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Block: Inflated user metrics and “frictionless” fraud facilitation

hindenburgresearch.com

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Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#111

Post by cccybernetic »

bfeynman wrote: post #68
hoofhearted wrote: post #50

Earlier quoted context omitted.

Correct. A scam here in Baltimore that keeps occurring is that the squeege kids will run up on someone unsuspecting and start cleaning their windshield. They will pressure the driver for a tip, and the driver will say they don’t have cash of course. They will say that’s cool, you can send me a tip. They ask the driver for their phone so they can look up their cashapp for them, and bam the driver got scammed. What’s h…

That is entirely on you if you give away your phone to those kids. I would think they would just run away with it

I was born outside the US and we had local gangsters that would walk up to you in the middle of the street and try to “sell” you a brick. Like a brick that you build a house or wall with. They would show it to you, and tell you that it was a great brick and that you should buy it. If you told them you didn’t want the brick, they would assure you that yes you most certainly do want the brick. You then bought the brick from them. You can probably image what the brick was used for if you refused to purchase it.

I'm not familiar with this situation, but I'm assuming that whoever is doing this isn't there to "clean" your windshield, and that the entire "transaction" is imbued with the implicit threat of violence and intimidation. You're essentially being robbed through other means. If this isn't the case, then I'm happy to admit that I'm wrong, but that's how it reads to me.

Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#112

Post by [deleted] »

dougSF70 wrote: post #97
user3939382 wrote: post #79

FYI if anyone is interested I can prove it -- Cash App is engaged in a massive stock trading fraud. I noticed one day that my books were off (down) by 1 penny. When I dug into it, I figured out that Cash App is providing their customers with conflicting reports for their stock sales. In the app, the sales report rounds pennies up, in the actual sale, whose records are only available through more complex data export p…

This is at the core of Superman III. Richard Priors' character notices his paycheck gets rounded down, he writes an app to harvest up the rounded down tenths of pennies...

[deleted]

Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#114

Post by theGnuMe »

user3939382 wrote: post #79

FYI if anyone is interested I can prove it -- Cash App is engaged in a massive stock trading fraud. I noticed one day that my books were off (down) by 1 penny. When I dug into it, I figured out that Cash App is providing their customers with conflicting reports for their stock sales. In the app, the sales report rounds pennies up, in the actual sale, whose records are only available through more complex data export p…

If you cash out of the app do you get the full balance or the app balance?

Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#115

Post by okasaki »

user3939382 wrote: post #79

FYI if anyone is interested I can prove it -- Cash App is engaged in a massive stock trading fraud. I noticed one day that my books were off (down) by 1 penny. When I dug into it, I figured out that Cash App is providing their customers with conflicting reports for their stock sales. In the app, the sales report rounds pennies up, in the actual sale, whose records are only available through more complex data export p…

I have nothing to add except to say that that sounds like what they did in Office Space.

Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#116

Post by LBJsPNS »

hoofhearted wrote: post #50
numlocked wrote: post #23

"CEO Jack Dorsey has publicly touted how Cash App is mentioned in hundreds of hip hop songs as evidence of its mainstream appeal. A review of those songs show that the artists are not generally rapping about Cash App’s smooth user interface—many describe using it to scam, traffic drugs or even pay for murder." Hindenburg made a music video compiling the references that is...uh...worth watching: https://www.youtube.co…

Correct. A scam here in Baltimore that keeps occurring is that the squeege kids will run up on someone unsuspecting and start cleaning their windshield. They will pressure the driver for a tip, and the driver will say they don’t have cash of course. They will say that’s cool, you can send me a tip. They ask the driver for their phone so they can look up their cashapp for them, and bam the driver got scammed. What’s h…

Roll up windows, lock doors, turn on windshield wipers. This scam was rampant in L.A. in the 1980s.

Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#117

Post by JumpCrisscross »

rossdavidh wrote: post #67

While this doesn't look great, it doesn't really seem up to the standards of past Hindenburg reports. Block's main product is credit card processing and point-of-sales, for retailers, and they have a reputation for being the easiest to use and deal with. I could easily believe that they are not doing their KYC work and that the feds will soon make them do so, but it doesn't really seem to add up to the company being…

> it doesn't really seem to add up to the company being a "fraud"

The allegations in this report add up to wilfulness. That could result in the company’s money transmission licenses being revoked.

Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#118

Post by hoofhearted »

calvinmorrison wrote: post #102
hoofhearted wrote: post #89

Earlier quoted context omitted.

It’s a high pressure situation in the middle of rush hour traffic. They like to target unsuspecting older white people, and unaware females. If you get aggressive, they will spit on your window, break your wipers off, and hit your car. Things can get really ugly if you get out of your car and try to confront them: https://www.thebaltimorebanner.com/community/criminal-justic...

Cashapp doesnt bear the responsability of highway robbermen

So you’re validating what Hindenburg research is saying correct?

A bunch of their transaction volume is scam money that is hard to reverse, and it’s not Blocks fault as you say.

Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#119

Post by JumpCrisscross »

gonzo41 wrote: post #77
boh wrote: post #45

Earlier quoted context omitted.

Silicon Valley creates companies with unsustainable business models that have to rely on tax/labor/regulatory loopholes. They pretend that profitability is due to actual technological innovation while negatively affecting actually functioning companies who don't have the same access to capital (bcs real companies can't pretend like they're capable of infinite growth). What most Silicon Valley companies wind up being…

I always think about uber. The moment that they have to start treating drivers like employee's they can't make money because self driving cars are still a dream and the taxi business is cut throat and always has been.

> moment that they have to start treating drivers like employee's they can't make money

Revel, in New York, has employees and does fine.

Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#120

Post by reaperducer »

numlocked wrote: post #23

"CEO Jack Dorsey has publicly touted how Cash App is mentioned in hundreds of hip hop songs as evidence of its mainstream appeal. A review of those songs show that the artists are not generally rapping about Cash App’s smooth user interface—many describe using it to scam, traffic drugs or even pay for murder." Hindenburg made a music video compiling the references that is...uh...worth watching: https://www.youtube.co…

I saw a car in a parking garage last week with writing on the back window in soap:

  JUST MARRIED
  SEND US SOME LOVE
  CASHAPP: xxxxxxxxx
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