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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

#221

Post by scotty79 »

chatmasta wrote: post #37
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…

That was indeed worth watching.

It's interesting to see it in the context of Bitcoin. It's just what people do when they can pay for things and services more freely.

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

#222

Post by yeahsure22 »

gessha wrote: post #165
bfeynman wrote: post #68

Earlier quoted context omitted.

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

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.

You do live in that world. You can trust random strangers but not ones the look like “youths” in Baltimore. Use your brain to asses the risk level.

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

#224

Post by JumpCrisscross »

boh wrote: post #212
JumpCrisscross wrote: post #192

Earlier quoted context omitted.

> 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 w…

I'm sure we'll see plenty of "gross profit" in their non-GAAP financial statements. I guess it doesn't take much to have people defend companies they know so little about in industries they have no experience in. Marketing really works I guess. Btw the Revel NY ridesharing isn't going so well: https://www.wsj.com/articles/new-york-city-commission-thwart...

> sure we'll see plenty of "gross profit" in their non-GAAP financial statements

You claimed the “moment that [ridesharing companies] have to start treating drivers like employee's they can't make money.” I showed a counterfactual. You’re doubling down with hunches and suppositions.

> Revel NY ridesharing isn't going so well

You’re citing an article from 2021 on the TLC blocking Revel’s application for more vehicles [1]. (It was since approved.) How is the government telling a company to stop growing an indictment of their business model?

[1] https://www.wsj.com/articles/new-york-city-commission-thwart...

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

#225

Post by olalonde »

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.

If I had a penny whenever someone incorrectly referenced that principle in response to a libertarian's desire to eliminate or disregard regulations. Naturally, they understand the reasons for the regulations' existence, they just hold a different viewpoint.

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

#226

Post by draw_down »

boeingUH60 wrote: post #209
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.

The crypto sector explained in a short sentence..

[dead]

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

#227

Post by brookst »

cal5k wrote: post #141
reaperducer wrote: post #125

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.

Why risky? Assuming the person with the rock knows this and is armed, they're probably ready for a would-be Rambo and they're much better positioned to shoot first, or at least they'll have the draw and be able to take your gun right off of you.

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

#228

Post by lotsofpulp »

hoofhearted wrote: post #108
bfeynman wrote: post #68

Earlier quoted context omitted.

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

You’re minimizing major fraud being committed by juveniles, and it’s easy money for them lol.

It is not fraud, it is theft.

It has nothing to do with Cash app. It could just as well be Zelle, or PayPal, or Venmo, or physical cash.

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

#229

Post by anovikov »

HarryHirsch wrote: post #188
finfrastrcuture wrote: post #121

Earlier quoted context omitted.

This reminds me of Brazilian banks which have introduced "Street Mode" to secure your banking app while out of the home: https://www.riotimesonline.com/brazil-news/brazil/nubank-wil...

"Brazilianization" is a real phenomenon, isn't it? One wishes we weren't going that way in the West, but we are.

Maybe it is a bit too much, but in general, Western societies should work on educating people to greatly reduce their amount of trust in other people. Current Western trust levels are simply not reflective of reality: they were meant for a white society with a single, enforced religion, where everyone was shaking in fear of divine punishment. We live in a global world now and vast majority of it never had or expected a similar level of trust, they are taking advantage of you way too easily. Including billion strong nations that had no concept of God for millennia and no concept of conscience.

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

#230

Post by tedivm »

LeifCarrotson wrote: post #181
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…

A "time delay safe" function in the app could accomplish the same thing. I'd certainly want to take 30 minutes to think about it (or login and unlock large transfers 30 minutes ahead of time) if I was going to spend more than a couple hundred dollars. Right now, muggers can't take $1000 out of my wallet because I don't have $1000 in my wallet. They cannot force me to use an ATM to empty my bank account because my ATM…

>Right now, muggers can't take $1000 out of my wallet because I don't have $1000 in my wallet. They cannot force me to use an ATM to empty my bank account because my ATM daily limits are set to $500/day.

When I moved to california my debit card got skimmed at a Lucky grocery store. Ever since then I've made sure that my debit card, venmo, paypal, and all my other money accounts are linked to a checking account that only has $500 in it. If I need to transfer someone more than that I'll transfer money into that account from my real checking account.

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