09 Jan '13, 3pm

PayPal Assault On File-Sharing Sites Makes Business Case For Bitcoin

PayPal Assault On File-Sharing Sites Makes Business Case For Bitcoin

Seems to me that PayPal has overstepped itself and put itself in the hot seat of legal responsibility that it should have fought harder to insulate itself from to start with. By taking on the watchdog position of policing everyone who uses their service they opened themselves to being held legally and fiscally liable. I see that as holding the Mint responsible for illegal drug, gun or gambling because those criminals use the money they print. Banks and financial companies have a reasonable due diligence to only process money for legal purposes and the systems in place to detect those activities are not perfect but took a long time of observation and thought to determine and implement in the industry. The reason they did is no one wants to be responsible for someone else’s liability but in the PayPal arena they either foolish have accepted or were erroneously were forced to...

Full article: http://www.forbes.com/sites/jonmatonis/2013/01/09/paypal-...

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