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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

#191

Post by polygamous_bat »

lofatdairy wrote: post #81
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 found this to be one of the weaker points in the research, as far as making a short case goes. If anything, the fact that it's so popular in hip hop would expose it to a much larger legitimate audience. Regardless, it's also just somewhat non-unique, Zelle is also name dropped in 22gz's Suburban, and a few Von and Durk songs, limiting ourselves only to drill rappers. Probably Venmo as well though I can't say I've h…

If CashApp numbers are inflated by illegal activities that will go away if the law cracks down on them, that is a matter of concern for CashApp investors.

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

#192

Post by JumpCrisscross »

boh wrote: post #183
JumpCrisscross wrote: post #154

Earlier quoted context omitted.

> Define "does fine". Spending and losing VC money doesn't count Then Revel does fine.

I'm guessing by the rhetorical nature of the response, the details of "fine" aren't clear.

> the details of "fine" aren't clear

They’re not, particularly since “spending and losing VC money” is often tossed around Uber, which doesn’t make sense, since it’s no longer VC backed.

I’m interpreting your sentiment as having a cash-flow positive operating model. Ridesharing absolutely works on a fundamental level with enough gross profit to fairly compensate drivers. (It doesn’t if drivers can log on and off at will, nor in low-population density or poorer areas.)

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

#193

Post by djbusby »

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…

Zelle has the same issue. Cannot unwind a fraudulent transaction.

So, just avoid CashApp and Zelle.

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

#194

Post by cornholio »

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

Furthermore, even if they have a bad design facilitating street thuggery, that has nothing to do with the business itself being a fraud.

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

#195

Post by [deleted] »

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…

[deleted]

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

#196

Post by cornholio »

polygamous_bat wrote: post #191
lofatdairy wrote: post #81

Earlier quoted context omitted.

I found this to be one of the weaker points in the research, as far as making a short case goes. If anything, the fact that it's so popular in hip hop would expose it to a much larger legitimate audience. Regardless, it's also just somewhat non-unique, Zelle is also name dropped in 22gz's Suburban, and a few Von and Durk songs, limiting ourselves only to drill rappers. Probably Venmo as well though I can't say I've h…

If CashApp numbers are inflated by illegal activities that will go away if the law cracks down on them, that is a matter of concern for CashApp investors.

> illegal activities that will go away if the law cracks down on them, that is a matter of concern for CashApp investors.

And indeed for any luxury brand that exists. I still don't understand how that makes the app itself a fraud.

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

#197

Post by polygamous_bat »

boeingUH60 wrote: post #185

> “I Paid Them Hitters Through Cash App”: Block Paid To Promote A Video For A Song Called “Cash App”, Which Described Paying Contract Killers Through The App. > The Artist, “22Gz”, Was Later Arrested for Attempted Murder It astonishes me how many rappers do this. It’s one thing to be a criminal, and it’s another to rap about your crimes and do the job of the investigators…they probably think it makes them tough or so…

I believe it is part of their marketing strategy -- being seen as a "cold blooded murderer" may add to the "cool factor" of the artist, which may appeal to the fans, even when it's artificially cultivated.

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

#198

Post by paisawalla »

birdyrooster wrote: post #184
cal5k wrote: post #141

Earlier quoted context omitted.

Risky move, given that Georgia is a constitutional carry state and castle doctrine extends to occupied vehicles.

Im pretty sure most guns are owned by hoarders sitting in a cabinet somewhere they aren’t likely to be in someone’s car who is ready to use it. Gun owners are a minority and they are just very enthusiastic individuals that they seem like a larger contingent than they are.

In 2020 this poll found 32% of Americans report owning a gun, and 44% live in a household with one. So not "most", but not insubstantial either.

https://news.gallup.com/poll/264932/percentage-americans-own...

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

#199

Post by jstx1 »

PragmaticPulp wrote: post #129
jstx1 wrote: post #65

Earlier quoted context omitted.

I don't think you have anyone to blame if you give your phone with a logged in money app to a stranger who is begging for money.

> I don't think you have anyone to blame It’s a negligent move for sure, but a crime is still a crime. Having someone steal your money without your consent is still theft and they are still the perpetrator of the crime. The victim-blaming mentality on the internet is wild. Being negligent or naive doesn’t shift 100% of the blame to the victim when a crime occurs.

You're focusing on whether it's the phone owner's fault or the thief's fault, my point is that it isn't the app's fault.

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

#200

Post by mrguyorama »

ChrisMarshallNY wrote: post #69
stuartjohnson12 wrote: post #3

Chesterton's Fence strikes again - every so often, someone has the bright idea of uninventing all the rules for just long enough that all of the reasons the rules were invented in the first place can regress back into existence.

I sometimes think that the absence of experience is an issue. Many of these Jurassic-scale disasters are ones that make me wonder "Were there any adults in the room, when this decision was made?" I suspect the answer is frequently "No."

Why would these companies care if their nonsense makes other people suffer when they still profit from that suffering?
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