Paypal cryptocurrencies

[CountZerpula 28,085]

16 minutes ago, XrpChad said:

proof?

• Option A - scroll up, read, look at pictures
• Option B - DYOR

DFS Complaints
You may direct a complaint to the attention of the New York State Department of Financial Services at One State Street New York, NY 10004-1511 or 1-800-342-3736. Please visit www.dfs.ny.gov for information.

[XrpChad 71]

10 minutes ago, Flintstone said:

Maybe if you read the article and each comment (again?). Hint: 3rd post

What has it to do with NYDFS exactly?

[Flintstone 7,445]

22 minutes ago, XrpChad said:

What has it to do with NYDFS exactly?

https://www.paxos.com/is-paxos-regulated/

https://www.paxos.com/what-currencies-does-paxos-crypto-brokerage-support/

[jetbrzzz 343]

On 10/21/2020 at 12:03 PM, CountZerpula said:

All told I think it's a good thing, but the storyline is better written as

PayPal Launches New Service Enabling Users to Buy, 'Hold'  and Sell Cryptocurrency - But Not Hold Private Keys, Transfer Currencies To Other Users, Or Send Them To Merchants' Or Other Wallets

Sounds like a middle man skim operation to me.  Other than pumping the price of BTC cause now people are actually able to "buy" it, even though they don't really own it, I must be missing something.

BTC is eventually going to be majority held in the wallets of these huge financials, PayPal, Grayscale, Fidelity. They're not allowing you to own the keys, so they're basically going to do all the transactions like bullion vault owners: some of Bob's "box of bullion" gets credited to Alice's "box of bullion", which is sitting right next to Bob's box on the shelf in the vault, the bullion never actually leaves the vault. They just move the boxes around on carts inside the vault. Heck, you could just swap name tags on the boxes in some vault transactions if they zero out the right way.

Of course it'll all be digital but same principle. At least it solves the Bitcoin scaling problem, they won't even have to move BTC on the BTC network, just credit & debit their balance sheet cause they'll own 70-90% of all the BTC already. Ironic that Bitcoin's major flaw could be its saving grace. No need to scale, just plop it all down in a handful of centralized wallets then issue "pseudo-BTC" to PayPal, Amazon, whatever customers. Don't matter what you call it since they never own it anyway.

The BTC maxis must be furious-not-furious.

All I'll say is: not your keys, not your crypto. Not your vault, that's your fault. Possession is 9/10th of the law.

Edited October 22, 2020 by jetbrzzz

[CountZerpula 28,085]

8 minutes ago, jetbrzzz said:

All I'll say is: not your keys, not your crypto. Not your vault, that's your fault. Possession is 9/10th of the law.

I don't pretend to have any insight as to what direction this will take for them, but it seems like more of a starting point than anything. There will be some people disappointed for many of the reasons you point out, and then there will be others who are just fine with having a Robinhood type relationship with their DAs. 

[jetbrzzz 343]

3 hours ago, CountZerpula said:

There will be some people disappointed for many of the reasons you point out, and then there will be others who are just fine with having a Robinhood type relationship with their DAs. 

Freedom means you own it.

Hopefully the Robinhood Z-illennials will realize that hard asset ownership is the real play here.  I feel my Millennial brethren have been fooled into things like renting over ownership, debt over owning sound assets outright, Instagram vacation photo-op "experiences" over investing.  It's gonna have to be the Z-illennials who realize how broke and miserable Millennials are with $60,000 in student debt, homeowner-lessness, no social security or pensions laying around and then abandon all that for hard money and some system that rewards saving, certainly not the debt-based fiat system that we have now. Savers get destroyed in the system we have now.

Robinhood is a double-edge sword. Look at Robin-Hertz, you had thousands of these noob 'investors' pumping cash into a bankrupt company; sure it was great if you bought the company at $0.53 and cashed out at $4.00 before it topped out at $6.00 then crashed again.  As it sits now, $1.60.

Is that really building up a company or just pump and dumping the stock for a quick fiat buck?  No better than airlines and GE buying back their own stock to cash out CEOs instead of re-investing it into the company or saving some for 'Rona-times. Then the gooberment bails them out with your money when they come a cryin'.  Citizens should be pissed af, but no one's talking about that on TV.

 Maybe it should be called Robinhoodwinked. No amount of crypto or defi or whatever-new-tech is going to save us if we don't sort out all this chicanery first.

[SquaryBone 819]

6 hours ago, jetbrzzz said:

BTC is eventually going to be majority held in the wallets of these huge financials, PayPal, Grayscale, Fidelity. They're not allowing you to own the keys, so they're basically going to do all the transactions like bullion vault owners: some of Bob's "box of bullion" gets credited to Alice's "box of buillion", which is sitting right next to Bob's box on the shelf in the vault, the bullion never actually leaves the vault. They just move the boxes around on carts inside the vault. Heck, you could just swap name tags on the boxes in some vault transactions if they zero out the right way.

 

Or they're just not going to buy any BTC, just split the diff and take the transaction fee or whatever?

[SquaryBone 819]

16 hours ago, LetHerRip said:

No XRP as usual, Paypal doesn't want them either. LOL

Well BIS, IMF, SEC, CFTC, SDR, SWIFT, R3, ACH, BG123, ... (add random acronyms to your likings) got in a zoom meeting and decided they didn't want XRP on Paypal because they want to suppress the price to 0.0000000000001$/XRP. BULLISH! XRP 589$ EOY 2018! BTC going to 0$ in 500 years, what a joke of a coin.

[LetHerRip 1,209]

"The big bad regulatory uncertainties are holding back XRP sir!!!!"

That's funny because it doesn't seem to hold back any other digital asset/crypto, only XRP!

BTC, ETH, cleared by the SEC all good to go!

Paypal, NYDFS got no problem with BTC, ETH, LTC, or BCH.

but that XRP.....

 

Edited October 22, 2020 by LetHerRip

[AlejoMoreno 1,626]

6 hours ago, jetbrzzz said:

Sounds like a middle man skim operation to me.  Other than pumping the price of BTC cause now people are actually able to "buy" it, even though they don't really own it, I must be missing something.

BTC is eventually going to be majority held in the wallets of these huge financials, PayPal, Grayscale, Fidelity. They're not allowing you to own the keys, so they're basically going to do all the transactions like bullion vault owners: some of Bob's "box of bullion" gets credited to Alice's "box of buillion", which is sitting right next to Bob's box on the shelf in the vault, the bullion never actually leaves the vault. They just move the boxes around on carts inside the vault. Heck, you could just swap name tags on the boxes in some vault transactions if they zero out the right way.

Of course it'll all be digital but same principle. At least it solves the Bitcoin scaling problem, they won't even have to move BTC on the BTC network, just credit & debit their balance sheet cause they'll own 70-90% of all the BTC already. Ironic that Bitcoin's major flaw could be its saving grace. No need to scale, just plop it all down in a handful of centralized wallets then issue "pseudo-BTC" to PayPal, Amazon, whatever customers. Don't matter what you call it since they never own it anyway.

The BTC maxis must be furious-not-furious.

All I'll say is: not your keys, not your crypto. Not your vault, that's your fault. Possession is 9/10th of the law.

I'm surprised that isn't obvious to most people. If Bitcoin get's mass adopted then it will be the same as fiat currency. Transactions will happen all the time, every second, but the Bitcoin is only setteled periodically.

Say you and I are both two large exchanges and our customers are moving Bitcoin back and forth between you and I.

We don't actually have to physically move all of that Bitcoin back and forth, we just keep a running tab and then "settle" the tab in one large transfer, once a day, once a month, or whatever period we choose.

Is this ideal based on Ripple's vision of digital assets?, No.

Will it be good enough and profitable enough to be a good solution for a while? Probably so.

Users won't care how institutions settle the tab because all of that happens behind the scenes anyway. Just like users won't care about RippleNet, because it happens behind the scenes.

[Rutski 7,845]

18 hours ago, CountZerpula said:

It has to do with NYDFS

XRP is approved for custody, but not litsing

 

Hey @CountZerpulaany idea why one would be approved for custody and not for listing? What would be holding it back?

[LetHerRip 1,209]

Yeah @CountZerpula dig deep, give us a good one this time!

Edited October 22, 2020 by LetHerRip

[CountZerpula 28,085]

1 hour ago, Rutski said:

Hey @CountZerpulaany idea why one would be approved for custody and not for listing? What would be holding it back?

That’s the million dollar question @Rutski

[Flintstone 7,445]

4 hours ago, SquaryBone said:

Well BIS, IMF, SEC, CFTC, SDR, SWIFT, R3, ACH, BG123, ... (add random acronyms to your likings) got in a zoom meeting and decided they didn't want XRP on Paypal because they want to suppress the price to 0.0000000000001$/XRP.

Do you have a link?

[CountZerpula 28,085]

47 minutes ago, LetHerRip said:

Yeah @CountZerpula dig deep, give us a good one this time!

My favorite part is how greatly you seem to overestimate the degree to which I care if XRP gets listed on PayPal or not 

No more new lines of attack, please ... I’m getting the vertigo 

• Even PayPal doesn’t want it!
• I don’t need to do all these mental gymnastics! [Edits post to minimize impact of being dunked on]
• You’re doing too many mental gymnastics!
• Let’s see what excuses you make for the thing that you never claimed!

Just tell us why the NYDFS greenlist is crafted the way it is. We’d all like to know.