2013-04-24 Bloomberg - Paypal considering adding bitcoin as a funding method

[lebing]

http://www.bloomberg.com/video/paypal-sees-20-billion-in-mobile-transactions-WlokACTBRterdjHAJGNB6w.html

Yes, really.

[kiko]

Please can you add the date and Bloomberg source to the thread title.
Many thanks.

[kerogre256]

http://www.bloomberg.com/video/paypal-sees-20-billion-in-mobile-transactions-WlokACTBRterdjHAJGNB6w.html

Yes, really.

You forgot abaut date ffs.

[xcsler]

Where there is smoke there is fire!
Marcus' facial expression seemed to change dramatically, in a positive way, when BTC was mentioned.
He said that they were "thinking about it" but I suspect given his reaction that they are rather doing more planning and preparing.
JMTS (just my 2 satoshis)

[kiko]

Marcus' facial expression seemed to change dramatically, in a positive way, when BTC was mentioned.

You can't really "look into" bitcoin seriously without doing some reading on this forum. He was probably imagining this place blowing up as he said it.

[lebing]

Please can you add the date and Bloomberg source to the thread title.
Many thanks.

Updated

[DataPlumber]

Comments are at 2:50 - 3:35

[kiko]

Please can you add the date and Bloomberg source to the thread title.
Many thanks.

Updated

Sorry to be a pedant, but the date should be 2013-04-24.  Some day we would like to get this section to Alpha-sort into correct order.
Thanks again.

[lebing]

Please can you add the date and Bloomberg source to the thread title.
Many thanks.

Updated

Sorry to be a pedant, but the date should be 2013-04-24.  Some day we would like to get this section to Alpha-sort into correct order.
Thanks again.

np - done

[nebulus]

"Yes, I can't wait to start funding my PayPal account with BTC..."

[kiko]

"Yes, I can't wait to start funding my PayPal account with BTC..."

That is a weird thought indeed. Unless they implement a dual balance, you might as well just sell all your coin and use a credit card. At least you get air miles then. We need to lobby hard for first class citizenship if they do enable bitcoin.

[Gordonium]

Marcus' facial expression seemed to change dramatically, in a positive way, when BTC was mentioned.

You can't really "look into" bitcoin seriously without doing some reading on this forum. He was probably imagining this place blowing up as he said it.

+1 

[deepceleron]

Drinking game: drink when you smell the BS.

"We never share financial data".  You mean with banks, the IRS, FinCen, or law enforcement?

"You can eventually break into an account if it's only protected by a password"

"We have a policy, if anything happens, it's on us. You'll never lose a penny by using PayPal"

"ordering your Jamba Juice online saves 15 minutes from your daily routine".

And this guy goes real genius, saying they should replace passwords with fingerprints (a non-changeable and ambiguous password not rooted in cryptography, that can easily be extracted from you, and which many governments already have on record.)

Their interest in Bitcoin is likely limited to strategic campaign donations.

[Technomage]

Meganews.

[StarfishPrime]

If it actually happens it would be the largest btc adoption news yet, by orders of magnitude. Far greater than Western Union, etc. Paypal's market penetration and transaction volume are huge.

Basically it means btc would be spendable anywhere Paypal is - through Paypal of course. Actually it's a brilliant strategy, they still get their 3-5% cut when you spend, and they significantly reduce the incentive for online retailers to adopt bitcoin at all.

  

[Le Happy Merchant]

...and they significantly reduce the incentive for online retailers to adopt bitcoin at all.

I strongly disagree with this. In what way can you justify this? I have a case for the opposite.

[StarfishPrime]

...and they significantly reduce the incentive for online retailers to adopt bitcoin at all.

I strongly disagree with this. In what way can you justify this? I have a case for the opposite.

Retailers will always weigh risk vs. benefit. If they'd rather just pay the 3-5% and not 'bother' with bitcoin, many will unfortunately.

As bitcoin use and awareness grows, and the exchange rate stabilizes, the incentive (no fees, no chargebacks) will eventually tip the scales toward adoption. Paypal's strategy will just slow down the process IMHO.

[lebing]

...and they significantly reduce the incentive for online retailers to adopt bitcoin at all.

I strongly disagree with this. In what way can you justify this? I have a case for the opposite.

Retailers will always weigh risk vs. benefit. If they'd rather just pay the 3-5% and not 'bother' with bitcoin, many will unfortunately.

As bitcoin use and awareness grows, and the exchange rate stabilizes, the incentive (no fees, no chargebacks) will eventually tip the scales toward adoption. Paypal's strategy will just slow down the process IMHO.

who says that their fees will be 3-5% for bitcoin transactions? They know better to keep an increased margin in the face of rapid numbers of competitors. They may be able to get away with that margin as a first mover for awhile, but in a year from now there is no chance they will succeed at those levels. People will simply move to the new beautiful baby silicon valley spawns to suck from the teet of the dinosaur.

[StarfishPrime]

...and they significantly reduce the incentive for online retailers to adopt bitcoin at all.

I strongly disagree with this. In what way can you justify this? I have a case for the opposite.

Retailers will always weigh risk vs. benefit. If they'd rather just pay the 3-5% and not 'bother' with bitcoin, many will unfortunately.

As bitcoin use and awareness grows, and the exchange rate stabilizes, the incentive (no fees, no chargebacks) will eventually tip the scales toward adoption. Paypal's strategy will just slow down the process IMHO.

who says that their fees will be 3-5% for bitcoin transactions? They know better to keep an increased margin in the face of rapid numbers of competitors. They may be able to get away with that margin as a first mover for awhile, but in a year from now there is no chance they will succeed at those levels. People will simply move to the new beautiful baby silicon valley spawns to suck from the teet of the dinosaur.

My assumption is that they'll allow bitcoin funding but not bitcoin balances. This would suit their fee structure optimally. No doubt they will adapt if they need to, but at this time they wouldn't really need to allow a BTC balance or accept reduced fees. It will be very interesting, whatever they do.

[RodeoX]

I wonder what will happen when they figure out that while you may choose to use bitcoin with paypal, almost all the services they offer are made obsolete by bitcoin.