PayPal just gave us a taste of what can be done with our freedom through our finances. Once again, the world has proven why crypto is very important and needed in the world. PayPal announced that you will be charged for misinformation through your PayPal account. This means that if you dish out a wrong informtion expect your $2,500 PayPal’s. Lol, one of the most ridiculous things I have ever heard before. So if I say the price of bitcoin is $22,000 and it ends up being $20,000 then my $2,500 is PayPal’s.
source
People reacted just as they would, who will be happy with losing $2,500 for every time they give a false information. What happened to the freedom of speech and expression. They all took away their money from PayPal wallet and the stock value of PayPal dropped. They changed it and said they were only testing the public and it was probably sent by mistake. lol, I wonder at what cost. Lots of people closed their PayPal accounts because, this is obvious day light robbery. Why stick with such service when you can use crypto without such policy and with complete total freedom.
While I am seeing people complain on social media about the PayPal policy, I cant help but think of the chinese government policy with their CBDC social rule. I think they called it the social credit score. Where the government scores you with credit based on how good or bad you have behaved. If you have behaved very good, then you get high social credit score that means you get access to things in the country like our vacation, loans and all that. But if you have a bad credit score, you won’t get access to the airport to buy tickets or to send your kids to good schools.
This is what the PayPal policy update sounded like. More control from centralized entities, but ever since we have been using crypto, we haven’t heard or seen anything related to this. It’s more freedom and decentralization to an extent, because nothing is perfect yet. Here on Hive we have complete freedom of speech and decentralization . No one penalizes you for exercising your freedom of speech right. No one has the power of taking money from your Hive wallet because you said something that isn’t right or something they don’t support. The best they can do is downvote you. The world needs Hive, they know it, but they also don’t know it. They know they need a platform, Web 3.0 that is decentralized where they have freedom of speech, and can’t control their money. That is what we call the SocialFi, social media finance. This is what they need and have been saying this, but unfortunately they don’t know Hive, but not for long as I believe that the universe will take fo us.
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I don't understand how they implement this policy?
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I wonder how long did it take for PayPal to come up with such a very "discerning" decision only to be penalized by the public. Now that the penalty they want to impose has been inflicted on them instead, they now claim that their update was a mistake.
I am now thinking about how can the people penalize legislators and regulators who are coming up with almost similar policies.
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This is a lesson to others on how the people can turn against them when their control starts getting out of hand.
Curious if that is really a mistake or a miscalculation of their influence on their part. If the prior decision was really intentional, they're good at finding an excuse when the tide is turning against them.
Play with fire and you get burnt. To be honest the massive backlash they faced was completely warranted. I find it worrying that private companies are trying (and some have the ability) to supress freedom of speech (I'm looking at you, Twitter).
I never liked Paypal in the first place but if I had my money in it, I would be sure to NEVER use it again.
with the exposure i have gotten from crypto, its hard to leave my money on these platforms.
I wonder what in the world they are thinking to make such statement. They can just randomly charge anyone with misinformation. 😅
Just a test? They have lost clients. LOL.
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centralization was getting into their head too much
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PayPal was clearly high on a substance. Like what!
I like how their customers let them know who is in charge.
Hmm I can almost see how my fellow Nigerin citizens can learn from this. But na! We ain't ready yet.