• Re: PayPal Sets Social Media Ablaze with Major (!!!WOKE CENSORSHIP!!!)

    From Embrace Woke Go Broke!@21:1/5 to governor.swill@gmail.com on Tue Oct 11 15:25:02 2022
    XPost: alt.religion.christian.roman-catholic, alt.military.retired, alt.business.accountability
    XPost: tor.general

    In article <tah54e$93p$1@panix3.panix.com>
    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.

    ďYou 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.

    ďViolation 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."

    "Itís 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
    @PayPalís 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
    Itís hard for me to openly criticize a company I used to love
    and gave so much to. But @PayPalís 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
    Itís hard for me to openly criticize a company I used to love
    and gave so much to. But @PayPalís 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.

    "Weíre 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
    * Origin: fsxNet Usenet Gateway (21:1/5)