Paypal CEO admitted war against cash

[The_Dark_Knight]

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.

There could be several reasons, maybe he is able to see the trends and instead of denying it like all the lying politicians and bankers saying that bitcoin is a scam he is at least able to recognize what it is happening in front of his eyes and instead of being on denial he has decided to accept it, it may seem odd but only those that are able to accept what it is happening are going to be able to do something about it.

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[uelque]

"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.

Yup. So what kind of war is he talking about? For me, I think it is not about bitcoin. Government supports Paypal so I guess Paypal CEO is talking about a war that is beneficial to banks and governments. We all know, in some countries, bitcoin is not so much accepted, and for me there is a possibility that Paypal may think bitcoin as a threat, because bitcoin is better than Paypal maybe? So if Paypal CEO admitted a war against cash, do you think he can also state a war against bitcoin?

[djangocoin]

It's pretty much all digital now anyways, difference being these payment processors and coins are doing something the banks are not and that's allowing ordinary people to do things faster, cheaper, easier and better.

[sucix]

Paypal is right in declaring war against cash. But this cash should only be limited to United States of America Dollar (USD) because of overproduction. The united states has been allegedly accused of mass producing US dollars more than the required number of cash to be circulated. Though it is alleged it is a thing that the world must look at but who in the right mind has that ability when they are in control of the World Bank. Aside from mass producing cash is also easy to be faked and thus to avoid overproduction and forgery paypal is calling for war on cash.

I dont know exactly if USA produce more Fiat money more than normal. So its not really good.
But if paypal ty to against cash then it would really hard and close to impossible.

[Razick]

The problem with PayPal is they are still centered around and based on the cash and fiat system. You need a bank account and cannot fund your PayPal with Bitcoin at the moment.

I think it would be an unbelievably amazing idea if PayPal were to start accepting funding of your account with Bitcoin and then offering debit/credit cards to users like some Bitcoin startups do now and we would be able to spend out PayPal balance like that. It would be amazing.

[The_Dark_Knight]

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 ...

No, it is a war, in many countries you cannot buy a lot of things with cash, for example you cannot buy a house, new cars or expensive jewelry with cash in my country and I'm sure the same is true in many other countries, now in some countries they want to abolish cash and the reason for this is that they want to control the way you spend your money so you have no way to survive out of the system.

[salihno71]

It comes as no surprise. Cash is very hard to control and control is the only thing important here. Imagine the world where you have only one bank account and this is the only way to pay for something. Now imagine that this account is blocked for any reason from disagreeing with government's policy on any issue to supporting the cryptocoins. It does not look good at all.

[Harlot]

"If you can do it all digital, you can do it much less expensively, and you don't have to wait three days to get that money."

So is he saying that paying directly to a cashier with cash is a more expensive way to pay money? I know this quote is a direct hit for Bitcoin stating that their transactions are now more expensive and slower but Dan Schulman is obviously just stating statements for Paypal's Best Interest as he is the CEO. The bad thing about this is he is stating bad things both about our Fiat Money and Bitcoin or cryptocurrency as a whole. Bitcoin is there but not as a payment method as of yet, so Paypal does not need to consider it as a threat.

[mOgliE]

Hi,

The war is not against cash, it is against those who control traditionnal currencies. The problem is not the dollar, the euro, the yen, and so on, the issue is actually about large corporations, huge banks and corrupted government that can decide of ups and downs for a given currency, making many people unable to pay their rent or repay their loans.

The current problem is that the capitalist system has completely differenciated the notion of "value" and the correspounding thing/service. So today, something can be really expensve even though it does not really has a big value.

I guess that this is what the article is all about. Traditionnal currencies are not a problem, those who control it are. And bitcoin allows avoiding to have only 1 person in control!

[zarados]

well, if indeed he wants a war against cash, it's the same as the war against the government, because the system is made by the government, the means and infrastructure also made by the government. Indeed, to transact between countries requires a large transaction cost, therefore, cryptocurrency is very instrumental in the problem. But nowadays, people still consider cash as a quick and easy way of daily payment. Therefore, even though the government has made fintech, cash will not be eliminated as long as there are still many people who prefer to use cash rather than digital.

[Yarsk]

The war against cash was first introduced by some government first not even PayPal or cryptocurrencies was available then. When government embrace and introduced the cashless economic system. But bitcoin will support that act greatly in term of flexibility in transactions accuracy and minimal fees during transaction. But PayPal on the other hands have some fees which are even sometimes higher to that of banks during transaction.

[The_Dark_Knight]

The problem with PayPal is they are still centered around and based on the cash and fiat system. You need a bank account and cannot fund your PayPal with Bitcoin at the moment.

I think it would be an unbelievably amazing idea if PayPal were to start accepting funding of your account with Bitcoin and then offering debit/credit cards to users like some Bitcoin startups do now and we would be able to spend out PayPal balance like that. It would be amazing.

Paypal seems to want to be out of bitcoin, they are not showing any attempt to get closer to bitcoin and bitcoin users and to be honest I cannot blame them, they are the leaders in online payments and then this new competitor appears in the form of bitcoin and they are realizing there is nothing they can do to stop it and that most likely in the future they are going to be destroyed by that competitor.

[automail]

They were just riding the boat  because they will benefit on the war against cash. The advantage of cashless is that it will give us an option to choose an alternative way of payment and ofcourse, convenience. The disadvantage is that the government will take control of your wealth because it is easier for them to monitor your asset plus TAX. Fees can also be higher than before because of high demand (it can be lower if there's a compettion).