Ninjastic
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Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
philipma1957
on 23/10/2020, 00:56:19 UTC
Quote from: aesma on Today at 12:52:52 AM
Quote from: rolling on October 22, 2020, 02:38:05 PM
Quote from: nokati on October 22, 2020, 02:27:18 PM
Quote from: bct_ail on October 22, 2020, 02:21:28 PM
Quote from: Syke on October 22, 2020, 10:33:58 AM
Quote from: bct_ail on October 22, 2020, 09:46:53 AM
Does paypal really buying bitcoin, if a paypal user buying (paypal) bitcoin or is the paypal-bitcoin just on the paper?

(Or is it just another shittoken? Cheesy The ppB? )

Most likely they are buying real bitcoin. They are teaming up with Paxos Trust Company to hold the assets.

Do you have that in writing? FAQ or so?

Want to know this too.... Its pretty important!

https://www.paypal.com/us/smarthelp/article/cryptocurrency-on-paypal-faq-faq4398

Yes they are buying real BTC and they are using Paxos to do so. They are making money on the spread. I doubt they are taking possession of the coins. They are just facilitating the buying and selling and making 0.5% on each buy or sell. Paxos is holding the coins and is regulated so they are not going to do fractional reserve.

All this talk about fractional reserve is just FUD.

Let's hope Paypal provides insurance if something goes wrong with Paxos, and not something like "not my fault, don't care".


Please use common sense.  Ie. do not put in 25-100% of your btc holdings into PayPal

I am at 40 usd worth of btc which is under 1% of my btc holdings.