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PayPal to launch own Crypto

BlueCat00
By BlueCat00
in Tech News
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Summary

PayPal reported this previous week that it intends to carry out its own PayPal Coin that will be upheld by the U.S. Dollar. The declaration didn't detail exactly how close PayPal is to sending off it. As per reports, PayPal would have to have clear rules on guidelines and the necessary licenses. Furthermore, the stablecoin would need to be secure and uphold installments at a huge scope.

 

Quotes

Quote

"evidence of PayPal’s exploration into building its own stablecoin was first discovered in the company’s iPhone app by developer Steve Moser"

 

 

Sources

https://finance.yahoo.com/news/paypal-inches-closer-launching-very-051210303.html

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Posted

So PayPal wants to have its own usdt?

I could use some help with this!

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If you can't beat em then join em. It's inevitable as DeFi and smart contracts completely get rid of the need for 3rd party financial services like PayPal

▓ƆԀ▓ S▓₱▓Ɇ▓c▓s▓: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D???????r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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Posted
33 minutes ago, Helpful Tech Wiard said:

So PayPal wants to have its own usdt?

Pretty much.

 

Blockchain was always going to work really well for internal ledgers. Why not "mint" yourself "free" money in the process, if you're big enough.

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28 minutes ago, BuckGup said:

If you can't beat em then join em. It's inevitable as DeFi and smart contracts completely get rid of the need for 3rd party financial services like PayPal

There'll always be a need for Exchange points. There's always a lot of money to be made there. Might actually be more than PayPal makes now.

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1 hour ago, Helpful Tech Wiard said:

So PayPal wants to have its own usdt?

Fuck USDT and their lying about backing to a dollar. If USDT collapses, it takes BTC deep down a hole with it and destabilizes almost every major crypto coin. I'm heavily invested into USDC and hoping for the best on that.

Aerocool DS are the best fans you've never tried.

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1 hour ago, James Evens said:

Is this a joke? 

Everybody uses PayPal because of there market dominance and not because they like them. So why would I use a another PayPal product?

I mean, you use a service because it's convenient and widely supported. What good would it be if it existed and you could only find 3 merchants who use it out of 1500 ?

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Posted

stablecoins (apart from the issues that some of them have with the management entity that heads them) work really well. 

Idk if y'all have ever used USDC but it's very easy to use and pretty much just works...Just strictly from a method of transaction perspective.

Fees are still a problem though. Ethereum is expensive to transact on still. Really only suitable for very large transactions. 

There's the whole layer 2 stuff situation but until those are more mainstream then transaction costs remain a problem.

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6 hours ago, James Evens said:

Is this a joke? 

Everybody uses PayPal because of there market dominance and not because they like them. So why would I use a another PayPal product?

It unfortunately may not be you wanting to use a "PayPal Coin" it may be you being forced to.

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Great bananas.

ANOTHER Stablecoin. Another one. Can all the crypto stans come together and agree that USDC is the best and just continue that?

"A high ideal missed by a little, is far better than low ideal that is achievable, yet far less effective"

 

If you think I'm wrong, correct me. If I've offended you in some way tell me what it is and how I can correct it. I want to learn, and along the way one can make mistakes; Being wrong helps you learn what's right.

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12 hours ago, Caroline said:

If satoshi nakamoto ever existed and then died he must be spinning in his grave looking at how corps ravage and prostitute cryptocurrencies in the name of "security" as always.

PayPal and crypto exchanges are the most rancid examples on how corporate KYC bullshit can turn a great idea into a nightmare for people.

 

What's the point of defi and smart transactions if you still have to bend over and fill in a hellish amount of personal data just to be able to use the service? might sign up for a regular bank account instead if it's gonna be the same crap. Yeah P2P is a thing but how many people use it? at least where I live there are no P2P exchanges to swap your cryptos for cash and use it to buy actual stuff and not a drawing of a golden gorilla.

 

I have some ETH and DAI stacked and realistically they're worth nothing to me because I can't use any to purchase goods without exchanging them for fiat money, but, I'd rather HODL them than swap them for worthless banana republic monopoly bills.

Completely agree! Corporations and governments are centralizing and controlling what should have been a distributed and uncontrollable system. The centralization is largely thanks to clients not being servers by default. Meaning that browser and mobile wallets like metamask just interface with 2 companies that ask the blockchain what it's state is and without any verification pass it on to the user. Which can trivially be fucked with by those companies as there's a lot of trust placed on those companies. Unfortunately, there's not really a solution to the inevitable centralization problem as outlined in this article https://moxie.org/2022/01/07/web3-first-impressions.html?utm_source=convertkit&utm_medium=email&utm_campaign=I+Hired+an+Accountability+Coach - 7386375 As for the other issue of government control, that's also kinda inevitable since governments have monopolistic control of their "government backed" fake money which means that they can control how their fake money is used and direct their attacks at exchanges from cryptocurrencies into fake money.

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14 hours ago, BlueCat00 said:

upheld by the U.S. Dollar.

So forfeiting all the claimed benefits of a cryptocurrency. Incredible.

12 hours ago, Caroline said:

PayPal and crypto exchanges are the most rancid examples on how corporate KYC bullshit can turn a great idea into a nightmare for people.

It was never a good idea, it's been over a decade and cryptocurrency as conceptualized and implemented in bitcoin (and others like ethereum) is still virtually unusable outside of speculative investment.

12 hours ago, Caroline said:

I have some ETH and DAI stacked and realistically they're worth nothing to me because I can't use any to purchase goods without exchanging them for fiat money

Not to mention you'd have a hard time pulling out all your assets and converting them to real money from an exchange if you have a sizeable amount.

12 hours ago, Caroline said:

might [as well] sign up for a regular bank account instead

Indeed.

13 hours ago, James Evens said:

Is this a joke? 

Everybody uses PayPal because of there market dominance and not because they like them. So why would I use a another PayPal product?

PayPal is a relic of a past where online banking wasn't properly fleshed out. Nowadays it's hardly more convenient than credit cards, which most people have anyway. This seems like grasping at straws to regain some of its lost relevance.

4 hours ago, J-from-Nucleon said:

Great bananas.

ANOTHER Stablecoin. Another one.

Standards

Don't ask to ask, just ask... please 🤨

sudo chmod -R 000 /*

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