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The thing with paypal ... they do not really allow you to buy Bitcoin (you neither can deposit nor withdraw actual Bitcoin from your paypal account) What they
by ur-whale 6y ago
The thing with paypal ... they do not really allow you to buy Bitcoin (you neither can deposit nor withdraw actual Bitcoin from your paypal account)
What they sell is a security pegged on Bitcoin.
However, that means they have strictly no need to actually own the underlying. They're just playing the bookmaker game without ever having to payout.
It's therefore unclear that this affects the BTC markets at all.
- jules-jules 6y agoNonsense. Paxos is buying crypto on behalf of PayPal's customers. Transfers and purchases will be enabled in the coming months.
- ur-whale 6y agoCan you point me to a cryptographically signed proof of reserve from either paypal or paxos? Talk is cheap, and actually - in their case - lucrative. Not your keys, not your coins.
- jules-jules 6y agoyeah I'm sure Paypal and/or Paxos put their rep on the line by lying to their customers' faces. >Technology: Paxos Crypto Brokerage provides crypto custody and trading for PayPal. Our APIs allow PayPal to offer crypto services seamlessly within the PayPal app with its simple and intuitive user experience. https://www.paxos.com/paypal-paxos-bring-crypto-to-millions-of-users/ https://www.paxos.com/paypal-paxos-bring-crypto-to-millions-...