![]() Most of the conversation about fraud, using financial incentives to effectively buy customers and scale quickly, as well as a discussion about the intersection of fintech and cryptocurrency is featured in the second part of our episode available on our premium subscriber feed. All of these innovations came out of a company under siege for almost the entire course of its pre-IPO existence, and it was in many ways this daily battle for survival that was central to shaping not only PayPal’s culture, but its success: the type of success that every entrepreneur and every founder dreams of. Things like CAPTCHA, blitzscalling, and micro-deposits, just to name a few. The objective of this episode is to give you a historical context for many of the business practices that have since become standard operating procedures across both Silicon Valley and Wallstreet. And that's because the story of the PayPal mafia is also the story of an unlikely, but nonetheless successful merger of two very different but equally competitive cultures, that of Elon Musk’s X.com and Peter Thiel’s Confinity. And that’s what PayPal's founders did, and they did it while under constant threat of extinction, from not only criminals trying to defraud their customers or competitors trying to take their business, but also from each other. It was one of the earliest pioneers of what former team member and later LinkedIn founder Reed Hoffman would dub “blitzscalling,” which is what you do when you need to grow really, really fast. PayPal was fintech before anyone even knew what that word meant. It's about a company that was in so many ways ahead of its time. The history of PayPal is in many ways the history of the future. The history of the so-called “PayPal Mafia” does not simply constitute the individual histories of star-studded founders like Peter Thiel, Elon Musk, Reed Hoffman, and others. In Episode 233 of, Demetri Kofinas speaks with award-winning author and recurring Hidden Forces guest Jimmy Soni about his newst book on the PayPal Mafia and the founders who shaped Silicon Valley and transformed the Fintech and online payments industry.
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