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Ebay Expands Accepted Digital Currencies, Says PayPal May One Day Incorporate BitCoin

Tyler Durden's picture




 

First it was China hinting that where Silk Road failed in monetizing, pardon the pun, BitCoin, the world's most populous nation could soon take the lead. Then, none other than private equity titan Fortress said it had great expectations for the digital currency. Now, it is eBay's turn to announce that it is preparing to expand the range of digital currencies it accepts, adding that "its payment unit PayPal may one day incorporate BitCoin." But not just yet. FT reports that according to eBay CEO John Donahoe, "digital currency is going to be a very powerful thing."

The ecommerce group, which has more than 124m active users, is initially focusing on incorporating reward points from retailers’ loyalty schemes into its PayPal wallet.

 

“We are building the container so any retailer could put their loyalty points into the PayPal wallet,” Mr Donahoe said.

 

"There is a limit to how many cards you will carry, or remembering what points you have or don’t have,” he said. “But in a digital wallet, you can put 50 different loyalty cards.”

 

Mr Donahoe said Ebay was not expanding the PayPal wallet to include Bitcoins, “but we are watching it”.

 

“That same technology could accept other digital currencies,” he said.

While traditional retailers have so far balked at even the vaguest idea of considering allowing BitCoin as a viable payment method, all that would take to start a seismic shift in perception would be one angel idea "investor" to show that it can be done. That someone may well be eBay, which in a radical attempt to curry favor with "fringe" buyers and sellers, could open up its ecommerce platform, which started as an auction side for small traders, but may well become something far bigger.

eBay’s efforts raise the possibility that virtual currencies such as Bitcoin may in time move beyond a niche role in online commerce. Some enthusiasts believe Bitcoin and other currencies that exist outside the traditional banking system represent the future of online payments.

 

The work to expand the PayPal wallet underlines the emergence of virtual payment systems as the latest front in the battle between the global technology giants, including Google and Apple, to increase consumer reliance on their products.

 

Corporate initiatives have sought to drum up interest in digital wallets for use online and on the high street. Companies from mobile and technology groups to banks and retailers are racing to use new mobile wallets to upend the payments business.

 

Most of these efforts have focused on new ways of paying with traditional currencies such as the pound and the dollar, rather than with niche mediums of exchange such as loyalty points or Bitcoin.

 

Bitcoin transactions are conducted through a peer-to-peer network of computers, outside the traditional banking system and largely beyond the control of governments and monetary authorities. The digital currency is accepted by very few retailers at present.

Paradoxically, the more accepted BitCoin becomes in the conventional marketplace, the more subject to various forms of mandatory regulation, supervision and enforcement it, its purchases, and its users will be. So will BitCoin ultimately become a victim of its own success? That remains to be seen, although what we do know is that neither eBay nor anyone else tightly embedded within the monetary fiat framework, is even close to contemplating expanding the Petrodollar cycle to include gold or other precious metals as viable legal (or illegal) tender.

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Sun, 11/03/2013 - 20:38 | 4118100 Mercury
Mercury's picture

We'll see how long that lasts...

Sun, 11/03/2013 - 20:43 | 4118110 tsx500
tsx500's picture

BTC 300+ by Friday

Sun, 11/03/2013 - 21:02 | 4118123 Mercury
Mercury's picture

3000...on rumors of a tender offer for the entire float by Uncle Ben himself, the man with the deepest resume in the field of creating money with the personal computer.

 

Followed by a new  tax rate of 99.9% for digital currency capital gains.

Sun, 11/03/2013 - 21:14 | 4118156 lickspitler
lickspitler's picture

Note the difference .

Bitcoin stories innovative and foward thinking going with the price trend.

Gold stories bitter excuses as to why the current trend is wrong.

 

You gotta love markets.

Sun, 11/03/2013 - 21:43 | 4118220 mvsjcl
mvsjcl's picture

The analysis is simple. The Rothschild banker cartel mercilessly squash all competing monentary/fiat units. Bitcoin is increasingly accepted by establishment entities as means of exchange. Ergo, bitcoin is not a competiting monentary/fiat unit.

 

I can come to no other conclusion.

Sun, 11/03/2013 - 23:44 | 4118478 fonestar
fonestar's picture

$100, $500, $1,000, $10,000, $100,000, $1,000,000 BTC.  Ultimately, the dollar price of Bitcoin is meaningless.

Each Bitcoin will continue to grow in mass until it causes a collapse in the fiat universe.

Mon, 11/04/2013 - 00:06 | 4118507 markmotive
markmotive's picture

First bitcoin ATM going live in Vancouver shows a growing acceptance.

http://www.planbeconomics.com/2013/11/venture-capital-muslim-money-exten...

Mon, 11/04/2013 - 00:57 | 4118562 TwoShortPlanks
TwoShortPlanks's picture

Something smells Fishy

Many others feel that there are global dealings afoot....go with what your gut is saying!

http://twoshortplanksunplugged.blogspot.com.au/

Mon, 11/04/2013 - 02:21 | 4118644 Rock On Roger
Rock On Roger's picture

I will not trade the food I produce for an electron.

 

Stack On

Mon, 11/04/2013 - 06:48 | 4118770 fonestar
fonestar's picture

Instructions for those who wish to transfer their bullion funds in a post-dollar world:

1) Grind your bullion coins and bars into ultra fine powder.

2) Insert up to 100mg of bullion into your ethernet port.

3) Include source and destination ip address and blow really hard.

4) Your bullion will now reach anywhere on Earth.

 

So you can see, there is really no need to use Bitcoin in the future.  Plus it is extremely likely that we will have a world wide power outage at the same time that we have massive solar flares at the same time that we have a global currency crisis at the same time that we have martial law at the same time that Zog choses to crack down on the internet at the same time that people decide waiting six months to get paid isn't that bad.

Bitcoin, useless.... I rest my case.

 

Mon, 11/04/2013 - 08:44 | 4118873 BitStorm
BitStorm's picture

Gold has 79. Silver has 47. What's your point?

Mon, 11/04/2013 - 17:49 | 4120415 Oracle 911
Oracle 911's picture

You mean the particle or the gold-silver alloy?

Wed, 11/06/2013 - 23:21 | 4129606 MeelionDollerBogus
MeelionDollerBogus's picture

I won't either. +1 for you

Mon, 11/04/2013 - 11:33 | 4119340 Vigilante
Vigilante's picture

Bitcoin falls into the 'digital money' conspiracy we've been hearing for a few years.

I smell sulfur...

Sun, 11/03/2013 - 21:45 | 4118221 seek
seek's picture

The media is following orders. The fact that the coverage on bitcoin has shifted so much (from evil drug/black market currency to "has perfectly legal uses" per the coverage of the FBI silk road bust) actually alarms me a bit.

On the pro side, they aren't able to manipulate XBT like they have AU. On the con side, something doesn't smell right. I wonder if the openness of the blockchain isn't appealing to their snoopy-side.

I do think they'd rather people dump USD into bitcoin than gold eagles, it's the motivation behind this that has me curious.

Sun, 11/03/2013 - 21:49 | 4118241 mvsjcl
mvsjcl's picture

I see your spidey sense is tingling too.

Sun, 11/03/2013 - 22:12 | 4118287 nmewn
nmewn's picture

I stand by my initial claim, its a conduit for money, not actual money. Which is fine by me...ANYTHING...outside of central control is fine by me.

But its not money.

Money doesn't need debt to be real...or encryption or a power source or a device or internet or passwords.

Those are things providing access to, not the actual thing.

Mon, 11/04/2013 - 02:25 | 4118646 aka_ces
aka_ces's picture

Money is what any group of people says it is.  Some groups have the power to force their moneteristic dictum/dicta on others.  People can change their minds about what money is.  People can be poly-moneteristic (!), believing in a multiple moneys.  Gold has value because some people believe it does.  This group may expand or contract.  Same with bitcoin.

Wed, 11/06/2013 - 23:21 | 4129607 MeelionDollerBogus
MeelionDollerBogus's picture

wrong.
Gold has value because of physics.
Belief & preference has NO role here.
Physics & chemistry imbues the values upon the human body & what we do with our biological systems and all interactions of those systems with all machines, some of which will have gold.
Physics determines the origin of gold from a supernova.
that's that. You can't choose if you need water or food. You NEED it. If gold serves as value for radiation shielding, for your teeth (as I do) or for electronics that you NEED (say, a pacemaker) then it's NOT a choice. Value is not what people agree to. Value is dictated by nature alone.
That which has no value can't be money. Bitcoin is one of those things which has NO value.

Mon, 11/04/2013 - 13:51 | 4119687 twh99
twh99's picture

Excellent analysis.  My feelings exactly.

You use BTC as a tool only, not a store of value.

Mon, 11/04/2013 - 03:58 | 4118698 SilverRhino
SilverRhino's picture

>>I do think they'd rather people dump USD into bitcoin than gold eagles, it's the motivation behind this that has me curious.

It's a LOT easier to seize than PM's.

Mon, 11/04/2013 - 06:59 | 4118778 Dr. Everett V. Scott
Dr. Everett V. Scott's picture

So far, the FBI has been unable to seize most of the Pirate's stash.

Wed, 11/06/2013 - 23:22 | 4129609 MeelionDollerBogus
MeelionDollerBogus's picture

last i heard they got it all.
Can't use it but he can't either.

Mon, 11/04/2013 - 11:50 | 4119375 Saro
Saro's picture

Like gold, how easy it is to seize depends on how paranoid you are.

Wed, 11/06/2013 - 23:22 | 4129611 MeelionDollerBogus
MeelionDollerBogus's picture

seize AND destroy. However it's a bit harder to seize and USE than pm's. Gold & silver can be found with some sleuthing & a metal detector.
Passwords can be snooped from keyboard monitoring & copying hard disks via trojan, worm or virus for whatever parts are needed. Both are hit/miss depending on conditions.

Wed, 11/06/2013 - 23:23 | 4129614 MeelionDollerBogus
MeelionDollerBogus's picture

Are you fucking kidding me?
The volatility from fiat infusions for btc are far, FAR, FAR more than for gold or silver, or even 2x leveraged silver funds like AGQ or HZU (tsx).
I don't agree with that part of your comment but I wholeheartedly agree about the obvious support for btc preference over gold or silver in the media being highly suspect.

Sun, 11/03/2013 - 21:21 | 4118172 SMG
SMG's picture

And take comfort in this...All your money is safe right there on the computer/internet/microSD card/mark of the beast.  Which the banksters can take control of whenever they feel like.

But don't worry it went up 100% percent in the last minute and some guy made $800,000 from $28 dollars by sitting on it a few years.  So I'm sure we're not trying to be suckered.

So you see it's much safer than silver in your hand or burried where they'll never find it.

Sun, 11/03/2013 - 21:38 | 4118205 Big Brother
Big Brother's picture

What do you hope to accomplish other than the simplest inflation hedge by burying silver in the ground?  Let me know when you've been able to settle a payment to Paypal with physical silver.  It's an apples to oranges comparison. 

I see no difference between buying a widget on Ebay whether with a dollar or BTC.  In the end both transactions are done in 1s and 0s.  If there's a infinitessimally small chance some entity switches off the internet, the buyer/seller and eBay are both SOL.

Remember, this an encrypted digital currency.  The sun does not possess enough energy to iterate all 2256 possibe configurations to crack the password to a digital wallet.

Sun, 11/03/2013 - 21:45 | 4118224 SMG
SMG's picture

Talk to me after the global debt laden currency collapse/derivative complex blowup.

Talk to me after the nukes between China/Russia/USA fly.

I'm sure you'll have no problem redeeming your encrypted digital currency.

 

PS.  I hope I'm wrong.

But as some say  Order from Chaos so I'm hedging my bets.

Sun, 11/03/2013 - 21:50 | 4118244 Big Brother
Big Brother's picture

Duley noted...

Clearly a difference in time-frames:  known and short-term versus unknown and most likely (hopefully) longer term.  I was thinking more like if eBay/Paypal had BTC in place for the 2014 holiday season.

Sun, 11/03/2013 - 22:35 | 4118352 Bro of the Sorr...
Bro of the Sorrowful Figure's picture

holy shit the conversations on this site are depressing. best case scenario: bankers continue to rule over us debt slaves in an increasingly oppressive manner. worst case: thermo nuclear war. have a nice day! not saying i dont agree, just saying the long term side effects of alcoholism are starting to be severly outweighed by the short term benefits. or maybe ill just start doing acid all day. at least i wont be cognizant of the butt pounding we're subjected to.

Sun, 11/03/2013 - 22:55 | 4118395 aphlaque_duck
aphlaque_duck's picture

Go to the jungle now, and drink ayahuasca.

Wed, 11/06/2013 - 23:24 | 4129617 MeelionDollerBogus
MeelionDollerBogus's picture

 

WTF! Depressing, on Zerohedge?
Shocked, I tell you, I am shocked.

Sun, 11/03/2013 - 22:17 | 4118295 Non Passaran
Non Passaran's picture

Nobody would "redeem" nothing. It'd be used the same way it is today, to transact on the Internet. Now don't tell me the Internet won't exist because you'd make yourself look really stupid.

Sun, 11/03/2013 - 22:42 | 4118359 SMG
SMG's picture

I don't know what the status of the internet will be in case of a crisis. It might be up or down, who knows?

I hope for your sake it will be up.  If it isn't though, what then?  Well you mocked some guy and called him stupid who questioned the possibity, so you'll always have that.

But if it isn't, then what?  Well you'll always have your self satisfaction, that and alot of hunger.

Good luck buddy,  I;m sure your sponsers will support you.

But if they don't. well I guess you starve. Good luck.

 

 

 

 

Wed, 11/06/2013 - 23:25 | 4129619 MeelionDollerBogus
MeelionDollerBogus's picture

The internet WON'T exist.
parts will exist & be regional.
Those fine undersea lines won't be there because they are target #1 for regional warfare. no bodies, no fuss, just economics of war.
Same with the satellites.
As for city-to-city within a nation, that depends on the local levels of war. A lot of these lines are easily discovered & cut and would be.
Only a FOOL would pretend this isn't happening very soon. You apparently are that fool.

Mon, 11/04/2013 - 08:49 | 4118887 BitStorm
BitStorm's picture

The stupid is strong in this one...

"Talk to me after the nukes between China/Russia/USA fly.
I'm sure you'll have no problem redeeming your encrypted digital currency."

So your finely irradiated corpse will have unusable PMs and my irradiated corpse will have a melted thumb drive. Jeezus, people enough with the Mad Max crap already.

Talk to me in a few billion years when the sun expands to the orbit of mars, then we'll see who has moar monies!

Sun, 11/03/2013 - 22:20 | 4118311 Ned Zeppelin
Ned Zeppelin's picture

I can't buy a cold beverage at my local bar with Bitcoin. I can't even buy stupid shit on eBay with Bitcoin.

Mon, 11/04/2013 - 01:22 | 4118593 shitco.in
shitco.in's picture

I can do both, and a whole bunch more:

http://bitmit.net/

http://coinmap.org/

http://bitcoin.travel/

 

Mon, 11/04/2013 - 10:54 | 4119243 davidgdg
davidgdg's picture

http://www.individualpubs.co.uk/pembury/info.html

One of the best pubs in London ;-)

Wed, 11/06/2013 - 21:27 | 4129276 MeelionDollerBogus
MeelionDollerBogus's picture

Goldmoney already allows this.
As does Europac using the gold credit card.

As for cracking the digital wallet most users will type in  the right password, be snooped, and it will be gone. Just like that.

Mon, 11/04/2013 - 05:17 | 4118724 Manipulism
Manipulism's picture

bitcoins-vast-overvaluation-seems-to-be-caused-by-usually-illegal-price-fixing

Sun, 11/03/2013 - 20:41 | 4118106 putaipan
putaipan's picture

this is both good news and bad news ... and still pretty unlikely- ebay owns paypal and makes money off of it's use. coming and going. paypal use of bitcoin will cost you and ebay will be burdened by the loss of "chargebacks"

Sun, 11/03/2013 - 20:53 | 4118126 willwork4food
willwork4food's picture

They would simply institute a 3%surcharge on all bitcoin users. It could be done and most likely will be done. .

Sun, 11/03/2013 - 21:42 | 4118214 shitco.in
shitco.in's picture

PayPal can act as a escrow agent which holds the BTC until the item has arrived at the buyers location and they release payment.  Maybe partial payment could be released to the seller once they provide tracking information if it is a known and trusted seller.  PayPal could charge a 2-3% escrow fee. 

Sun, 11/03/2013 - 20:41 | 4118108 Goldenballs
Goldenballs's picture

Replace it with what you want,confidence cannot be brought with debt backed promises.Gold and Silver will prevail as they have for 5000 years.

Sun, 11/03/2013 - 20:48 | 4118118 SpykerSpeed
SpykerSpeed's picture

Bitcoin has a limited, known quantity.  Gold and silver do not.  New gold and silver is constantly being discovered and mined.  And as the price of gold and silver rise, the incentive for mining companies to dig up new areas increases.

Further, one cannot send gold and silver instantly to anyone in the world.  One cannot pass through government checkpoints and metal detectors with gold and silver.  With Bitcoin, both those things are possible.

Bitcoin will prevail.

Sun, 11/03/2013 - 21:10 | 4118145 orez65
orez65's picture

"Bitcoin has a limited, known quantity"
Bitcoin quantity per new year = total last year qty + 2% of total last year qty
Until Bitcoin creators decide to change 2% to 4% or 10% or whatever the hell they decide.

" ... One can not send gold or silver instantly to anyone in the world"
Are you fucking kidding me?
Ever heard of a gold note?

"Bitcoin will prevail"
Until the Bitcoin owners decide to cash out.

If you want to speculate, Bitcoin is as good a game as any other speculation.
If you think that Bitcoin is money then you are full of shit.

Sun, 11/03/2013 - 21:17 | 4118161 CvlDobd
CvlDobd's picture

There is a known limit to how many bitcoins will ever exist.

Sun, 11/03/2013 - 21:30 | 4118184 Running On Bing...
Running On Bingo Fuel's picture

So if TPTB remove 1/2 of the 23 million coins ala Silk Road, and the price per BTC skyrockets to $15,000 usd per coin, how many ordinary consumers are going to buy a BTC unit to buy socks at Walmart.com?

This whole thing just does not seem logical to me.

Over.

**edit: assuming socks cost around $5.00 for a pack of 10.

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