Paypal fees and BTC FUD: Today's biggest stories in crypto

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Ibis
Sep 3, 2019


After trading sideways for about a week, BTC is once again showing signs of life - and based on our daily snapshot of the biggest talking points in crypto, not a day too soon. Here are two main stories that dominated the cryptoverse today, based on Santiment’s social data:


1. Crypto reddit is mad at Paypal’s conversion fees


What started out as an angry Tone Vays tweet morphed into a lengthy debate about the eventual demise of centralized payment processors at the hands of cryptocurrencies.


Vays’ complaint about Paypal’s exorbitant 4% EUR-USD conversion fee found its way to r/cryptocurrency, where it sparked a discussion about the long-term viability of Paypal’s business model, and the likelihood that the payment behemoth gets dethroned by BTC and company:

The discussion forked into a mishmash of mini-arguments, many of which were - perhaps surprisingly - leaning Paypal. Some claimed that BTC’s inherent lack of buyer protections such as chargebacks make it highly unlikely that it can replace a traditional (read: centralized) payment entity:

Others pointed out to BTC’s own excessive fees during high congestion times:

Or noted that current crypto-to-fiat solutions aren’t any cheaper:

Others still seem to have no problem with Paypal’s inflated fees, considering the quality of customer support and conflict resolution that they help facilitate:

Finally, a few technical issues were also raised. For one, some users mentioned that the Google-proposed conversion rates are simply an average, not canon:

While others explained how you can disable the currency conversion within Paypal in the first place:


2. TA predictions run wild amid BTC’s latest rally


About half of our snapshot today is dominated by TA-related terms indicators, showing just how closely the crypto community is watching this latest BTC price action. This includes:


1. Plenty of talk about Bitcoin’s resistance levels:

2. Rising mentions of RSI and ‘overbought’:

3. Elevated mentions of ‘long’, at least partly spurred by some closing their positions it seems:

For now, BTC continues to hover around the $10400 mark as it did throughout most of the day:

BTC's 1-week action