PayPal is lying.

Author

JACQUES DEBRIE
December 28, 2023


Your Money in PayPal's Crypto:

Is It Really Yours?

Recent findings have brought to light significant details about PayPal's new crypto offering, raising questions about its true nature. 

PayPal's New Stablecoin Venture:

PayPal has unveiled its U.S. dollar-backed stablecoin. However, a major caveat lurks: they have the power to freeze your assets!

Outdated Tech, Higher Costs:

PayPal's stablecoin utilizes an old version of Solidity, Ethereum's programming language, leading to unnecessary costs passed on to you.

Pausing Power:

The entity behind the contract has the authority to halt all transfers. If they choose to do so, your funds are left hanging.

Freezing Capability:

Not only can they pause transfers, but specific addresses can be frozen, stopping certain transactions dead in their tracks.

Control over Currency Value:

The administrators have the ability to arbitrarily augment the stablecoin's total supply, which can effectively influence its value.

A Glimpse into Future Control?:

Drawing parallels, the IMF deputy managing director discussed how Central Bank Digital Currencies (CBDCs) can offer governments control over spending habits. PayPal's coin seems to align with this trend.

A Look Back:

Last year, PayPal wielded its power by threatening users with hefty fines for alleged misinformation. The power to freeze isn't new to their playbook.

DLT's Promise & Peril:

While the CEO of PayPal acknowledges Distributed Ledger Technology's (DLT) potential to revamp aging financial systems, such advancements might not be without conditions.

Final Thought:

While many see PayPal's stablecoin as a leap into the future, it's pivotal to grasp the extent of control exerted over your assets.

Always ask: Is the money truly yours?

JACQUES - SPACE EXPLORER