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Tuesday, 30 September 2014 00:00

Observe As The Powerhouses In Digital Payments Brace For The Bitcoin Protocol... Featured

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eBay spins off PayPal. It's being spun as a not so acquiesencs to the forceful overtures of the activist invest from Queens NY, Carl Icahn. Here's what the media (namely the NY Times and the Wall Street Journal - the two mainstream publications that broke the story) are missing. eBay CEO Donohue is actually telling the truth in that they are not bowing to the demands of Icahn (after all, they essentially won that battle and only had to give up a single board seat, a mutually agreed upon seat at that. Let's closely parse what was said:

Still, Mr. Donahoe allowed that “the pace of change accelerated over the past six months” in the payments sector, citing the emergence of Apple Pay and Alibaba’s initial public offering. (He later contended that the company had seen such developments on the horizon, arguing, “I don’t think we were late.”)

You see, the advent of Bitcoin protocol technology and distributed ledger services threaten to bring the cost of digital payments as close to zero as any company would dare to imagine, with the liklihood of negative margin within sight. For all who don't believe, reference Payment Processors, Patents and a Dollop of Healthy Paranoia.

Neither eBay nor a newly spun-off PayPal unit woud want to see that, to wit:

Since then, it has been one of the fastest-growing parts of eBay, accounting for about 41 percent of its parent’s total net revenue last year. Over the last 12 months, PayPal processed about $203 billion in payment volume, and now counts roughly 153 million active digital wallets.

Just imagine if Veritasuem's smart contract technology was paired with near zero cost Bitcoin payments transaction tech, what would happen to companies like PayPal, services such as Apple Pay or large legacy processor such as Amex or Mastercard when soliciting mobile payments for hot e-commerce services like the car ride app Uber and the room rental site Airbnb. 

We can essentially bypass the payment processor by having the payment itself do its own processing using money than comes with its own transport rail system built in escrow and dispute resolution systems.

Uh Oh!

Download our smart contract system for value trading to see how disruptive this tech is to the brokerage industry. Download Now! We will be relelasing payment systems soon.

Read 4435 times Last modified on Wednesday, 01 October 2014 12:57

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