by Brian Cohen, e Commerce Bytes:
If you think PayPal holds are a real bummer, just imagine how the people of Cyprus must feel. Gerald Celente of the Trends Research Institute had been warning of “Economic Marshal Law” and a “Banking Holiday” such as that seen over in Cyprus this past week. The Cyprus government isn’t just going to put holds on depositors money…they aren’t going to give it back in many cases.
But believe it or not, the brains behind the PayPal Hold could have been the same ones to liberate the people of Cyprus. PayPal’s original vision was to avert this type of crisis from shocking depositors of local currencies around the globe.
Eric M. Jackson’s book “The Paypal Wars” published in 2004 describes how the PayPal option could have played out:
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