this post was submitted on 27 Oct 2023
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He’s recreating Venmo. 😂
And let's remind everyone because people seem to forget.
PayPal is NOT FDIC insured!
I pretty much run everything through paypal for the extra layer of security.
It saved my ass when I was doxxed and hacked. I had my logins and financial information stolen.
I can totally see not putting more than a few thousand into the balance if you're going to use it like a secured credit card.
Otherwise, keeping $0 in it and using it as a middle man between your bank and the outside world is a fantastic solution to protecting yourself.
Was forced out of after he almost tanked the company trying to do this exact thing.
What's the definition of insanity again?
Yeah, it’s not an original idea. He’s recycling his ideas.
ExTwitter
That is too simplistic of a name and un-original.
If this product moves forward, it's likely to be on a small scale. For example, like when a person needs to send a friend reimbursement for a coffee. So, initially, if it needs a simple name for paying back friends, or other pals, why not just call it Pay-A-Pal, or PayPal for short.
No bank account, no actual cash and everything happens in the system. It's revolutionary! It's like digital transactions that happen through pure accounting for a small fee. Like credit cards, but those are old.
FWIW his white whale or inspiration is more like the Chinese “we do everything” apps / platforms https://wise.com/us/blog/chinese-payment-app
Without getting official government institutions on board or making the app mandatory in some way, I don't see how this would work outside of authoritarian countries
They're bleeding users and advertisers as it is