A Word Of Caution
I had to laugh earlier this evening...
I was poking around Threads and saw one from @thelogicaldude that made me chuckle.
He basically said, he expects to see dozens of new posts on the blockchain today about the 'PayPal' news.
Oh boy....Here we go!
I'm sure this may be the 101st post on the topic you will read tonight, but even before I saw Logical's thread, I was planning on this post because of...'The news'.
In case you missed it, PayPal is launching a stablecoin on Ethereum. This isn't a rumor, their official Twitter / X account sent out the message earlier today...
What made me want to write a post about this news was of a personal nature...And if you have followed my blog for anytime, you'll know how the story goes.
I was a customer of PayPal's for 17 years. I was one of the first holders of their debit card. There was a time I even had a personal account rep.
I played by their rules, defended them at times and had a stellar reputation with them. Or so I thought...
The email I got in April of 2017 changed my life forever...
"Your account has been suspended without recourse."
I was used to getting these phishing type emails before, but this one was legit. I called them, expected them to apologize for the inconvenience and it would be business as normal.
I wasn't doing anything illegal, I played by their rules for 17 years without a single issue....
To this day, I no longer have a PayPal account with no explanation as to why they shut me down. Business crushed, career ruined, I lost my home and to be brutally honest with you, I'm still trying to recover and rebuild my life from it.
The blessing was because of this, I discovered Hive (then Steem). But this was my first taste of 'centralization'.
So fast forward to today's news and yeah, look I know it's big news for 'crypto' and I use that term very loosely these days because let's be honest...No one in 'crypto' cares about decentralization.
Not a single influencer, crypto reporter, news agency, none of them care one bit about decentralization because I guarantee you...
PayPal will be embraced, Ethereum will look like an even better investment, and the bull run may very well come sooner rather than later.
But through it all, true decentralized projects like this one right here...Will largely be ignored.
But my 'word of caution' isn't about this...It's what PayPal can do, and potentially will do with this stable coin. The more I've read up on it, the more I have seen where they have in place the ability to freeze and wipe out the coins you hold.
And if you think it won't happen...
Hi my name is Jongo and I'm a living witness to what this evil company can and will do.
So I get it, it's exciting. People love PayPal. But please use caution. Don't fall in love with this token, no matter what the hype is around it. They will be the media darlings for the rest of the world, but every day people end up getting hurt because of how they do business.
Don't trust a single PYUSD in your wallet and if you end up using it, flip it quick!!!
Posted Using LeoFinance Alpha
It's strange seeing people write all these pieces about it. From what I've heard about it, it's basically just a centralized token that will enable payment with Ethereum network and nothing more.
Also, why will anyone want to pay Ethereun's ridiculous fees to nake simple payments with their PayPal? I've not ever used them before but I remember when you use to talk about being pushed out by then back in the Steem days and it spurred you to launch your own project.
Yeah man, it was a blessing in disguise. Steem / Hive helped me dig myself out of a pit.
Dude, its gonna be PayPal with gas fees! 😂😂😂
!CTP
ha ha ha ha basically!
I have a PayPal account I rarely use because I don't need to use their payment rails...I don't understand why PayPal kill your business, you did not have another option in 2017.
95% of all my income went through PayPal. No other options back then, and when we finally found an option, recovery of customers was next to impossible.
In Turkey we don’t have PayPal. Government forbid them from working in a Türkiye ahahah
Smart government lol I can't believe I called any government smart but well done!!
meh! they just wanted to take some tax from the paypal but they did not give ahhaha :D
No financial institution should be able to say these words - not without some legal explanation. If Paypal can "suspend without recourse" what's to stop a bank? What's to stop any financial institution? Blockchain cannot and will not ever send an email like that. The entire internet would have to go before the chain goes down.
Yup, I tried to fight it for months to save the account and my business...But they just kept saying, you broke our terms. Nothing more. And I never did anything different from day one of using it. So to this day, blows my mind how anyone could trust them with a penny.
Ohh my geez, this might cost you alot expecially on rebuilding yourself. With my time studying more on the terms and condition,like you said non of them really care about dentralization, so, it more of like a bait to bring people. I just hope people trust this coin with caution.
Thanks your content is was so detailed and consise. Guess I've gained
Their playground, when you sign up you agree to their terms. In them, it states they can change them, whenever they want, which will hurt a lot of people diving into this 'stablecoin'
PayPal has helped and troubled many over the years. Had a similar exprience unfortunately, while also finding Steem & Hive. :)
They were a blessing for 17 years of my life and career. And then the destroyers of it lol
Yeah. Didn't make it that long after restricting my account for like the sixth time and then no more. Thank goodness for crypto instead!
all makes sense when they choose ETH as base layer
The bankers favorite lol
One more reason to trust our little oasis, while everything else will get swallowed up.
So true man, I have no concerns here lol
I don't trust Paypal at all. I honestly think it's tough for them to even make a dent in the market given how Tether and USDC is already taking up most of that stablecoin market.
Yeah man, I wouldn't trust them with a penny.
Never ever rely on Adsense and Paypal.
You never know when you would get that love letter. And then life just changes for the worst. I have always looked at adsense and paypal as alternative source. This is one of the reasons I like blockchain too.I am trying to push some strong dependence on it.
Paypal being a stablecoin would be a disaster and only those of us in affiliate and publisher space knows why.
Love letter is a great way to look at it lol AdSense lol Oh man, that's another story right there.
ebay has caused me a lot of stress over the years and they are paypal too.
!PIZZA
I think they sold out and are two different things now, I think lol Not sure.
The fact that they could suspend an account without recourse is something that shouldn't be taken lightly. We shouldn't get too comfortable when we're renting on these centralized web2 platforms. They can take away everything we built and we won't be able to do anything about it. Fortunately, we now have web3 ecosystems like Hive that we can call our digital home :)
In a heart beat, they can and they will snatch everything you have.
Yep, this the second post I am reading about this today! :) It's definitely big news even if it isn't the best news. The longer we stay under the radar, the more time we have to build here on Hive. I am okay with that!
Agreed! HBD for the massive win :)
I'm sorry you had to go through a lot after the crash and here they're up again, caution should be our watchword. Thanks for sharing
I am unable to understand how useful this currency can be for people and why not simply use dollars. Is something missing?
Well basically, it's control. PayPal wants more control.
I would have opened a PayPal account even though it is not accepted in my country but seeing people complain about PayPal suspending their account all the time bothers me a lot and that is like a discouragement to me and that's why I prefer to get paid in Cryptocurrency, Payoneer or others...
I mean 95% of the people who use it, I'm sure have no problem. But if they dont like you for whatever reason, they will make your life hell.
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while talking about something like PP ... are you planning to update your Wordpress Plugin that will allow people to offer Hive and Hive adjacent crypto payments through WOO Commerce? Got a notice the other day they think it has been abandoned.