PayPal credits man $92 quadrillion in error

[AgnesIO]

id take it nd go into hiding

You couldn't take the money as it never really existed lol

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[Jazz]

Good on him for being so good about it. It's a mistake but nothing damaging. I wonder how much they will give to charity?

Thats what I was thinking, restores some faith in the social web. Its nice of PayPal to give something to charity from the mistake most companies would just remove the problem without battering an eyelid

[Cerys]

He couldn't - the money simply doesn't exist to give.

Yeah, but you could still take some of it.

[Catchy]

How does £60 quaddrillion even exist lol. I'd ask for money as compensation for the troubles I've been caused.

its just numbers thats all it is like for example when you go and get a mortgage from the bank say u want £200,000 all they do is type it into a computer and 200k is created, you then pay it back with interest meaning the bank makes money. If that makes sense??? If that's even right :S lol

[GommeInc]

Why would they? :L

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PayPal never had this money in the first place guys. A quick bit of maths shows that this would be the same value as 1179487 Bill Gates' :L

There are some interesting stories of money literally being strung from thin air from companies that do not own the money and have either made a mistake depositing it or the bank has made an error. It may not exist on the side of PayPal, but the bank crediting it to the other side makes it become real and spendable - I think it involves credit but I know little about accountancy and banking It would just mean PayPal would be very, very poor and the gentleman spending money that half exists and half doesn't very, very rich, spending unaccountable money

[e5]

PayPal won't even have $92 quadrillion will they lol, just shows money in a bank is just a number

[AgnesIO]

There are some interesting stories of money literally being strung from thin air from companies that do not own the money and have either made a mistake depositing it or the bank has made an error. It may not exist on the side of PayPal, but the bank crediting it to the other side makes it become real and spendable - I think it involves credit but I know little about accountancy and banking It would just mean PayPal would be very, very poor and the gentleman spending money that half exists and half doesn't very, very rich, spending unaccountable money

Indeed about the money being sprung from thin air - obviously $92 quadrillion is simply on a different scale though (these sort of things happen pretty regularly, just not 6000x the USA's GDP normally :L I guess in terms of unaccountable money, that would essentially be how a lot of fraud works (get the persons details, buy a watch - money was never really there etc)

Yeah, but you could still take some of it.

Simply wouldn't work, I'm afraid. I guess technically if PayPal had the money to give he could have then taken some out and bought something STRAIGHT away, otherwise the they would have just gotten it back (and they probably would get it off him if eh did buy something.

PayPal won't even have $92 quadrillion will they lol, just shows money in a bank is just a number

This is correct - as I say, $92 quadrillion would be 1,179,000 Bill Gates', or about 6000x the United States of America's GDP.

[Cerys]

Indeed about the money being sprung from thin air - obviously $92 quadrillion is simply on a different scale though (these sort of things happen pretty regularly, just not 6000x the USA's GDP normally :L I guess in terms of unaccountable money, that would essentially be how a lot of fraud works (get the persons details, buy a watch - money was never really there etc)



Simply wouldn't work, I'm afraid. I guess technically if PayPal had the money to give he could have then taken some out and bought something STRAIGHT away, otherwise the they would have just gotten it back (and they probably would get it off him if eh did buy something.



This is correct - as I say, $92 quadrillion would be 1,179,000 Bill Gates', or about 6000x the United States of America's GDP.

How wouldn't it work, though? ;o I don't understand Couldn't he just have taken $100,000 of it. That sort of money is in existance so why can't he just take that amount?

Ahaa I'm confused

[AgnesIO]

How wouldn't it work, though? ;o I don't understand Couldn't he just have taken $100,000 of it. That sort of money is in existance so why can't he just take that amount?

Ahaa I'm confused

Assuming the same applies to PayPal as it does to banking, this would be retaining wrongful credit - which would be a crime, and could land you in jail.

If a bank accidently credits you with £2000000, that money would not be yours and if you spent it, they would be on to you faster than you could say "I'm rich" aha. THe same applies to payments by employers, and if someone paid money into your account accidently.

EDIT: After a quick search, what I was talking about comes under the 1968 Theft Act

[AlexJRiley]

Id just withdraw a million and be on my merry way, what would you even do with that much money?