Follow up on the Paypal / Pornhub thing
 

Interesting...

https://www.ynot.com/the-fallout-aft...ft-scrambling/

With Paypal losing eBay they are idiots to alienate even more people.

Paypal's hands are tied. They will cut any customer loose that threatens their relationship with the card associations.

Unlawful content had become a problem on Pornhub, as it is on many other tubes. The problem was caused solely by hubris on the part of Pornhub. They believe they can do no wrong and this decision has shown them that there are consequences for not properly moderating content.

it has nothing to do with unlawful content. this is not what a payment system or a bank have to look for.

the bigger problem for them are the money laundering laws. as long as someone just receives a few 1000 per year it is not a big deal but when the income is getting bigger they HAVE TO get all information about this account owner.

and now guess how many of them will give this information in our industry ?

at the end they are sitting on thousands of accounts "on hold" and have to report all of them by law to the authorities. I am not sure how many people they would need to employ just for that.

paypal is definitely a scam but in this case I understand their decision.

We need an industry friendly bank and I can think of a company noted in this thread that has the capitol to create one every month if they wanted to.

Is this affecting hubtraffic?

Who? It takes 15m USD and 2 years to start a bank in the US

And yes we do need an industry friendly bank.

there is more than 1 company that owns already a bank licence. I personally know 4 alone in Europe.

the ones that have or had it in the US did move to Europe (paxum i.e) or run away with the money or are bankrupt.

to get such a licence is not a big problem and even done with far less than 15 million.
but to RUN a bank is something completely different.
having a licence do not automatically mean that you can use the banking networks or SEPA.
so these pre-existing licenses are rotting away somewhere on the attic.

btw: the far bigger crime as to rob a bank is to open a bank. the established mafia will not let anybody in.

You must mean outside the US. In the US the capital and operational requirements are quite high.

I'd do outside the US anyway, like everyone else.

Well, I feel sorry for people directly affected by it.

Seen from a further perspective, I see it as a step towards a decentralized value exchange. Now a single entity can make 100k people miss they pay check because they feel like it. This is just plain wrong.

I would love to see Pornhub just asking people to create any Crypto wallet and send their money over there, does not have to be just one.

THIS. Finally someone who isn't speculating.
Remember when Paxum required everyone to have business accounts? Same reason.

I had a foreign bank account for a few years while I was living abroad. The bank sent me a letter to my home address, requesting I sign a document declaring I was not american and hiding money. The US is pressuring every financial institution in the world to close up loopholes, evaders, and money laundering (even though it's a bit of hypocrisy that big corporations are still getting away with it)

Not sure about that, US and Canada IRS have direct access to paypal account holder data so they dont specific access.

but there is a little difference if you hhave just a little private account and use it from time to time.

i think from 2000 euro per year you get into the next identification step and than you have to tel them a lot more about you. and if you receive "payments" (wich is different to "friends and family") you have to let them look inside your underpants because this is a merchand account with tonns of rules.

Well, when i was re-opening account there, it was a lot of anal questions already, so that should be enough to keep it flow without interruptions. But we will see.

are you talking about a private or a merchand account?

A the moment i have only bussiness account, tho i find one interesting thing:
It seems you can upgrade business account to merchant account. Any idea how to reach 120k EUR monthly ? :1orglaugh

Paypal blows ass. Banks are very difficult to run. We need digital currency, but BTC isn't as safe as it's proponents think.

99% of all paypal accounts are backed funded through a credit card.
just fuck them - that´s the only answer they understand.

i make 2 million per year through paypal and will cut them out next year COMPLETELY.

if everyone does the same it is not the 2 million peanuts they will lose.
but unfortunately out biz was NEVER using it´s power.

:thumbsup:thumbsup:thumbsup:thumbsup:thumbsup
Do you know where you'll be going?

:thumbsup:thumbsup:thumbsup

don´t understand the question

i will not go anywhere except using a few other services like transferwise and paxum additionally.

I don´t think that I will lose revenue when i kick paypal out - but they will lose my little contribution. and if more are doing the same the small contribution will be a big one at the end.

for me paypal was kind of a service for some of my customers but why shall I pay a favor with a dependence on such a terrible and heavily expensive company as paypal?

That's what I meant, I've heard a lot about transferwise