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

[keithers]

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

They are already testing the waters right now with one of their subsidiaries. If that is a success we can probably end up seeing BTC integrated somehow into the PayPal wallets

[raveldoni]

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

Even if paypal integrate bitcoin it would still be reversible as they still have your credit card/bank account info and all your personal info so it wouldn't solve the main purpose of bitcoin.

[deepceleron]

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

A risky thing to do is to accept credit card payments into your payment system. The fraud and chargebacks inherent in the system make it unmanageable, and the only way to prevent the company financial harm is to screw over end users.

Bitcoin: send money regardless of a third-party-profiteer's opinion.

[TrailingComet]

Peter is still on the fence officially although his fund invested in Bitpay. Kinda like that he is not a fanboy and is holding btc to achieving its true potential.

[TaunSew]

PayPal is 150 million users and has a capitalization of $40 billion.  This capitalization is derived from their revenue model which is being a middle man between people & merchants and levying a transaction fee.
 

Yes it is the opposite of Bitcoin.  When Bitcoin or any digital currency gets 150 million users it would have a capitalization in the $Trillions, due to the asset characteristics.    It's also the opposite of Bitcoin as PayPal can shut down your account and even steal your funds.

[Febo]

PayPal is 150 million users and has a capitalization of $40 billion.  This capitalization is derived from their revenue model which is being a middle man between people & merchants and levying a transaction fee.
 

Yes it is the opposite of Bitcoin.  When Bitcoin or any digital currency gets 150 million users it would have a capitalization in the $Trillions, due to the asset characteristics.    It's also the opposite of Bitcoin as PayPal can shut down your account and even steal your funds.

No one will be forced to use Paypal. Some will, since they will fell more secure having third party others will not since they see the risks and it should be cheaper. Eventually all people will chose the cheapest way.  Paypal will just start doing something else as they do now. No need to worry for them.

[bitcoinpiece]

The paypal debate once again. I really hope paypal and bitcoin come to terms. They will surely make loads of money when all of this is settled.

[Armadillo]

Corporate success is about centralizing control and creating barriers to entry. Bitcoin is about decentralization.
The attempts by VCs to inject capital and gain a foothold are not about decentralization.
I guess it depends on how one defines success. Especially those like Andreesen Horowitz.

[Dajve]

I'd take the being the opposite of paypal as a compliment.

Oh, and people were using Paypal to buy drugs on certain darknets and I'm sure it's easier to buy drugs with paypal than it is with btc.

[UberWallet]

Bitcoin is used for several illigal things, but how many % is that of all the things? less then 10% i estimate, it doesn't make sense, the USD gets used more for drugs then BTC.

[RappelzReborn]

I searched little & found the following post by Paypal : https://www.paypal-community.com/t5/PayPal-Forward/PayPal-and-Virtual-Currency/ba-p/828230

Check it out

[TonyT]

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

They are already testing the waters right now with one of their subsidiaries. If that is a success we can probably end up seeing BTC integrated somehow into the PayPal wallets

And keep in mind that the chief scientist of Bitcoin (GA) has said on his blog--correctly IMO--that it's only a matter of time before Bitcoin anonymity must go away. In fact, he says users will have to either pay to stay anonymous or give up their anonymity in exchange for lower block verification fees (read his blog, I don't have the link but this is well known).  Essentially, long term, the Bitcoin founders and the people that really matter are giving up anonymity in exchange for going mainstream, under the bet that if they try and stay anonymous, FinCen and other such entities around the world will regulate BTC out of existence, but if they go mainstream it will become acceptable to the average citizen and hence more profitable (and the price of BTC will go up).  It's a Faustian bargain but also an offer you can't refuse (prosper by going mainstream or be banned--your choice).  Also of course due to the more efficient manner of BTC it will replace PayPal if it goes mainstream, and PayPal probably knows this and wants to coop BTC before BTC makes PayPal obsolete.

[Lauda]

Bitcoin is used for several illigal things, but how many % is that of all the things? less then 10% i estimate, it doesn't make sense, the USD gets used more for drugs then BTC.

Well this being their main argument is silly and stupid.
Every damn currency in this world is being used for illegal things, especially drugs. How could one possibly expect Bitcoin to be different? Why does it even matter?
Once the $ was no more used for drugs, then they could use it as an argument.
We all know that that will happen very soon.  

[zoukenn]

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/

What the hell he saying? In this month he talked so good about bitcoin, now he said the opposite  . however, we will see another choice of peter thiel in the next month, of course i think this.

[FUR11]

They really just are two totally different things. Well, not totally, as Bitcoin inherently has the capabilities of being able to transact money over the internet, but Bitcoin is a currency and PayPal is a service. You could just use PayPal with Bitcoin as a currency... In fact, I believe we need something like PayPal in the Bitcoin ecosystem!

[RappelzReborn]

Original post has been updated with more informations 

[HeroCat]

BTC is not opposite to PayPal, because PayPal is payment system, mainly in US, BTC is world wide cryptocurrency 

[RappelzReborn]

BTC is not opposite to PayPal, because PayPal is payment system, mainly in US, BTC is world wide cryptocurrency 

He didn't mean it with that way, as you can see he mentioned heroin as an example ... like if paypal is not used for illegal things 

[haploid23]

“...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/

My goodness, did he just really use this as example as the main crux of this argument? As if paypal never been involved in fraudulent transactions.

[Lukkas]

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

They are already testing the waters right now with one of their subsidiaries. If that is a success we can probably end up seeing BTC integrated somehow into the PayPal wallets

And keep in mind that the chief scientist of Bitcoin (GA) has said on his blog--correctly IMO--that it's only a matter of time before Bitcoin anonymity must go away. In fact, he says users will have to either pay to stay anonymous or give up their anonymity in exchange for lower block verification fees (read his blog, I don't have the link but this is well known).  Essentially, long term, the Bitcoin founders and the people that really matter are giving up anonymity in exchange for going mainstream, under the bet that if they try and stay anonymous, FinCen and other such entities around the world will regulate BTC out of existence, but if they go mainstream it will become acceptable to the average citizen and hence more profitable (and the price of BTC will go up).  It's a Faustian bargain but also an offer you can't refuse (prosper by going mainstream or be banned--your choice).

There goes the dream of actually having private independent transactions without the financial sector sticking its ugly mug into all our personal matters.