PayPal has just filed a patent with the U.S. Patent and Trademark Office (USPTO) for an “Expedited Virtual Currency Transactions System.”
The irony of using the state to create a legal monopoly for a crypto-innovation is not lost on me, but it’s no surprise given all we know about PayPal.
After all, it was PayPal that once hoped to accomplish what bitcoin already has.
As the company’s first COO, David Sacks, recently said in an interview with CNBC:
[Bitcoin] is fulfilling PayPal’s original vision to create ‘the new world currency.’ We actually had T-shirts printed in 1999 with that mission statement…
We believed that, if we could get enough people to participate, money would never need to leave the system. PayPal could become the database of money. … When we got acquired by eBay, that project kind of stopped. But cryptocurrencies like Bitcoin are now fulfilling that original vision.
Paypal might be considering expanding to the cryptocurrency ecosystem.
There is currently a global race to file patents for everything crypto or blockchain related.#Bitcoinus will change the world by enabling everyone to use #crypto #payment #processing! pic.twitter.com/qDKpTnDqL5
— Bitcoinus (@bitcoinus_io) March 6, 2018
It's now evident PayPal is desperately trying to keep up with the crypto-world—and seems perfectly content with using the violent power of government force to create a patent around their new “innovation.”
Statists gonna state.
The official patent filing describes the company’s ambitions to remedy the issue of slow transaction speeds which they believe have caused some cryptocurrency users to “instead choose to perform the transaction using traditional payment methods rather than virtual currency.”
Alternatively, by using “secondary wallets…that each include a respective….wallet private key”, the electronic payments giant hopes to “practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction.”
The move by PayPal is ultimately a positive sign of crypto’s rising success, and bringing cryptocurrency usage more to the masses is a very good thing.
Back in 2017, Bitcoin's total market capitalization reached that of PayPal’s—$72 billon.
Peter Thiel, PayPal's CEO and Founder, has been quoted in a 1999 speech blasting the dangers of government-controlled currencies:
Many of these countries’ governments play fast and loose with their currencies. … They use inflation and sometimes wholesale currency devaluations … to take wealth away from their citizens.
In many ways, Thiel sounds like a libertarian crypto-advocate, but like most, it seems, he has now sold his soul and attends Bilderberg meetings working on how to enslave and control all of humanity in concert with those who control the governments and central banks.
The ring of power, as symbolized in The Lord Of The Rings, is very powerful indeed. It seems like no one can handle it. Not even pure-hearted Frodo from the Shire.
That’s why we must get rid of the ring of power altogether. And cryptocurrencies offer us one of our best hopes to do so.
To hear more about how many people are finding ways to do so, check out all of the presentations from Anarchapulco, Cryptopulco and the TDV Summit HERE. All three events focused on solutions to freeing humanity, and even profiting from them, including talks from Ron Paul, Cynthia McKinney, G. Edward Griffin, and many more.
In the end, though, get off of Paypal, get out of the banks, stop paying extortion (tax) demands that are used to further enslave you. And, start using precious metals and cryptocurrencies to make central banking obsolete, make governments obsolete and usher in a new era of peace and prosperity for humanity, before it is too late.