PAYPAL FOUNDER PETER THIEL: “BITCOIN IS THE OPPOSITE OF PAYPAL”

[RappelzReborn]

Didn't paypal said that they will start using bitcoin ? etc. ?
outch

Bitcoin is the opposite of PayPal, in the sense that it actually succeeded in creating a currency,” he said.  “However, its payment system is lacking, and it is often used to make illegal transactions, such as to buy heroin. Until Bitcoin is used to make more legal transactions, I am a bit skeptical.

Source here : https://www.cryptocoinsnews.com/paypal-founder-peter-thiel-bitcoin-opposite-paypal/


EDIT (more interessting things about bitcoin & paypal) :

http://www.adweek.com/news/technology/paypal-accepts-bitcoin-games-ringtones-and-music-purchases-160347
https://www.paypal-community.com/t5/PayPal-Forward/PayPal-and-Virtual-Currency/ba-p/828230

[Remember remember the 5th of November]

The drug argument once again, and yet I've read that nearly every U.S dollar bill in circulation has trace amounts of cocaine on it.

[redsn0w]

The drug argument once again, and yet I've read that nearly every U.S dollar bill in circulation has trace amounts of cocaine on it.

This is amazing  , why they don't want to use/integrate bitcoin ? I think because they  are frightened about this new peer-to-peer electronic cash system ... and what do you think guys ?

[RCan06]

Yeah it's a silly argument. People buy drugs, criminals use Bitcoin just like criminals use ANY fiat currency. Give monetary value to water and it'll probably be traded for drugs within no time....

 The way in which you will see "Bitcoin used to make more legal transactions" is by having more globally mainstream sites like paypal accept Bitcoin. Regardless there are still many legal transactions with bitcoin already, there are multiple (55-65) locations around my city that accept Bitcoin, that's not too shabby for a 5 year old currency.

Though maybe this is a good reason to have a popular anon alt coin be used heavily in the drug market scene, allowing bitcoin to appeal more to the mainstream (yet still easily traded for other alts). Allows for less arguments against bitcoin directly.

[yayayo]

Yeah it's a silly argument. People buy drugs, criminals use Bitcoin just like criminals use ANY fiat currency. Give monetary value to water and it'll probably be traded for drugs within no time....

Indeed.

Though maybe this is a good reason to have a popular anon alt coin be used heavily in the drug market scene, allowing bitcoin to appeal more to the mainstream (yet still easily traded for other alts). Allows for less arguments against bitcoin directly.

That would be subjugating Bitcoin to the silly argument and is totally wrong. We don't need to market Bitcoin to idiotic statist control freaks. People need to think free again. It's impossible to root out all evil. Bitcoin is neutral technology and is beyond moral judgement.


ya.ya.yo!

[TonyT]

LOL why does Thiel use heroin as an example?  I would think pot is more common.  Sounds like he's trying to scare people.  Also wasn't he a founder of PayPal?  Yes.  So he has a vested interest in keeping his pals at PayPal happy (I'm sure he has friends there, even if he sold his stock).

[shorena]

LOL why does Thiel use heroin as an example?

My thoughts exactly, maybe he bought some recently and paid with bitcoin since they didnt accept paypal?

I wish there would be more about the "lacking payment system". Its probably hinting at the time it takes for confirmation etc.

[Jordan23]

The global drug trade is $400 billion. The Bitcoin marketcap is $5 billion. Paypal uses Dollars. Paypal supports heroin use. That's my logic and I'm sticking to it.

[Bit_Happy]

...

Bitcoin is the opposite of PayPal, in the sense that it actually succeeded in creating a currency,”...

Everybody is missing the best part of his quote:

Peter Thiel originally wanted Paypal to BE a 'digital currency' which helped protect people from unstable Gov't currencies. They succeeded at building a huge company, but failed at the original vision. He is giving BTC a big compliment by saying "it actually succeeded in creating a currency".

[inBitweTrust]

LOL why does Thiel use heroin as an example?

It's a great compliment. Paypal isn't a great tool to buy heroin with, while Bitcoin is. Bitcoin is more fungible than paypal as it can be used to buy drugs and socks just the same.

[Lethn]

They've been baiting the Bitcoin community for months now with promises of Bitcoin adoption, just ignore them.

[Death]

LOL why does Thiel use heroin as an example?

It's a great compliment. Paypal isn't a great tool to buy heroin with, while Bitcoin is. Bitcoin is more fungible than paypal as it can be used to buy drugs and socks just the same.

i believe they call this freedom, something paypal can't offer.

[mercistheman]

Why would anyone expect paypal to say positive things about bitcoin?... it's a threat

[PolarPoint]

What does he mean by "payment system is lacking"? Bitcoin is a payment system, blockchain is the ledger, various clients out there are the interface. I don't think he understands bitcoin.

[wolfYella]

The drug argument once again, and yet I've read that nearly every U.S dollar bill in circulation has trace amounts of cocaine on it.

This is a true statement. I would say that as a percentage of total trade, that drug trade makes up a much larger share of bitcoin trade then the drug trade makes up of dollar trade

[Ovum]

...

Bitcoin is the opposite of PayPal, in the sense that it actually succeeded in creating a currency,”...

Everybody is missing the best part of his quote:

Peter Thiel originally wanted Paypal to BE a 'digital currency' which helped protect people from unstable Gov't currencies. They succeeded at building a huge company, but failed at the original vision. He is giving BTC a big compliment by saying "it actually succeeded in creating a currency".

This, lots of people, even in bank positions are on our side, even if doesn't seem at first.

[thew3apon]

Paypal is going to integrate bitcoin soon and don't forget bitlicence is also coming..

[Tumoko Sakate]

I really doubt paypal will ever accept BTC. It will be a very risky thing to do.  ...

[fryarminer]

I could not agree more.

Bitcoin is the opposite of PayPal.

Let them keep their fiat and buyer protection!

[keithers]

I could not agree more.

Bitcoin is the opposite of PayPal.

Let them keep their fiat and buyer protection!

We actually could use some better buttery protection options when transacting using BTC. We will definitely need it if we want more wide adoption