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Author Topic: Paypal as honeypot...  (Read 2865 times)
Anonymous
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May 02, 2011, 05:41:53 AM
 #1

With coinpal being shut down has anyone noticed an increase in account suspensions of people who bought or sold bitcoins using the service ?

Would it not be easy for paypal to know who the customers are and then mass ban anyone who traded for bitcoins?


 Undecided
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May 02, 2011, 06:04:36 AM
 #2

With coinpal being shut down has anyone noticed an increase in account suspensions of people who bought or sold bitcoins using the service ?

Would it not be easy for paypal to know who the customers are and then mass ban anyone who traded for bitcoins?


 Undecided

I highly doubt they would do that.  They only want to stop bitcoin use, they don't want to cut their customer base.  Paypal is always first to go, as in the poker world.  They just don't want to be part of the bitcoin system legal or not.
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May 02, 2011, 06:27:46 AM
 #3

This is indeed bad, coinpal was simple no thrills exchange cash for coins, plus paypal was a nice method to convert the coins into useable cash that could appear at the ATM. I'm not sure why they frooze his account really if he has cash to give away in exchange for btc isn't that his prerogative, no doubt it was the volumes both large and small that drew attention, perhaps this is a temporary thing time will tell.

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May 02, 2011, 12:38:16 PM
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This is indeed bad, coinpal was simple no thrills exchange cash for coins, plus paypal was a nice method to convert the coins into useable cash that could appear at the ATM. I'm not sure why they frooze his account really if he has cash to give away in exchange for btc isn't that his prerogative, no doubt it was the volumes both large and small that drew attention, perhaps this is a temporary thing time will tell.

Competition. Paypal got wise and realized they were helping a competitor bootstrap itself into existence.
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May 02, 2011, 01:16:35 PM
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This is indeed bad, coinpal was simple no thrills exchange cash for coins, plus paypal was a nice method to convert the coins into useable cash that could appear at the ATM. I'm not sure why they frooze his account really if he has cash to give away in exchange for btc isn't that his prerogative, no doubt it was the volumes both large and small that drew attention, perhaps this is a temporary thing time will tell.

Competition. Paypal got wise and realized they were helping a competitor bootstrap itself into existence.

It's more likely they would have trouble with regulations than they are scared.
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May 02, 2011, 02:23:33 PM
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I used CoinPal twice and so far my account remains active.  I'm hoping that this doesn't change in the near future.
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May 02, 2011, 02:52:14 PM
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If you're buying through BitMarket, Paypal has no way of knowing what you paid for. And we are certainly not going to disclose this information to them under any circumstances.

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Anonymous
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May 03, 2011, 06:57:27 AM
 #8

If you're buying through BitMarket, Paypal has no way of knowing what you paid for. And we are certainly not going to disclose this information to them under any circumstances.

tell them you bought carrots Smiley
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May 03, 2011, 07:37:05 AM
 #9

With coinpal being shut down has anyone noticed an increase in account suspensions of people who bought or sold bitcoins using the service ?

Would it not be easy for paypal to know who the customers are and then mass ban anyone who traded for bitcoins?
They cannot do anything too obvious - if the story breaks that they are afraid of bitcoin this would validate our currency immensely.
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May 03, 2011, 07:50:59 AM
 #10

With coinpal being shut down has anyone noticed an increase in account suspensions of people who bought or sold bitcoins using the service ?

Would it not be easy for paypal to know who the customers are and then mass ban anyone who traded for bitcoins?


 Undecided

For what purpose? Making sure they use BTC only and demand BTC services and shops? k, thx PP.

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May 03, 2011, 11:32:15 PM
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I think we should start a book on the date for when PayPal officially folds, Chap. 7 or 11. ... they have made so many backward looking moves for a supposed "tech. company" I just can't see them being around that long, at least in the money business. Maybe they are already technically insolvent and that is why they are so govt, risk averse? Doesn't speak of a strong corporation.

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May 03, 2011, 11:51:45 PM
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I think we should start a book on the date for when PayPal officially folds, Chap. 7 or 11. ... they have made so many backward looking moves for a supposed "tech. company" I just can't see them being around that long, at least in the money business. Maybe they are already technically insolvent and that is why they are so govt, risk averse? Doesn't speak of a strong corporation.

Paypal is owned by Ebay.  I don't see that falling any time soon.  Sure, you used to be able to pay for auctions in other ways, but since the acquisition, Ebay has made non-paypal payment methods increasingly difficult.  Of course, putting up arbitrary walls to foster your own interests is the best way to make room for competition.  I guess it could happen if they get too paranoid.

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May 04, 2011, 12:52:44 AM
 #13

I think we should start a book on the date for when PayPal officially folds, Chap. 7 or 11. ...

They are providing the strongest growth for eBay.

Love this quote though:
  "Good competition makes us play better."  - PayPal's president Scott Thompson
  http://video.foxbusiness.com/v/4674740/thompson-paypals-mobile-business-is-explosive/

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May 04, 2011, 01:52:58 AM
 #14


I think we should start a book on the date for when PayPal officially folds, Chap. 7 or 11. ... they have made so many backward looking moves for a supposed "tech. company" I just can't see them being around that long, at least in the money business. Maybe they are already technically insolvent and that is why they are so govt, risk averse? Doesn't speak of a strong corporation.

Do it.  But I would bet they would live a long time as much as I dislike them.  Even if Dwolla, facebook money and Bitcoin start to make inroads it will take years to unseat PreyPal.  As long as eBay and PrayPal are linked block out others in the auction space one near monopoly supports another.


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May 04, 2011, 10:25:14 PM
 #15

With coinpal being shut down has anyone noticed an increase in account suspensions of people who bought or sold bitcoins using the service ?

As far as I can tell, PayPal hasn't frozen the accounts of any of my customers.
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May 18, 2011, 05:13:36 AM
 #16

I was a user of coincard for a short time (before it got closed) and my account remains unaffected, oddly.

Maybe they can use the customers of coincard to track other suppliers for bitcoin to paypal services, since coincard customers will probably look for another way to get paypal for bitcoins in the near future, therefore exposing the next supplier.

Just my thought, although they have not done this yet but maybe they are waiting for the right time. Who knows lol.

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May 18, 2011, 08:25:33 AM
 #17

...Love this quote though:
  "Good competition makes us play better."  - PayPal's president Scott Thompson
  http://video.foxbusiness.com/v/4674740/thompson-paypals-mobile-business-is-explosive/
Lol, good competition made them scared, desperate and impulsive Tongue

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May 18, 2011, 09:53:48 AM
 #18

As far as I can tell, PayPal hasn't frozen the accounts of any of my customers.
I can confirm that, so far nothing changed on my account.
Hope your account will be returned to you and you don't lose anything.

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