Best of ReadWriteMix: PayPal CEO David Marcus Talks Money 3.0

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We had a great turnout last week at ReadWriteMix as Bay Area entrepreneurs, techies and journalists turned out to hear PayPal CEO David Marcus in conversation with ReadWrite's editor-in-chief Owen Thomas. Marcus talked about how cash was money 1.0, plastic and credit cards were money 2.0 – and now we're in the 3rd age of money which is dominated by mobile.

Plenty of people in the crowd were live-tweeting their favorite moments including:

70% of transaction volume is happening around merchant services for PayPal #readwritemix

— Dave Ambrose (@daveambrose) January 22, 2014

David Marcus @paypal: For a payment company to scale, you need to be a parasite finding your host. #readwritemix

— Arno Hesse (@ahesse) January 22, 2014

"Nobody wakes up in the morning and says I want to use a digital wallet." @davidmarcus #readwritemix

— Rakesh Agrawal (@rakeshlobster) January 22, 2014

@davidmarcus at #readwritemix "Compliance burden [for payment co's] not getting any lighter in the near future..."

— Stephanie (@stephtweetsaway) January 22, 2014

@RWW will PayPal link payments to in-store transactions & Advertising Mobile Identifiers (IDFA) to see if an ad -> to a sale. #readwritemix

— Ben Roodman (@BRoodman) January 22, 2014

We sucked so badly at some things we were supposed to be good at and startups took over. - @davidmarcus PayPal President #readwritemix

— Selena Larson (@selenalarson) January 22, 2014

"I get pitched by a payments startup every week...a lot of creativity & innovation" @RWW #readwritemix

— Alexa Lee (@xo) January 22, 2014

Ahah @davidmarcus is really honest at#readwritemix. Braintree and others exist because @paypal used to suck and had a bad experience

— Nicolas Grenié (@picsoung) January 22, 2014

David Marcus: Mobile is the area we want to be best-in-class. That's why @paypal bought @Braintree. #readwritemix

— Arno Hesse (@ahesse) January 22, 2014

“It (competition) forces big companies not to be complacent.” @davidmarcus in convo@owenthomas at #readwritemix

— Conference Bites (@ConferenceBites) January 22, 2014

Wow. 3,000 engineers running waterfall development, w. detailed specs, approved by a few = technical debt at PayPal #readwritemix

— Dave Ambrose (@daveambrose) January 22, 2014

Centralized engineering organizations are asinine. (Paraphrasing @davidmarcus) I lived this at Aol. #readwritemix

— Rakesh Agrawal (@rakeshlobster) January 22, 2014

@davidmarcus at #readwritemix "If you can iterate fast and can scale, no one can catch you." (Except maybe PayPal)

— Stephanie (@stephtweetsaway) January 22, 2014

If you do things your customers hate, you can't win over the long term. -@davidmarcus #readwritemix

— Rakesh Agrawal (@rakeshlobster) January 22, 2014

.@davidmarcus: much slower to grow: in-store mobile transactions (major metro areas will be leading indicators here) #readwritemix

— Dave Ambrose (@daveambrose) January 22, 2014

"You won't need your wallet much longer in cities like NYC or SF. We are getting closer." via @davidmarcus #readwritemix

— Dave Ambrose (@daveambrose) January 22, 2014

In under five years you won't need a wallet, just a phone, to buy everything - @davidmarcus #readwritemix

— Jennifer Cabala (@JenniferCabala) January 22, 2014

#readwritemix in @davidmarcus talk about #futureofmoney, no mention of banks yet! #bankingwithoutbanks

— Arno Hesse (@ahesse) January 22, 2014

.@selenalarson @davidmarcus agreed. My fave #readwritemix talk so far. Partly the topic. Partly the rapport speaker gas w @owenthomas

— Alastair Goldfisher (@agoldfisher) January 22, 2014

. @davidmarcus : "if you say you don't have time to respond to your customers online, frankly it's bullshit" #readwritemix

— Amy Widdowson Mains (@amynw) January 22, 2014

“People get emotional about money. We want to be sure it’s the (right) emotion.” @davidmarcus PayPal #readwritemix

— Conference Bites (@ConferenceBites) January 22, 2014

"Great volatility does not make for a great currency," @davidmarcus on #bitcoin, @PayPal @RWW #readwritemix pic.twitter.com/UyxQU1S6DB

— Kensie Smith (@KensieSmith) January 22, 2014

#readwritemix "Bitcoin is too volatile to become a currency... volatility will settle" Wonder if PayPal will ever get in on that madness

— Stephanie (@stephtweetsaway) January 22, 2014

Bitcoin can’t yet be classified as a currency due to its volatility, says @davidmarcus. No buyer protection. #readwritemix

— Forrest Kobayashi (@forrestkoba) January 22, 2014

@agoldfisher @davidmarcus if you want to stay sober, you take a shot each time banks are mentioned. #readwritemix #futureofmoney

— Arno Hesse (@ahesse) January 22, 2014

David Marcus: Cash =money 1.0. Plastic =money 2.0. Mobile =money 3.0. All of these things will ultimately converge to mobile.#readwritemix

— Grace Nasri (@GraceNasri) January 22, 2014

Definitely a big turnout for the #readwritemix @PayPal interview. Looking forward to future @RWW events.

— Rachel King (@rachelking) January 22, 2014

#readwritemix David Marcus just mentioned that you should focus on things that matter & do it very well, even w/ 140 M customers.

— Joseph S Yeh (@JosephSYeh) January 22, 2014

@davidmarcus thanks for the Q&A tonight, would have loved for it to be longer! #readwritemix

— Richard Dietrich (@Richard_DTrick) January 22, 2014

If you missed the event, you can catch the highlights video below, or a full version and Owen Thomas' analysis on ReadWrite here.

You can also catch other reactions to Marcus and ReadWriteMix on The Next Web, Silicon Valley Watcher and ZDnet, and you'll find more favorite quotes on Conference Bites.

We have some fun photos of the event below and on the ReadWrite Facebook page. Thanks to everyone who turned and we hope to see you at the next one!

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[Top photo credit: thekenyeung]