A Quote by Daniel Lyons
PayPal, which was founded in 1998, may be the closest thing to a global currency that has ever been created. Based in San Jose, California, the company operates in 190 markets, sending and receiving payments in 24 currencies on behalf of 90 million active members.
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After PayPal, I never thought I would get interested in payments again. But bitcoin is fulfilling PayPal's original vision to create 'the new world currency.'
Credits in your PayPal account are really just USD-backed - they are not a unique currency themselves. Other 'digital currencies,' such as Facebook Credits, can be created out of nothing and without limit, so they are not serious money.
Not exclusively, but the bulk of our local economy should be covered by local currencies, which is more efficient than having global currencies which lose connection with reality in the markets, shops and communities of the people.
Bitcoin has been described as a decentralized, peer-to-peer virtual currency that is used like money - it can be exchanged for traditional currencies such as the U.S. dollar or used to purchase goods or services, usually online. Unlike traditional currencies, Bitcoin operates without central authority or banks and is not backed by any government.
When I was 24, I co-founded a company called Athenahealth which built the first Web-based software and back-office service suite for doctors' offices.
It's clear to me now that Ethereum is the new currency of the Internet. It's way ahead of where Paypal was in its day, and it's much more exciting to its customers than Paypal ever was.
We use the block chain to share value, just like Internet protocol lets us share communication. Our goal is to build a global, international bank that is instant, global, and free. Sending payments should be as easy as sending an email.
You can hold your Bitcoin in Ripple. We want to be agnostic to any currency, whether that be a virtual currency, political currencies, or peer-to-peer currencies.
Unlike national markets, which tend to be supported by domestic regulatory and political institutions, global markets are only 'weakly embedded'. There is no global lender of last resort, no global safety net, and of course, no global democracy. In other words, global markets suffer from weak governance, and are therefore prone to instability, inefficiency, and weak popular legitimacy.
I often talk about the PayPal mafia out of San Francisco, people that were in PayPal and got out of PayPal and continue to reinvest in other start-ups and create a huge pay-it-forward type of network there.
Helping doing business easier, we choose the name Alibaba because it is a global company. It is founded in China, but it was created for the world.
I saved $725 million on the 90 planes. Just 90. Now there are 3,000 planes that are going to be ordered. On 90 planes I saved $725 million. It's actually a little bit more than that, but it's $725 million. Gen. Mattis, who had to sign the deal when it came to his office, said, "I've never seen anything like this in my life." We went from a company that wanted more money for the planes to a company that cut. And the reason they cut - same planes, same everything - was because of me. I mean, because that's what I do.
We had a mission at PayPal - which was to create a new financial system, a new world currency, and we failed. We were a financial success, but we didn't succeed at the purpose of our company.
In practice [monetary management] is merely a high-sounding euphemism for continuous currency debasement. It consists of constant lying in order to support constant swindling. Instead of automatic currencies based on gold, people are forced to take managed currencies based on guile. Instead of precious metals they hold paper promises whose value falls with every bureaucratic whim. And they are suavely assured that only hopelessly antiquated minds dream of returning to truth and honesty and solvency and gold.
PayPal claims it can help merchants expand into international markets; its system makes it easier to do business with customers in multiple countries, for example, by handling tricky stuff like currency conversions automatically.
If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine. It signals problems with respect to currency markets. Central banks should pay attention to it.
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