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(The Register)   PayPal's board wants everyone to know that they're ignoring Carl Icahn and focusing on lining their own pockets instead   ( theregister.co.uk) divider line
    More: Obvious, Carl Icahn, Paypal, Marc Andreessen, activist investors, CEO John Donahoe, pockets, Pierre Omidyar  
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999 clicks; posted to Business » on 06 Mar 2014 at 2:00 PM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



18 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2014-03-06 11:53:21 AM  
Good.  Ichan's "Why aren't you funneling all of your profits to me" schtick is old.
 
2014-03-06 01:03:11 PM  

Mentat: Good.  Ichan's "Why aren't you funneling all of your profits to me" schtick is old.


PayPal's board should've sent Icann this:

images.artnet.com

as their formal response.
 
2014-03-06 02:13:30 PM  
Disregard Carl Icahn, acquire currency.
 
2014-03-06 02:13:53 PM  
PayPal vs. Carl Ichan... let's just say that if a large meteor landed on the building where they were all meeting, my only sympathy would be for the janitors who had to clean it up.
 
2014-03-06 02:25:18 PM  
So should eBay leave PayPal or should PayPal leave eBay? Because apparently Carl doesn't like either one of them.
 
2014-03-06 02:45:48 PM  
Carl's Shtick is old and tired, like him.  He's in "old man yells at clouds" territory.
 
2014-03-06 03:50:11 PM  
Icahn and Kerkorian should be ignored at every opportunity.
 
2014-03-06 04:52:49 PM  
They can keep fighting, perhaps my maxed out paypal credit card can get lost in the shuffle...
 
2014-03-06 06:01:01 PM  
Meh paypal works and is accepted at more places.  I don't have any "brand loyalty" in this thing, but I see no particular reason to switch.  From the consumer standpoint... who cares?
 
2014-03-06 06:23:17 PM  
I hate Paypal and hope that Square kicks their ass one day soon.
 
2014-03-06 08:37:23 PM  
I'm sorry but what is bad about Paypal again.
Or is everyone mad that they didn't have the brains, initiative or balls to create something like it.
 
2014-03-06 09:20:52 PM  

wichitaleaf: I'm sorry but what is bad about Paypal again.
Or is everyone mad that they didn't have the brains, initiative or balls to create something like it.


Paypal has historically closed people's accounts with absolutely no warning, trapping all the funds inside, if the account balance rises more quickly than it normally does. Several charities have been hit by this, including SomethingAwful.com's, PennyArcade's, and many others. Minecraft's Notch got hit by it as well, but managed to get it unlocked again.

Besides the loss of tens of thousands of dollars, you may still be on the hook to your clients for whatever it is they paid you for, also, new people are still paying you money, which you can't collect until you have another payment provider, which is not something that can be done instantaneously in real-time, forcing you to frantically tell everyone to stop sending you money because payPal is stealing it all.

This one-two punch causes users of payPal to reach a state, say for example your website is linked to by slashdot, where twenty thousand customers all buy something from you for $1.00 in one day, then not only does payPal steal all that 20k, you still need to provide a massive load of product for essentially free to them AND you have no way of generating income for 10 days until another payment provider verifies you. This can put a lot of home businesses under. It also causes problems for class field trips, people helping out on medical bills, or any other endeavor where money is transferred from many sources to a central pot; if you're trying to rent a bus to a convention or something, now you have to tell 20 friends 'sorry, we can't go there anymore; payPal ate all the money.' This causes a LOT of bad blood.
 
2014-03-06 09:28:32 PM  
Dwolla is a fantastic alternative to Paypal.  Each transaction is only 0.25 each and not the rapey, rapey charges Paypal bends you over for.
 
2014-03-06 10:06:10 PM  

Sim Tree: wichitaleaf: I'm sorry but what is bad about Paypal again.
Or is everyone mad that they didn't have the brains, initiative or balls to create something like it.

Paypal has historically closed people's accounts with absolutely no warning, trapping all the funds inside, if the account balance rises more quickly than it normally does. Several charities have been hit by this, including SomethingAwful.com's, PennyArcade's, and many others. Minecraft's Notch got hit by it as well, but managed to get it unlocked again.

Besides the loss of tens of thousands of dollars, you may still be on the hook to your clients for whatever it is they paid you for, also, new people are still paying you money, which you can't collect until you have another payment provider, which is not something that can be done instantaneously in real-time, forcing you to frantically tell everyone to stop sending you money because payPal is stealing it all.

This one-two punch causes users of payPal to reach a state, say for example your website is linked to by slashdot, where twenty thousand customers all buy something from you for $1.00 in one day, then not only does payPal steal all that 20k, you still need to provide a massive load of product for essentially free to them AND you have no way of generating income for 10 days until another payment provider verifies you. This can put a lot of home businesses under. It also causes problems for class field trips, people helping out on medical bills, or any other endeavor where money is transferred from many sources to a central pot; if you're trying to rent a bus to a convention or something, now you have to tell 20 friends 'sorry, we can't go there anymore; payPal ate all the money.' This causes a LOT of bad blood.


New info for me.  I'll take that into account if I begin to use a payment service to receive money.  But for now I just use Paypal to buy thing online.
 
2014-03-07 12:58:36 AM  

bk3k: Sim Tree: wichitaleaf: I'm sorry but what is bad about Paypal again.
Or is everyone mad that they didn't have the brains, initiative or balls to create something like it.

Paypal has historically closed people's accounts with absolutely no warning, trapping all the funds inside, if the account balance rises more quickly than it normally does. Several charities have been hit by this, including SomethingAwful.com's, PennyArcade's, and many others. Minecraft's Notch got hit by it as well, but managed to get it unlocked again.

Besides the loss of tens of thousands of dollars, you may still be on the hook to your clients for whatever it is they paid you for, also, new people are still paying you money, which you can't collect until you have another payment provider, which is not something that can be done instantaneously in real-time, forcing you to frantically tell everyone to stop sending you money because payPal is stealing it all.

This one-two punch causes users of payPal to reach a state, say for example your website is linked to by slashdot, where twenty thousand customers all buy something from you for $1.00 in one day, then not only does payPal steal all that 20k, you still need to provide a massive load of product for essentially free to them AND you have no way of generating income for 10 days until another payment provider verifies you. This can put a lot of home businesses under. It also causes problems for class field trips, people helping out on medical bills, or any other endeavor where money is transferred from many sources to a central pot; if you're trying to rent a bus to a convention or something, now you have to tell 20 friends 'sorry, we can't go there anymore; payPal ate all the money.' This causes a LOT of bad blood.

New info for me.  I'll take that into account if I begin to use a payment service to receive money.  But for now I just use Paypal to buy thing online.


That seems...illegal...and citation needed
 
2014-03-07 08:05:55 AM  
I never understood why paypal even exists. You don't trust the company you are doing business with with your account info, but you'll trust a company with predatory practices and a bad reputation to act as an intermediary?
 
2014-03-07 11:29:22 AM  

ColonelCathcart: bk3k: Sim Tree: wichitaleaf: I'm sorry but what is bad about Paypal again.
Or is everyone mad that they didn't have the brains, initiative or balls to create something like it.

Paypal has historically closed people's accounts with absolutely no warning, trapping all the funds inside, if the account balance rises more quickly than it normally does. Several charities have been hit by this, including SomethingAwful.com's, PennyArcade's, and many others. Minecraft's Notch got hit by it as well, but managed to get it unlocked again.

Besides the loss of tens of thousands of dollars, you may still be on the hook to your clients for whatever it is they paid you for, also, new people are still paying you money, which you can't collect until you have another payment provider, which is not something that can be done instantaneously in real-time, forcing you to frantically tell everyone to stop sending you money because payPal is stealing it all.

This one-two punch causes users of payPal to reach a state, say for example your website is linked to by slashdot, where twenty thousand customers all buy something from you for $1.00 in one day, then not only does payPal steal all that 20k, you still need to provide a massive load of product for essentially free to them AND you have no way of generating income for 10 days until another payment provider verifies you. This can put a lot of home businesses under. It also causes problems for class field trips, people helping out on medical bills, or any other endeavor where money is transferred from many sources to a central pot; if you're trying to rent a bus to a convention or something, now you have to tell 20 friends 'sorry, we can't go there anymore; payPal ate all the money.' This causes a LOT of bad blood.

New info for me.  I'll take that into account if I begin to use a payment service to receive money.  But for now I just use Paypal to buy thing online.

That seems...illegal...and citation needed



Penny arcade and somethingawful's Katrina fund pillaged:
http://www.somethingawful.com/news/paypal-fiasco-summary/
http://forums.penny-arcade.com/discussion/152437/paypal-hates-childr en -cancels-x-mas

And it's perfectly legal, because you sign away those rights; PayPal's TOS contain a mandatory arbitration agreement. PayPal's arbiter is the Final Word in all disputes and cannot be sued in any court of law in the US. The Supreme Court only 4 months ago ruled that such arbitration agreements in contracts are absolutely binding. http://about.bloomberglaw.com/practitioner-contributions/the-contract - is-king-the-u-s-supreme-courts-two-recent-faa-decisions/  'Arbitration agreements are 'valid, enforceable, and irrevocable'. '

 The attorney general of NY looked into it, but payPal managed to talk their way out of it by making the emailed requests for comments look like phishing emails, so virtually no one made any complaints during the requisite time period.
 
2014-03-07 11:42:29 AM  
Ops. The penny Arcade link wasn't the one I was looking for; omit that one.
 
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