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Author Topic: My 'vast' BTC hodl on PayPal  (Read 1200 times)
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philipma1957 (OP)
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October 22, 2020, 01:56:46 PM
Merited by LoyceV (8), suchmoon (4), vapourminer (1), JayJuanGee (1), NeuroticFish (1), NotFuzzyWarm (1), nutildah (1), Last of the V8s (1)
 #1

as you know PayPal lets you buy btc. So I will track my BTC accumulation on my PayPal account for the next 15 months.

I will delete every post that says "no keys not your money."

 I know that.




3) Never invest more than you can afford to lose
2)Not your keys not your coins.
1) be like JJG just DCA
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philipma1957 (OP)
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October 22, 2020, 01:56:57 PM
Merited by vapourminer (1), JayJuanGee (1)
 #2

spacer

Please remember not your keys not your coins



MY account is an old established PayPal account.

I have a cash balance in it.

I deposited cash into the account from retailmenot

I put in $51.32 usd in rebate money from mining and other purchases on the internet.

I purchased $20.00 usd  worth of BTC on the 21st of Oct.

I will get more rebates from retailmenot and I will buy more BTC with those rebates.

I will do this until Dec. 31, 2021 {God willing}  Or universe willing for those that choose to not believe  god.


3) Never invest more than you can afford to lose
2)Not your keys not your coins.
1) be like JJG just DCA
philipma1957 (OP)
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October 22, 2020, 01:57:07 PM
Last edit: October 22, 2020, 02:24:31 PM by philipma1957
Merited by vapourminer (1)
 #3

spacer

Remember this not your keys not your coins






I should get more rebates today from retailmenot

 I will move rebates to PayPal and buy $20 worth of BTC I will post an update soon.






3) Never invest more than you can afford to lose
2)Not your keys not your coins.
1) be like JJG just DCA
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October 22, 2020, 03:29:32 PM
Merited by LoyceV (4)
 #4

I'll sub up to this and follow to see what happens..

It seems everyone these days have these new Facebook Pay apps and Venmo and stuff, with PayPal kinda being left behind for transactions between friends/acquaintances.. Maybe this is PayPal attempting too keep up with the Joneses? 

I have always heard of PayPal to be the main target for Bitcoin to put out of business, and PP has always had terrible TOS clauses against BTC and cryptocurrencies..
It seems a bit ironic/hypocritical for them to add BTC now, but what do you expect?

How long do you think before PP starts adding a bunch of inferior coins? Ya think Ver is on the phone with them nonstop right now trying to get his scamcoin added? And SV? They could even add ETH soon, but I doubt coins like XMR..

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philipma1957 (OP)
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October 22, 2020, 04:51:43 PM
 #5

I'll sub up to this and follow to see what happens..

It seems everyone these days have these new Facebook Pay apps and Venmo and stuff, with PayPal kinda being left behind for transactions between friends/acquaintances.. Maybe this is PayPal attempting too keep up with the Joneses? 

I have always heard of PayPal to be the main target for Bitcoin to put out of business, and PP has always had terrible TOS clauses against BTC and cryptocurrencies..
It seems a bit ironic/hypocritical for them to add BTC now, but what do you expect?

How long do you think before PP starts adding a bunch of inferior coins? Ya think Ver is on the phone with them nonstop right now trying to get his scamcoin added? And SV? They could even add ETH soon, but I doubt coins like XMR..

They are selling

BTC
ETH
LTC
BCH

I personally only want to deal with BTC on the paypal.

3) Never invest more than you can afford to lose
2)Not your keys not your coins.
1) be like JJG just DCA
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October 22, 2020, 04:59:37 PM
 #6

Not your keys...

j/k

So what exactly can you do with those bitcoins except sell them back to PayPal at some point? You can't move them, right?

I guess if you already KYCed with PayPal, which many have, then it kinda makes some sort of sense but it seems like a very niche thing.

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October 22, 2020, 05:25:17 PM
Merited by LoyceV (4)
 #7

They are selling

BTC
ETH
LTC
BCH

 Roll Eyes oh..
bch.. ugh..

So what exactly can you do with those bitcoins except sell them back to PayPal at some point? You can't move them, right?

It's a grand scheme for PP/banks to eventually own ALL of the BTCs and keep them all locked up in 3rd party holdings Wink
No delivery, paper BTCs for the plebs only..

Surely may cause a bunch of buying-up of Bitcoins in any case.. It could hardly cause more sell-pressure.. If it is causing this pump, I don't know, but it seems so..

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October 22, 2020, 05:47:08 PM
Merited by LoyceV (4)
 #8

May I ask what is the purpose of this "experiment"?
It's a very cool thing that PayPal accepts cryptocurrencies, but why did you choose this wallet to collect Bitcoin? Do you want to prove something by this? I am asking really seriously, because somehow I do not see any greater sense in what you do, of course I do not see also anything wrong with it.
philipma1957 (OP)
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October 22, 2020, 06:11:31 PM
 #9

May I ask what is the purpose of this "experiment"?
It's a very cool thing that PayPal accepts cryptocurrencies, but why did you choose this wallet to collect Bitcoin? Do you want to prove something by this? I am asking really seriously, because somehow I do not see any greater sense in what you do, of course I do not see also anything wrong with it.

This is a good question. I have to ponder upon the answer.


3) Never invest more than you can afford to lose
2)Not your keys not your coins.
1) be like JJG just DCA
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what is this "brake pedal" you speak of?


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October 22, 2020, 06:20:53 PM
 #10

i for one am glad youre documenting it.
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October 22, 2020, 07:56:38 PM
Merited by JayJuanGee (1)
 #11

For all those saying that this will "increase btc adoption" and "grandmas will buy btc on PayPal", I'm glad you are documenting this.

You are actually highlighting and showing how useless this extra step is, versus just buying stuff through PayPal with your CC or bank account directly.  Tongue

I'm almost wondering if PayPal is even buying any crypto behind the scenes at all. It could all just be a database ledger entry into their cash reserves balance sheet.
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October 22, 2020, 08:21:40 PM
 #12

I'm almost wondering if PayPal is even buying any crypto behind the scenes at all. It could all just be a database ledger entry into their cash reserves balance sheet.

They must be buying at least some Bitcoin-related instrument otherwise they can bankrupt themselves in a fortnight if Bitcoin moves like it often does.

philipma1957 (OP)
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October 22, 2020, 08:27:46 PM
Merited by LoyceV (4), The Sceptical Chymist (3), vapourminer (1), Hueristic (1), JayJuanGee (1)
 #13

Some reason for documenting are:

1) historical reference point.
2) google searches for PayPal and BTC may land here.
3) bing searches may land here

Here are results for bing search of PayPal and BTC page 8
95-102 of 25,100,000 results


Bitcoin prices surge after Paypal jumps into the ...
https://www.cnn.com/2020/10/21/investing/paypal-bitcoin-cryptocurrencies/index.html
1 day ago · PayPal says its new service will give customers the ability to hold and exchange Bitcoin, Ethereum, Bitcoin Cash and Litecoin cryptocurrencies …

PayPal will start letting users buy and sell bitcoin ...
https://metro.co.uk/2020/10/22/paypal-will-start-letting-users-buy-and-sell-bitcoin...
11 hours ago · Bitcoin buying and selling will now be available through Paypal to US customers for the first time (Photo by Omar Marques / SOPA Images/Sipa USA) PayPal joined the cryptocurrency market this week ...

First Mover: PayPal Rushes In and Bitcoin Breaches $12K ...
https://www.coindesk.com/first-mover-paypal-bitcoin-12k-usdc-tether
1 day ago · First Mover: PayPal Rushes In and Bitcoin Breaches $12K, While USDC Gains on Tether Bitcoin blew past $12,000 to its highest price in two months, bringing into view the prospect of a fresh 2020 high.

Bitcoin surges past US$13,000 after PayPal embrace ...
https://www.straitstimes.com/business/banking/bitcoin-surges-past-us13000-after-paypal...
NEW YORK (BLOOMBERG) - Bitcoin surged past US$13,000 (S$17,620) for the first time since July 2019 after PayPal Holdings announced it will allow customers to …

Paypal to Bitcoin: The Payments Giant Steps Into ...
https://dailycoin.com/paypal-to-bitcoin
PayPal to Bitcoin: the online payments giant confirmed, it is entering the cryptocurrency market and launching cryptocurrency services.

PayPal to open up network to cryptocurrencies | Reuters
https://www.reuters.com/article/us-paypal-cryptocurrency-idUSKBN2761L6
1 day ago · PayPal’s shares were up 4% at 1418 GMT, set for their best day in a month. Bitcoin BTC=BTSP hit its highest since July 2019 on the news. It …

PayPal Announces Cryptocurrency Service With Support For ...
https://beebom.com/paypal-announces-cryptocurrency-service-with-support-for-bitcoin-e...
14 hours ago · PayPal has become the latest traditional online payments platform to have embraced cryptocurrencies. The company, on Wednesday, announced a new service that will enable customers to buy, sell and hold bitcoin and other digital currencies in its online wallets. The service, which has just started ...

Tether, And Not PayPal, Boosted Bitcoin BTC Price Above ...
https://bitrss.com/news/187850/tether-and-not-paypal-boosted-bitcoin-btc-price-above...
2 hours ago · It nearly 24 hours that payments giant PayPal announced the launch of its crypto trading services on Wednesday, October 21. Later on the day, the Bitcoin price surged past $13,000 as the bulls raged-in. Many attribute this BTC price surge to the PayPal news. However, there was a silent player possibly behind the Bitcoin price rise.


Now I used bing for a reason the reason is it is smaller then google and there were 25,100,000 hits on the search

those are big time numbers and a path to larger usage of BTC

3) Never invest more than you can afford to lose
2)Not your keys not your coins.
1) be like JJG just DCA
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October 22, 2020, 11:57:49 PM
 #14

No keys /P

In before exit scam. Wink

Should be fun to see if they start running their own scam tokens next.

“Bad men need nothing more to compass their ends, than that good men should look on and do nothing.”
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October 23, 2020, 12:51:58 AM
Merited by Hueristic (1)
 #15

No keys /P

In before exit scam. Wink

Should be fun to see if they start running their own scam tokens next.

Look do I think anyone should have 25%-100% of their BTC on PayPal alone .

Hell no.

But a few bucks worth? yes.

Based on my past rebates earned on retailmenot.com. I will end up  buying 400 to 500 usd worth of btc from Oct 2020 to Dec 2021.

I earn 30-50 a month in rebates on retailmenot earned  mostly from buying pc/mining gear.

I normally transfer the rebates to the PayPal account. So nothing new there.
This account has been vested KYC'd yada yada yada for over 10 years.
Since I know I am putting in well under 1k usd spread out over 15 months I don't care about tax consequences  as I won't be selling the coins. (unless they jump 50-100x)

Should be fun to watch this.

3) Never invest more than you can afford to lose
2)Not your keys not your coins.
1) be like JJG just DCA
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October 23, 2020, 02:58:08 AM
Merited by LoyceV (4)
 #16

So what exactly can you do with those bitcoins except sell them back to PayPal at some point? You can't move them, right?

If you could send these PP Bitcoins to other users, it would have made this whole thing much better, because the next day we would have people exchanging PP Bitcoin <-> real Bitcoin, which overall means more liquidity to the Bitcoin ecosystem. At the current state PayPal just acts as a broker, where you can get exposure to crypto investment and nothing more.

.BEST.CHANGE..███████████████
██
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██
██
██
██
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██
██
██
██
██
██
██
██
██
██
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..BUY/ SELL CRYPTO..
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October 23, 2020, 03:11:48 AM
Merited by JayJuanGee (1)
 #17

Should be fun to watch this.

Yup, just ribbing yah. Wink

I have zero trust for PP but it does ad legitamasy to BTC with those normies and that's always a good thing. But I do expect they will morph into a fractional reserve as soon as they think they can get away with it.

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October 23, 2020, 04:15:42 AM
 #18

They are selling

BTC
ETH
LTC
BCH

I personally only want to deal with BTC on the paypal.

I'm sure they will add more coins in the future or developers of other top coins will request their coin to be added, on that 4 coins alone they will rake millions of profit because many are going to buy more of these coins, and sell their coins as well I'm excited on this features and will be the one to try it wen then finally added it.

They are the first one to be granted permission of this kind of operation

Quote
PayPal has been granted permission for its operation from the New York State Department of Financial Services, in the form of a conditional "Bitlicence" - the first such licence granted.
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October 23, 2020, 05:14:31 AM
Merited by LoyceV (2), JayJuanGee (1)
 #19

I actually didn't realize this went live already, I assumed it would go live in a couple of weeks. Haven't used Paypal in years and can't even find my password so didn't bother to look if I had the option to purchase BTC on Paypal.

According to their terms, it says you can't deposit or withdraw or transfer the crypto. So if you buy BTC on Paypal, what can you do with it exactly besides sell it back for US dollars sometime in the future. This is the part that I am confused. This seems like a good way to get people to invest in Bitcoin but will they ever be able to spend it?

Most likely they obviously need to hedge their exposure so if Philipma1957 bought $40 worth of BTC, they had to buy that BTC from somewhere.

.BEST..CHANGE.███████████████
██
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██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
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███████████████
..BUY/ SELL CRYPTO..
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October 23, 2020, 06:49:09 AM
Merited by LoyceV (4), philipma1957 (2), JayJuanGee (1)
 #20

I actually didn't realize this went live already
~
This seems like a good way to get people to invest in Bitcoin but will they ever be able to spend it?

Afaik it works for US customers only (for now) and for buy only (for now).
I am sure that a company like PayPal cannot afford to leave its customers having unspendable coins forever. From what I've read the plan is to allow selling too at the start of next year.
But no, they never mentioned actual Bitcoin withdrawal.


Most likely they obviously need to hedge their exposure so if Philipma1957 bought $40 worth of BTC, they had to buy that BTC from somewhere.

See? That's why the price grew this big. There's a new whale in town  Grin

It's a great experiment. And it has to exist here on Bitcointalk because some non-bitcoiners may come and read, just because it's the main Bitcoin forum and also search engines may redirect here.
After the years long "Bitcoin is scam" and "Bitcoin is for drug dealers" narrative, PayPal is a very good help for us. Many people that were scared of Bitcoin now can buy (or at least have the illusion they've bought Bitcoin, not IOU tied to Bitcoin price). It will grow their confidence the coin is for real and it's good.

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