PayPal's crypto partner mints $300T of stablecoins in 'technical error'

https://www.cnbc.com/2025/10/16/paypals-crypto-partner-mints-300-trillion-stablecoins-in-technical-error.html

by koolba • 9 months ago

33 21 9 months ago

Cpoll• 9 months ago

I think this is a LMGTFY question, but: If Paypal started doing this maliciously, or otherwise failed in custodianship, would the community have any recourse? Specifically, can they fork the coin? The ledger is public, so I imagine yes?

walletdrainer• 9 months ago

Of course the community can fork the coin, it just won’t be worth anything without PayPal buying it to maintain the peg.

arkensaw• 9 months ago

Stories like this just reinforce my belief that all crypto is just a big con.

kobalsky4• 9 months ago

well, then you are the target demographic of that headline, keep rolling on the confirmation bias.

the only reason this is public is because the blockchain ledger is public and unmodifiable.

if this mistake had been made on banking system, you wouldn't have heard about it

ekjhgkejhgk3• 9 months ago

This is really funny.

You first wrote

if this mistake had been made on banking system, you wouldn't have heard about it, because it gets fixed and its gone without a trace.

And then you edited it to

if this mistake had been made on banking system, you wouldn't have heard about it

I was going to reply that if gets fixed and doesn't cause anyone problems, you're making a case for it. I guess you must have understood that too and backtracked :-) I actually loled at the dishonesty.

lisbbb• 9 months ago

Vanguard won't allow clients to even buy anything crypto related in their accounts. That should tell you something right there. If it's so great, why isn't one of the leading wealth management brokers on board?

I once worked with a guy who was an Ethereum "millionaire" which I knew because he couldn't stop telling people. He was a nice guy, just really, super annoying. Anyways, he was so well off he sold his house and bought an RV and was going around the country, family in tow, doing whatever. I don't really know what to believe there. Wealthy people don't usually sell everything they own and go live in an RV. Who knows?

FloorEgg3• 9 months ago

Have you ever heard of the great depression?

Do you know what consumer banking was like in it's first ~50 years?

jasonvorhe• 9 months ago

Haven't seen anyone print Bitcoin like this. Centralized entities will always be able to print money out of thin air. Fiat money has the same issues. Bitcoin doesn't have this problem. Conflating Bitcoin and crypto doesn't really help IMHO.

kinakomochidayo• 9 months ago

Actually, a hacker printed 184 billion BTC in 2010 and the chain got rolled back by Satoshi

tim333• 9 months ago

It's like a normal bank accidentally tying a wrong number into their system. It has limited bearing on whether the system is a con or not.

scrubs• 9 months ago

That ... is just argumentative. Minting money in crypto is just another data point in the crappy world of crypto not a one off input error. I mean surely there's an easy invariant to check before publishing?

maxrev17• 9 months ago

Depressing comments section conflating crypto with DLT. Money bros will always be money bros the platform doesn’t matter.

PayPal's crypto partner mints $300T of stablecoins in 'technical error'

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