The co-founder of PayPal is in the Bitcoin news today – unveiling his and his partner’s early plans to create a global digital currency that would be independent from banks and governments and very similar to Bitcoin or practically any other cryptocurrency.
In a video which was uploaded to the crypto streaming service Bloxlive.TV on Thursday January 31st, Luke Nosek said that PayPal initially wanted to create an in-app payment system which solves various problems and gives out actual solutions.
When asked about whether PayPal or WeChat Pay (the Chinese messenger in-app payment system) manages to solve these problems, Nosek said:
“Many people don’t know this, but the initial mission of PayPal was to create a global currency that was independent of interference by these, you know, corrupt cartels of banks and governments that were debasing their currencies.”
The company (PayPal) still succeeded in building something that economically is very powerful, according to Nosek. However, they never achieved their initial goal and became too centralized while working with some of the biggest financial institutions such as Visa, Mastercard and SWIFT, which the co-founder admitted.
PayPal is obliged to do whatever it needs to do to keep those institutions happy, Nosek said. “We’ve learnt to play,” Nosek noted.
Finally, he concluded that he is grateful to Bitcoin and Ethereum developers for creating their own ecosystems and not pushing their adoption prematurely, adding that he hopes they will never have the same pressure from investors like PayPal did.
Ethereum Price Increases By 13% Overnight, Is The Market In For Recovery?
“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
Bitcoin Goes Over $3,750 As Total Market Cap Rises To $126 Billion
Ripple (XRP) Loses Momentum – Possibly Because Of JPMorgan’s Crypto Spell
“If it turns out that the Blockchain/Coin framework turns out to be a good one for banks transferring money around, then the JPM Coin should absolutely obliterate Ripple."The arguments that the newly released JPMCoin (which will be pegged to the dollar ) could replace Ripple are still strong, stating that this is a huge slap for Ripple and its cross-border payments and remittances. Ripple's boss, Brad Garlinghouse, doesn't think so. As he tweeted: https://twitter.com/bgarlinghouse/status/1096118363506434048 Right now, it remains to be seen if Ripple is going to fight back in the short term. Besides that, it appears unlikely that another centralized stablecoin will do so much damage to XRP. The only bad scenario right now is that banks continue developing their own in-house solutions rather than working with XRP, which is kind of disappointing for Ripple and its business model.
Japanese e-Commerce Giant Rakuten With A New App That Will Probably Support Crypto Payments
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