PayPal’s former leadership, also known as the “PayPal mob,” has criticized the payments giant of late for its unbanking policies, with one co-founder calling the funds freeze “totalitarian” while another compared it to a Black Mirror episode.
Despite becoming crypto-friendly in recent years, the payments tech giant has garnered plenty of headlines and pushback for its platform takedown practices, which reportedly involve a rather abrupt process of freezing funds, fines, and icy negotiations. to unlock their users’ accounts for various reasons.
Peter Thiel, who co-founded PayPal in 1998 and served as its chief executive until 2002, suggested to The Free Press (TFP) on December 14 that the company’s vision has moved significantly away from its initial goal of giving citizens of the world more control over their money. .
“If the online forms of your money are frozen, that is like destroying people financially, limiting their ability to exercise their political voice,” Thiel noted, adding that:
“There’s something about destroying people economically that seems like something much more totalitarian.”
Thiel is colloquially known as the “Don” of the notorious “PayPal mob,” which is a group of founders and former employees, such as Elon Musk, who have since founded or worked at other major tech companies.
Another member of the PayPal mob and the company’s first COO, David Sacks, has also spoken also against PayPal’s desplatorization practices in recent years.
Speaking to TFP, Sacks argued that PayPal, under the leadership of current CEO Dan Schulman, is trying to cash in on the wake culture movement by banning people with opposing views.
“The CEO [Schulman] It’s got like all the wake up prizes you can win,” Sacks said, adding:
“It’s a symbiotic relationship: he implements his agenda, and in return, they give him prizes, and that promotes advancement on the corporate totem of woke capitalism.”
To list just a few of PayPal’s notable platform removals, it has shut down accounts linked to the censorship-free startup Freedom Phone, news website Consortium News, Free Speech Union, and the blocking of skeptical blog The Daily Skeptic. All of which could be considered as leaning to the right politically, or at least as having alternative views.
Responding to The Free Press article, Elon Musk, the now CEO of Twitter and CEO of SpaceX and Tesla, said the platform has become an episode of Black Mirror, a British TV series that usually features some sort of dystopian future where people are controlled by technology.
PayPal has become an episode of Black Mirror
— Elon Musk (@elonmusk) December 13, 2022
With the threat of deleting the platform for some, cryptocurrency advocates have, of course, pushed the “Bitcoin fixes this” narrative due to the decentralization of the network and resistance to censorship.
Banks can block your accounts…
PayPal could fine you for misinformation…
Governments can print their way into hyperinflation, overspending, and theft through taxation…
But no matter what, bitcoin will be here waiting to serve you. pic.twitter.com/0U2loosvYw
—Chris Dunn (@ChrisDunnTV) December 7, 2022
Related: What are crypto payment gateways and how do they work?
In October, the firm also introduced controversial fines of $2,500 for users who “promote misinformation” or material that poses risks to “user safety and well-being,” both of which were defined in ambiguous terms.
The move was met with intense reaction from the community and big figures alike, including the PayPal Mafia. members like former PayPal Chairman David Marcus and former CEO Musk. On October 11, PayPal quickly reversed that policy, chalking it up to internal error.
However, some skeptics believe the policy has quietly crept back into the company’s user agreement and acceptable use policy.
This post PayPal has become an episode of Black Mirror: Elon Musk
was published first on https://cointelegraph.com/news/paypal-has-become-an-episode-of-black-mirror-elon-musk