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Block: Inflated user metrics and “frictionless” fraud facilitation

hindenburgresearch.com

201–210 of 324 posts

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

#201

Earlier quoted context omitted.

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...

Isn't this also the premise of the Office Space scheme?

... which explicitly references Superman III as the source.

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

#202
post #165

Earlier quoted context omitted.

Ah, yes, it’s the people who got scammed who are at fault. Everyone should always be ultra suspicious of everyone around them, no happiness or fun allowed. \s I want to live in a world where I can trust a random stranger, not suspect them of robbing me. Justifying some extra protections like a pin or a fingerprint check to finalize a transactions should not be this big of a deal.

I think that most other people would as well. Unfortunately, there are enough people willing to take advantage of that good will that you are a fool if you are not somewhat suspicious.

[deleted]

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

#203

> “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…

They're just keepin' it real.

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

#204

Weird, I use cashapp as my daily debit card. Figure it reduces overall risk by only having a set amount available for use at any time. If I need to spend more? I move it to cash app, then spend it. My main checking and savings accounts do not even have cards that are active. Its all cash app all the time. Not saying they aren't doing anything wrong, just that there are plenty of legitimate uses for the service.

I don't believe Hindenburg is claiming that 100% of all uses of Block is fraudulent. For any service, something between 0 and 100% of use case generally is fraud; their claim is that the actual percentage is much higher than what the public knows, and thus the market is overvaluing Block.

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

#205
post #45
post #14

Earlier quoted context omitted.

> Just about all of silicon valley seems to have run the longest and broadest grift we've seen. What do you mean by this

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…

"bcs real companies can't pretend like they're capable of infinite growth"

WeWork is a real company and managed it for a while

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

#206
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.

there are over 400 million firearms in the US in the hands of an estimated 100 million individuals

over two million background checks for firearms purchases are performed each month, and this number is rising, and the number of people who are being background checked for the first time is rapidly rising (fastest growing group - black women)

by 2030 there will likely be a half billion firearms in the US

there are more fully automatic rifles registered to individuals in Texas (40k) than are in possession of many NATO armies...for semi-auto pistols and rifles, Texas residents outgun most NATO armies by a substantial margin

these are stats that both gun advocacy and opposition groups will be happy to validate (each believe the numbers support their position)

anecdotally, it is very common here in Texas to read of traffic altercations in which both parties involved in road rage incidents were carrying in their vehicles...it is widespread

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

#207

"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…

> squeege kids

And another euphemism.

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

#208
post #141

Earlier quoted context omitted.

This happened to a friend of mine in Atlanta. Someone tried to sell her a rock at a traffic light. When she wouldn't buy it, they used it to smash her rear driver's side window and grab whatever they could from inside the car.

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

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

Not really. By the time a seat-belted person gets to their gun, whether in a holster, under the seat, in a purse, or in the glove box, the thief is long gone.

Real life is very different from the movies.

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

#209

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.

The crypto sector explained in a short sentence..

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

#210
post #35

This is bad for Block. I hope. It's incredible that since 2008 it actually seemed immensely easier to skirt regulations and laws (under the banner of 'innovation'), and not just in finance. Just about all of silicon valley seems to have run the longest and broadest grift we've seen. This year's gonna get real interesting.

> Just about all of silicon valley seems to have run the longest and broadest grift we've seen. I would say nearly all of Silicon Valley tech startups. Around 90% them are a complete SaaS grift and are also eternally unprofitable and are very good at losing money. Hence why they are solely dependent on begging for VC money every month to pump the pyramid scheme that recently collapsed a week a ago. We saw which start…

Indeed, VC's loaded with 'free' money pumping whatever idea could bring in the consumers enough to keep a narrative spinning.

I haven't seen any particularly strong profitability case for ChatGPT and the like yet, unless you call ad dollars from promoting "ChatXX does this amazing trick!" as proof.

People barely even questioned the ludicrous wages being thrown around in silicon valley, supported by 'funding rounds' and silly valuations of future growth.

But, it all sucks because the people that will lose are the last-in-chain investors and the to-be-unemployed. Not the VC crybabies currently out there complaining about their need for protection by the establishment they protest.

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