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

[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.

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[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 

[psycodad]

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.

I'd rather think there is a KYC/AML angle to it. Right now banks and credit card companies do all the KYC stuff for Paypal's on- and off-ramps. If you deposit or withdraw BTC they would need to do that on their own. I believe they will be completely happy to take their exorbitant fees once you use or sell your crypto again.

Still it's awesome news for BTC-exposure and -adoption and obviously price appreciation as they have to buy the BTC they sell at least to a certain degree if they do not want to be burnt in this bull cycle.

Personally I won't touch PP ever again, not even with a long rusty fork, I even would go so far to say they deserve the proverbial rusty pipe shoved up their greedy backdoor for quite a few good reasons.

[P_Shep]

Urgh, so bored of these $1000 per day rises.

When $1000 per hour rises?

[Gyrsur]

Urgh, so bored of these $1000 per day rises.

When $1000 per hour rises?

maybe you won't hear it. steady rise and panic sell. but not now later then. 10x price later.

[Gyrsur]

$13k or €11K 

when CLIMAX? 

[sirazimuth]

Observing lots of interesting chit chat involving Granny and PayPal.
This is all well and good but what about cousin Mel?....

[Globb0]

[philipma1957]

Observing lots of interesting chit chat involving Granny and PayPal.
This is all well and good but what about cousin Mel?....

No what about Drunk Uncle

https://www.youtube.com/watch?v=PuduYMzY3Dc

[aesma]

The whole "not your keys not your Bitcoin" has always been a bit too absolutist for me. It implies that you will lose your Bitcoin every time if you don't have full control of your keys at all times.

If you want to use a metaphorical valet temporarily you aren't failing some Bitcoin purity test.

You give your keys to the valet for convenience in hopes that he will bring your car back. You run a tiny risk of not getting it back, but some people like to valet their car.

That's fine as long as it's only a portion of your bag. If you have the keys to the majority of your coins, and some amount on exchanges/web wallets for reasons, fine. The saying "not your keys not your coins" is for the millions of people that ONLY have BTC on such or such website as IOUs.

[cAPSLOCK]

Granny is the new coffee.  You heard it here.

Yes, dear, I would love a cuppa...

[vapourminer]

The whole "not your keys not your Bitcoin" has always been a bit too absolutist for me. It implies that you will lose your Bitcoin every time if you don't have full control of your keys at all times.

If you want to use a metaphorical valet temporarily you aren't failing some Bitcoin purity test.

You give your keys to the valet for convenience in hopes that he will bring your car back. You run a tiny risk of not getting it back, but some people like to valet their car.

That's fine as long as it's only a portion of your bag. If you have the keys to the majority of your coins, and some amount on exchanges/web wallets for reasons, fine. The saying "not your keys not your coins" is for the millions of people that ONLY have BTC on such or such website as IOUs.

for 1st exposure to btc for a crypto noob, paypal and robinhood are a start. sure, theyre not coins you have the key to, and you can only buy/trade in the platform and you cannot move it from their platform. but its dead easy for noobs to buy and watch the price with (sorta) skin in the game now. and no seeds, no private keys, no files to backup etc of course those are the very things that make bitcoin bitcoin but that can come later for those noobs once they get it.

sure its probably fractional reserve too (or will be) but exposure of any kind is good. those who get it will sell the fake crap, buy real bitcoin and move it to their own wallets when they learn the ropes.

[philipma1957]

The whole "not your keys not your Bitcoin" has always been a bit too absolutist for me. It implies that you will lose your Bitcoin every time if you don't have full control of your keys at all times.

If you want to use a metaphorical valet temporarily you aren't failing some Bitcoin purity test.

You give your keys to the valet for convenience in hopes that he will bring your car back. You run a tiny risk of not getting it back, but some people like to valet their car.

That's fine as long as it's only a portion of your bag. If you have the keys to the majority of your coins, and some amount on exchanges/web wallets for reasons, fine. The saying "not your keys not your coins" is for the millions of people that ONLY have BTC on such or such website as IOUs.

Here are my vast PayPal BTC hodlings.  
Going to make a thread on it.

new thread

https://bitcointalk.org/index.php?topic=5283723.msg55430652#msg55430652

[El duderino_]

https://twitter.com/scylla440x/status/1319207037981630464?s=21

 

[Lucius]

The idea that everyone who owns a BTC should be their own bank is basically correct, but let's be honest and admit that most are not ready for that responsibility (for now), and that those who will temporarily bridge the gap between a classic bank and an idea be your own bank just one way or another helping Bitcoin become available to an increasing number of people.

I've had PP for years, I've never had a problem with them - all I had to do to verify the account was add my bank card - and I think it's a lot easier than going through verification on one of the crypto exchanges. So PP will really allow hundreds of millions of users to buy and sell BTC, and use it to pay in all places where PP is available(with conversion to fiat of course), and that's a really big deal, in my opinion much bigger than BTC futures and things like that.

After all, banks in the EU (Germany) and the US have been given permission to buy, sell and store crypto, funds like Grayscale are buying huge amounts of BTC, and companies are transferring their fiat reserves to BTC. If anyone has dreamed of a real adaptation, this is just proof that it is really happening - but this is just the beginning - in few years no one will ask if you have a BTC for sale, but if you have a few thousand satoshi

[nokati]

2 important questions....

1. Does PayPal need to back the balance 1:1 by real bitcoin?

2. If yes, where he buy the coins? Which exchange?

Anyone know this?

Otherwise it's the biggest scam ever....

[xhomerx10]

All this talk about grannies is making me sad on at least two levels.  Both of my grannies passed away well before the idea of Bitcoin was conceived (there are two levels in there).  Even if they were still alive, I would never have subjected them to the Bitcoin hell that is hodler; it was stressful enough for them to adapt to the remote control TV and cable box and I never could get them to ditch the cheque book for a debit card. 
 I say we leave the grannies out of this and just buy them a nice present when it's all over.  You cant go wrong with a cardigan for the elderly - anywhere in the world and any time of year.