Earlier quoted context omitted.
The reason I hate plaid is that they are training people to hand over bank passwords/2fa tokens to 3rd parties. And sometimes there are no alternatives available to the consumer.
What you hate is not really Plaid but banks for not providing APIs. Banking data is too juicy to ignore, so when banks don't provide APIs of course companies will resort to MITMing.
Stripe responds to the Financial Connections/Plaid kerfuffle
121–130 of 191 posts
Re: Stripe responds to the Financial Connections/Plaid kerfuffle
#122Earlier quoted context omitted.
CEOs are literally paid to deal with these emotions constructively. In this case, that would have looked like welcoming a competitor to the space and being ready to win on execution, because ideas are free.
A prime example of this is the response Slack gave when Microsoft launched Teams. It was a direct copy-cat and they didn't throw a temper tantrum. They welcomed Microsoft into the space and saw it as validation of their product.
I’m seeing people conclude a lot more about Plaid from the CEO’s outburst than from Stripe’s announcement. If a competitor throws into your ring and your first move is to call foul on technicalities, it suggests you don’t think you can win on merit alone.
Re: Stripe responds to the Financial Connections/Plaid kerfuffle
#123Earlier quoted context omitted.
Competition is going to come whether you like it or not. You can whine about it, or you can use it as a tool to push yourself to be better. rchaud find this to be a platitude, but frankly, I don't give a shit what he thinks. If I'm a good CEO, I care much more about how my employees react to the new competition than to how this internet rando feels about my public response.
Speaking of effective communication, I don't think your tone effectively persuades skeptical listeners. You are on a forum of Internet randos, having a polite discussion.
It’s very difficult to bring up this topic in a constructive, thoughtful, and impactful way. But I urge you to really sit down and think carefully about it, even for a few minutes.
His tone was the tone I used to use. I still do, sometimes. I have to catch myself, because old habits are hard to break.
The reason I decided to break the habit is because it discourages people like my wife from becoming engineers, let alone founders. She’s one of the most talented hackers I know. And you’d be reasonable to suspect that I’m exaggerating or being nice because she’s a woman, but you’d be mistaken. If you’re a react dev, there’s a very strong probability that if you went head to hews with her in a “who can ship a great looking website faster?” contest, you would lose badly. I didn’t believe it until I saw it more than once.
The world is worse without people like her as engineers. And — most importantly — it’s worth altering our behavior in the default case, not to be nice or to be more inclusive, but because it will make everyone’s lives better in the long run.
Just some food for thought. It didn’t sink in for me until I pointed out she could be paid a lot more if only she’d aggressively negotiate. She mentioned “yeah, I know it’s how men do it.” A little switch flipped in my head. It doesn’t need to be this way; we decide to be this way.
Re: Stripe responds to the Financial Connections/Plaid kerfuffle
#124I have dealt with Stripe as a partner for my last three companies, and I do not trust them. The core team was A+ and very reasonable, but the non-core folks would regularly lie and misrepresent themselves. I have to be careful about examples because I don't want blowback to my colleagues, but here's one: telling a third party that they should not do a hybrid Stripe + my_old_company solution because our product couldn…
>telling a third party that they should not do a hybrid Stripe + my_old_company solution because our product couldn't support the use case. To be clear, are you complaining about salesmen at a competitor lying to close a sale? Are you also unhappy about water being wet, or bears shitting in the woods?
We were partnering with Stripe on a deal that we originated. They verbally agreed to terms. They then lied about our abilities. So we cut Stripe out, got the deal, and moved on.
The point isn't that competition exists; the point is that Stripe will say one thing and do another. If this is how you live your life, fine, but many people would like to know that Stripe has a history of bad behavior.
Re: Stripe responds to the Financial Connections/Plaid kerfuffle
#125I’ll never get over how regressive it is that we are literally clicking on images filled with text as a way to share… text. I seriously cringe each time, lol. Anyway, on topic, it’s good to see this little debacle behind them. Both stripe and plaid offer good services and competition is good in any case. I do wonder if there’s some room for innovation here from Google and Apple. It would be interesting to see if it’s…
This isn’t regressive at all. It’s a way to preserve and document something that will probably be deleted or made private. The alternative is maybe putting it into a pastebin or rehosting the text somewhere but somehow it seems less trustworthy that way even though photoshop exists. For accessibility purposes alt-text should be possible.
Re: Stripe responds to the Financial Connections/Plaid kerfuffle
#126Earlier quoted context omitted.
Any sufficiently good idea is really hard to communicate but really easy to demonstrate. That means you get a head start, but the next person gets it for free. That head start is your time to build a business with a moat. If you haven't done it by then, the next person will.
> Any sufficiently good idea is really hard to communicate but really easy to demonstrate. I'm gonna steal this.
Re: Stripe responds to the Financial Connections/Plaid kerfuffle
#127I have dealt with Stripe as a partner for my last three companies, and I do not trust them. The core team was A+ and very reasonable, but the non-core folks would regularly lie and misrepresent themselves. I have to be careful about examples because I don't want blowback to my colleagues, but here's one: telling a third party that they should not do a hybrid Stripe + my_old_company solution because our product couldn…
>telling a third party that they should not do a hybrid Stripe + my_old_company solution because our product couldn't support the use case. To be clear, are you complaining about salesmen at a competitor lying to close a sale? Are you also unhappy about water being wet, or bears shitting in the woods?
Re: Stripe responds to the Financial Connections/Plaid kerfuffle
#128I’ll never get over how regressive it is that we are literally clicking on images filled with text as a way to share… text. I seriously cringe each time, lol. Anyway, on topic, it’s good to see this little debacle behind them. Both stripe and plaid offer good services and competition is good in any case. I do wonder if there’s some room for innovation here from Google and Apple. It would be interesting to see if it’s…
Re: Stripe responds to the Financial Connections/Plaid kerfuffle
#129Earlier quoted context omitted.
Re: Plaid itself, having used some of their competitors, specifically Finicity, which is one of Stripe's partners for this, I wouldn't be too worried if I were them. IME, Plaid is lightyears ahead in terms of reliability and overall developer and end-user experience.
> IME, Plaid is lightyears ahead in terms of reliability and overall developer and end-user experience. I regret handing over my bank login details to Plaid, since they scraped my bank statements without stating so upfront and offered that information to 3rd parties (indirectly, as a score of some sort, IIRC, but that's scraping very personal information). When I mentioned it on HN a year or 2 ago, someone who works…
Plaid is pretty clear in their privacy policy that they DO NOT repackage and resell data (they do sell data - as in, when you use Plaid to give your banking info to a mortgage broker, the broker is paying Plaid for your data, but it is at your explicit request).
If banks didn't want Plaid to do screen scraping, they could build APIs. Some are now. But they've been VERY VERY reluctant to do so, because they want to hold customers (us!) hostage to their services and make it painful to go anywhere else to get financial services. I appreciate that Plaid figured out how to break their stranglehold, which has directly enabled the current blossoming of FinTech apps ... even if they had to do so in a way I don't love.
Re: Stripe responds to the Financial Connections/Plaid kerfuffle
#130I think that people underestimate what this feels like for the Plaid founder and potentially for Patrick too. For Plaid you've spent your life building this business. Presumably there are many happy customers and you're working really hard to define the space and provide service. One morning you flip on your laptop and see a headline that one of your customers (and competitors) launched a new service that directly co…
I don't think anyone would argue that it's a blow to the chest for Plaid. But, that's business. Plaid has raised $700m+ and is valued $10+ billion according to Wikipedia. This move by Stripe is absolutely one that any competent leadership team should have expected would happen sooner or later.
Saying "I don't think anyone would argue that X" means "I don't think anyone thinks X".