Paypal is not a scam which achieves profitability by freezing accounts. That is crazy talk.
I don't know that Paypal ever achieved profitability. They raised a whole lot of capital, and then when it looked like they might fold, eBay stepped in to make sure they didn't. Paypal's lack of profitability was legendary when I was in online payments, since they were the Microsoft of the industry.
They have achieved profitability, in dump truck loads. In the beginning, they didn't take any fees and so were burning through cash at a terrific rate, now it's around 3%, which is well above the CC processing fees for them, and miles higher than the bank ACH fees on those transactions.
I don't know that Paypal ever achieved profitability. They raised a whole lot of capital, and then when it looked like they might fold, eBay stepped in to make sure they didn't. Paypal's lack of profitability was legendary when I was in online payments, since they were the Microsoft of the industry.