash, and the lowest cost way to hedge is buy buying physical bitcoin.

[Karartma1]

gif foto maken

that meme would make an awesome book cover. that thing is closer to reality than everything I posted this year.
this is our mission.
for every no-coiner you safe from the shitcoin devils there are 70 virgin bitcoins waiting for you in paradise.

Wisdom.

[kurious]

Disclaimer:
given this was a CoinDesk story I have no idea of how much 10% of their treasury is worth, might be £10 for all I know.  They might just be off to put the contents of the petty cash tin into Paypal

Market cap is only £36M, so doubt it'll be Saylor-size. Still, every company that diversifies is an impetus to the next. Now a trickle, soon a flood?

Yup, saw 'listed company' and (wrongly at first) assumed it was a biggie, but no surprises it's less of a story.

That said there are a few massive companies, lost of middling ones and shitloads of little ones.   This market was built on minnows, now it will grow large enough for big fish, maybe even huge ones with cash piles larger than small countries.  There are some huge treasure chests out there all in fiat...

[podyx]

Me waiting for the BTC $100k party

Bears (or ex-bears) are not invited...  

I think you're mistaking me for someone else. I've been a bull since day 1

[podyx]

Me waiting for the BTC $100k party

We glad to meet you at the $100k party:




Gentlemen. Observing $12957 edit $13k

What?

[bct_ail]

Does paypal really buying bitcoin, if a paypal user buying (paypal) bitcoin or is the paypal-bitcoin just on the paper?

(Or is it just another shittoken? The ppB? )

[marcus_of_augustus]

ppBTC now being listed on dark markets   0.8 to wBTC  

calling new improved Mark Karpeles reboot to head up Paypal BTC division



... it's actually a good thing, bitcoin could ruin paypal and if there's one bad implementation of legacy finance on the internet it is the abomination called paypal, that musk shat out when he didn't know any better.

[Cryptotourist]

What?

https://www.youtube.com/watch?v=iF5NW94K51A

I only objected to your choice of gif there.

Me waiting for the BTC $100k party

Bears (or ex-bears) are not invited... 

I think you're mistaking me for someone else. I've been a bull since day 1

Bulls™ don't constantly ask "what's happening", "what's the news", "Masterluc this-that" and "sub $2k".

[AlcoHoDL]

IMHO, buying Bitcoin via PayPal is still HoDLing.

-- Grannies/newbies/skeptics/conservatives/whoever, buy Bitcoin via PayPal.
-- They feel good that there is a big player safeguarding their coins.
-- They spend time educating themselves on Bitcoin tech and security matters.
-- While doing the above, they enjoy the big profits when Bitcoin mega-pumps after the 2020 Halving.
-- At some point, they feel they are ready to take true possession of their coins.
-- They gradually convert their coins to fiat and withdraw from PayPal.
-- They deposit said fiat to an exchange of their choice, convert to Bitcoin and withdraw to their own wallets.
-- Their keys, their Bitcoin!

So, something that many people would not do directly, they may now be willing to do via PayPal. I don't see this as bad.

In any case, Bitcoin is out, for anyone and everyone to use, abuse, attempt to destroy, or whatever. The algorithm is there, it's out in the wild. There is no point in preventing or forbidding anyone to do anything with it. That would be against Bitcoin ethics anyway. The big test for Bitcoin is whether it can survive if PayPal, Wall Street, and whoever else, do anything they please with it.

Bitcoin doesn't need some higher power protecting it from bad guys. Its algorithm and its design are its protection.

[Syke]

Does paypal really buying bitcoin, if a paypal user buying (paypal) bitcoin or is the paypal-bitcoin just on the paper?

(Or is it just another shittoken? The ppB? )

Most likely they are buying real bitcoin. They are teaming up with Paxos Trust Company to hold the assets.

[Syke]

If PayPal never introduces a withdrawal (or even conversion) feature then I will be sad and yes it will be all for not, but I do not believe this to be the case.

I imagine they're concerned with fraudulent withdrawals. Fraudulent fiat withdrawals can be reversed. Not so with bitcoin.

[Cryptotourist]

IMHO, buying Bitcoin via PayPal is still HoDLing. [not really]

-- Grannies/newbies/skeptics/conservatives/whoever, buy Bitcoin [IOU] via PayPal.
-- They feel good that there is a big player safeguarding their coins. [that's the problem, herd mentality]
-- They spend time educating themselves on Bitcoin tech and security matters. [+1 point, you said it: EDUCATING]
-- While doing the above, they enjoy the big profits when Bitcoin mega-pumps after the 2020 Halving. [what about the bear after that?]
-- At some point, they feel they are ready to take true possession of their coins. [hopefully, but most likely not]
-- They gradually convert their coins to fiat and withdraw from PayPal. [that would be nice, but why gradually?]
-- They deposit said fiat to a exchange of their choice, convert to Bitcoin and withdraw to their own wallets. [no need for paypal there]
-- Their keys, their Bitcoin! [amen!]

Bitcoin doesn't need some higher power protecting it from bad guys. Its algorithm and its design are its protection.

Exactly my point.

[bitcoinPsycho]

Grannies are buying again

[ivomm]

$13k or €11K