Saturday, December 02, 2006

Computer History - PayPal

Hedge fund manager Peter Thiel and Ukrainian engineer Max Levchin established PayPal in late 1998. The two created the company with the hopes of providing a secure software system that would allow electronic transfer of payments. Their company was originally backed by Nokia Ventures, Deutche Bank, and Goldman Sachs. Within a short period, PayPal had 1.5 million account holders generating $2 million of transactions per day. Online auction giant eBay eventually purchased PayPal.

From my personal perspective PayPal is NOT to be trusted. They are not governed by normal banking rules and seem to have NO ONE overseeing their actions. Read the THOU$ANDS of PayPal horror stories at, and Many message boards also have forums dedicated to the thievery and fraud that PayPal, Inc. is involved. BTW, I am a PayPal victim -- loosing nearly $4000.00 and the primary means of income for my side business due to their fraud and stealing of my money.