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> PayPal will happily seize both on a whim and without recourse. It is likely that they will way less likely freeze the funds that are stored on the blockchain

> PayPal will happily seize both on a whim and without recourse. It is likely that they will way less likely freeze the funds that are stored on the blockchain, as everyone will see it happening real time and the general public can also see how much there are frozen coins at any given time from the total circulation. Paypal has only little problems freezing their regular USD accounts. Yes, people will complain online, but so what? Regular Joe still will assume that it is just some isolated cases and won't be happening to me. No one outside paypal knows how much freezing is happening, and likely inside paypal as well it is not well known information. Meanwhile, the more they freeze the more they have funds for their own bottom line, so incentives are not very well aligned. I have a gut feeling that this might be "blockchain fixes it" moment. > Do not ever leave money you care about in Paypal. Yes, I agree. However paypal is big incumbetent player on the payment market and these products will likely be popular, so it makes a lot of sense to analyze them in detail.

__alexs 3y ago
Where can you see the frozen funds on the blockchain for PayPal USD either inside of a PayPal account or in an Ethereum wallet?
- mattdesl 3y ago
  The PYUSD contract includes an `isFrozen` method that returns true if the address is frozen[1]. Since all of the transfers and activity on this coin happens on Ethereum blockchain, all of it is transparent and trackable by any party. It's a nice feature you get when building payment infrastructure on a public blockchain, compared to PayPal's traditional black box systems. [1] https://etherscan.io/token/0x6c3ea9036406852006290770bedfcaba0e23a0e8#readProxyContract#F15 https://etherscan.io/token/0x6c3ea9036406852006290770bedfcab...
  - __alexs 3y ago
    How is this feature good for people that hold PYUSD?
    - mattdesl 3y ago
      It’s par for the course, all centralized stablecoins (including USDC) have a similar feature. PayPal’s non-crypto dollar accounts can also be frozen (but not in a transparent and verifiable manner).
rkho 3y ago
https://twitter.com/0xCygaar/status/1688592430315036672 https://twitter.com/0xCygaar/status/1688592430315036672 PayPal's stablecoin contract allows for the freezing of funds in any given address.
hartator 3y ago
Not your keys, not your cryptos. They don’t need to freeze anything on the blockchain, just block your PayPal account.
stockboss 3y ago
Do you mean incumbent, or incompetent?
- bemusedthrow75 3y ago
  Why not both!? We've needed a single word to mean exactly this for the longest time. It gets my vote.

__alexs 3y ago

Where can you see the frozen funds on the blockchain for PayPal USD either inside of a PayPal account or in an Ethereum wallet?

mattdesl 3y ago
The PYUSD contract includes an `isFrozen` method that returns true if the address is frozen[1]. Since all of the transfers and activity on this coin happens on Ethereum blockchain, all of it is transparent and trackable by any party. It's a nice feature you get when building payment infrastructure on a public blockchain, compared to PayPal's traditional black box systems. [1] https://etherscan.io/token/0x6c3ea9036406852006290770bedfcaba0e23a0e8#readProxyContract#F15 https://etherscan.io/token/0x6c3ea9036406852006290770bedfcab...
- __alexs 3y ago
  How is this feature good for people that hold PYUSD?
  - mattdesl 3y ago
    It’s par for the course, all centralized stablecoins (including USDC) have a similar feature. PayPal’s non-crypto dollar accounts can also be frozen (but not in a transparent and verifiable manner).

rkho 3y ago

https://twitter.com/0xCygaar/status/1688592430315036672 https://twitter.com/0xCygaar/status/1688592430315036672 PayPal's stablecoin contract allows for the freezing of funds in any given address.

hartator 3y ago

Not your keys, not your cryptos. They don’t need to freeze anything on the blockchain, just block your PayPal account.

stockboss 3y ago

Do you mean incumbent, or incompetent?

bemusedthrow75 3y ago
Why not both!? We've needed a single word to mean exactly this for the longest time. It gets my vote.