PayPal Freezes Bundy Ranch Accounts, Will They Switch to Bitcoin?
The Bundy Ranch has had its PayPal accounts blocked. The Bundys, a US family of cattle ranchers in Nevada, rose to fame (notoriety?) in 2014 for refusing to pay the federal government for grazing rights on federal lands. This conflict resulted in an armed standoff between federal agents and supporters of the Bundys, many of them members of private militias from across the country. The standoff ended without violence, and members of the Bundy family had been receiving donations in support of their plight through PayPal. The Facebook page run to support the Bundy family and their struggle....
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Yet another PayPal horror story... Running an email service is neither easy nor cheap, especially when it's designed to thwart mass surveillance. ProtonMail is a free, end-to-end encrypted email provider based in Switzerland (away from the NSA) and strives to protect its users in an age where privacy has become a commodity. In order to keep its services free, ProtonMail will offer premium accounts to cover the costs of the free accounts, and the team recently launched a fundraising campaign to support the addition of new features. However, after raising nearly $300,000, PayPal surprised....
Crypto exchange Kraken has frozen a handful of accounts owned by the bankrupt FTX Group, Alameda Research, and their executives. Kraken has been in contact with law enforcement after discovering that an account on its platform was used in connection with unauthorized transfers at FTX. Kraken Freezes Accounts Belonging to FTX, Alameda Research, and Executives Cryptocurrency exchange Kraken has taken steps to freeze verified accounts on its platform belonging to FTX Group, Alameda Research, and their executives. The official Twitter account for Kraken tweeted early Sunday morning: Kraken has....
Users of Circle Inc., the Boston-based bitcoin startup, have been disputing with the company regarding payment verifications and banning of bank accounts. According to its users, Circle has started to hold payments for several days and ban accounts, in the tradition of Paypal. Circle states on its website that it "believes that sending and receiving money should be instant and free." Ironically, the startup has made it incredibly difficult to send payments and is creating a centralized payment infrastructure on top of the bitcoin, which negates the decentralized benefit of the....
As if everything to do with money is not bad enough, Greeks no longer have access to their PayPal accounts, reports Quartz. Capital controls imposed by the Greek government mean that Greek citizens can only withdraw 60 euros (effectively 50 euros after ATMs have run out of 20 euro notes) and online payment service, PayPal, has been left crippled, as a result. PayPal relies on the traditional banking sector and credit card industry for all its transactions to flow. Announced by a PayPal spokesman today: Due to the recent decisions of the Greek authorities on capital controls, funding of....
Yesterday marked the 15 years since the first PayPal transaction on record, October 16, 1999. Before the days of the iPhone, back when we used Palm Pilots, Paypal was known as Confinity. According to Hill Ferguson, the SVP and chief product officer at Paypal, their first business model was a focus on mobile phones. Confinity initially was a Palm Pilot payment and cryptography company. PayPal has come a long way in the last 15 years and now they have specifically name-dropped Bitcoin in their ruminations on the next 15 years. As history shows, Paypal made the switch and focused on email....