Quote from: Anders on August 16, 2014, 11:21:12 AM

Quote from: Spoetnik on August 16, 2014, 09:56:48 AM

Quote from: Anders on August 16, 2014, 09:02:35 AM

Trust is useful for companies and organizations. Trust in individuals is much more shaky. Anyone can suddenly "spend" their trust in a massive scam, or go bonkers. That's true for companies too. Just look at MtGox. Still, a company like PayPal has enough trust, and if they would accept bitcoin transactions then that would be a major boost for cryptocurrencies.

Paypal seized my account over bitcoin being cashed out at BTC-E
and i fought them with my lawyer and won but after that they stole almost $700 usd and kept denying it.

eventually i proved it by getting Newegg after them too (as well as 63 pictures of bills / invoices / id etc)
and they caved in and admitted i was right and gave me my money.

I got to experience Paypal's trust rating when i had phoned them FIRST and confirmed what i was planning on doing was ok
and i got to see first hand their phone tech support people who checked on the phone with a supervisor..
and how 8 hours after that they seized my account with no warning after the phone call
and locked all my money and purchase payments etc screwing my credit and reputation with some companies..
and then how i went to go to their forum and realized i had an automated message saying i was not allowed to post because my account was locked.
I had never commented on the forum before either and luckily i had another old account to to get in and bitch at them where they (staff) all ignored me.

i got it back but it took MONTHS and i had to pay out of pocket for a lawyer and paper work etc legal documents.
and i had my credit rating and repution damaged with Newegg etc.

in case anyone is curious Paypal's terms of service forbid using ANY digital currency of any kind with their services.
and the only option i got from them was to admit in writing with a signed affidavit i broke their TOS or i would NOT get my estimated 5 grand usd back.

I told them i sent $2,500 (2x) from BTC-E to paypal (the min amount) and they demanded i was running a money / financial service and i broke their TOS
they said in writing to me.. and i had to admit to that or i would not get *most of my money back.
Still not sure who at Paypal decided to keep my 700 bucks though.

Fuck Paypal and i don't care if they ever want to deal with Bitcoin or not they are thieves and i have them admitting it !

Hmm... Ok, all centralized financial services are problematic. Even the trusted ones. What really is needed is a trustless way of storing money (private keys). Like a distributed open source "PayPal".

I think this is what Stellar/ripple is triying to do, you can store money there and anyone can run a node so there is decentralization..