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

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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.

“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?

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Re: PayPal Sets Social Media Ablaze with Major (!!!WOKE CENSORSHIP!!!) Change "Embrace Woke Go Broke!" <embrace.woke.go.broke@paypal.com> - 2022-10-11 15:25 +0200

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