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hgmichna (OP)
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May 04, 2013, 08:43:00 AM |
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The PayPal president David Marcus mentioned in an interview that he is currently thinking about bitcoin and pondering the thought of using it for funding. My first thought was that he was just stonewalling and spreading false information to confuse and stall, because bitcoin is a threat to PayPal. As far as eBay transactions are concerned, even a total switch from the current PayPal system to bitcoin would not diminish eBay's profits, because they could still take their high percentages on each sale. They could use bitcoin along with traditional money and profit just like before. However, PayPal is currently trying to expand its business to non-eBay transactions, in effect trying to become a new global player in the money transfer field. They could kiss that business goodbye, as soon as people noticed that with bitcoin they would not need PayPal any more. Has anybody followed PayPal's global plans and can comment on these thoughts? |
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"In a nutshell, the network works like a distributed
timestamp server, stamping the first transaction to spend a coin. It
takes advantage of the nature of information being easy to spread but
hard to stifle." -- Satoshi
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Its About Sharing
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Antifragile
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May 04, 2013, 08:58:43 AM |
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I agree, BTC can do nothing but help to destroy Paypal. The CEO said it could be a funding mechanism for Paypal??? Is it really a problem to fun Paypal accounts?
The only problem I see is funding BTC accounts and that is being worked on. Paypal's fee's are just too high to be a longterm funding mechanism for BTC accounts.
Now, maybe they try to alter their business model to adapt to BTC's for a bit of business is better than going out of business. Anything is possible, but I say the CEO was talking out his...
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BTC = Black Swan.
BTC = Antifragile - "Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty. Robust is not the opposite of fragile.
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anu
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May 04, 2013, 09:20:27 AM |
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I agree, BTC can do nothing but help to destroy Paypal. The CEO said it could be a funding mechanism for Paypal??? Is it really a problem to fun Paypal accounts?
You are confusing something. Bitcoin may destroy the current business model of PP. But why PP itself? I think Bitcoin is a dream come true for hedge funds, investment banks, and yes, payment processors. |
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herzmeister
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May 04, 2013, 09:27:48 AM |
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I think it's not true that PayPal want to confuse or mislead anyone. Bitcoin is a low-level protocol. The largest part of the population cannot use it in its raw form, just like they don't use the Linux shell.
There'll always be a market for higher level services that offer online accounts, customer support, chargebacks, dispute resolutions etc... It's rather that PayPal will compete with BitPay. They'll also become a Ripple gateway if ripple.com becomes a success.
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anu
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May 04, 2013, 09:44:45 AM |
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I think it's not true that PayPal want to confuse or mislead anyone. Bitcoin is a low-level protocol. The largest part of the population cannot use it in its raw form, just like they don't use the Linux shell.
There'll always be a market for higher level services that offer online accounts, customer support, chargebacks, dispute resolutions etc... It's rather that PayPal will compete with BitPay. They'll also become a Ripple gateway if ripple.com becomes a success.
This! Remember how we all thought that the Internet would break the dominance of Microsoft in 1994? The Internet destroyed some of the basic assumptions underlying MS's business model. But MS adapted their business model in no time at all and was able to ride the Internet wave beautifully. Remember how Linux fans thought of their system as the antithesis of proprietary models? Not reconcilable? Untill Oracle and IBM and many others adopted it? PP may do the same once Bitcoin gets big enough. They will adapt and come out stronger than before. That's what businesses do: They surf the waves. Bitcoin can make a lot of big waves and create loads of opportunities. And if they don't - all the better for OKPAY. |
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Babylon
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May 04, 2013, 09:56:53 AM |
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If Paypal makes it easier to turn paypal money into bitcoins that will make me happy. I have a hard time turning paypal money into anything.
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lucif
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Clown prophet
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May 04, 2013, 09:59:02 AM |
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What a stupid herd...
Paypal ceo in somewhat long interview told for 10 seconds that he likes bitcoin design.
This is all. Nothing more. I tell this to my friends every time.
All other - sick imagination.
Paypal and others are legal payment systems which require full client identification. They are absolutely not compatible in any way with Bitcoin. Bitcoin is from another planet. Or even from another galaxy.
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gogxmagog
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Ad maiora!
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May 04, 2013, 10:07:42 AM |
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maybe he's been lurking these boards and has seen how many people are eager to buy btc with paypal.  |
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lucif
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May 04, 2013, 10:08:46 AM |
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Yeah, and how paypal banning accounts when know that they are involved into trading bitcoin.
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lucif
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May 04, 2013, 10:12:36 AM |
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bitleif
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I'm always grumpy in the morning.
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May 04, 2013, 10:28:34 AM |
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Paypal and others are legal payment systems which require full client identification. They are absolutely not compatible in any way with Bitcoin. Bitcoin is from another planet. Or even from another galaxy.
Not planet or galaxy, but century. PayPal bridges the gap between 20th century money and the 21st century internet. Bitcoin is pure internet, in fact I view it as an inevitable consequence of the internet, one of many more to come. |
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lucif
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May 04, 2013, 10:31:17 AM |
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Yeah, century. This is correct. Paypal and Bitcoin are so different, so they can not cooperate in any way.
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anu
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May 04, 2013, 10:39:32 AM |
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Yeah, century. This is correct. Paypal and Bitcoin are so different, so they can not cooperate in any way.
Paypal can't cooperate with cash. But why exactly can't they cooperate with Bitcoin? |
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lucif
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May 04, 2013, 10:42:42 AM |
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Yeah, century. This is correct. Paypal and Bitcoin are so different, so they can not cooperate in any way.
Paypal can't cooperate with cash. But why exactly can't they cooperate with Bitcoin? You should ask this in Newbies section. |
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Babylon
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May 04, 2013, 10:50:52 AM |
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Yeah, century. This is correct. Paypal and Bitcoin are so different, so they can not cooperate in any way.
Paypal can't cooperate with cash. But why exactly can't they cooperate with Bitcoin? Paypal does cooperate with cash, Paypal cooperates better with cash than Bitcoin does. Paypal isn't a currency, it is just a service. It requires the bank as an intermediary between it and cash, but it is way easier to find paypal than bitcoin from cash. |
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SAQ
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May 04, 2013, 12:42:56 PM |
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Yeah, century. This is correct. Paypal and Bitcoin are so different, so they can not cooperate in any way.
Well paypal could be an entry point to bitcoins. Fiat and bitcoin interacts all the time. Paypal could be a middle man managing that interaction. Moreover, they own ebay too, so they would get a free transaction infrastructure supported by all those miners - i.e. everyone. |
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Babylon
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May 04, 2013, 06:57:24 PM |
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Yeah, century. This is correct. Paypal and Bitcoin are so different, so they can not cooperate in any way.
Well paypal could be an entry point to bitcoins. Fiat and bitcoin interacts all the time. Paypal could be a middle man managing that interaction. Moreover, they own ebay too, so they would get a free transaction infrastructure supported by all those miners - i.e. everyone. All the bitcoins I have bought were purchased with paypal. Way back when that was how you put money on MTGox. You shoulda seen the panic when Paypal stopped allowing that. |
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Crazy
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May 04, 2013, 07:02:54 PM |
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I don't see them ever legitimizing BTC. Why would they? Just shortening their lifespan.
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Elon Krusky
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bassclef
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May 04, 2013, 09:02:51 PM |
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I don't see Paypal adopting bitcoin either.
What we really need is an Ebay alternative that uses bitcoins. A lot of people don't like Ebay (myself included) but begrudgingly endure it because they have basically cornered the internet auction market. There is a huge opportunity there.
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Frozenlock
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May 04, 2013, 09:09:47 PM |
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I don't see why Paypal wouldn't use Bitcoin.
They are a business, they don't care about how they make their profit, they just want to make it.
It's like the people saying that oil companies are against wind/geothermal/nuclear/coal power.
No they are not. They are in the business of distributing energy.
Paypal is in the business of processing payment. With credit card companies ready to add new fees for "internet transactions",
they would be rather happy to switch to a more economical way.
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