Gab.com has been significantly impacted by Stripe’s decision to stop processing payments for the platform. Here are the key effects and context:
Impact on Gab.com
- Service Suspension:
– In the wake of the Pittsburgh synagogue shooting in October 2018, Stripe, along with other service providers like PayPal and Joyent, suspended Gab’s accounts. Stripe specifically cited insufficient evidence that Gab was preventing violations of its policies as the reason for the suspension[2].
- Financial Strain:
– The suspension by Stripe and other payment processors caused a substantial financial hit to Gab. The platform reported a 90% drop in subscription revenue following these actions[4][5]. This forced Gab to rely on alternative payment methods, such as cryptocurrency and postal mail, to continue its operations.
- Operational Challenges:
– The loss of mainstream payment processing services created significant operational challenges for Gab. The platform had to seek out less conventional and often less reliable payment processors to handle transactions, which likely complicated their financial management and user experience[4].
- Reputation and Scrutiny:
– The suspension by Stripe and other companies also contributed to Gab’s reputation as a platform associated with extremist content. This increased scrutiny from the public and regulatory bodies, further complicating its ability to secure stable financial and operational support[3][5].
Context and Broader Implications
– Free Speech and Censorship:
– The actions taken by Stripe and other payment processors against Gab have sparked debates about free speech and the role of financial services in moderating online content. Critics argue that such decisions can act as a form of censorship, limiting the ability of controversial platforms to operate[1].
– Alternative Solutions:
– In response to being deplatformed by mainstream services, Gab has explored various alternative solutions, including partnerships with smaller, niche payment processors and the use of cryptocurrencies. However, these alternatives often come with their own set of challenges and limitations[4][5].
Overall, Stripe’s decision to cut off payment processing for Gab.com has had profound financial and operational impacts on the platform, highlighting the significant power that payment processors hold over online services.
Citations:
[1] https://www.thefire.org/research-learn/fire-statement-free-speech-and-online-payment-processors
[3] https://edition.cnn.com/2021/01/17/tech/what-is-gab-explainer/index.html