Paypal CEO admitted war against cash

[parobber]

PayPal CEO Dan Schulman on the war against cash

"I think what we came to the realization of is that the war is really against cash and against waste," Schulman said, speaking from the World Economic Forum in Davos, Switzerland. "There's tremendous leakage in the system."

edit: Removed link. Don't know why link form a well-known news site is classified as suspicious. To find the article look for the title given above.

And 6 months later Dan Scuhulman says; "One bitcoin would hit $1 million before the next ten years."

http://www.altcointoday.com/bitcoin-price-will-hit-1-million-over-the-next-decade/

One thing I find strange is why paypal CEO would be so supportive and vocal about bitcoin, while not direct competition to paypal the success of bitcoin can certainly hurt paypal in the future.

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[matuson]

PayPal is probably going to go VABank. They decided to open a second front against cash. They probably already realized that will not be able to compete with bitcoin. It seems to me that PayPal reverse the report of their activities have already begun. As soon as possible to buy goods with bitcoin PayPal will be history.

[hacker1001101001]

"admitted" is an odd choice of words. Here is another quote to add some perspective:

Fintech, or financial technology, is a type of financial service like PayPal, bitcoin and Venmo, where transactions are digitized and, according to Schulman, cheaper, because they are not subject to fees that often come with cashing checks or transferring money in person.

There is a war against cash that is designed to give government and banks more control over your wealth.

And then there is the war against cash that is designed to give people a better alternative to pieces of paper, such as Bitcoin.

Yes, Sir. Schulman wants to say that most of the wealth is controlled and managed by government and there is also a large amount of fees involved in it. This unwanted fees can be avoided with the use of digital money or money services like Bitcoin, Paypal etc. One day the whole world will support this words as there will be a total digital era and people will be self dependent then.

[darkangel11]

I still prefer cash over their centralized electronic money and am stacking up on it as well as on cryptocurrencies while completely leaving my bank accounts empty.
The electronic flow of fiat is not only easy to track and control, but allows the government agencies to cut you off if needed. It used to be a theme for a number of movies, Enemy of the state being one of them.
Let PayPal wage their wars, their fees are still a ripoff IMO.

[Glorious04]

PayPal CEO Dan Schulman on the war against cash

"I think what we came to the realization of is that the war is really against cash and against waste," Schulman said, speaking from the World Economic Forum in Davos, Switzerland. "There's tremendous leakage in the system."

edit: Removed link. Don't know why link form a well-known news site is classified as suspicious. To find the article look for the title given above.

So he is emplying that they need to add cryptocurrency as payments too? They would need to change their platform and organize ico? I was thinking that because a lot of payment 0latform now a days have been made to accept crypto at payments so maybe paypal is getting late.

[Alns]

And you really believe that this is possible? if you do, then it means that you dont even know how cryptocurrencies are really working.

One million dollars is impossible, it doesnt matter how much maths do you know, it is impossible because the whole marketcapitalizacion could not be higher than x15 of the total right now.

Maybe it can go up, but in ten years, it is impossible to reach more than one million dollars.

And if there is a crash of five percent, then it would mean that we all are going to lose more than $50k because of a little crash, everybody would panic because of this.

And 6 months later Dan Scuhulman says; "One bitcoin would hit $1 million before the next ten years."
http://www.altcointoday.com/bitcoin-price-will-hit-1-million-over-the-next-decade/

[elegion]

One thing I find strange is why paypal CEO would be so supportive and vocal about bitcoin, while not direct competition to Paypal the success of bitcoin can certainly hurt Paypal in the future.

CEO Dan Schulman is supportive of Bitcoin and all other forms of crypto currency because Paypal has recently partnered with Coinbase to essentially protect its company from inflation and the devaluation of the US dollar which is the world reserve currency. Under the right conditions Paypal can survive if it can strategically stay within the Digital Payments arena as Shulman stated in the interview “the mass production of US dollars is wasteful” what he fails to divulge is that quantitative easing by the Federal Reserve hyper inflates the dollar which creates debt bubbles and devalues the dollar.

Regardless of how you personally feel about Paypal, it’s only a business like any other modern business, and like every corporation it needs to make money. And to do so it employs the most intelligent economists who know the difference between Keynesian Economics and Austrian Economics. And depending on the current global financial climate Paypal will always choose field advantage if it can fit within regulation. Again, Paypal is only a business; it doesn’t care about the Libertarian philosophies behind Bitcoin (although those are very important philosophies to have) Paypal is always positioned to evolve with the times and as a business must stay at the forefront of change and innovation. However, this will change over time as there are other centralized systems of control that could keep Paypal from evolving far into the future.      

PayPal is probably going to go VABank. They decided to open a second front against cash. They probably already realized that will not be able to compete with bitcoin. It seems to me that PayPal reverse the report of their activities have already begun. As soon as possible to buy goods with bitcoin PayPal will be history.

Paypal is not trying to compete with Bitcoin or any of the other ALTCoins; it’s simply merging with other payment providers to allow the processing of payments. Paypal is accomplishing this goal slowly and incrementally and doing it very carefully to not violate the Securities ACT or any of the other Regulatory bodies mandated by FINCEN. Paypal is merging with Coinbase because they are compliant and will soon in the future merge with crypto-exchanges once they’ve been approved or have no need to be approved as they’ll be no regulatory body to stop them.

I personally feel very sorry for Paypal. Governments are not allowing them to innovate or incorporate newer forms of innovation into their platform as they are currently being forced to operate under mountains of government regulations that are decades old which, of course,  don’t pertain to current technology. Technology which is changing by the second, and becoming even more decentralized by the day.

You must understand that the essence of all this is that, Paypal is being forced to drown with an old and dying legacy banking system because they've chosen too much compliance over the years. They didn’t give themselves enough room to change their business model fast enough anticipate change and stay within compliance so they’ve partnered with Coinbase which is unfortunately another dying horse and a very bad move for long-term financial viability.

Coinbase is not a decentralized website and it too is overly compliant, much too compliant to turn on the dime of pure innovation, which means that (in the long run) none of these companies will be able to adopt the change required by Crypto Currencies to survive. This is because Crypto Currencies do not require such heavy regulations to function, but these publicly traded companies do .

[Hydrogen]

PayPal CEO Dan Schulman on the war against cash

"I think what we came to the realization of is that the war is really against cash and against waste," Schulman said, speaking from the World Economic Forum in Davos, Switzerland. "There's tremendous leakage in the system."

There may be a few gaping plot holes in that storyline. When people refer to "tremendous leakage" in cash that is wasteful, they're attempting to pinpoint inefficiencies. Its a systemic debate. Can paper cash function in a more efficient manner than electronic currency? What evidence is there for either side of the discussion?

The problem with the "cash is inefficient and wasteful" perspective is, most of those inefficiencies might be traced back to human origins rather than systemic ones intrinsic to the electronic payment versus paper fiat paradigm. Also many of the "inefficiencies" of cash can be attributable to wealth redistribution and profiteering campaigns.

There are certainly many stones being left unturned on this topic.

[Reid]

PayPal is probably going to go VABank. They decided to open a second front against cash. They probably already realized that will not be able to compete with bitcoin. It seems to me that PayPal reverse the report of their activities have already begun. As soon as possible to buy goods with bitcoin PayPal will be history.

There it is.
It is like he is saying "Help me digital currency supporters!"
If you cannot defeat your real enemy then join them. Make another enemy which you both hate so that you will also look good just like the best one.

And here I thought also that Paypal is just like fiat which uses just known kind of currencies or powerful ones.

[parobber]

One thing I find strange is why paypal CEO would be so supportive and vocal about bitcoin, while not direct competition to Paypal the success of bitcoin can certainly hurt Paypal in the future.

CEO Dan Schulman is supportive of Bitcoin and all other forms of crypto currency because Paypal has recently partnered with Coinbase to essentially protect its company from inflation and the devaluation of the US dollar which is the world reserve currency. Under the right conditions Paypal can survive if it can strategically stay within the Digital Payments arena as Shulman stated in the interview “the mass production of US dollars is wasteful” what he fails to divulge is that quantitative easing by the Federal Reserve hyper inflates the dollar which creates debt bubbles and devalues the dollar.

Regardless of how you personally feel about Paypal, it’s only a business like any other modern business, and like every corporation it needs to make money. And to do so it employs the most intelligent economists who know the difference between Keynesian Economics and Austrian Economics. And depending on the current global financial climate Paypal will always choose field advantage if it can fit within regulation. Again, Paypal is only a business; it doesn’t care about the Libertarian philosophies behind Bitcoin (although those are very important philosophies to have) Paypal is always positioned to evolve with the times and as a business must stay at the forefront of change and innovation. However, this will change over time as there are other centralized systems of control that could keep Paypal from evolving far into the future.      

Thank you for your insight, that was actually an interesting new way to look at it, I would not be surprised one day to see Paypal launch a cryptocurrency of its own or purchase one such as utrust if it can become a success.

[ToyotaFortuner]

PayPal CEO Dan Schulman on the war against cash

"I think what we came to the realization of is that the war is really against cash and against waste," Schulman said, speaking from the World Economic Forum in Davos, Switzerland. "There's tremendous leakage in the system."

edit: Removed link. Don't know why link form a well-known news site is classified as suspicious. To find the article look for the title given above.

yes obviously is now entering the era of digital currency like bitcoin, but paypal if only stand alone will not win and will not be able to affect paper money, paypal should be able to work with other digital currencies.

[CryptoKyddie]

paypal should never win this war, their charges are too high and their currency exchange rates are too low. Yes maybe you dont like cash and prefer alt coins, but anything is better than paypal 

[iamTom123]

The trend is really we are going to be a cashless society where the use of fiat or paper money is getting to be limited and is giving way for the "digitalization" of money. This is a trend which many business and industry are already recognizing and there is nothing that can stop its way. However, it does not mean it would come fast and easy. There would always be problems and challenges along the way. We should also recognize the fact that fiat money and digital currencies will still be going side-by-side for decades as it is impossible for all people to be integrated into the digital-based economy. And this is actually recognizing diversity and options. When TV got into the market, many predicted that radios would be dead but in the end it did not as there would always be a market for it and I think it would be the same thing between digital money and the fiat counterpart.

[elegion]

One thing I find strange is why paypal CEO would be so supportive and vocal about bitcoin, while not direct competition to Paypal the success of bitcoin can certainly hurt Paypal in the future.

CEO Dan Schulman is supportive of Bitcoin and all other forms of crypto currency because Paypal has recently partnered with Coinbase to essentially protect its company from inflation and the devaluation of the US dollar which is the world reserve currency. Under the right conditions Paypal can survive if it can strategically stay within the Digital Payments arena as Shulman stated in the interview “the mass production of US dollars is wasteful” what he fails to divulge is that quantitative easing by the Federal Reserve hyper inflates the dollar which creates debt bubbles and devalues the dollar.

Regardless of how you personally feel about Paypal, it’s only a business like any other modern business, and like every corporation it needs to make money. And to do so it employs the most intelligent economists who know the difference between Keynesian Economics and Austrian Economics. And depending on the current global financial climate Paypal will always choose field advantage if it can fit within regulation. Again, Paypal is only a business; it doesn’t care about the Libertarian philosophies behind Bitcoin (although those are very important philosophies to have) Paypal is always positioned to evolve with the times and as a business must stay at the forefront of change and innovation. However, this will change over time as there are other centralized systems of control that could keep Paypal from evolving far into the future.      

Thank you for your insight, that was actually an interesting new way to look at it, I would not be surprised one day to see Paypal launch a cryptocurrency of its own or purchase one such as utrust if it can become a success.

Thank you and I’m glad you enjoyed reading it. It’s very possible that Paypal could in fact launch its own token as Amazon has already launched its own coin , but not to be confused with “currency” Amazon has essentially created its own rewards based system to allow customers the option to redeem goods and services through their own internal tokenized platform.  

Paypal on the other hand could accomplish something similar with Coinbase. But instead of using an Internal Tokenized Network they could use an External Network by allowing them to transfer what I would call a “Redemption Token” or digital coupon to Coinbase, the Redemption Token would serve as a means to redeem something of value. In such an event Paypal could successfully argue before the regulators that they’ve clearly stipulated in their agreements that they’re not held liable for user actions outside Paypal’s network.

This is where it gets good. Paypal would call it an action for the user to Redeem the “Transfer and Access” through a ‘Redemption Token’ which would be like a digital coupon, but would only pertain to the transfer its self. Their lawyers could argue before the regulators and win the case that anything can be redeemed and accessed at Coinbase not just cash or Bitcoin but the access to user bank accounts.

Such a move would save Paypal millions of dollars in both international transaction fees, tax fees, and compliance fees. And would, of course, limit end user fees. It would essentially place Paypal back on the map and closer to shapeshift.io

paypal should never win this war, their charges are too high and their currency exchange rates are too low. Yes maybe you dont like cash and prefer alt coins, but anything is better than paypal

Yes, I fully agree -- Paypal is very expensive. In the near future Paypal would simply be seen as just another business on a decentralized platform and operating in a completely Free Market ecosystem.

What you should be worried about is the highly-monopolized Paypal of today. Because they’ve been operating under a very centralized financial system that’s controlled by FINCEN.

It’s very simply, if you can either limit or abolish the governments power then Paypal would not function under so much regulation and red-tape and could eventually function as a regular company again in the free market. Right now, if you have a complaint they’re not obligated to pickup the phone and that’s because “the people” have no voice and no say. But the more decentralized our societies become the more OUR voices will be heard! Not as a group or a collective but as individuals, because you can’t show me a country without showing me the individual person.

Thank you for your time,  

[mharz]

CEO of PayPal looks desperate to defeat cash, because they support bitcoin and crypto currency. They just want to erase cash users in the community, but in my sight even PayPal joined forces with the crypto currency they cannot in the war against cash.

As per observation most of the people are straighly earn cash even they used digital tools like debit card or credit card they can still used cash.

[The_Dark_Knight]

"admitted" is an odd choice of words. Here is another quote to add some perspective:

Fintech, or financial technology, is a type of financial service like PayPal, bitcoin and Venmo, where transactions are digitized and, according to Schulman, cheaper, because they are not subject to fees that often come with cashing checks or transferring money in person.

There is a war against cash that is designed to give government and banks more control over your wealth.

And then there is the war against cash that is designed to give people a better alternative to pieces of paper, such as Bitcoin.

The war against cash has a very long history is nothing new, governments hate cash because once they print it they have no control about how it flows and where, that is why they love their electronic transactions because governments are in bed with the banks and they can see everything they want, they know where you have been and what you bought there and that is impossible with cash, they are going to give the old excuse that they are doing this to reduce crime but at the end is an effort to control their citizens.

[traderethereum]

i think paypal needs other system to give back up so their business can continue grow and with bitcoin now become famous, they will try to attract crypto user to support them. but in reality, we still need cash because until now, only few country that is accepting bitcoin as payment so we have our real life and we need money to buy something. if in future we can pay something with bitcoin then i think in that time, cash will not be use like now and people will change from cash into bitcoin.

[Renampun]

PayPal CEO Dan Schulman on the war against cash

"I think what we came to the realization of is that the war is really against cash and against waste," Schulman said, speaking from the World Economic Forum in Davos, Switzerland. "There's tremendous leakage in the system."

war with cash I think is very silly, until now almost 100% in every payment I use cash, better he did not say war, but switch from cash ...

[okala]

Our current cash systems is the reason why there is great linkage in our economic. The governments has a way of promoting this linkage by putting men of experts in financial in the system but do not current the system itself. War against cash is real and men that are benefiting from the cash systems are the one fighting bitcoin.

[pridequail]

I agree on your point of view, it's hard to imagine a digitalized-based economy. What's more, it's going to be a difficult phase for everyone. But, the war against cash is ongoing.