Paypal is holding over 600,000 euros from the minecraft developer

Post by laverick » Fri, Sep 10, 2010, 12:48 PM UTC

drtse4 wrote: post #2

Another Paypal horror story added to the list. If someone was wondering (as i did), no, he didn't let 600k on his paypal account. That's what he's earned since they limited his account 25th august. See http://twitter.com/Toucanator/status/24089600756 and http://twitter.com/xnotch/statuses/24089647124 . EDIT: Minecraft complete steam sales data,amazing: http://m00d.net/minecraft/sales/

Post by laverick » Fri, Sep 10, 2010, 12:50 PM UTC

acabal wrote: post #6

shin_lao wrote: post #4

The "paypal blocked my money" stories are frequent. I'm curious to which extent this is legal. I'm pretty sure a bank isn't allowed to block access to your accounts without a formal request from a legal entity. Paypal doesn't "own" the money. This sounds to me as extremely abusive. Is that this frequent?

That's the rub--Paypal is not a bank . They can do whatever they want with the virtual money that is exchanged on their servers. Which is why a real merchant account is the only serious option for a larger-scale business.

Post by [deleted] » Fri, Sep 10, 2010, 12:52 PM UTC

mattmanser wrote: post #11

acabal wrote: post #6

Earlier quoted context omitted.

That's the rub--Paypal is not a bank . They can do whatever they want with the virtual money that is exchanged on their servers. Which is why a real merchant account is the only serious option for a larger-scale business.

They are a bank in Europe, just not the US. Sounds like the whole legal status in the US is a bit of a mess really: http://en.wikipedia.org/wiki/PayPal#Regulation

Post by acabal » Fri, Sep 10, 2010, 12:55 PM UTC

mattmanser wrote: post #11

acabal wrote: post #6

Earlier quoted context omitted.

That's the rub--Paypal is not a bank . They can do whatever they want with the virtual money that is exchanged on their servers. Which is why a real merchant account is the only serious option for a larger-scale business.

They are a bank in Europe, just not the US. Sounds like the whole legal status in the US is a bit of a mess really: http://en.wikipedia.org/wiki/PayPal#Regulation

Post by raquo » Fri, Sep 10, 2010, 12:55 PM UTC

mcherm wrote: post #22

Google is trying to create their own payment system. It hasn't gotten much traction. Why don't they go ahead and support countries throughout the world (if they want to leave out a FEW places like North Korea that would be fine)? Seems to me that then they would have a ready-made constituency. Not to mention pleasing a huge number of Android developers. Yet they don't do this... Why? There must be something difficult…