Cryptocurrencies

Paypal and Bitcoin (BTC) – Why we shouldn’t get carried away – Cryptocurrencies

The 346 million PayPal users will soon (2021) be able to buy, sell and spend Bitcoin (BTC). Paypal is set to become a cryptocurrency exchange for spending bitcoins with 22 million affiliate merchants. Be careful not to go from a fairy tale to a nightmare …


After reading the Paypal press release …

The press release reveals a vocabulary that can now be found in all the mouths of globalists officiating within the walls of the IMF, the Bank for International Settlements, the Bill & Mellinda Gates Foundation, the World Bank, the UN and many central banks of emerging countries (Bank of India). In other words, the quintessence of globalist centralization.

The expressions we are referring to are ” Financial Inclusion “,” Digital currencies (CBDC) “,” System payments “. These words are extremely redundant lately in high circles. Just look at this round table organized by the IMF and involving the president of the FED, Jerome powell, and the president of the bank for international settlements, Agustin Carstens, to be convinced.

IMF BIS FED POWELL CARSTENS

Before going any further, let us recall the words of Mr. Carstens, alias Big finger, in 2018 about Bitcoin:

“Bitcoin and cryptocurrency are Ponzi bubbles. “

Carstens, Chairman of the Bank for International Settlements, 2018

In short, we can read from the second paragraph of the press release:

“According to the Bank for International Settlements, one in ten central banks – representing about one-fifth of the world’s population – plans to issue their own digital currency over the next three years. “

Paypal press release

A little further :

“CBDCs (like a Digital Dollar) are inevitable. They bring clear benefits in terms of Financial Inclusion, the efficiency, speed and resilience of the payment system and the ability of governments to quickly disburse funds to citizens “

Dan Schulman, CEO PayPal

This last quotation in the press release corresponds word for word to the speech made by certain governors of the Fed, in particular Lael Brainard, who heads the “Digital Dollar” project. And while the US Congress seems close to validating a second check for $ 1,200 for each American (helicopter change), it is rumored that this will be paid in the form of Digital Dollar …

Add to this that some IMF members are pleading for the creation of CBDCs to be done in tandem with multinationals and you will easily understand that we have to take Paypal’s sudden interest in Bitcoin with a huge pair of tongs. Paypal is making a gross amalgamation between CBDC and Bitcoin when there is a world between these two currencies …

Paypal leaves the Libra association

A year ago, Paypal was the first multinational to leave the “Libra association” of Facebook which aimed to create a stablecoin backed by a basket of currencies (50% US dollar .., 18% euro, 14% yen, 11% pound sterling and 7% Singapore dollar).

The Facebook project being apparently stillborn, Paypal chose to withdraw from it and go out of the box today like hell by announcing a partnership with Paxos Trust Company (Revolut). This company is an exchange on which Bitcoin, Bitcoin Cash, Ethereum and Litecoin can be purchased. She is also a creator of “stablecoins”. In other words, squared shitfiatcoin …

Here is what Charles Cascarilla, CEO of Paxos Trust Company, told the US Congressional Banking Committee this summer:

“We believe that stablecoins and the adoption of a Central Bank Digital Currency (CBDC) are essential to maintaining our nation’s economic leadership. “

“We designed our stablecoins to maintain user privacy. CBDCs [Digital Dollar de la FED dans notre cas] could adopt the same design. “

“Supporting growth and innovation with an American CBDC […] would increase financial inclusion of all Americans and strengthen our values ​​and the long-term position of the US dollar. “

So small 1: Bitcoins that can be purchased through PayPal, like those that can currently be purchased through Revolut, will most likely NOT be “real” Bitcoins in the sense that you will not have the private keys of the BTC. You will therefore not be able to take your Bitcoin out of the “Paypal Digital Wallet”. Not your keys, not your Bitcoin …

Small 2: So in the Russian doll Paypal is the company Paxos Trust which specializes in the creation of stablecoins. And its CEO openly flirting with American deputies to build the FED’s Digital Dollar.

Little 3: How can a man supporting US imperialism and dollar hegemony sincerely be a friend of Bitcoin? That does not make sense…

Pub

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

Soon a Digital Dollar made in Paypal?

This impromptu announcement, without anything concrete to present, aims to make believe that the recent form of Bitcoin would be the fact of Paypal. As if Bitcoin needs multinationals to attract crowds. No, Bitcoin is patiently waiting for the “great reset” and the inflation that will come with it to take off …

Paypal is making noise to get the attention of Congress, which is currently thinking about the Digital Dollar. Understand here a dollar backed stablecoin. Paypal wishes to position itself to control the entire Digital Dollar payments system.

Difital dollar us congress
US Digital Dollar Bill

The FED already depends on the banks to inject money into the economy, and we see the contortions necessary to get the money into the real economy. Negative rates, trillions poured into banks that only serve to boost the stock market. But you don’t make an unthirsty donkey drink. What is the point of pumping more money into the banks if no one wants to take on more debt? We are now in the process of giving money directly to citizens.

But does the FED need Paypal or GAFA to reach citizens directly via the “coin helicopter”? Does it need to outsource the creation of a payment system that would take the form of a vulgar stablecoin?

Stablecoin = payment system, no more no less. Controlling payment systems is a huge power. It is to enter the geopolitical arena, to sit at the table of the great. We already have a preview with the network SWIFT which infuses all international transactions and whose Iran has been disconnected, which prevents it de facto to trade with the rest of the world.

What will the IRS say?

The Internal Revenue Service (IRS) is the United States Federal Government’s (US Treasury) tax collection agency. It took shape in 1913, the same year as the FED .., when the XVI Amendment made the income tax permanent. What was forbidden by the constitution before. The good old times.

The IRS has refused to treat Bitcoin as a currency. The US tax authorities admit on its site that Bitcoin is a currency based on a blockchain but specifies that it is not current in any jurisdiction … Bitcoin has therefore been locked in the straitjacket of “financial assets” in the same way as shares stock market or debt securities.

The same for France which, under the rule of the mountaineer deputy Eric Woerth, made Bitcoin an “active” crypto “and not a” crypto “currency. The consequence of all of this is that we are supposed to pay capital gains tax when reselling Bitcoins.

In other words, when you buy things in Bitcoin, you must therefore remember the capital gains or losses realized and report them on your tax slip. kafkaïen… Gold Paypal declares in its press release:

“Consumers will be able to instantly convert their balance from BTC to fiat currency […] no additional cost “.

Paypal press release

It will therefore be everyone’s responsibility to calculate the taxable or deductible amount on each purchase. Who’s gonna do it ? No one…

Example. Let’s say you bought 0.1 BTC on Paypal for $ 1000. Now let’s say that we are 2 months later and that 0.1 BTC is now worth $ 1500. Well you won’t be able to spend all of that $ 1,500. You’ll need to keep some cash in reserve to pay tax on that $ 500! Let’s say 30%… This means that you can actually only spend $ 1350. The rest will have to go to the IRS when it comes time to pay your taxes.

This breakout of Paypal into Bitcoin at least has the merit of speaking again of a huge misunderstanding. The fact that states treat Bitcoin as a taxable financial asset rather than a currency in its own right.

In conclusion, let’s say that now is absolutely not the time to spend your bitcoins. At least not as long as you can spend fiat currency instead! Bitcoin should be viewed as long-term savings for the time being in anticipation of the “great reset” and the inflation slippage that the powerful need to pay off public debts with our purchasing power. On the other hand, why give your bitcoins to Paypal which is preparing the Digital Dollar in the shadows … Monetary hegemony is always a fight to the death as we are used to saying on Thecointribune. # Altcoin-98%

Pub

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

9 years ago, PayPal showed the world the usefulness of Bitcoin by closing the WikiLeaks account …

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