PayPal’s former leadership, known as the “PayPal Mafia,” has lashed out at the company. Elon Musk compares the company to an episode of Black Mirror. Peter Thiel, in turn, calls the choice to freeze assets totalitarian. In any case, the two gentlemen are not happy with the strategic choices of their former pride.
The original goal
Peter Thiel was CEO of PayPal from 1998 to 2002. On December 14, he told The Free Press that the company’s vision has changed significantly. The original goal of PayPal was to give people more control over their money. “If online forms of money are frozen, it is the same as destroying people economically and preventing them from having their political voice heard,” said Thiel.
“There is something totalitarian about destroying people economically,” Thiel continues. Elon Musk is short and to the point in response to The Free Press article titled “What the Heel Happened to PayPal?” Musk responded with the words: “PayPal has become an episode of Black Mirror.”
Bitcoin solves this
Unfortunately, the risk of losing your bank accounts is a realistic possibility with parties like PayPal. For that reason, it is important to keep your assets, at least in part, in protocols that no one can control.
“Banks can lock your account, PayPal can fine you for spreading misinformation, governments can print themselves into hyperinflation, overspend and steal through taxes…but Bitcoin will be there to help you no matter what,” said Chris Dunn.
With PayPal’s fines, Dunn is referring to a $2,500 fine that the company introduced in October. It would hand it out to users who promote misinformation or material that compromises user safety.
That is, among other things, what Thiel and Musk are currently so critical of when it comes to PayPal. The company enforces all sorts of weird rules and is nothing like the old idea of the PayPal Mafia.