OT: eBay to buy PayPal - yet another ruination of a good thing :(

From: Sellam Ismail <foo_at_siconic.com>
Date: Mon Jul 8 21:00:00 2002

On Mon, 8 Jul 2002, Joe wrote:

> I'm not so sure that this sucks. Have you seen the number of
> complaints about paypal lately?? Here is just a small sample
> <http://www.paypalwarning.com/>. My only question is what makes PayPal
> worth $1.5B ???? Customers are leaving it in droves, they've been ordered
> to stop doing business in at least one state, they have several class
> action law suits pending and they're being investigated for operating as
> a non-licensed bank in several states. Frankly I'd say they're worth
> nothing at the moment.

Everyone can come up with some reason to bitch. My biggest bitch about
PayPal is that, having a business account, I get something like 4% of the
amount eaten out of my payments received, but oh well, that's the cost of
using the service and I (reluctantly) accept them as it is a very good
service (in my opinion). I have read about the various legal actions
against them but just chalk that up to a fledgling industry trying to
establish itself. To me, PayPal represents the first online fiduciary
establishment that successfully bridged the divide between the online
world and the real world. Why, just today I used my PayPal Visa Check
card to pay for the shipping at the post office of an item I sold online
and received funds for through PayPal, drawing the funds directly from my
PayPal account. Pretty slick.

> FWIW I've heard that C2IT offers a much better service and the
> security of a real bank.

Like eBay s the king of all auction sites, so too is PayPal the king of
all online payment franchises. I haven't heard of CC2IT, and will make an
effort to check them out, but I'm guessing it will be hard to knock down
PayPal, if it's possible at all.

If they are cheaper than PayPal and offer the same level of service and
features, I may give switching to them a lot of consideration.

Sellam Ismail Vintage Computer Festival
International Man of Intrigue and Danger http://www.vintage.org

 * Old computing resources for business and academia at www.VintageTech.com *
Received on Mon Jul 08 2002 - 21:00:00 BST

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