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PayPal’s Support Is the Best Thing That Could Happen to Bitcoin

41 points by cyphersanctus 12y ago

ycombinatoracc 12y ago
If it wasnt for shitpal i wouldn't have looked around and found bitcoin 2-3 years ago when the price was 1-4$ Thanks Paypal!
Karunamon 12y ago
Wonderful. Now we can take the excellent customer service and responsiveness that PayPal is known for and apply it to something with even less regulation than the quasi-bank niche they sit in currently! What could possibly go wrong?
- ycombinatoracc 12y ago
  Paypal regularly close/freeze funds for customers, putting many many businesses out of business, causing all sorts of issues This can not be done with your "quasi-bank niche", until it happens to you you dont realise how shitty Paypal can be, and if they block you altogether you are effectively cut off from being able to spend money online, well this was the case until bitcoin came along Long live bitcoin
  - Karunamon 12y ago
    I'm not sure why I got down voted - maybe the sarcasm was not quite sarcastic enough? We agree - Paypal's service sucks, and seeing them handle something that happens to have less regulation than they have now can not possibly be a good thing in my mind.
  - deleted 12y ago
    [deleted]
- flavor8 12y ago
  Actually Braintree (child company of Paypal who is offering this) actually has good customer service. Hopefully it doesn't go to shit (as, for example, ODesk's has since the Elance "merger").
netcan 12y ago
I think bitcoin has had as much media attention, excitement and such as it could have possible hoped for. Most of it was dues to the rapid rise in value/price, but regardless it has a crapload of mindshare now. Now what we need is for people to start using it to transfer money or buy goods and services. That I haven't seen as much of. That's what it will take to make Bitcoin stick.
- malloreon 12y ago
  if I'm any given bitcoin user (which I'm not), what incentive is for me to actually use it for those purposes? It's "deflationary" and "free" (in quotes because every day new coins are created out of thin air, and because the actual cost of processing each transaction is ~$25-40) Let's assume it's deflationary. I'm way better off convincing others to spend it while I hoard as much as I'm able to. The more you believe in bitcoin the less reason there is to ever spend them.
  - kaoD 12y ago
    > and because the actual cost of processing each transaction is ~$25-40 Where did you get that quote from?
    - sanswork 12y ago
      If you divide the miner rewards by the number of transactions processed in each block it works out to $25-40(usually closer to $40) per transaction that miners are paid. Though almost all of that cost is spread between everyone holding bitcoin not the person doing the transfer.
      - kaoD 12y ago
        Then that quote is meaningless. As I see it, rewards belong to "the system" which spends them at ~25BTC/10min at this moment. Rewards are not created out of thin air, they're there anyways, and if your BTCUSD is based only on total BTC circulating you're doing it wrong (I know you're not GP, just a generic "you"). What I'm interested in is how much each transaction actually costs to miners, since eventually the reward will have to add up slightly above that cost or Bitcoin is doomed.
imaginenore 12y ago
That title has two different meaninings, depending on what "support" means. Both are true.
kolev 12y ago
So, then all those Bitcoiners who curse PayPal as the biggest enemy should stop at once as it serves them well?

41 points by cyphersanctus 12y ago

If it wasnt for shitpal i wouldn't have looked around and found bitcoin 2-3 years ago when the price was 1-4$ Thanks Paypal!

Karunamon 12y ago

Wonderful. Now we can take the excellent customer service and responsiveness that PayPal is known for and apply it to something with even less regulation than the quasi-bank niche they sit in currently! What could possibly go wrong?

ycombinatoracc 12y ago
Paypal regularly close/freeze funds for customers, putting many many businesses out of business, causing all sorts of issues This can not be done with your "quasi-bank niche", until it happens to you you dont realise how shitty Paypal can be, and if they block you altogether you are effectively cut off from being able to spend money online, well this was the case until bitcoin came along Long live bitcoin
- Karunamon 12y ago
  I'm not sure why I got down voted - maybe the sarcasm was not quite sarcastic enough? We agree - Paypal's service sucks, and seeing them handle something that happens to have less regulation than they have now can not possibly be a good thing in my mind.
- deleted 12y ago
  [deleted]
flavor8 12y ago
Actually Braintree (child company of Paypal who is offering this) actually has good customer service. Hopefully it doesn't go to shit (as, for example, ODesk's has since the Elance "merger").

netcan 12y ago

I think bitcoin has had as much media attention, excitement and such as it could have possible hoped for. Most of it was dues to the rapid rise in value/price, but regardless it has a crapload of mindshare now. Now what we need is for people to start using it to transfer money or buy goods and services. That I haven't seen as much of. That's what it will take to make Bitcoin stick.

malloreon 12y ago
if I'm any given bitcoin user (which I'm not), what incentive is for me to actually use it for those purposes? It's "deflationary" and "free" (in quotes because every day new coins are created out of thin air, and because the actual cost of processing each transaction is ~$25-40) Let's assume it's deflationary. I'm way better off convincing others to spend it while I hoard as much as I'm able to. The more you believe in bitcoin the less reason there is to ever spend them.
- kaoD 12y ago
  > and because the actual cost of processing each transaction is ~$25-40 Where did you get that quote from?
  - sanswork 12y ago
    If you divide the miner rewards by the number of transactions processed in each block it works out to $25-40(usually closer to $40) per transaction that miners are paid. Though almost all of that cost is spread between everyone holding bitcoin not the person doing the transfer.
    - kaoD 12y ago
      Then that quote is meaningless. As I see it, rewards belong to "the system" which spends them at ~25BTC/10min at this moment. Rewards are not created out of thin air, they're there anyways, and if your BTCUSD is based only on total BTC circulating you're doing it wrong (I know you're not GP, just a generic "you"). What I'm interested in is how much each transaction actually costs to miners, since eventually the reward will have to add up slightly above that cost or Bitcoin is doomed.

imaginenore 12y ago

That title has two different meaninings, depending on what "support" means. Both are true.

kolev 12y ago

So, then all those Bitcoiners who curse PayPal as the biggest enemy should stop at once as it serves them well?