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66 comments

Fat cash (5, Insightful)

Anonymous Coward | more than 2 years ago | (#38093100)

Just think of all the money they can confiscate claiming fraud. Sounds like a good plan.

Re:Fat cash (5, Interesting)

bobwrit (1232148) | more than 2 years ago | (#38093154)

Just think of all the money they can confiscate claiming fraud. Sounds like a good plan.

This is Paypal's motivation in most cases. Considering that they won a case in Connecticut a few years back that says that Paypal cannot be regulated the same way a bank can(when they're pretty much a bank), they really have free reign. Of course, Paypal also has a history of randomly locking down accounts asking for SSN numbers and for you to verify where you live and provide a scanned driver's ID etc etc as well. So, I wouldn't be surprised if Paypal starts doing that here as well. I think you're spot on with this.

Re:Fat cash (0)

Anonymous Coward | more than 2 years ago | (#38093864)

You make it sound as though these minor 180-day interest scams are a significant portion of PayPal's profits. Even a cursory understanding of numbers would show otherwise.

Re:Fat cash (5, Insightful)

Runaway1956 (1322357) | more than 2 years ago | (#38094014)

Significant, or otherwise, it's revenue. And, it's definitely significant to the victims! 180 day's interest on a thousand dollars is indeed a drop in the bucket for Paypal, but for many people, having their thousand dollars frozen for six months can be disastrous!

Re:Fat cash (0)

Anonymous Coward | more than 2 years ago | (#38105882)

The company moves $100 billion a year. I'm sure they screw up once in a while but I highly doubt they are intentionally committing wire fraud, grand theft and a gross criminal conspiracy.

  I guess this is just one of those "windows sucks" kind of discussions where no amount of logic or facts will penetrate the irrational hatred. Go you.

No Bank/Checking account--Ever (0)

Anonymous Coward | more than 2 years ago | (#38094068)

They don't get my Bank Account number, Ever.

And if I have a problem with then, I talk to American Express.

Re:No Bank/Checking account--Ever (5, Informative)

Grishnakh (216268) | more than 2 years ago | (#38094094)

The problem with this is that, without linking to a bank account, it's much harder to move money in and out of Paypal; they want an enormous fee every time you ask them to cut a check.

The answer is simple: get one account (mine's at an old credit union in another state that I no longer use actively) and link that to your Paypal account, and ONLY use it for Paypal transfers. When you transfer money into the account, then you're able to write a check with it, or whatever.

Why people think they can only have one bank account, I have no idea.

Re:Fat cash (0)

Anonymous Coward | more than 2 years ago | (#38093212)

I have a Facebook account. It can be useful for communicating with friends and relatives.
But I've never used any of their apps. They seem mostly to be malware and stupid games.
I really don't know why anyone would use the PayPal app.

Re:Fat cash (5, Interesting)

Grishnakh (216268) | more than 2 years ago | (#38094104)

I really don't know why anyone would use the PayPal app.

It's simple really: Facebook is becoming like a separate internet, where lots of people do all their business and personal activities. Many people, for instance, don't even use email any more, as they do all their messaging on Facebook. If you're thinking I'm wacked, consider how old you are: are you over 25 (or better yet, 30)? If so, then yes, this would seem utterly crazy to you, but this is actually exactly how much of the under-25 crowd thinks; they really do think email is "obsolete".

So if FB is like a second internet, with messaging, games, news, etc., it's only natural to think that people who spend all their time on there might also want a way of transferring money on there too. Sure, it's easy enough to just go to http://www.paypal.com/ [paypal.com] and do it there, but again, we're talking about people who don't use the internet outside of Facebook.

Re:Fat cash (1)

monkyyy (1901940) | more than 2 years ago | (#38094800)

*is 18

who exectly thinks email is "obsolete"? try 13 crowd

Re:Fat cash (0)

Anonymous Coward | more than 2 years ago | (#38096104)

It's AOL all over again, that's what it is.

And hopefully Facebook will die the same way AOL did. When the occupants learn of what is on the other side of that wall.

Re:Fat cash (2)

Grishnakh (216268) | more than 2 years ago | (#38099154)

I'm not sure that's true. Back in the AOL days, it seemed like the AOL users were generally older people, who weren't computer savvy and thought they needed AOL to get on the internet. As time wore on, the AOL holdouts were older and older people; the young people either abandoned them or never signed up at all because they knew better.

These days, it's reversed. The young people think Facebook is the place to do everything related to the internet, and don't care about privacy, and the older people (who used to be the "young" people during the AOL days mentioned above) are the ones who know better. In short, the young people of today seem rather stupid compared to the young people of a couple decades ago.

Re:Fat cash (1)

funkify (749441) | more than 2 years ago | (#38097514)

The same crowd that thinks phone calls are obsolete.

Re:Fat cash (0)

Anonymous Coward | more than 2 years ago | (#38107748)

Facebook isn't becoming *an* Internet. It's becoming *THE* Internet.

It's scary /me aged 17

Re:Fat cash (2)

hesaigo999ca (786966) | more than 2 years ago | (#38097606)

I really wish I had mod point, I would give you 20 points for understatement of the year!
I hate paypal for that....does a bank ever freeze your whole account when ever they think there was an error or something going on, no....they know that people need to live and need to pay their mortgages....so why is it ok for paypal to do this when ever they want...according to them for fraud, although wikileaks had no fraud, it was non profit....so no fraud, just pressure by the us gov. ....

If paypal is going to act like a money institution they should still be held accountable to money laws like the rest are....

No thanks (0)

Tastecicles (1153671) | more than 2 years ago | (#38093146)

I'll stick with gold. Cash when demanded (suckers).

Re:No thanks (2)

LostCluster (625375) | more than 2 years ago | (#38093348)

Gold, really? eGold was a site that did paypal for gold, and failed miserably. Gold-to-cash is a constantly changing ratio, and can lead to gold holders to be quite poorer when the stock market is soaring... cash is better than gold most of the time.

Re:No thanks (1)

phantomcircuit (938963) | more than 2 years ago | (#38094694)

Gold, really? eGold was a site that did paypal for gold, and failed miserably. Gold-to-cash is a constantly changing ratio, and can lead to gold holders to be quite poorer when the stock market is soaring... cash is better than gold most of the time.

eGold failed because they were engaged in fraud and straight up money laundering

Re:No thanks (3, Informative)

Magic5Ball (188725) | more than 2 years ago | (#38096930)

> fraud and straight up money laundering

Whereas this app only funnels a commission through http://connectionpoint.ca/sendmoney [connectionpoint.ca] and other intermediaries, so that you end up using PayPal as an external service anyway. This app is pointless for anyone in civilized countries where direct account to account transfers or things like Interac are free through your bank's online services.

Re:No thanks (1)

bill_mcgonigle (4333) | more than 2 years ago | (#38094866)

eGold was a site that did paypal for gold, and failed miserably

Right, because it was regulated out of existence, not because of lack of market demand. The government hates competition, especially with a superior product.

cash is better than gold most of the time

Unless you count the past 12 years....

Re:No thanks (2)

Tastecicles (1153671) | more than 2 years ago | (#38095864)

Gold to cash is a constantly changing ratio because they keep printing money. There is a finite and fixed amount of tradeable gold on the market - and you can't fake it (unless you have the Grail of Alchemy and aren't prepared to share). When you print money, you diminish its value. When that money is backed by a book entry, it has even less value (read: none). The price of gold has NOT changed against say, a sack of apples. The price of gold hasn't gone up, ever. The value of MONEY has gone DOWN, and continues to do so as long as banks insist on printing fiat currency and we continue to accept the lie.

Re:No thanks (0)

Anonymous Coward | more than 2 years ago | (#38094096)

Sure Buy at retail, sell at wholesale. :-)

great (0)

planimal (2454610) | more than 2 years ago | (#38093214)

now i can send a dollar to your mom and say "is this enough?"

Re:great (0)

Anonymous Coward | more than 2 years ago | (#38093758)

now i can send a dollar to your mom and say "is this enough?"

Why didn't you just leave the cash on the headstone where you dug her up?
Oh, you know the guy that fills the hole back in and fixes the sod will steal it!
Smart.

Re:great (1)

monkyyy (1901940) | more than 2 years ago | (#38094858)

at the cost of malware w/ access for both of ur bank accounts yay

At Last... (5, Funny)

Pirow (777891) | more than 2 years ago | (#38093248)

The two services I wish I could live my online life without.... COMBINED!

Re:At Last... (1)

LostCluster (625375) | more than 2 years ago | (#38093374)

Yep, I fund PayPal with my eBay sales of used tech I don't want or need anymore only because it's required by eBay, the owners of PayPal. If eBay wasn't the hugest marketplace for one-off sales I'd take my business elsewhere. Amazon, could you launch such a thing?

Re:At Last... (1)

cdrudge (68377) | more than 2 years ago | (#38093478)

Amazon, could you launch such a thing?

You mean like the the "Sell on Amazon" button that is about 4" below the Add to Cart button on just about every page?

Re:At Last... (0)

Anonymous Coward | more than 2 years ago | (#38093516)

Doesnt have the same user base size, & thus things dont sell for as much.

Re:At Last... (3, Insightful)

Grishnakh (216268) | more than 2 years ago | (#38094126)

Exactly; it's the old chicken-and-egg problem. It's not just Amazon either, lots of other Ebay clones have popped up over the years, but none of them has gotten even a fraction as large as Ebay. All the sellers go to Ebay (despite the ridiculous fees) because all the buyers are there, and vice versa.

Any time I want to buy something on Ebay, I do take the time to look to see if there's another way of buying the same product elsewhere, but even with Ebay's high fees, strangely I find that it's frequently more expensive, if you can get it at all. I bought something recently, and found the exact same thing on Amazon, but the price there (from what appears to be the same seller) was higher, so I got it on Ebay instead.

Obvious Use (0)

Anonymous Coward | more than 2 years ago | (#38093250)

Wouldn't this be useful for sending "gifts" that are really payments? For example, maybe your dealer drops off your drugs and you just facebook him the money.

Re:Obvious Use (2)

Hazel Bergeron (2015538) | more than 2 years ago | (#38093306)

It's been possible for ages to use the gift option as a way of bypassing Paypal fees.

But it sounds like a rather unsafe way to pay for your weed. Paypal didn't attain the absurd position of unregulated bank it holds today by not cooperating with the appropriate powers.

Re:Obvious Use (0)

Anonymous Coward | more than 2 years ago | (#38098900)

Yes I have paid a friend of over 20 years once using PayPal for that exact reason, I think I classified it as a service not a gift though.

Posted anon for obvious reasons

the end of capitalism (-1, Flamebait)

Hazel Bergeron (2015538) | more than 2 years ago | (#38093254)

Where money goes only to the unregulated middlemen from Amazon to private government contractors (where most on your tax money goes these days) to Paypal to RIAA; where the productive approach slavery in the East or volunteerism in the West.

The UK has just introduced this excellent new Work Programme whereby people who are being paid an allowance to look for work must instead do work at one quarter of minimum wage, often for private companies. It's the spirit of the workhouse but you have to pay your own transport.

Which boot do you want to lick today?

Re:the end of capitalism (0)

Anonymous Coward | more than 2 years ago | (#38093622)

And what are we supposed to replace it with uh?

Re:the end of capitalism (1)

Hazel Bergeron (2015538) | more than 2 years ago | (#38099350)

Well, we replaced social democracy with it in Europe during the '80s and '90s. We can return to social democracy.

Yes (4, Funny)

demonbug (309515) | more than 2 years ago | (#38093274)

But can it send BitCoins?

(Only slightly less well known than "yes, but does it run linux?")

Re:Yes (0)

Anonymous Coward | more than 2 years ago | (#38093578)

aren't all the apps on facebook like spyware or some other kind of thing that you should not use?

Nigerian Prince's Dream App (0)

Anonymous Coward | more than 2 years ago | (#38093278)

If you can assist me with a small sum via this App I will return the favor 1,000 fold.
I am grateful for your help, friend.

At last the forces of evil have come together! (0)

Anonymous Coward | more than 2 years ago | (#38093330)

At last, the forces of Mordor and the Orcs of the Misty Mountains have banded together to the detriment of the rest of Middle-Earth!...

Cheap voluntary micropayments to pay for the web.. (2)

Hazel Bergeron (2015538) | more than 2 years ago | (#38093346)

...instead of adverts, please. For example, I'll pay 10 cents a month for Slashdot. The alternative is 0 cents adblocked.

Let's return to peer-to-peer exchanges rather than everything via the Google behemoth, please.

Re:Cheap voluntary micropayments to pay for the we (2)

Shikaku (1129753) | more than 2 years ago | (#38093452)

http://flattr.com/ [flattr.com]

Been done already. Also namely how wikileaks still can get funding.

Great news (0)

mmontuori (2508452) | more than 2 years ago | (#38093410)

Great news from paypal. Can't wait to use it, hope it's cheap... http://www.montuori.net/ [montuori.net]

Created out of fear (1)

Anonymous Coward | more than 2 years ago | (#38093488)

This was created by them out of fear. I don't remember the companies name exactly but there is a small startup that only asks for 25cents to transfer any amount of money and they actually mentioned being able to do this exact same thing in an interview the CEO did. If anything I would consider this a opening salvo/attack against that startup as paypal is prob trying to IP troll their way into that space.

Re:Created out of fear (4, Informative)

semilemon (1024757) | more than 2 years ago | (#38093700)

I think you may be refering to Dwolla [dwolla.com] .

I for one.. (0)

Anonymous Coward | more than 2 years ago | (#38093654)

I for one predict a huge influx of Facebook porn. "Donate $10 and I will friend you so you can see my 'private' pictures."

Given the scams and malware on Facebook, why? (4, Insightful)

swb (14022) | more than 2 years ago | (#38093768)

Given the spam, scams and malware on Facebook, I'm surprised they would do this.

Just a couple of days ago, I got a Facebook message from my sister in law "Dare you to watch this video" (I didn't) but when you do, it spams all your Facebook contacts with the message (and whatever else).

What happens when it steals money from your Paypal account instead?

And why is it you can even write malware on Facebook? Shouldn't they be able to stop that?

Re:Given the scams and malware on Facebook, why? (1)

Bucky24 (1943328) | more than 2 years ago | (#38093786)

There's very little quality control on the apps facebook hosts, since there are so many (often many doing the exact same thing too).

Re:Given the scams and malware on Facebook, why? (1)

WiiVault (1039946) | more than 2 years ago | (#38103982)

I think your under the mistaken assumption that Paypal cares about what consumers think of them. They may not be a bank, but their clearly take thei customer services cues for the best of them. Of course they take it a step further by avoiding most of those money-hindering consumer protection laws since they have managed to con themselves out of the label bank. I bet the big banks wished they had thought of such a flippant dismissal of laws that specifically target the kinds of businesses that form the entirety of Paypal. You also likely haven't seen the side of Paypal that essentially steals funds, randomly demands bizarre paperwork, or without providing any evidence accuses an account of some violation which is nearly impossible to contest. The thought of them actively pursuing theft from a member account is hilarious to those of us who have had to deal with their "tactics". Paypal lives because they and eBay feed off of each other, and massive memberbase, and only the fairly weak Amazon and Google seem have even a spit of traction for reasons that perplex me.

Lawsuit for Sure! (1)

Anonymous Coward | more than 2 years ago | (#38093868)

Kim Kardashian through her army of lawyers will slapFacebook with a $125Million lawsuit for not releasing this app at least 30 days before her conspired marriage!

The amount represents her "conjugal" share to what she should have raised as marriage gifts that she has learned (through practice) of not returning.

Oi vey! (1)

Infe (52681) | more than 2 years ago | (#38094058)

No possibilities for trojans here..move along.

ughh (0)

Anonymous Coward | more than 2 years ago | (#38094194)

yet another reason to hate paypal...

LAWL (0)

koan (80826) | more than 2 years ago | (#38094304)

This should be interesting/amusing =)

Happy Birthday ... (1)

PPH (736903) | more than 2 years ago | (#38094338)

... Julian Assange.

Does it work with Wikileaks? (0)

Anonymous Coward | more than 2 years ago | (#38094404)

Just wonderin'

Sending... (3, Funny)

fisted (2295862) | more than 2 years ago | (#38094488)

Sending money? Who the heck cares about sending money?
If facebook wants me to register, they better add an app for receiving money.

Re:Sending... (1)

fisted (2295862) | more than 2 years ago | (#38094496)

oh i should have...

PayPal Drug Money Cartel App (0)

Anonymous Coward | more than 2 years ago | (#38094726)

Who can deny that PayPay, not even PayPal, is not bought by the Mexican Drug Cartels, no one.

))

Really? (0)

Anonymous Coward | more than 2 years ago | (#38097150)

I've paid off a tiny loan via paypal via paypal's website. Facebook is hacked all the time. Most users on facebook are not techies. Most users scroll through facebook without adjusting their security settings, other than blocking posts/ pics to other users. It is beyond stupid to send any financial info over facebook, including facebook coins/money

Bad Feeling (1)

FranktehReaver (2441748) | more than 2 years ago | (#38097360)

Does anyone else think this doesn't sound like a good idea?

Re:Bad Feeling (0)

Anonymous Coward | more than 2 years ago | (#38098156)

Roger that. Not only the security issues but misuse. I'm just thinking of all the money that can be laundered as "greeting card occasions".

Time for new friends (1)

winsurfer (1195461) | more than 2 years ago | (#38097966)

So I guess it's time to friend Julian Assange?

Finally! (0)

Anonymous Coward | more than 2 years ago | (#38099150)

Now I can buy me some Friends! :D

Re:Finally! (0)

Anonymous Coward | more than 2 years ago | (#38099258)

LOL! The best money can buy!

Can I Use It To... (0)

Anonymous Coward | more than 2 years ago | (#38104884)

Can I use it to send money to Wikileaks? No? It's interesting to see that Facebook is collaborating with Paypal to dictate what society can and cannot do.

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