Paypal Redesign



MyOwnDemon said:
Had this happen to me a few weeks back when I logged in. Thankfully there was an option to turn it off.

Old design was fine. People aren't really hanging out on paypal as some kind of social network. What's up with the profile shit?

If it ain't broke, don't fix it.
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The founder wants to be a space pioneer as well as an internet payment processor.

good luck with things being kept simple lolz.
 
They feel left out of the game. They want us to stay on Paypal and bitch about our money with others. You receive a payement .. some on your buddies click on "like"
 
r3p1v said:
The ebay ceo pretty much confirmed the bitcoin integration into paypal here:

EBay CEO serious about bitcoin - CNBC
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This is the third time someone high up at paypal or Ebay has confirmed that they have no choice but to integrate bitcoin sooner or later; of course no time period has been given.

I just don't see how they could gain some advantage from doing so. They've got to understand already that the second they endorse bitcoin in any risk-taking way, the bitcoin network will have another explosive growth period like it did last october, introducing this competitive network to another huge percentage of the world, including their whole userbase. This requires extreme care on their part to get right.

We're not just talking about adding paypal users's money to the bitcoin market cap... It'll be far larger than that since they'll be legitimizing bitcoin in the minds of BILLIONS of people...

There seems to be 3 options for their possible BTC integration: (Please speak up if you can think of a 4th)

  1. Add a bitcoin wallet inside your paypal acct that accepts bitcoin deposits and can send them elsewhere. (What's their benefit?)

  2. Just use bitcoin on the backside as a payment transfer network instead of traditional banking networks. (This will save them money but then customers shouldn't be told that they've "integrated bitcoin" because customers won't be able to send or receive a single Bit themselves.)

  3. Become a full exchange like Coinbase, allowing for fiat -> bitcoin conversion inside your paypal account. (Most likely, but still just makes them a competitor on the bitcoin stage, which will certainly not offset the fact that bitcoin itself will grow enormously.)

When you consider that any decent bitcoin wallet is orders of magnitude more secure than your paypal account, even just a reduction of paypal's fees to use bitcoin through their interface in any way is simply not worth it for most bitcoiners. Obviously, we want for anyone who accepts paypal today to be able to receive bitcoins in whatever option they choose, but doing so is extremely damaging to their profits... It would be like Blockbuster putting a redbox machine in every store lobby.
 
^ My guess is they are going to let people transfer from USD to BTC and back and also let people send and receive bitcoin. Just like Coinbase, but people would of course keep the normal Paypal account. So it would be like Coinbase + Paypal in one account.

I highly doubt they are going to use bitcoin as the backend for the entire thing. I think that would require a huge amount of coding and risk. Since bitcoin is still very new, can be very complicated, and the price volatility can be extreme.

I wonder what kind of fees they are going to put on it though. My guess is they will try to apply the same fees that they currently have for USD so that it doesn't compete with their current business. And then if they see people are continuing to use services like Coinbase they can lower the fees to try and grab back some of that business.
 
r3p1v said:
^ My guess is they are going to let people transfer from USD to BTC and back and also let people send and receive bitcoin. Just like Coinbase, but people would of course keep the normal Paypal account. So it would be like Coinbase + Paypal in one account.
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I hope you are right.

Assuming they go whole-hog like that and compete directly with coinbase, they'd be doing bitcoin the biggest favor it could. So many millions of paypal users could easily try out bitcoin for themselves from within existing accounts, while the rest of the world is told how Paypal officially does business in bitcoin, making it legitimate to Billions of people who view paypal as the foremost type of money on the web to date.

Paypal might make a few bucks off of the fees from selling coins, but meanwhile millions of new users are flooding into bitcoin bring the market cap up by several billion $ more overnight. That will do wild things to the price of a bitcoin... Perhaps x10 again!

This puts paypal in a precarious position because BTC is within 1 order of magnitude from stomping paypal into obscurity. On the big runup 6-8 months ago, we saw bitcoin transactions move more wealth than paypal already at peak times. Today it's settled down to a little better than 1/10th their volume, but it'll only take one more jump to surpass that, so I'm thinking paypal cannot stay on top after another BTC price level-up no matter what.


r3p1v said:
I wonder what kind of fees they are going to put on it though. My guess is they will try to apply the same fees that they currently have for USD so that it doesn't compete with their current business. And then if they see people are continuing to use services like Coinbase they can lower the fees to try and grab back some of that business.
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Likely, but maybe with a smaller up-front since they don't have to worry about chargebacks and so forth... Bitcoin will be very easy for them to impliment and actually use; but educating its' users about the different nature of bitcoin will be the expensive part.
 
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