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PayPal Stock Tanks - Preview of Things to Come?

Paypal stock tanked last week due to numerous issues including the end of their partnership with eBay, forced managed payments use on eBay, fake users and of course, people realizing information is true about the new $600 reporting 1099K trigger for third party payment and online reseller platforms for the 2022 tax year in the U.S.

 

The article can be found here:

 

PayPal Stock Getting Rekt 

 

I believe this is just the tip of the iceberg for these kind of platforms over the next couple of years. What millions of Americans did online for the past two decades will dramatically change in my opinion.

 

This is a discussion thread on a discussion board. Please be civil and do not threaten other users.

 

Have a great eBay day! 

 

Message 1 of 32
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Re: PayPal Stock Tanks - Preview of Things to Come?

1099 is going to force sellers back to the flea markets, and yard sales for sure. Just maybe some will go to the BM store system as well.  As for payment systems, yep going to be a problem.

 

But hey when the government gives out the total take in income taxes back to whom ever, what do you expect.

 

War over, inflation, (being a bit countered by the military industrialization due to supply of arms).

My state decided to increase minimum wage. (Hmm notice an increase of a quarter per item in the lats week on food items { price gouging?/ or just plain survival of added cost??}]).

 

And so on.

Governments want their money, and folks will have to find different ways to supplement income the do not want to report and pay taxes on..

Message 2 of 32
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Re: PayPal Stock Tanks - Preview of Things to Come?

No matter what platform people use, they will be subject to the $600 threshold for a 1099K. If they have not been filing taxes as they should have been all along then yeah, they may depart. I have no problem with the 1099K, although I think people should be able to sell a certain amount each year maybe like $5K without any reporting requirements (or maybe up to $5K for a limited number of years. Not that I am anti-tax but because that is incentive to have some in need of money or overwhelmed with things (like downsizing or inherited items) have an outlet. It also lets some items basically get recycled and that saves other resources. Plus, by allowing people to engage in selling some people who get a taste of selling will go on to build businesses. that may add jobs.

 

eBay and PP where the two leading companies that allowed people to take full advantage of the internet as buyers and sellers. The ease of becoming a seller that eBay brought forward was without a doubt revolutionary.  You could be in the remotest part of Alaska and reach buyers around the world. That was never possible before. It met Pierre's vision to rationalize markets. 

 

It is harder to get started now, and eBay favors the large seller and that's a shame.  Big brands dominate many markets on eBay and there was a time where a small seller could compete successfully against any other seller. In fact, big brands shied away from eBay in the early days. It was the small sellers that paved the way and demonstrated that ecommerce was not only possible but lucrative (remember in 1995 the common wisdom was no one could make money on the internet).

 

I am nit arguing for nostalgia for the old days. I'd like to see eBay actually fulfill its promise beyond a return for stockholders.

 

 

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Re: PayPal Stock Tanks - Preview of Things to Come?

@wildpitchsports 

I believe this is just the tip of the iceberg for these kind of platforms over the next couple of years. What millions of Americans did online for the past two decades will dramatically change in my opinion.

 

 

 


...what "dramatic change" do you foresee?  

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Re: PayPal Stock Tanks - Preview of Things to Come?

"I am nit arguing for nostalgia for the old days"

Yep back to them days eBay was just a venue would be great. Not going to happen.

 

As for you being a sellers these days, Nope eBay is the merchant of record with the payment system and you just a (seller) vendor in the eyes of the system..

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Re: PayPal Stock Tanks - Preview of Things to Come?

So well put!  Is there anyway to give a handful of 'Helpfuls' to this post?  Bravo!

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Re: PayPal Stock Tanks - Preview of Things to Come?

In other words, 'Bay has lost it's 'heart'?  Sad... really sad.

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Re: PayPal Stock Tanks - Preview of Things to Come?


@buyologist-3 wrote:

In other words, 'Bay has lost it's 'heart'?  Sad... really sad.


Well one still can make a buck with the thing.

And it sure ain't what it use to be.......

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Re: PayPal Stock Tanks - Preview of Things to Come?

Definitely agree on these points

Message 9 of 32
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Re: PayPal Stock Tanks - Preview of Things to Come?

Great reply. It is VERY hard to get started now as opposed to how it used to be, it was  a way easier entry point no doubt. & I agree that $600 is entirely too low.

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Re: PayPal Stock Tanks - Preview of Things to Come?


@my-cottage-books-and-antiques wrote:

 


...what "dramatic change" do you foresee?  


You're going to see a lot more garage sales & cash only flea markets pop back up, that's what I believe. The days of "oh I don't need this anymore, I'll just throw it on eBay" are long gone.

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Re: PayPal Stock Tanks - Preview of Things to Come?


@donsdetour wrote:

@buyologist-3 wrote:

In other words, 'Bay has lost it's 'heart'?  Sad... really sad.


Well one still can make a buck with the thing.

And it sure ain't what it use to be.......


Oh you definitely sure can make a buck. But with all of the outside hassles and time, etc etc I don't think many will make it past next year. Which means when the small sellers go, all you'll have left are international sellers and big companies. It's a shame.

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Re: PayPal Stock Tanks - Preview of Things to Come?


@wildpitchsports wrote:

Paypal stock tanked last week due to numerous issues including the end of their partnership with eBay, forced managed payments use on eBay, fake users and of course, people realizing information is true about the new $600 reporting 1099K trigger for third party payment and online reseller platforms for the 2022 tax year in the U.S.


From what I read, I was under the impression that the primary reason it tanked was because they were offering a $10 credit to new users after their first $5 transaction, and people set up bot farms to create millions of straw accounts to "buy" an item from themselves and claim millions of $10 credits.

 

 

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Re: PayPal Stock Tanks - Preview of Things to Come?


@luckythewinner wrote:

@wildpitchsports wrote:

Paypal stock tanked last week due to numerous issues including the end of their partnership with eBay, forced managed payments use on eBay, fake users and of course, people realizing information is true about the new $600 reporting 1099K trigger for third party payment and online reseller platforms for the 2022 tax year in the U.S.


From what I read, I was under the impression that the primary reason it tanked was because they were offering a $10 credit to new users after their first $5 transaction, and people set up bot farms to create millions of straw accounts to "buy" an item from themselves and claim millions of $10 credits.

 

 


Well that would be a problem for any system for sure. Talk about loss...

Message 14 of 32
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Re: PayPal Stock Tanks - Preview of Things to Come?


@luckythewinner wrote:

@wildpitchsports wrote:

Paypal stock tanked last week due to numerous issues including the end of their partnership with eBay, forced managed payments use on eBay, fake users and of course, people realizing information is true about the new $600 reporting 1099K trigger for third party payment and online reseller platforms for the 2022 tax year in the U.S.


From what I read, I was under the impression that the primary reason it tanked was because they were offering a $10 credit to new users after their first $5 transaction, and people set up bot farms to create millions of straw accounts to "buy" an item from themselves and claim millions of $10 credits.

 

 


There have been dead PayPal bot accounts since they offered $5 for just literally registering with an email address. Loss of eBay sales fees and everything else are just a combination for PayPal. Next year they will really get the pill. If I was a short stock seller, eBay & Paypal would be #1 and #2 in that list starting 3/1/23 if not sooner

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