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Is there a real use case for this, or is it just to cash in on the crypto market? I ask because crypto transfer fees for bitcoin/eth are ridiculous if you're n

Is there a real use case for this, or is it just to cash in on the crypto market? I ask because crypto transfer fees for bitcoin/eth are ridiculous if you're not transferring thousands of dollars at a time. And if paypal is the one exchanging/holding your USD, crypto or not, why pay that fee?

ETH_start 3y ago
The fees are not exorbitant: https://l2fees.info/ https://l2fees.info/
MagicMoonlight 3y ago
If paypal can make these "gold coins" look like real coins then they can freely mint their own coins and trade them for real assets. When people cut them open and find that they are made of lead then it will be too late, the owners will be long gone. It also lets them take real money off you and give you casino chips that you can send around. The chips are meaningless so they never actually have to give your real money back as long as they stay in the casino. If you do ask for them back, they've been collecting interest on them the whole time so they'll double up either way.
- tock 3y ago
  > When people cut them open and find that they are made of lead then it will be too late, the owners will be long gone. This isn't true. This is regulated. PayPal will be required to back this 1-1 with cash and treasury bonds. Unless you're saying that PayPal will commit fraud. > If you do ask for them back, they've been collecting interest on them the whole time so they'll double up either way. Yes stablecoins are in my opinion one of the most lucrative ideas right now. They can make billions just from treasury yields if they capture a large share of the market.
3np 3y ago
Even if you disregard L2 (Lightning), an on-chain Bitcoin transfer is still usually <$1 (sometimes substantially so and at times not; it is volatile).
mamonster 3y ago
Hopefully this will allow you to offboard crypto easier. A lot of banks don't want to take incoming transfers if they see that they are from a crypto affiliated entity/bank, now you can (hopefully) have exchange wallet on binance/etc you want to cash otu -> Buy PaypalUsd on exchange -> Send PaypalUSD to PayPal account -> Swap stable for cash -> Send it out from Paypal account to normal account or keep it there. Again thats assuming Paypal plays ball with these exchanges. So I guess any fee will basically be you paying Paypal to launder "crypto exposure" for you when moving back to fiat. The biggest way to make money in crypto right now is to figure out an offramp with capacity. There is a lot of people who have way too much crypto and want to offramp into fiat but can't.

ETH_start 3y ago

The fees are not exorbitant: https://l2fees.info/ https://l2fees.info/

MagicMoonlight 3y ago

If paypal can make these "gold coins" look like real coins then they can freely mint their own coins and trade them for real assets. When people cut them open and find that they are made of lead then it will be too late, the owners will be long gone. It also lets them take real money off you and give you casino chips that you can send around. The chips are meaningless so they never actually have to give your real money back as long as they stay in the casino. If you do ask for them back, they've been collecting interest on them the whole time so they'll double up either way.

tock 3y ago
> When people cut them open and find that they are made of lead then it will be too late, the owners will be long gone. This isn't true. This is regulated. PayPal will be required to back this 1-1 with cash and treasury bonds. Unless you're saying that PayPal will commit fraud. > If you do ask for them back, they've been collecting interest on them the whole time so they'll double up either way. Yes stablecoins are in my opinion one of the most lucrative ideas right now. They can make billions just from treasury yields if they capture a large share of the market.

3np 3y ago

Even if you disregard L2 (Lightning), an on-chain Bitcoin transfer is still usually <$1 (sometimes substantially so and at times not; it is volatile).

mamonster 3y ago

Hopefully this will allow you to offboard crypto easier. A lot of banks don't want to take incoming transfers if they see that they are from a crypto affiliated entity/bank, now you can (hopefully) have exchange wallet on binance/etc you want to cash otu -> Buy PaypalUsd on exchange -> Send PaypalUSD to PayPal account -> Swap stable for cash -> Send it out from Paypal account to normal account or keep it there. Again thats assuming Paypal plays ball with these exchanges. So I guess any fee will basically be you paying Paypal to launder "crypto exposure" for you when moving back to fiat. The biggest way to make money in crypto right now is to figure out an offramp with capacity. There is a lot of people who have way too much crypto and want to offramp into fiat but can't.