LA forces Paypal to suspend service in that state, might be declared as "illegal banking business" in 9 states

Lucky

Lifer
Nov 26, 2000
13,126
1
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Im pulling my ~10K out for a few weeks. Im really unsure of how this is going to play out and I'd rather be safe than ~10K poorer.
 

iamwiz82

Lifer
Jan 10, 2001
30,772
13
81


<< Im pulling my ~10K out for a few weeks. Im really unsure of how this is going to play out and I'd rather be safe than ~10K poorer. >>




why the HELL would you keep $10k in paypal!??!?!
 

Lucky

Lifer
Nov 26, 2000
13,126
1
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Read my comments in previous paypal threads. It was previously a neccesity for me..but Im willing to sacrifice a little to keep my money safe. :)
 

EagleKeeper

Discussion Club Moderator<br>Elite Member
Staff member
Oct 30, 2000
42,591
5
0
Russ will be getting a good chuckle with his morning brew:cool:
 

GSOYF

Senior member
Nov 20, 2001
510
0
0
well that'll ruin your day...


Ha Ha sucks to try to bend the law and get caught!! :D
 

MrBond

Diamond Member
Feb 5, 2000
9,911
0
76


<< Im pulling my ~10K out for a few weeks. Im really unsure of how this is going to play out and I'd rather be safe than ~10K poorer. >>

Good lord, are they even FDIC insured? If not, having $10k in there is pure insanity
 

iamwiz82

Lifer
Jan 10, 2001
30,772
13
81


<<

<< Im pulling my ~10K out for a few weeks. Im really unsure of how this is going to play out and I'd rather be safe than ~10K poorer. >>

Good lord, are they even FDIC insured? If not, having $10k in there is pure insanity
>>



last time i checked, they were NOT insured.
 

mithrandir2001

Diamond Member
May 1, 2001
6,545
1
0
Paypal is scary. For small $$$ amounts, it's OK, but I wouldn't want to use them for a small business. Just too many potential pitfalls.
 

rahvin

Elite Member
Oct 10, 1999
8,475
1
0


<< Although the company offers a popular service among online auction users, with some 8.5 million personal accounts, PayPal has never posted a profit. In its most recent quarter, PayPal lost $18.54 million on $40.4 million in revenue. >>



Wow, there is a business model. Hey lets lose 50cents for every dollar in revenue.
 

pulse8

Lifer
May 3, 2000
20,860
1
81


<< Amazon did worse and they are still around.

Joe
>>

Amazon doesn't break any laws. :)
 

Russ

Lifer
Oct 9, 1999
21,093
3
0


<< Wow, there is a business model. Hey lets lose 50cents for every dollar in revenue. >>



Oh, but in the dot.com world, they're rockin! Last year, their net loss was a dollar for every dollar. Strangely, though, we actually have some here that were going to buy in the IPO saying "it's the best IPO we'll see this year". Bwuahahahahahahaha!!!!!!!

At least now that they've filed with the SEC they can no longer hide their problems.

Russ, NCNE



 

Viper GTS

Lifer
Oct 13, 1999
38,107
433
136
Bwuahahahahahahaha!!!!!!!

I knew without a doubt that would be in his post somewhere, it was just a matter of where.

Viper GTS
 

Jzero

Lifer
Oct 10, 1999
18,834
1
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<< amazon finaly makes a small profit. >>


Yeh, but even that was something of a sham...it was an "artificial" profit that was calculated ignoring certain costs. I don't remember if they were using EBIDTA or some other metric to calculate pseudo-profit.
But their positive EBIDTA doesn't necessary imply a positive bottom line.

As one reporter said:
When I was a kid I set up a lemonade stand and sold juice for 5c a glass. I made 80c that day. Not much, but it's a bigger profit that Amazon has EVER made.

He goes on to discuss the Amazon "profit" report and says:
"When I calculated my profit, I also conveniently ignored the fact that I found the lemons in my parent's refrigerator."
 

Russ

Lifer
Oct 9, 1999
21,093
3
0
Jzero,

You're right on target about Amazon. In addition to the accounting tricks, it should also be noted that even if the VERY TINY profit was real, it came in the fourth quarter, when they did about 40% of their revenue for the year. Christmas does not come every quarter.

Russ, NCNE