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Author Topic: Bitcoin overtakes Paypal for first time ever.  (Read 2155 times)
MoonShadow (OP)
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November 23, 2013, 09:17:59 PM
 #1

http://www.activistpost.com/2013/11/bitcoin-tops-paypal-for-first-time-in.html

I didn't realize that we had already bested both Discover Card and Western Union.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
beetcoin
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November 23, 2013, 09:19:46 PM
 #2

this is nuts.. i think we've hit the point of singularity now. it's time for either a boom or a bust.
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November 23, 2013, 09:23:59 PM
Last edit: November 23, 2013, 09:41:56 PM by phillipsjk
 #3

I think that $145Million transaction is actually only a $400 transaction made with a fat wallet.

Edit: I think that 194.994 kBTC transaction is actually only a 500.00004 mBTC transaction made with a fat wallet

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MoonShadow (OP)
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November 23, 2013, 09:29:51 PM
 #4

I think that $145Million transaction is actually only a $4,000 transaction made with a fat wallet.

This statement doesn't parse.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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November 23, 2013, 09:33:42 PM
 #5

Bitcoin sends a lot of money back to the same user automatically, even when users aren't moving their own money around. This doesn't have a real-money analogy, as paying your electric bill doesn't transfer your Bank of America balance to Wells Fargo. Statistics that attempt to measure transaction volume inevitably miss this fact.
MoonShadow (OP)
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November 23, 2013, 10:12:10 PM
 #6

Bitcoin sends a lot of money back to the same user automatically, even when users aren't moving their own money around. This doesn't have a real-money analogy, as paying your electric bill doesn't transfer your Bank of America balance to Wells Fargo. Statistics that attempt to measure transaction volume inevitably miss this fact.

They also don't include off-network transactions.  I never claimed that this was a particularly good comparison, but it certainly still is a milestone.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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November 23, 2013, 10:30:13 PM
 #7

Amazing news!

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cdtc
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November 23, 2013, 11:24:37 PM
 #8

These are great news, I really think that bitcoin should for all transaction made online.

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November 23, 2013, 11:41:21 PM
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Bitcoin sends a lot of money back to the same user automatically, even when users aren't moving their own money around. This doesn't have a real-money analogy, as paying your electric bill doesn't transfer your Bank of America balance to Wells Fargo. Statistics that attempt to measure transaction volume inevitably miss this fact.

They also don't include off-network transactions.  I never claimed that this was a particularly good comparison, but it certainly still is a milestone.

But it is a false impression.  Paypal is used for payments, not transfers, as are some of the others topping that list.  Meanwhile inter-bank transfers are completely ignored, which would dwarf all the but the top 4.  Want to compare payments or want to compare financial transfers?  They are not the same thing.  As covered, the number is distorted by a single transaction. And a lot of people don't seem to realise this is pretty small numbers compared to major banks, investment banks, hedge funds, insurance, pension funds etc that move billions a day.

Underlying this is an interesting question of just how do bitcoin movements breakdown between payments and transfers?  
MoonShadow (OP)
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November 23, 2013, 11:50:07 PM
 #10

Underlying this is an interesting question of just how do bitcoin movements breakdown between payments and transfers?  

What you are asking is a difference in the intent of the interested parties, and due to the semi-anonymous nature of bitcoin, it's impossible for us to know the intent of these transactions unless those parties intend to tell us.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
pening
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November 24, 2013, 12:35:03 AM
 #11

Underlying this is an interesting question of just how do bitcoin movements breakdown between payments and transfers?  

What you are asking is a difference in the intent of the interested parties, and due to the semi-anonymous nature of bitcoin, it's impossible for us to know the intent of these transactions unless those parties intend to tell us.

of course.  so one shouldn't compare bitcoin to the likes of Paypal too much.  many advocate bitcoin's abilities to be used for money transfers, if that is key driver then to compare with services aimed at purchases is painting a false impression.
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November 24, 2013, 01:48:19 AM
 #12

Meh, can't compare the two.  The way bitcoin works, many transactions are to the same person.  Hell, someone rich could just transfer his money to a paper wallet and there'd be a huge log.

MoonShadow (OP)
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November 24, 2013, 01:49:48 AM
 #13

Bunch of killjoys, I swear!

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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November 24, 2013, 05:06:14 AM
 #14

the transaction:
https://blockchain.info/block-index/442297/0000000000000006eb3b7ad8c85f7755213247e67af3107393feccef8597c339

worth nearly $150mill is impressive, especially when the guy didnt pay a fee.

if western union and paypal did accept this kind of value as a transfer that can happen without question. check out the fee's
paypal 1.5% fee ($2.25m fee instant paypal to paypal rest-of-world cross border fee)
western union ($12.5m fee for its 1 minute service)

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Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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November 24, 2013, 06:20:12 AM
 #15

Am I the only one considering the word "Average" in that post ? You don't get the volume over one day and call that the average volume in a network.
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