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IPFS News Link • Cyberspace and the New Economy

PayPal, Bail-Ins and the Necessity for Trustless Money


When I first heard about Paypal's plan to deduct $2,500 from user accounts for each instance where "in Paypal's sole discretion", the account holder had transmitted "misinformation", I all but took a strip out of the person who sent it to me because I couldn't believe it was real. It was a thread from a Telegram channel and it looked and read like something batsh*t straight out of 4chan, and I told him as much.

"Look at the URL".

Sure enough, the URL to the updated AUP was under the domain, which anybody in our business knows is real.

The document appeared to have been a PDF version of the forthcoming new AUP which was due to roll out in early November. It has since been replaced by the blank page however the original is still available via

Over the weekend and into yesterday, PayPal has been frantically walking this back. It doesn't matter.

"It's a bell that can't be un-rung".

I'll tell you a couple other bells that can't be un-rung:

When the Canadian government unilaterally seized bank accounts of not only the truckers who protested vaccine mandates in Ottawa (most of which are now gone anyway), but also designated the accounts of citizens who legally donated via GoFundMe or GiveSendGo as targets (sourced from a spreadsheet that somebody hacked from a third-party website, btw), that was a bell that can't be un-rung.