| Paypal:
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| | changes in its first year of operations.
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| PayPal is an e-commerce business allowing
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| | Foreign organized crime rings found ways
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| payments and money transfers to be made
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| | to steal millions from the young company
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| through the internet. It serves as an
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| | by automatically registering accounts
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| electronic alternative to traditional
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| | using stolen identities. To block
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| paper methods such as checks and money
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| | automated systems from using this form of
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| orders. PayPal performs payment
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| | fraud, PayPal devised a system (see
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| processing for online vendors, auction
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| | Captcha) of making the user enter numbers
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| sites, and other corporate users, for
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| | from a blurry picture; according to Eric
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| which it charges a fee. In October 2002,
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| | M. Jackson, author of the book The PayPal
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| PayPal became a wholly owned subsidiary
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| | Wars, PayPal invented this system now in
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| of eBay. Their corporate headquarters is
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| | common use; though, there is evidence
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| in San Jose, California.
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| | AltaVista used a captcha as early as
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| PayPal account holders must be 16 or over
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| | 1997, before PayPal existed.eBay watched
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| with a debit/credit card or bank account
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| | the rise in volume of online payments,
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| and e-mail address.
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| | and realized its fit with online
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| To Sign Up for Paypal go here:
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| | auctions. But rather than work with
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| Beginnings:
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| | PayPal, eBay purchased a competing
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| PayPal Corp, as it is known today, is the
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| | payment service named Billpoint. eBay
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| result of a March 2000 merger between
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| | made Billpoint the official payment
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| Confinity and X.com[1]. Confinity was
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| | system of eBay, dubbing it "eBay
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| founded in December of 1998 by Peter
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| | Payments", but cut the functionality of
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| Thiel and Max Levchin, initially as a
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| | Billpoint by narrowing it to only
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| Palm Pilot payments and cryptography
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| | payments made for eBay auctions.
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| company[2]. was founded by Elon Musk in
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| | For this reason PayPal was listed in
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| March of 1999, initially as an Internet
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| | several times as many auctions as
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| financial services company. Both
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| | Billpoint. In February of 2000 there were
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| companies were located on University
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| | approximately an average of 200,000 daily
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| Avenue in Palo Alto. On the Confinity
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| | auctions advertising the PayPal service
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| business side, many of its initial
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| | while Billpoint (in beta) had only 4,000
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| recruits were alumni of The Stanford
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| | auctions. By April of 2000 there were
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| Review, also founded by Peter Thiel, and
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| | more than 1,000,000 auctions promoting
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| most early engineers hailed from the
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| | the PayPal service. PayPal was able to
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| University of Illinois at
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| | turn the corner and become the first
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| Urbana-Champaign, recruited by Max
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| | dot-com to IPO after the September 11
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| Levchin. On the side, Elon Musk recruited
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| | attacks.
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| a wide range of personnel, many of whom
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| | Near the time when PayPal went public
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| remain at PayPal today, such as the
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| | (first quarter 2002), it filed an
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| current head of product, Amy Klement [3]
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| | anti-competition complaint against eBay
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| and several other members of the senior
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| | on the grounds of using its auction venue
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| team.
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| | to attempt to force PayPal off its site.
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| Though growing rapidly, PayPal was losing
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| | However, the company eventually
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| $10 million a month and was fraught with
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| | reconciled with its former rival.
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| internal turmoil that led to three CEO
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