@versionzeromedia: In 2000, PayPal was losing millions to fraud every month, and it got so bad that Visa had the right to cut them off. Every instinct said shut it all down. Levchin left the door open instead, and he and his team watched exactly how the money moved until they knew every pattern. Then they built a system to catch them and named it Igor, after the Russian fraudster who’d been taunting them for months. Fraud dropped from over 1% of every dollar to about half a percent. PayPal survived, sold to eBay for $1.5 billion, and the people it kept alive went on to build SpaceX and LinkedIn and back Facebook. #maxlevchin #founder #paypal #elonmusk