A five page long article in Wired on how Paypal succeeded where others failed.
Amazon, eBay, blogging, Paypal… I think we are seeing a pattern now as to how to succeed on the web. Rely on users to create content and to spread your word. Depend on hyperlinking.
Paypal is acting like a bank for all practical purposes. You open an account, and if I pay you, money gets transferred to it from my credit card, or from my account. You also get interest on your checking account. Because it is acting like a bank, it may get into regulatory trouble, apparently.