I totally agree about PayPal!! But there are other ways of securing that ip address and port. You could lock it down by mac address and ip range etc yada yada yada.... To each is own...
I have been doing some beta testing for them in the past and I am fairly sure that after reading your post about your concerns they will include an option to not have the ip address and port not stored. I also second your request to have that option, I seen in some previous post about emailing any comments or concerns to them directly. I will send them an email tonight and see if I get any response. Maybe they can include it in the next version.
Not going to take sides but calling the app a "Complete Failure" is also not a good way to provide feedback. Maybe is was rough Friday for appdesigngeeks.
Anyways lets drink some beer and throw some pork on the smoker this weekend!!!