PayPal is a far cry from what it set out to be in the days of Elon Musk and Peter Thiel, a company whose product enabled greater financial freedom and empowered the average joe. Now, after becoming a monopoly in the field of online payments, it has become a tool of oppression that actively denies people the ability to participate in commerce. PayPal’s dictatorial tendencies have become increasingly apparent in recent years, when they started to withhold money from people until they jumped through a bunch of hoops or when they banned people for holding certain political beliefs. Even I’ve been targeted by PayPal when, earlier this year, they told me my account was frozen for “using it in a questionable manner”. Luckily, I had no money in there and thus I didn’t bother to try and get the account back.
Despite all this going on, most PayPal users have continued using it as they were unaffected and unaware. This has further emboldened PayPal to the point where they may have bitten off more than they can chew. As first reported by the Daily Wire, PayPal quietly pushed through an update to their Acceptable Use Policy which revealed their intent to steal $2,500 from customers each time they promote “misinformation” and “incite hatred”, among other new offences. This is completely arbitrary and ripe for abuse by PayPal against anybody who says something which they disagree with. Defenders of these communist tactics will always resort to “muh private company”, but that’s in no way an excuse to legitimize the theft of its own customer’s hard-earned money.
Word has quickly spread about PayPal’s new policy, and it has certainly sparked outrage across the internet. A quick search for PayPal on Twitter will reveal scores of users detailing horror stories of PayPal stealing their money. Others attempted to transfer money out of and close their accounts, to which PayPal responded by saying their transaction is “pending review” and thereby preventing customers from leaving in a mass exodus. Disgust with the company’s actions has even been expressed by former PayPal President, David Marcus, who stated “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”. Elon Musk himself then responded to Marcus, saying that he agreed.
Just 2 hours later, in a stunning reversal, a PayPal spokesperson came out and said that “An AUP notice recently went out in error that included incorrect information. PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy… We’re sorry for the confusion this has caused”. PayPal, stop kidding yourself. Your terms of service is not a document that is just accidentally published, particularly in an organization of your size. It would have gone through many stages of review by both your executives and legal counsel. Clearly what has happened here is that, in their arrogance, PayPal thought this would just fly under the radar or that its customers simply wouldn’t care. After all, why would they when they’ve already endured similar mistreatment until this point. Well, PayPal took a step too far and after witnessing the revolt against them, even by past company executives, they’ve backed down and pretended as if this never happened. Their move was a PR disaster and now they’re in damage control to try and keep their customers. After all this, if you’re still using PayPal, what the hell are you thinking? You are enabling this kind of behaviour, which other large companies have been engaging in as well under the same pretences. Enough is enough, and it’s time that people took their money elsewhere.
Thankfully there are alternatives that truly put the power back into the hands of the people, as PayPal originally set out to do. I’m talking about cryptocurrency, which can no longer be perceived as just a fad or something that only cyber criminal’s use. Crypto is here to stay and it is going mainstream – PayPal and the banking cartel shudders at the thought of this because it will put them out of business. My recommendation to anybody still using PayPal is to leave, start accepting major cryptos for donations or payments like Bitcoin, Bitcoin Cash, Ethereum, Monero, and take back control of your money. If price volatility is something that concerns you, there are services like BitPay or Coinbase Commerce which automatically convert received coins into your local fiat currency. You can even directly accept stable coins, which are equivalent in value to U.S. dollars. There is no excuse why you can’t start doing this today.