Comment by contingencies | Hacker News Reader

Comment by contingencies | Hacker News Reader

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The way I see it PayPal essentially helped an established incumbent monopoly (US credit card companies) with issues at the time maintain and extend its global relevance, lock down domination of cross-border consumer payments, meaningfully extend US intelligence sector surveillance, and continue to fuck the little guy. Only Europe and China are building a resistance now, 15 years later. That you have 5 or 10 rich people coming out of that little cash-cow who feel like publicly playing god with humanity's future or that they deserve some kind of respect for the 'achievement' is pathetic. Any number of people could have built that better, or with morals. If they had any sense they'd be ashamed at what they've done, and how it has seemingly irrevocably crumbled in to bigcorp screw-the-customer service mode. Besides, we all know the real e-vehicle revolution has already happened, right here in China.

When you say resistance, you mean 'implementing a locally controlled version of the problematic US-controlled system they're resisting', right?

That would be the cynical (and probably realistic) interpretation, however because both the European (most of Europe, nearby countries) and Chinese network (nodes across much of the world, particularly Asia) are relatively internationally distributed (and thereby subject to multiple bureaucracies) they are somewhat less prone to centralized interference/monitoring. Further, neither region has as bad a record as the US in using financial systems for aggressive political gain.

It sounds interesting. Could you give some pointers to read more about this?

There are numerous reports from NGOs about the social impact of the credit card system and some reports from European Parliament detailing the use of financial systems for US surveillance, most recently around the fiasco resulting in SWIFT2 (aka SWIFT1 with a different name and more servers). A key recent instance of the political use of financial systems is the blocking of Iran from SWIFT, well documented to have been campaigned by Israel via the US defence establishment. They eventually convinced Europe to sign off on it too... amusingly India just said "we'll stop using cash for oil and ship them gold instead". Also http://www.scribd.com/doc/215642587/Finance-and-the-Future-B... (my talk from HAR2009)

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