\u8fd9\u662f\u4e00\u672c\u7f8e\u56e2\u8001\u738b\u6bd4\u8f83\u63a8\u8350\u7684\u4e66\uff0c\u4e8e\u662f\u4ece\u7f51\u4e0a\u627e\u6765\uff0c\u4e00\u8bfb\u5c31\u8bfb\u8fdb\u53bb\u4e86\u3002\u786e\u5b9e\u975e\u5e38\u4e0d\u9519\uff0c\u521b\u4e1a\u8fd9\u4ef6\u4e8b\uff0c\u6216\u8005\u8bf4\u6210\u5c31\u4e8b\u4e1a\u8fd9\u4ef6\u4e8b\uff0c\u505a\u5230\u4e00\u5b9a\u7684\u89c4\u6a21\u800c\u8a00\uff0c\u786e\u5b9e\u662f\u65e2\u6709\u5fc5\u7136\u6027\uff0c\u4e5f\u6709\u5f88\u5927\u7684\u5076\u7136\u6027\uff0c\u8fd9\u672c\u4e66\u5176\u5b9e\u5c31\u662f\u975e\u5e38\u597d\u7684\u8be0\u91ca\u3002<\/p>\n\n\n\n
PayPal\u80fd\u6700\u7ec8\u6210\u529f\u5176\u5b9e\u662f\u6709\u5de8\u5927\u7684\u5076\u7136\u6027\u3002\u5148\u662f\u7acb\u8db3Palm\uff0c\u867d\u7136\u5f00\u5c40\u4e0d\u9519\uff0c\u4f46\u5982\u679c\u6ca1\u6709\u53ca\u65f6\u8f6c\u5230eBay\u4e0a\uff0c\u53ef\u80fd\u5c31\u6b7b\u4e86\uff1b\u8f6c\u5230\u4e86eBay\u521d\u9732\u5934\u89d2\u4e4b\u540e\uff0cX.com\u7684\u6311\u6218\u5c31\u76f4\u63a5\u800c\u6765\uff0c\u4e00\u4e2a\u8bb2\u7528\u6237\u589e\u957f\u597d\uff0c\u4e00\u4e2a\u8bb2\u53d8\u73b0\u80fd\u529b\u597d\u3002\u6700\u7ec8\u8d44\u91d1\u538b\u529b\u4e0b\u5408\u5e76\u4e86\uff1b\u5374\u53c8\u662f\u5371\u673a\u56db\u4f0f\uff0c\u4e0d\u4ec5\u5916\u90e8\u7ade\u4e89\u5bf9\u624b\u7a81\u7136\u52a0\u500d\uff0c\u8fdeeBay\u90fd\u63a8\u51fa\u4e86\u81ea\u8425\u670d\u52a1\u76f4\u63a5\u7ade\u4e89\uff0c\u5185\u90e8\u7ba1\u7406\u4e0a\u4e5f\u662f\u5371\u673a\u56db\u4f0f\uff0c\u8bf7\u6765\u7684CEO Harris\u5dee\u70b9\u628a\u516c\u53f8\u641e\u6b7b\uff0cElon Musk\u4e5f\u7ba1\u7684\u5f88\u5dee\uff0c\u4e0d\u5f97\u4e0d\u6362\u4eba\uff0c\u8bf7\u56depeter\u624d\u987a\u5229\u641e\u5b9a\u540e\u9762\u7684\u4e8b\u60c5\uff0c\u4e00\u76f4\u6323\u624e\u5728\u751f\u6b7b\u7ebf\u4e0a\uff0c\u7ec8\u4e8e\u901a\u8fc7\u7f29\u51cf\u6210\u672c\u3001\u8c03\u6574\u4ea7\u54c1\u5ef6\u957f\u4e86\u751f\u547d\uff0c\u62ff\u5230\u4e86\u65b0\u878d\u8d44\u3002\u4e0a\u5e02\u4e5f\u662f\u4e00\u6ce2\u4e09\u6298\uff0c\u5c45\u7136\u80fd\u8d76\u4e0a911\uff0c\u4e0d\u4ec5\u88ab\u5bf9\u624b\u7a81\u7136\u8df3\u51fa\u6765\u641e\u5404\u79cd\u8bc9\u8bbc\uff0c\u8fd8\u88ab\u653f\u5e9c\u76ef\u4e0a\u4e86\u52a8\u4e0d\u52a8\u8981\u8c03\u67e5\u3001\u8981\u8d44\u8d28\u724c\u7167\uff0c\u80a1\u4ef7\u4e5f\u968f\u4e4b\u5927\u8d77\u5927\u843d\u3002\u8fd8\u597d\uff0c\u6700\u540e\u548cebay\u5b8c\u6210\u4e86\u5408\u5e76\uff0cebay\u5173\u95ed\u4e86\u81ea\u8425\u670d\u52a1\uff0c\u540c\u610f\u505c\u6389\u8d4c\u535a\u4e1a\u52a1\u6362\u53d6\u76d1\u7ba1\u7684\u4e0d\u518d\u8ffd\u7a76\uff0c\u624d\u80fd\u987a\u5229\u5230\u4eca\u5929\u3002\u8fd9\u5176\u4e2d\u7684\u5076\u7136\u6027\uff0c\u5982\u6b64\u4e4b\u591a\u3002\u51e0\u4e4e\u6bcf\u4e2a\u8def\u53e3\u90fd\u662f\u751f\u6b7b\u9009\u62e9\u3002<\/p>\n\n\n\n
\u4f46\u5947\u602a\u7684\u662f\u6700\u7ec8\u516c\u53f8\u6d3b\u4e86\u4e0b\u6765\uff0c\u8fd8\u8d8a\u505a\u8d8a\u5927\u3002\u79bb\u4e0d\u5f00\u521b\u59cb\u4ebapeter\uff0c\u66f4\u79bb\u4e0d\u5f00\u56e2\u961f\u4e00\u5f00\u59cb\u7684vision\uff0c\u6574\u4e2a\u8fc7\u7a0b\u4e2d\u4e5f\u4ece\u672a\u504f\u79bbvision\uff0c\u6bcf\u6b21\u5feb\u6b7b\u4e86\u90fd\u662f\u504f\u79bb\u592a\u5927\uff0c\u7ea0\u6b63\u56de\u6765\u5c31\u80fd\u56de\u5230\u6210\u957f\u7684\u8def\u4e0a\u3002\u8fd9\u5176\u4e2d\u7684\u6545\u4e8b\uff0c\u5b9e\u5728\u662f\u8010\u4eba\u5bfb\u5473\u3002<\/p>\n\n\n\n
<\/p>\n\n\n\n
\u6309\u60ef\u4f8b\uff0c\u505a\u4e9b\u6458\u8981\u5427\u3002<\/p>\n\n\n\n
But privacy and security, Fieldlink\u2019s original focus, were just as important as convenience\u2014no digital wallet could be successful without addressing these two concerns. This is where Max\u2019s original encryption idea came into play. Encrypted data on a digital device theoretically could not be stolen, making it more secure than cash carried in a wallet.The only problem was the Fieldlink name itself. While not exactly a misnomer for a payments company, it failed to hint at the new strategy.Peter and Max settled on a new name, Confinity, a combination of \u201cconfidence\u201d and \u201cinfinity.\u201d<\/p>\n\n\n\n
\u8fd9\u5c31\u662fPaypal\u6700\u521d\u7684\u6545\u4e8b\uff0c\u5bf9\u4e8eTo C\u7684\u516c\u53f8\u800c\u8a00\u597d\u540d\u5b57\u7684\u91cd\u8981\u6027\u4e0d\u8a00\u800c\u55bb\u3002\u4e00\u5f00\u59cb\u5c31\u6293\u4f4f\u4e86\u8981\u6539\u5584\u7684\u4e09\u70b9\uff1a\u9690\u79c1\u3001\u5b89\u5168\u548c\u65b9\u4fbf\u3002<\/p>\n\n\n\n
\u201cEvery successful company needs some form of a big-picture vision to guide its decision-making processes. Management teams also need to motivate their employees by making them feel that their company is somehow special.<\/p>\n\n\n\n
\u201cIt was this potential that made Confinity\u2019s vision of \u201cworld domination\u201d\u2014which might have been more appropriately called \u201cworld liberation\u201d\u2014all the more credible.\u201d<\/p>\n\n\n\n
\u613f\u666f\u662f\u76f8\u5f53\u65e0\u4ef7\u7684\u4e1c\u897f\u3002\u5f53\u4f60\u771f\u7684\u627e\u5230\u3001\u76f8\u4fe1\u4f60\u7684\u613f\u666f\u65f6\uff0c\u6210\u529f\u624d\u53ef\u80fd\u5728\u524d\u65b9\u3002<\/p>\n\n\n\n
\u201cLuke echoed this strategy. Growth, he insisted, was critical for a startup at this stage to deter potential competitors and position us to implement a business model that would begin to generate serious revenue.\u201d<\/p>\n\n\n\n
\u201cHence a large, established network is very valuable to enter and very costly to leave; in essence it locks in its members and prevents would-be competitors from getting off the ground.\u201d<\/p>\n\n\n\n
\u201cBut if PayPal can be used to pay millions of people, the account is much more valuable. Robert Metcalfe, the inventor of Ethernet and founder of 3Com, coined Metcalfe\u2019s Law as a way of understanding the power of networks. He claimed that the value of a network equals the square of its users, implying that a network with twice as many users as a competitor is four times as valuable.\u201d<\/p>\n\n\n\n
\u4e00\u5f00\u59cb\u5c31\u8981\u6293\u4f4f\u6838\u5fc3\u8981\u7d20\uff0c\u5236\u5b9a\u6b63\u786e\u7684\u6218\u7565\uff1a\u589e\u957f\u3001\u57f9\u80b2\u7f51\u7edc\u6548\u5e94\u3002<\/p>\n\n\n\n
\u201cPeter and the management team believed that we needed to find the fastest way possible to scale up PayPal\u2019s customer base. If we could increase our number of accounts to reach critical mass before our competitors, the resulting network effect would freeze out any opponents.\u201d<\/p>\n\n\n\n
\u7f51\u7edc\u6548\u5e94\u9762\u524d\uff0c\u6700\u91cd\u8981\u7684\u5c31\u662f\u5feb\u901f\u589e\u957f\u7528\u6237\uff0c\u8fbe\u5230Critical Mass\u7684\u4e34\u754c\u70b9\uff0c\u6210\u529f\u70b9\u706b\u3002\u7136\u540e\u5c31\u53ef\u4ee5\u4e86\u3002<\/p>\n\n\n\n
\u201cConfinity wasted no time mobilizing. In a shift every bit as significant as Fieldlink\u2019s move away from Palm security, overnight we changed PayPal\u2019s focus from payments between friends to online auction transactions.\u201d<\/p>\n\n\n\n
\u53d1\u73b0\u673a\u4f1a\u5c31\u679c\u65ad\u6389\u5934\u3002\u5982\u679c\u4e0d\u662f\u8fd9\u4e48\u679c\u65ad\uff0cpaypal\u5c31\u6ca1\u6709\u540e\u6765\u7684\u6545\u4e8b\u4e86\u3002\u628a\u9635\u5730\u4ecePalm\u5207\u6362\u5230Ebay\uff0c\u5bf9\u8c01\u90fd\u4e0d\u662f\u5bb9\u6613\u7684\u4e8b\u60c5\uff0cPaypal\u80fd\u5728\u4e00\u591c\u95f4\u641e\u5b9a\uff0c\u5389\u5bb3\u3002<\/p>\n\n\n\n
\u201cPayPal system failed to materialize as most recipients withdrew their funds upon receipt. Worse still, since few users kept account balances the vast majority of them used credit cards to fund their payments, a decision costing Confinity a 2% fee to the credit card associations on each transaction. Every time someone signed up and used PayPal, we lost more money. All of this meant that while Confinity was in no imminent danger of running out of money, we had a limited runway for operating in cash-burning mode. We needed to grow our network to critical mass and banish our competitors soon if PayPal was to survive.\u201d<\/p>\n\n\n\n
\u867d\u7136\u6709\u4e86\u7528\u6237\uff0c\u8d22\u52a1\u4e0a\u8fd8\u662f\u98ce\u9669\u5f88\u5927\uff0c\u6301\u7eed\u70e7\u94b1\u3002\u597d\u5728Paypal\u6e05\u695a\u5730\u610f\u8bc6\u5230\u8fd9\u4e00\u70b9\u3002<\/p>\n\n\n\n
3<\/p>\n\n\n\n
\u201cPayPal is going to be the way we acquire accounts\u2014it\u2019s easier to sign up for it than an X.com bank account and doesn\u2019t require the user to give his Social Security number. Then once customers are registered with PayPal we\u2019ll upsell them to X.com financial services to bring in revenue.\u201d<\/p>\n\n\n\n
Paypal\u548cX.com\u5408\u5e76\u4e86\uff0cCEO\u662fMusk\uff0cElon\u5e76\u4e0d\u662f\u90a3\u4e48\u51fa\u4f17\u3002\u4f46\u6545\u4e8b\u8fd8\u662f\u53ef\u4ee5\u7684\uff0cpaypal\u6765\u5438\u5f15\u7528\u6237\uff0cx\u6765\u53d8\u73b0\uff0c\u53ea\u662f\u540e\u7eed\u7684\u4e00\u5207\u8bf4\u660e\u8fd9\u4e2a\u60f3\u6cd5\u4e5f\u5f88\u96be\u843d\u5730\u3002<\/p>\n\n\n\n
\u201cIn the course of just a few weeks, a sector that did not exist six months earlier had become crowded with four startups (the merged X.com, PayMe, PayPlace, and gMoney), one portal (Yahoo PayDirect), one giant bank (Bank One\u2019s eMoneyMail), and the eBay-Wells Fargo partnership (Billpoint) all vying for supremacy. PayPal\u2019s road to \u201cworld domination\u201d was suddenly well traveled, indeed.<\/p>\n\n\n\n
\u5408\u5e76\u4e4b\u540e\u5e26\u7ed9\u884c\u4e1a\u7684\u62e5\u6324\u4e5f\u662f\u6ca1\u8c01\u4e86\uff0c\u4e00\u4e0b\u5b50\u6765\u4e86\u56db\u5bb6\u521b\u4e1a\u516c\u53f8\u3001yahoo\u3001\u94f6\u884c\u5165\u5c40\uff0c\u8fdeebay\u90fd\u641e\u4e86\u81ea\u5df1\u7684\u54c1\u724c\uff0c\u683c\u5c40\u4e00\u4e0b\u5b50\u4f3c\u4e4e\u8981\u770b\u4e0d\u6e05\u695a\u4e86\u3002\u4f46\u771f\u6b63\u6700\u540e\u8d77\u51b3\u5b9a\u6027\u7684\uff0c\u4e00\u5b9a\u4e0d\u662f\u8c01\u5927\uff0c\u800c\u662f\u6700\u6709\u6bc5\u529b\u3001\u6218\u7565\u6700\u6b63\u786e\u7684\u90a3\u4e2a\u3002<\/p>\n\n\n\n
\u8fd9\u79cd\u72b6\u51b5\u7684\u51fa\u73b0\u5176\u5b9e\u662f\u975e\u5e38\u5e38\u89c1\u3002\u5f53\u4e0b\u6c11\u8425\u706b\u7bad\u7684\u683c\u5c40\u4e5f\u662f\u5982\u6b64\uff0c\u56fd\u5bb6\u961f\u3001\u56db\u5927\u516c\u53f8\u3001\u4e00\u6279\u65b0\u516c\u53f8\u8fd8\u6709\u4e2d\u79d1\u5b87\u822a\u90fd\u5728\uff0c\u867d\u7136\u7ed3\u679c\u4e0a\u80af\u5b9a\u662f\u591a\u5bb6\u5e76\u5b58\u7684\u72b6\u6001\uff0c\u76f8\u4fe1\u6211\u4eec\u7684\u9009\u62e9\u6ca1\u9519\u3002<\/p>\n\n\n\n
4<\/p>\n\n\n\n
\u201cThe PayPal and X-Finance Web sites continued to run as completely separate services. Even our corporate e-mail systems took two months to integrate; most e-mails that Confinity employees thought they were sending to their X.com colleagues never arrived.\u201d<\/p>\n\n\n\n
\u516c\u53f8\u7684\u5408\u5e76\u548c\u6574\u5408\u4e0d\u5bb9\u6613\uff0c\u6700\u7b80\u5355\u7684\u5185\u90e8\u6c9f\u901a\u6709\u65f6\u5019\u90fd\u4f1a\u4e3e\u6b65\u7ef4\u8270\u3002<\/p>\n\n\n\n
\u201cIn this way growth and scalability resembled the proverbial chicken and egg problem\u2014we needed to find ways to improve PayPal\u2019s scalability without interrupting its torrid viral growth\u201d<\/p>\n\n\n\n
\u201cIf there was a silver lining to our rapidly deteriorating situation, it was that Billpoint failed to capitalize. After its initial boost from the free listing day subsided, Billpoint hovered around 6% listing acceptance for most of April.\u201d<\/p>\n\n\n\n
\u201cIt was from his active vantage point that Elon witnessed the company\u2019s growing pains firsthand while listening to grumblings from members of the executive team upset with Harris\u2019s direction and the company\u2019s inability to execute tasks under his stewardship. Faced with an uncertain situation, Elon did not shy away from the spotlight\u2014to the contrary, as tension mounted over the company\u2019s malaise, he moved to reclaim it.\u201d<\/p>\n\n\n\n
\u201cWith the board closing ranks behind the chairman, Harris had no choice but to tender his resignation. Elon took over control of operations by assuming the position of CEO and\u2014in a conciliatory move to Confinity\u2019s stakeholders\u2014turned over his position as chairman to Peter.\u201d<\/p>\n\n\n\n
\u7092\u6389CEO\u4e0d\u5bb9\u6613\u3002<\/p>\n\n\n\n
5<\/p>\n\n\n\n
By contrast, Confinity\u2019s freewheeling atmosphere had allowed minimal supervision to be counterbalanced by shared goals, clear priorities, and encouragement from management that the staff suggest new ideas<\/strong>. I did not fully comprehend this on my tumultuous first day on the job, but Confinity had struck a balance that fostered both employee individuality and corporate flexibility<\/strong>. This winning formula enabled us to stop on a dime and implement new ideas quickly, to the point where we overhauled our business model to focus on eBay in less than a week.\u201d<\/p>\n\n\n\n \u201cBy using credit cards as a back-up funding source, we were able to front the cash ourselves on ACH-funded payments until the bank transfer settled. This decrease in risk made \u201cinstant ACH\u201d a viable funding alternative for PayPal, enabling us to offer a bank account-funded payment option to all of our customers.\u201d<\/p>\n\n\n\n \u201cSacks and Elon sent PayPal Paul to do damage control on the message boards. Paul posted a \u201cclarification\u201d that the $1,000 lifetime credit card spending limit was a typo, it was supposed to be a $2,000 per six-month-period limit. He also explicitly stated a promise from management that would later prove fateful\u2014X.com would never force sellers to upgrade to fee-bearing accounts.\u201d<\/p>\n\n\n\n \u201cThe Half.com acquisition sent ripples through X.com. Besides once again demonstrating eBay\u2019s ability to flex its muscles whenever a competitor threatened its dominance, it also marked the first time that eBay controlled a trading platform that limited a seller\u2019s payment options.\u201d<\/p>\n\n\n\n eBay\u8fd9\u79cd\u65e2\u8d56\u4ee5\u751f\u5b58\u7684\u5730\u65b9\uff0c\u53c8\u662f\u81ea\u5df1\u6700\u5927\u5bf9\u624b\u7684\u654c\u4eba\u662f\u6700\u96be\u641e\u7684\uff0c\u771f\u662f\u7528\u5c3d\u4e86\u6d51\u8eab\u89e3\u6570\u3002<\/p>\n\n\n\n 6<\/p>\n\n\n\n \u201cPayPal\u2019s margins improved slightly to -3.28% for the third quarter, due to a drop in credit card processing costs as more customers began to use bank accounts to fund payments. But growth in payments caused our gross losses to increase despite this small improvement in margins. With our average daily payment volume reaching $4.6 million, up 70% from the prior period, it meant we were losing $150,000 every day just from ordinary business operations. As Peter\u2019s $100 million in venture capital began to dissipate, Elon realized that X.com was living on borrowed time.\u201d<\/p>\n\n\n\n \u201cInstead I opted to base the upgrade trigger on the company\u2019s biggest expense, credit card processing fees. While users couldn\u2019t be expected to sympathize about paying their pro-rated share of our overhead costs or fraud losses, the direct cost of their credit card payments was clear and understandable. Plus it had a useful analogy in the offline world, where only businesses accept credit card transactions. This conveniently implied that PayPal\u2019s high volume credit card recipients were justifiably categorized as \u201cbusiness users.\u201d<\/p>\n\n\n\n 7<\/p>\n\n\n\n \u201cUnderwriting all of the risk for our verified buyers and sellers was a costly proposition, especially when we didn\u2019t demand any risk-reducing behavior in return.\u201d<\/p>\n\n\n\n \u201cBillpoint\u2019s headway notwithstanding, December brought two significant milestones for our company\u2014PayPal registered its 5 millionth account while also processing $1 billion in cumulative payments. Vince Sollitto\u2019s press release proclaimed that \u201cPayPal has confirmed a prediction by Robert Simon, [former] CEO of dotBank\u2026 [that] the first company to reach five million users [would] become the clear market leader.\u201d16 Other numbers for Q4 sounded just as good. Our payment volume increased by 29% from the prior quarter despite the upgrade campaign, bringing our average total payments to $6 million per day. Nearly two-thirds of all those transactions went to business accounts and generated $7.4 million in revenue. \u201d<\/p>\n\n\n\n \u201cIf nothing else, Yahoo\u2019s collapse provided some insight into the relative strength of PayPal and eBay\u2019s network effects. PayPal\u2019s payments network was strong enough to survive the forced upgrade process, although our competitor did make up some ground by undercutting our pricing.\u201d<\/p>\n\n\n\n 8<\/p>\n\n\n\n \u201cThis dramatic about-face in our transaction margins was no puzzle to Peter Thiel. It was a few weeks into his stint as the acting-CEO when I heard him compare our new economy payments network to an abstract old economy machine. PayPal\u2019s many policies\u2014such as the fees charged to sellers, spending limits placed on unverified buyers, and our behind-the-scenes fraud algorithms\u2014were like levers, dials, and pulleys. The key was to adjust each of them carefully in unison with the others until the machine hummed along at cruising speed. And Peter had no choice but to tinker. \u201d<\/p>\n\n\n\n \u201cPeter kept a running list of critical issues and it was common for him to make impromptu calls for status reports with notepad in hand.\u201d<\/p>\n\n\n\n \u201cDespite the NASDAQ Composite resuming its free fall in early-2001\u2014the index dropped from 2,800 to 1,800 in just two months\u2014Peter returned to the private equity markets and secured $90 million in additional financing, an amazing accomplishment given the gloomy state of Silicon Valley.\u201d<\/p>\n\n\n\n \u201cAs previously noted, paranoia is an essential ingredient in any successful startup, and this time our fears had a basis. Panicked e-mails flew around the office after the policy was uncovered, and Sacks, Peter, and Reid caucused constantly on the subject. \u201d<\/p>\n\n\n\n \u201cAlthough the 1961 Federal Wire Act, written to combat telephone gambling, prevented these gaming services from setting up shop in the United States, no federal law forbade individual citizens from using online gambling sites. \u201d<\/p>\n\n\n\n 9<\/p>\n\n\n\n \u201cAfter trimming our losses to $1.9 million in the third quarter, we booked an operating profit of $2.8 million in the fourth as our revenue soared from $30.2 million in Q3 to $40.1 million in Q4.\u201d<\/p>\n\n\n\n \u201cPerhaps more amazing, though, was that our aggregate number of users reached 12.8 million after just twenty-six months of operation. To put this into perspective, eBay, which launched its service on Labor Day of 1995, took more than four years to reach 10 million accounts.\u201d<\/p>\n\n\n\n \u201cBy asserting that the company was entitled to a potentially large amount of compensation for damages, CertCo\u2019s lawsuit exposed PayPal\u2019s shareholders to a new risk not previously articulated in our IPO prospectus. The by-the-books SEC administrator assigned to our case ruled that this legal attack meant we needed to amend and redistribute the prospectus to potential investors before the shares could finally be priced and floated on the open market, making an IPO the following day logistically impossible.\u201d<\/p>\n\n\n\n 10<\/p>\n\n\n\n \u201cAs Nobel Prize-winning economist Milton Friedman once put it, \u201cAgencies established in response to [consumer protection] movements have imposed heavy cost on industry after industry to meet increasingly detailed and extensive government requirements.\u201d<\/p>\n\n\n\n 11<\/p>\n\n\n\n \u201cIt was at this moment that the ramifications of the deal sunk in\u2014PayPal\u2019s competitive war had ended. Our constant state of conflict, of wondering what eBay would do to us next, was over. But so too was our independence.\u201d<\/p>\n\n\n\n \u201cThere\u2019s always some question as to whether or not these kinds of deals make sense. But given that we got a good valuation and removed a huge risk from the company, I think it does.\u201d<\/p>\n\n\n\n \u201cAt a lunchtime conversation the following week I asked him what was his primary motivation for finally doing the deal. Peter replied that it was a \u201csense that this constant state of war was wearing people down.\u201d<\/p>\n\n\n\n \u201cWe want PayPal to be the currency for the Internet,\u201d he said. \u201cAnd the most important driver for that is the number of people using the system. EBay has 46 million users. There\u2019s a huge amount of room for us to grow within that customer base. And once we take off on eBay, it\u2019s going to lead to further expansion off eBay. Whether it\u2019s inside or outside of eBay, I really think that this move puts us in the best position to achieve world domination.\u201d<\/p>\n\n\n\n \u201cEntrepreneurial nimbleness may have helped us survive both the company\u2019s post-merger internal turmoil and Billpoint\u2019s fierce competitive charge, but these new threats would require a different approach.\u201d<\/p>\n\n\n\n \u201cEBay\u2019s, however, were not. Inside the auction giant it seemed as if nothing got done without a face-to-face meeting\u2014or possibly several, if you were unlucky. And holding a meeting was never as simple as just sending an Outlook \u201cmeeting request\u201d and sitting down with key stakeholders.\u201d<\/p>\n\n\n\n \u201cA generation gap could partially explain this divergence. EBay\u2019s senior executives\u2014including Whitman, then forty-five; CTO Maynard Webb, forty-six; and eBay U.S. President Jeff Jordan, forty-three\u2014were born at the tail end of the Baby Boom and were on average fifteen years older than their respective PayPal counterparts Peter, Max, and Sacks.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" \u8fd9\u662f\u4e00\u672c\u7f8e\u56e2\u8001\u738b\u6bd4\u8f83\u63a8\u8350\u7684\u4e66\uff0c\u4e8e\u662f\u4ece\u7f51\u4e0a\u627e\u6765\uff0c\u4e00\u8bfb\u5c31\u8bfb\u8fdb\u53bb\u4e86\u3002\u786e\u5b9e\u975e\u5e38\u4e0d\u9519\uff0c\u521b\u4e1a\u8fd9\u4ef6\u4e8b\uff0c\u6216\u8005\u8bf4\u6210\u5c31\u4e8b\u4e1a\u8fd9\u4ef6\u4e8b\uff0c 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