Correct. To summarize, the stellar foundation basically runs the accounting ledger and has absolute control over what transaction are and are not processed. Of

Correct. To summarize, the stellar foundation basically runs the accounting ledger and has absolute control over what transaction are and are not processed. Of course the standard Ripple/Stellar response is to say "but you can run your own node and get people to use yours instead!" Which is of course true, except that the consensus mechanism diverges when the network contains nodes with disjoint validator lists and there are hostile actors present. So for the system to work at all, all nodes much share a common subset of validator nodes in their lists, which in practice ends up being the default set, which are given de facto control the transaction selection. Which is to say, Ripple/Stellar is not significantly better than the PayPal model.