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Thursday, July 18, 2013

Easy way to become super rich ... how much is Quadrillion - how many cyphers to it...

You need not rob Peter to pay paul…. Have heard of the comment that ‘a friend in need is…..’ – a newsarticle screamed – ‘a pal may pay you 1 dollar but Paypal will pay you a $92 quadrillion’…. Thousand has 3 zeroes; Crore has 7 zeroes….. and Quadrillion has……….15…… head spinning… it is  : 1,000,000,000,000,000 (one thousand million million; 10^{15};  [that is only one version – the other one puts it even more higher]

There are some who are not comfortable of ‘technology – especially that of online transactions’…….. they are not entirely wrong.. every now and then, you get to hear stories of wrong debits, double debits and more as people struggle to get their money back.  The ease of shopping and comparing products and prices online has made it an attractive option for many shoppers.  Some of us instantaneously click the buy button providing our Credit card details or use Net banking [at the back of mind you tend to think whether it is totally safe]……. There are some sites which claim to offer an extra layer of security.   Today's computing environment is obviously a lot more sophisticated than it was a few years ago. When the Internet was new, there was barely a trace of criminal activity.   Unfortunately, as the Internet has become a way of life, and the population has grown, so have the less desirable elements. 

The safety begins from the most fundamental things like never allowing physical access to others of your personal computer; keeping strong passwords and more…. still ~ the complete safety is only a perception.  In Jan 2012, I posted about the need for checking our bank accounts regularly and ensuring that there is no suspicious activity.  It was about an incident where an Indian teacher got the shock of his life when he checked his bank account online and found 490bn rupees ($9.8bn).  Parijat Saha expected his balance to be $200 and could not believe his eyes - but a check at an ATM confirmed his billionaire status, on paper at least. The honest Mr Saha rang the State Bank of India (SBI) to point out the error.  Red-faced bank officials would not comment, but sources say the funds were "uncleared" and he could not have withdrawn the money if he had tried.  Mr Saha's monthly salary as a school teacher in the eastern state of West Bengalis 35,000 rupees ($700). But his account balance of $9.8bn is closer to India's annual education budget of $11.5bn.  $9.8billion is equivalent to  Rs.50489 crores !!!!!!!!!!    The honest  Saha withdrew only   $200 from his account that belonged to him. 

PayPal is a global e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and money orders. Here is the interesting news [source BBC & Philadelphia Daily News] of $92 quadrillion credit.  It is stated that Delaware County resident Chris Reynolds received just such a shocking delivery from PayPal on Friday, when he opened his monthly statement from the online money-transfer company via email and saw that his ending balance was $92,233,720,368,547,800. Reynolds, 56,  is quoted as stating that  he's been a PayPal customer for about 10 years and uses it to buy and sell items on eBay, including vintage car parts. He said he usually spends no more than $100 a month using PayPal.

After absorbing the initial shock, Reynolds logged on to PayPal's site and saw that his balance was listed there as zero. Still, Reynolds said, the imaginary epic windfall left him feeling charitable. After opening the email, he donated $30 to the Democratic slate for Delaware County Council. If the prodigious account credit were true, Reynolds - who with his wife owns Reynolds Ink, a public-relations firm - said he'd pay down debts with the money. Last month, PayPal announced PayPal Galactic, an initiative to expand its payment-transfer business beyond Earth. Perhaps Reynolds' astronomical PayPal credit could get him a few trips to the moon, or at least a nice stay at a space hotel.

The credit of such a huge sum was an obvious error - "This was obviously an error and we appreciate that Mr Reynolds understands this was the case," PayPal said in a statement to the BBC. The online money-transfer firm said it would offer to make a donation to a charity of Mr Reynolds' choice.

I had on another occasion posted of the cardinal rule that ‘people will be punished’ when they make mistakes and the penal action would depend on the gravity of the error. That post was about a clerk  who was to transfer an amount of 64.20 euros (£54.60)  [Rs.5000/- approx]; dozed off with his finger on the keyboard, resulting in a transfer of 222,222,222.22 euros.[Rs.1733 crores] …. and his supervisor also failed to check the transaction. The Bank took action initially and the supervisor was fired for allegedly failing to check the transaction.  A German labour court ruled that the bank supervisor was unfairly sacked for missing  the  multi-million-euro error of the colleague who fell asleep during the  financial transaction. Newspaper reports suggested that the Court heard that on the day of the erroneous transaction, she had checked 812 documents for mistakes, with most taking just over a second of scrutiny. The judges ruled that there had been no malicious intent on her behalf, and that she should have received a warning. As a result, they ordered the bank to reinstate the supervisor, saying her work contract could not be terminated.

Moral of the story.. :  ‘do transact more on internet….. just as mistakes take away your money…. There is also the theoretical possibility of some windfall gains … and you becoming a billionaire’.

With regards – S. Sampathkumar

18th July 2013.

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