XPost: aus.politics, misc.survivalism, alt.fan.howard-stern
XPost: uk.politics.misc
In article <ss9ajv$f5ap$
8@news.freedyn.de>
governor.swill@gmail.com wrote:
Looks like it's time to cancel paypal.
I just deleted my cards from the paypal account.
PayPal (PYPL) is in trouble.
The financial services platform has been in a major decline
since the beginning of the year.
Its stock price has fallen 52.2% since January. The market value
has decreased by nearly $114 billion during that period to
$104.3 billion.
Profitability concerns surrounding fintech have grown in recent
months as fears of a recession have taken precedence over all
other considerations with investors.
Investors fear that the aggressive increase in interest rates by
the Federal Reserve (Fed) to tame inflation, which is at its
highest in 40 years, will lead to a so-called hard landing for
the economy.
Normally, when interest rates rise, it is a good scenario for
financial institutions. They make money by charging their
borrowers more than they pay to their lenders.
A $2,500 Fine for Misinformation
The problem is that a sharp slowdown in economic activity is
likely to have an impact on many households. This could result
in an increase in unpaid bills and a piling up of payment
defaults on loans granted by financial firms.
PayPal's revenue stems primarily from fees the company charges
when consumers use the platform to pay for online purchases and
various transactions. If the volume of transactions decreases,
so will PayPal's revenues.
In addition, the company is also suffering the brunt of the
sharp decline in the interest of small investors for
cryptocurrencies. PayPal was among the first companies to offer
to buy and sell Bitcoin (BTC) and Ethereum (ETH), the top two
cryptocurrencies by market value.
The crypto craze that peaked in November 2021 has completely
died down. The sector has been in a kind of lethargy for several
months, marked by a sharp drop in trading volumes and the
withdrawal of retail investors, often arriving on the market via
PayPal and CashApp, Block's (SQ) platform.
But as if all these challenges weren't enough, PayPal just
created a big problem all on its own. Documents were just leaked
in which the company says it will impose financial penalties on
customers who violate its policy.
Any misinformation would be penalized with a $2,500 fine.
Basically, if a client is found guilty of four acts of
misinformation, they could be fined $10,000. PayPal would
withdraw this amount directly from the customer's account.
“You are independently responsible for complying with all
applicable laws in all of your actions related to your use of
PayPal's services, regardless of the purpose of the use," the
document, called "Acceptable Use of Policy," said.
“Violation of this Acceptable Use Policy constitutes a violation
of the PayPal User Agreement and may subject you to damages,
including liquidated damages of 2,500.00 U.S. dollars per
violation, which may be debited directly from your PayPal
account(s)," the company added.
You can read the full document here.
What is interesting is that it is marked "Last Updated on
November 3, 2022". This suggests that the policy was only due to
come into effect in just under a month.
Public Outcry
The leak of the documents has resulted in a massive outcry
against PayPal on social networks. Some co-founders of the firm,
like Elon Musk and David Marcus, were among the critics of this
policy which goes "against everything" they "believe in."
"It’s hard for me to openly criticize a company I used to love
and gave so much to," Marcus posted on Twitter on Oct.8. "But
@PayPal’s new AUP goes against everything I believe in. A
private company now gets to decide to take your money if you say
something they disagree with. Insanity."
David Marcus
@davidmarcus
·
Follow
It’s hard for me to openly criticize a company I used to love
and gave so much to. But @PayPal’s new AUP goes against
everything I believe in. A private company now gets to decide to
take your money if you say something they disagree with.
Insanity.
https://paypalobjects.com/marketing/ua/pdf/US/en/acceptableuse-
full-110322.pdf
10:10 AM · Oct 8, 2022
"Agreed," Musk quipped.
David Marcus
·
Oct 8, 2022
@davidmarcus
·
Follow
It’s hard for me to openly criticize a company I used to love
and gave so much to. But @PayPal’s new AUP goes against
everything I believe in. A private company now gets to decide to
take your money if you say something they disagree with.
Insanity.
https://paypalobjects.com/marketing/ua/pdf/US/en/acceptableuse-
full-110322.pdf
Elon Musk
@elonmusk
·
Follow
Agreed
11:33 AM · Oct 8, 2022
The leak has aroused all the critics of the tech giants, who
perceive them as being too powerful and intolerant.
"PayPal is enacting private social credit," commented one
Twitter user.
Elon Musk
·
Oct 8, 2022
@elonmusk
·
Follow
Replying to @davidmarcus and @PayPal
Agreed
The Rabbit Hole
@TheRabbitHole84
·
Follow
PayPal is enacting private social credit
The Rabbit Hole
@TheRabbitHole84
Since #PayPal is trending let's look back at the time they de-
platformed @SwipeWright. There were no policy violations; the
decision was politically driven to censor a viewpoint @PayPal
disagreed with.
This is private-sector social credit.
https://therabbithole84.substack.com/p/social-credit-in-the-west- the-privatization
"How does Paypal know that you are spreading misinformation?
What are they watching our social media accounts? I don't get
it," said another user.
Elon Musk
·
Oct 8, 2022
@elonmusk
·
Follow
Replying to @davidmarcus and @PayPal
Agreed
Marcella
@marcykey50
·
Follow
How does Paypal know that you are spreading misinformation? What
are they watching our social media accounts? I don't get it.
11:39 AM · Oct 8, 2022
265
Reply
Share
'Error'
Contacted by TheStreet, PayPal said it was an "error."
"An AUP [Acceptable Use Policy] notice recently went out in
error that included incorrect information," a PayPal
spokesperson said in an emailed statement. "PayPal is not fining
people for misinformation and this language was never intended
to be inserted in our policy. Our teams are working to correct
our policy pages."
PayPal thus finds itself in damage control.
"We’re sorry for the confusion this has caused," the
spokesperson added.
The question is whether it is too late for the reputation of the
firm, which risks ending up on the black list of anti-Big Tech.
This list includes Meta Platforms (META) - Facebook,
Instagram; Alphabet (GOOGL) via Youtube and Twitter (TWTR)
among others.
https://www.thestreet.com/technology/paypal-in-self-inflicted-
trouble
--
The average millenial wokster has over $100,000.00 in credit
card debt.
Woksters are too lazy to work and have no money except for what
they leech from their parents, trust funds, welfare, or do-
gooder handouts.
Many woksters sign their lives away for $600 a month and an EBT
card, claiming they are mentally incompetent and cannot handle
their own personal affairs.
Individuals who voluntarily affirm that they are mentally
incompetent should also forfeit their right to vote.
Woksters have similar numbers to homosexuals and constitute
perhaps 3% of the US population.
What strategic business principle sees profit in this kind of
market prospect?
What reasonable consumer would support a business with woke
philosophies and policies?
--- SoupGate-Win32 v1.05
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