I was dealing with Merrill Lynch prior to 2007. Their Financial advisers presented ML as a bank. I tried to have my German Social Security transferred to the Money Fund of ML. The German financial people refused saying ML was no bank. I had no idea what that meant. After 2008 I found out. ML was an Investment Bank with little or no oversight by regulators. ML was forced to sell themselves to Bank of America to stay in business. I got lucky that I did not lose all my investments. Cancel Reply
They're gonna short themselves and somehow cash in on a algorithmic kneejerk reaction to their own hitpiece on themselves. It's how I would go down if I could.
They usually have good reports. But this one on Block was lame af. Legit "there might be some fraud on the amount of vendors" & young people are able to make whatever username they want to trick people to send them money. LOL
Oh, I bet. There's still hundreds of billions USD still sloshing around in the crypto financial sphere. That much money doing absolutely nothing of true value surrounded by desperate illiteracy is going to go *somewhere, somehow.*
Eh, arguably in the USA and India. But there’s 192 (give or take) other countries, and the same thing has happened before many, many times. And will definitely happen again. 2022 is definitely the year with the loudest
Just another 3 decade of transition of power, money, and social bias - look at the history. these periods are usually the worst and set pre cursor for the next cycle.
Honestly out of all their reports this one makes me want to buy SQ. Soo you’re saying they are already so popular in pop culture and the underground they get rapped about? .. sounds like a real marketing nightmare
Hindenburg has a great track record of reporting on companies that go up in a huge ball of flames as soon as their report hits the ground. Oh, the humanity.
@@qqqqqqqqqqqqqqq67 As long as they disclose how they count their users and are consistent then I don’t really see a problem. If they broke some KYC laws then they should be reprimanded, but as long as the avg $ per user is calculated with the same consistent “fake” number then mathematically the books are balanced.
as a Canadian I find it crazy you need to use a company to transfer money between banks and friends instead of just sending more from bank to friend or other bank on their app.
To be fair, you also need to use a company if you want to pay in a store using a credit/debit card, or if you wanna use an ATM - they are managed by separate companies. And (as an European) I imagine you can transfer money to your friends' account by a traditional bank transfer, but from my (Polish) experience they can take a while and require you to use an unwieldy, 24-digit account number.
@@Zarrx interac isn’t just a company, nor a 3rd party per say… they’re literally our debit system lol. All of our ATM’s are interac, and the ease comes from one master company backing everything and being behind it all. Though it does make it difficult when you go to the states with a Canadian debit card
@@wojtek4p4 traditional bank transfers here are instant and require nothing from the person receiving money lol. You literally open your bank app, hit e-transfer, enter the amount of money you want to send to the email or phone number associated to the bank account, and hit send lol. Voila. Takes under 1 minute and is accepted instantaneously. If the person is old they may have to hit “accept” prior through email/SMS. Very very easy process :)
Both of those generally do the best they can within the government regulations that make it a nightmare for them to do business. As in al things, there are bad actors, but the excessive regulation these days makes it so that banks can't loan money to people that can pay it back and have collateral to put up, because it is "predatory lending". and Insurance companies are legally barred from charging rates that reflect the risks involved, encouraging people to build homes in high risk areas with artificially low rates, for example.
@@johngaltline9933 that's bs. The regulations are necessary, some loans shouldn't happen (see 2008) and insurance companies wouldn't blindly provide insurance at too low prices, it's the government bailing out whenever these disasters happen. And with the regulations having loopholes there will be companies exploiting them like cash app
Makes me think of the people behind Square. You start something that helps small business owners and then you get partnered with another business that essentially takes advantage of them.
When the words "innovation" , "finance" or "financial" are found in the same sentence, paragraph or even something as long as a James Michener novel you are guaranteed that whatever it is touting is an elite level of criminality........
@@bill_the_butcher I've actually read most of his long-form novels over the years. It's not a slog if the subject matter interests you and you have a loooonnng attention span. lol
They deleted that cash app founder Bob Lee and then I see this? Idk if things are connected but man am i exhausted by all this wild news. Y’all be safe now.
It's also an industry rampant with morons tbh First job out of uni I took as a software engineer was for a start up with a ceo that legit had no idea what he was talking about. led to some very akward calls where he would butt in with "input" and all the technical staff would just go quiet.
All NFT are a scam. You can’t actually own the original digital art work unless you get the C drive or server it was designed own. Would never invest in one.
Why has this happened to every single company Jack Dorsey has ever worked at? Seriously he needs to be in jail for life, how many 12 figure frauds can he blatantly conduct and face no consequences
Hindenburg Research makes me love shorters. After GME people were really hating shorters not to mention those people that make money by destroying companies...
All the hyper capitalist people badmouthing short sellers are hilarious to me because they’re angry someone is doing capitalism better than them. Hypocrisy and karma.
@Pop Circus How is "shorting" a real thing? Can I sell your home to artificial create more supply than demand to only lower the value.... then just give your home back but I keep the differences. Totally capitalism.
@@brokenphysics6146 But my physical ownership via stock doesnt represent anything physical or "non-fungible"? If you want to use that word. I could liquidate property pretty quickly or use it as collateral... but that's besides the point. But creating words to mask what youre really doing doesn't change the underlying facts. Then use this to create "legalities" is immoral and a crime against humanity. You sound like SBF Yellen.
Too many smoothbrains in the comment section, the fact that this company makes billions alone through Square justifies the share price, short-term noise and hindenberg trying to make a quick buck. Next.
I get your argument about bad people doing bad things, this regulation stops a big chunk of bad thing. But the government and banks should not have as much control over your resources and life as they do.
I really wish people would pay closer attention to this lol… Take note of the fact that literally every single one of us has known this shit for ages now. These geniuses that invested hundreds of millions of dollars, I have never even signed up to use the damn thing and therefore have no idea how simplistic it is. What a diseased world we live in
Cash App founder was just stabbed and killed in San Francisco. I think it happened on 4/5/23, a couple of weeks after this video. Looks a bit suspicious after watching this video. Edit: Founders name is Bob Lee. SF Chronicle had a story on the stabbing/murder.
This video came out on a Friday (3/31) and then he was out late Monday night into Tuesday and was killed around 2-3am Tuesday (4/4). Weird coincidence, huh?
Unrelated, but I wonder. As a non-American, where I live I can just send a normal bank transaction to someone or send them a payment request through my bank. Basically every bank in my country is supported through requests and if not, transfer through IBAN is always possible and has never taken longer than an instant for me. Does the US not have that? Can't you just send money to eachother without having to go through some sort of money grubbing intermediate?
We absolutely can send money directly between banks for free in the US, however due to banking regulations here it normally takes a day or two to process. The apps do it instantly, but with a small fee.
@@jeremiahblake3949 and there isn't an option to send it instantly? We have the normal bank transaction and instant payment (for a small fee in some cases but not all). It also depends on if it's the same bank or another bank.
@@xman7695 time varies. Say if sent through Zelle (partners with different banks) it can be instantenous. We can also send money through Facebook which is free and often instant but also varies in send time
@@jeremiahblake3949 business days it is often instant unless a large transaction or a lot of transactions that would require someone to look at to see if there was anything strange
KYC was not originally about AML. It was originally designed to prevent financial institutions selling sophisticated financial products to customers who didn't understand them, which was a reaction to the GFC of 2007/2008, where complex credit instruments were bundled and sold to regular people with no background in finance. Since then, the banks have cleverly managed to turn KYC around by always mentioning it as a legal obligation together with AML and it's now used as another way for them to collect information on customers rather than something that serves to protect customers.
It is a legal obligtion though.... what on earth are you talking about??? There are literally auditors and regulators coming in to check if certain docs (including non-AML stuff) have been collected or not. If you have an issue with banks "collecting information", then go complain about your govt not the banks cos trust me almost all banks would avoid collecting extra info (and therefore doing extra work) if they actually could.
@@devilex121 I 100% agree this is a regulation problem, because the regulators are indeed the ones ultimately responsible for changing the meaning of KYC. My point was that KYC specifically was designed to protect customers but now it's conflated with AML which protects the banks themselves. In any case, KYC has definitely failed in it's goal of preventing financial institutions selling complex products to unsophisticated customers.
This is a wholesale lie, and I have no idea where the misunderstanding comes from. What any facet of KYC laws seems suited to this? Seriously banks can’t gather your IQ and don’t keep your education info on file - what the actual fuck are you talking about?? KYC has absolutely been about AML from the start - that’s why we gather financial info like where your money comes from since the inception of KYC. Wtf dude??
That’s the point. Dude almost never talks about positives. He acts like everywhere in the US is so inflated that life sucks. It isn’t true. He does this because fear attracts attention. I live in the midwest and life isn’t a struggle. Stop living in San Francisco or New York if you want a decent life
@@jasonbfhfj8132 yeah I know. I live outside a HCOL city so it’s not as easy out here as in the Midwest but it’s not terrible (yet - but it’s changing fast with domestic immigration patterns). And I used to say what you said. But I’ve been on the job market for over 3 months (in biotech) and 95% of the jobs are on-site or hybrid, in the HCOL or VHCOL cities. I don’t know what to do. I resent being forced to move to a place that will make most aspects of my life and future demonstrably worse than they are, but at the same time I like my field and don’t want to have to leave it just because these companies want to justify their leased office space and my city doesn’t want to expand its biotech strength.
@@sovrappensiero1 exactly. I feel like people saying the midwest or down south have it 'great' are not taking into account that to make a high salary sometimes you have to be HCOL adjacent if not living in the damn HCOL. I read that wealthy companies were trying to downgrade your salary if you chose not to stay in a HCOL during/post? the pandemic. Either way, I doubt certain fields can have a 'nice' midwestern lifestyle if they can't get paid well.
And almost a year later, Hindenburg was wrong. Loaded up on shares between $38-50; a lot of people don’t understand that short reports are often opinion-based, do your own research!
All services online should require you to have an active unique cell phone number associated with each account. This means you would only be allowed one account per cell phone number. That way you can't create an account without an active cell phone number. This also means scammers would have to pay for another cell phone to open another account. It would reduce most of the fake accounts out there and an added bonus is that law enforcement would know the owner of every account. Scams online would drop significantly.
It’d be interesting to see how legitimate online banking apps compare to classic branches, I’m from the uk and have a traditional bank as well as solely digital, a break down of the business models would be interesting to me. Worth noting the online banks I’ve used require photo I’d identification, so hopefully not as sus as cash app
I actually like Cash App's looser standards because as power and control consolidates, it's nice to some anonymity and privacy. Honestly, every argument in this video could be used against any crypto coin.
This is How Money Works, not How Freedom Works. The viewers of this channel probably don't see the bank bailouts or Fiat currency as serious problems representing fundamental issues with the current financial system.
Would love to hear a mention on how AML/KYC objectively spectaculary fails at stopping criminals, and if anything it helps them because it makes user data leaks leading to identity theft more common. Great video otherwise, I'm sure it's now also priced in.
The point of those laws isn’t the security of users in general (otherwise the U.S. would pass a law for protecting user privacy and creating minimum standards of computer security, which Congress has not done); the point of those laws is to force illegal transactions to use cash directly (which allows for police on the ground a higher probability of finding evidence), and those laws have been very successful in doing that.
Survivorship bias. KYC laws were originally designed to protect unsophisticated clients from being sold highly complex financial products that they didn’t fully understand. This doesn’t happen by and large in the western world now by large institutions who are regulated by KYC laws, so I’d argue they work very well at minimising criminality
@@markavelisocal Because of the shady shit they did in the class action lawsuit in California. Currently, when they are being used as an income verification platform, they request your banking user name and password, after which they use your credentials to log in to your bank account to root around for income deposits. That's the kind of information people shouldn't just freely give up.
This may or may not be true but the last time I used cash app was years ago when I paid a guy for a cheaper UPS shipping label (probably obtained through mail fraud) 👍🏼
Every “ Label plug” back then used stolen credit cards to buy labels then resale it for their services. Sucks you got involved. It’s very risky because your items in the mail may get seized due to fraud
3:07 Elon wasn't "Forced" to buy Twitter. He had an option to either follow the legally binding contract he signed to buy twitter or pay the difference in the stock price after it tanked when he said he was pulling out. Both has him spending billions but the former ends up with him owning twitter, so it's the option he chose.
I guarantee you if we were to actually look at a lot of billionaires that we would have no billionaires left as they never get to the top without some soft of criminal activity
i was on twitter from the year it began until march 20th 2023 when they pulled 2 factor security unless you pay for it. such a stupid way to run a business.
Ok!? I forgot my password, had 150 in there, Lost my ID, I tried to send a picture of it and they said it wasn't good enough even getting the person who sent the money to vouch for me. Fucc all of them
I just cannot believe how bad the laws are in the US. In my country there is a law that defines clearly what businesses banking includes. And according to that law, payment processing is a banking business. If you do any single thing from the list in that law, you are a bank, and you need a banking license. Or you are forbidden to operate at all. No lawyering, no questioning, the rules are crystal clear and are being enforced by the banking regulation authority. Paypal had to get a banking license and to comply with regulations to operate here. In the US it just seems to be some free for all, no matter whether there are rules or regulations, you just ignore them and hire lawyers. Is that what you call "freedom"?
The middle half of the century will definitely be seeing a lot of companies have to be checked for inflated user counts as more investors learn that user bases can be inflated. :D
I get what your saying about oversight but the other side of the coin is that the government shouldn’t have that much power on individual resources. That’s why I like the app. To be fair standard banks also have criminal elements.
Speaking of overvalued companies... TSLA: P/E of ~50, and EV/EBITDA of ~35, while Toyota, one of the most successful automakers, is around ~11 and ~10, respectively. Sector average is about 5 for P:E, and in the low teens for EV/EBITDA.
Many churches adopted cashapp during the pandemic when congregations began watching church on Facebook and TH-cam rather than physically going to the building.
Whenever a company is described as “not technically a bank,” you should run
Regular banks are bad enough.
Yes, it means it is not regulated and your deposits are at risk - as per FTX - despite what they promise you!
@keithsze001 Guess how well that's going for banks now, SVB, Credit Suisse, DB etc... The whole of finance is the problem.
All problems lie in unregulated capitalism.
I was dealing with Merrill Lynch prior to 2007. Their Financial advisers presented ML as a bank. I tried to have my German Social Security transferred to the Money Fund of ML. The German financial people refused saying ML was no bank. I had no idea what that meant. After 2008 I found out. ML was an Investment Bank with little or no oversight by regulators. ML was forced to sell themselves to Bank of America to stay in business. I got lucky that I did not lose all my investments.
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When Hindenburg is ready to cash out, it will do a story on itself.
lol
“We’ve been making shit up those whole time and you all believed us because you’re too lazy to do your own research.”
They're gonna short themselves and somehow cash in on a algorithmic kneejerk reaction to their own hitpiece on themselves. It's how I would go down if I could.
They usually have good reports. But this one on Block was lame af. Legit "there might be some fraud on the amount of vendors" & young people are able to make whatever username they want to trick people to send them money. LOL
@@dukequack6209 it's obvious you don't own a business. The scam honestly isn't with cash app and with the block payment system
Correction: Square/Block doesn't own Stripe, they are entirely separate companies 10:37
You are 100% correct, Stripe is a competitor of Blocks payment processor Square. Thanks for noticing that error.
@@jahjoeka shut
@@jahjoeka shut
@@jahjoeka shut
@@jahjoekashut
2022 was the worst year for financial fraud YET.
Oh, I bet. There's still hundreds of billions USD still sloshing around in the crypto financial sphere. That much money doing absolutely nothing of true value surrounded by desperate illiteracy is going to go *somewhere, somehow.*
Eh, arguably in the USA and India. But there’s 192 (give or take) other countries, and the same thing has happened before many, many times. And will definitely happen again. 2022 is definitely the year with the loudest
Just another 3 decade of transition of power, money, and social bias - look at the history. these periods are usually the worst and set pre cursor for the next cycle.
No. But no one remembers what happened when stocks were a new, unregulated thing.
🤔😅
Hindenburg research is building up trust fast. I wonder how long it will take until they fall flat with a release.
Honestly out of all their reports this one makes me want to buy SQ. Soo you’re saying they are already so popular in pop culture and the underground they get rapped about?
.. sounds like a real marketing nightmare
Hahaha
@@jakeroper1096 if they are so popular why do they fake their user numbers?
Hindenburg has a great track record of reporting on companies that go up in a huge ball of flames as soon as their report hits the ground. Oh, the humanity.
@@qqqqqqqqqqqqqqq67 As long as they disclose how they count their users and are consistent then I don’t really see a problem. If they broke some KYC laws then they should be reprimanded, but as long as the avg $ per user is calculated with the same consistent “fake” number then mathematically the books are balanced.
as a Canadian I find it crazy you need to use a company to transfer money between banks and friends instead of just sending more from bank to friend or other bank on their app.
Interac is a company though
To be fair, you also need to use a company if you want to pay in a store using a credit/debit card, or if you wanna use an ATM - they are managed by separate companies.
And (as an European) I imagine you can transfer money to your friends' account by a traditional bank transfer, but from my (Polish) experience they can take a while and require you to use an unwieldy, 24-digit account number.
@@Zarrx interac isn’t just a company, nor a 3rd party per say… they’re literally our debit system lol. All of our ATM’s are interac, and the ease comes from one master company backing everything and being behind it all. Though it does make it difficult when you go to the states with a Canadian debit card
@@wojtek4p4 no, same company lol. Canada has it much easier than most countries for financial ease of use
@@wojtek4p4 traditional bank transfers here are instant and require nothing from the person receiving money lol. You literally open your bank app, hit e-transfer, enter the amount of money you want to send to the email or phone number associated to the bank account, and hit send lol. Voila. Takes under 1 minute and is accepted instantaneously. If the person is old they may have to hit “accept” prior through email/SMS. Very very easy process :)
With enough lawyers, anything is legal
All businesses are out to screw you out of your money
not all of them. Just super big corpos. Local businesses are sane, but rare as fuck because people do not support them anymore.
@@oceanbytez847 small business owners can be just as greedy. You just don't hear about them often because they're small fish.
2 branches I will never invest in:
1. Banks
2. Insurances
3. Anything pretending to be related to the former.
Both of those generally do the best they can within the government regulations that make it a nightmare for them to do business. As in al things, there are bad actors, but the excessive regulation these days makes it so that banks can't loan money to people that can pay it back and have collateral to put up, because it is "predatory lending". and Insurance companies are legally barred from charging rates that reflect the risks involved, encouraging people to build homes in high risk areas with artificially low rates, for example.
@@johngaltline9933 that's bs. The regulations are necessary, some loans shouldn't happen (see 2008) and insurance companies wouldn't blindly provide insurance at too low prices, it's the government bailing out whenever these disasters happen. And with the regulations having loopholes there will be companies exploiting them like cash app
Wise
Makes me think of the people behind Square. You start something that helps small business owners and then you get partnered with another business that essentially takes advantage of them.
The ceo just got stabbed at 3am in downtown SF
@@pbaby6813wow. That actually happened.
The guy who founded Cashapp was stabbed to death in San Francisco yesterday
I prefer "assassinated" but ok, well pretend it was an accident cause its less scary to think about 😂
@@Dre2Dee2 Apparently a city fire commissioner was stabbed as well.
Hmm
When the words "innovation" , "finance" or "financial" are found in the same sentence, paragraph or even something as long as a James Michener novel you are guaranteed that whatever it is touting is an elite level of criminality........
every scam has already been invented, now they just get new names
@@BusinessWolf1 very true
@@bill_the_butcher I've actually read most of his long-form novels over the years. It's not a slog if the subject matter interests you and you have a loooonnng attention span. lol
nicely said....
Financial + innovation = scam
Things just got weirder, given what just happened with the Cash App founder. 🤔
He fucked over the wrong person so they got their payment back in blood 🤫🤫
@Dre Ruiz no. Has to do with a take over. Do your research
He is "repordedly" dead. Prison or fake death? Take a brillant dude and make him a informant or slave to the corrupt.
@texascountry7663 I mean to be fair you see him die on video and his body goes room temperature before the cops get there.
@@CatIsMad just sayin, we see him stumble out of view twice.
They deleted that cash app founder Bob Lee and then I see this? Idk if things are connected but man am i exhausted by all this wild news. Y’all be safe now.
You can run, but ya cant hide
Fed now is a cash app that will be released soon by the federal reserve right on the heels of this news
I'm starting to wonder if it's a good choice to just open shorts on any software based business at this point, if it isn't a failure its a fraud
The risk is just how long it’ll take for the house of cards to crash
It's also an industry rampant with morons tbh
First job out of uni I took as a software engineer was for a start up with a ceo that legit had no idea what he was talking about.
led to some very akward calls where he would butt in with "input" and all the technical staff would just go quiet.
The Cash App founder was just found stabbed to death & this video pops up on my homepage.
My condolences to the person who got scammed out of $280
Might actually be worth it. What is somebody is collecting the most epic nft fails
All NFT are a scam. You can’t actually own the original digital art work unless you get the C drive or server it was designed own.
Would never invest in one.
hey a nigerian scammed me for that exactly amount of btc 3 years ago lol. it was around 0.02 btc smh..
My dad just got scammed with $10k worth of BTC
i dont think he sold it to them, lol just the highest bid
Scam or be scammed 😂😂😂
What a world we live in
Does this look like India to you?
@@samsonsoturian6013 well, indians are like 3/10 population, soooo
@@samsonsoturian6013 Worse than India. You can find fraud almost everywhere in America in every job position available.
@@samsonsoturian6013 We're just a little smarter than them
Suddenly, the stabbing death of Cash App founder Rob Lee this week is looking a lot more suspicious....
Fr
“If it does go under, it would make a great addition to my new store.”
Anybody else notice who provides the payment portals on said store? 13:57
condolences to anybody in the way..
Why has this happened to every single company Jack Dorsey has ever worked at? Seriously he needs to be in jail for life, how many 12 figure frauds can he blatantly conduct and face no consequences
Hindenburg Research makes me love shorters. After GME people were really hating shorters not to mention those people that make money by destroying companies...
All the hyper capitalist people badmouthing short sellers are hilarious to me because they’re angry someone is doing capitalism better than them. Hypocrisy and karma.
Shorters.... Keeping the bastards, honest ‼️😂
@Pop Circus How is "shorting" a real thing?
Can I sell your home to artificial create more supply than demand to only lower the value.... then just give your home back but I keep the differences.
Totally capitalism.
@@drshlotzkin no, because your home is non-fungible.
Shorting isn't the problem. Naked shorting is.
@@brokenphysics6146 But my physical ownership via stock doesnt represent anything physical or "non-fungible"? If you want to use that word. I could liquidate property pretty quickly or use it as collateral... but that's besides the point.
But creating words to mask what youre really doing doesn't change the underlying facts. Then use this to create "legalities" is immoral and a crime against humanity.
You sound like SBF Yellen.
If you're product is widely mentioned in rap then it's either an expensive thing rappers want, a status symbol or involved in something illegal
Too many smoothbrains in the comment section, the fact that this company makes billions alone through Square justifies the share price, short-term noise and hindenberg trying to make a quick buck. Next.
I get your argument about bad people doing bad things, this regulation stops a big chunk of bad thing.
But the government and banks should not have as much control over your resources and life as they do.
You can NOT have it both ways. Either you have more safety and less control or more control and less safety. These two are in a direct inverse ratio.
@@BusinessWolf1 yes, that is why I said "I get your argument". I understand it, I just disagree.
True. The government (especially the ones in charge of taxes, ugh) and banks are the lesser evil in this scenario.
Yeah I would prefer this to 100% govt control
@@alexandervowles3518 that sounds remarkably like starving to death in your pod because the government forgot you exist
Do you accept cash app for your merch? 😜
The gall you have to have to commit fraud against an app (and, presumably, simultaneously against other businesses) is mind-boggling.
Better than fraud against people.. most apps and businesses are going to be insured against fraud. Most people are not.
Most of the cash app users I met, turned out to be scammers
This aged poorly quickly
Why what happened?
The FBI should buy CashApp, just to kept tabs on criminals.
l put my hamster in a sock and slammed it against the furniture.
@@TippyHippy lol
Yeah but the FBI is prolly in on it. I guess that would just make them want it more lol.
No they should not! The FBI needs to keep its massive fucking nose out of peoples business
@@TippyHippy just microwave it like a normal person, please
That $17 mug did cost me my financial future
Great mug idea
@@HowMoneyWorks could I least get a mug for the idea?
@@GusTheWolfgang This seems fair.
I really wish people would pay closer attention to this lol… Take note of the fact that literally every single one of us has known this shit for ages now. These geniuses that invested hundreds of millions of dollars, I have never even signed up to use the damn thing and therefore have no idea how simplistic it is.
What a diseased world we live in
Nice video! Props to you for growing the channel!
Thanks! Big fan of your channel too.
Cash App founder was just stabbed and killed in San Francisco. I think it happened on 4/5/23, a couple of weeks after this video. Looks a bit suspicious after watching this video.
Edit: Founders name is Bob Lee. SF Chronicle had a story on the stabbing/murder.
*Murdered not killed.
This video came out on a Friday (3/31) and then he was out late Monday night into Tuesday and was killed around 2-3am Tuesday (4/4). Weird coincidence, huh?
*Assassinated, yes very peculiar
Nope. I work at cash app. He left the company years ago.
Unrelated, but I wonder. As a non-American, where I live I can just send a normal bank transaction to someone or send them a payment request through my bank. Basically every bank in my country is supported through requests and if not, transfer through IBAN is always possible and has never taken longer than an instant for me.
Does the US not have that? Can't you just send money to eachother without having to go through some sort of money grubbing intermediate?
We absolutely can send money directly between banks for free in the US, however due to banking regulations here it normally takes a day or two to process. The apps do it instantly, but with a small fee.
@@jeremiahblake3949 and there isn't an option to send it instantly? We have the normal bank transaction and instant payment (for a small fee in some cases but not all). It also depends on if it's the same bank or another bank.
@@xman7695 time varies. Say if sent through Zelle (partners with different banks) it can be instantenous. We can also send money through Facebook which is free and often instant but also varies in send time
@@jeremiahblake3949 business days it is often instant unless a large transaction or a lot of transactions that would require someone to look at to see if there was anything strange
We have Zelle
KYC was not originally about AML. It was originally designed to prevent financial institutions selling sophisticated financial products to customers who didn't understand them, which was a reaction to the GFC of 2007/2008, where complex credit instruments were bundled and sold to regular people with no background in finance. Since then, the banks have cleverly managed to turn KYC around by always mentioning it as a legal obligation together with AML and it's now used as another way for them to collect information on customers rather than something that serves to protect customers.
It is a legal obligtion though.... what on earth are you talking about??? There are literally auditors and regulators coming in to check if certain docs (including non-AML stuff) have been collected or not. If you have an issue with banks "collecting information", then go complain about your govt not the banks cos trust me almost all banks would avoid collecting extra info (and therefore doing extra work) if they actually could.
@@devilex121 I 100% agree this is a regulation problem, because the regulators are indeed the ones ultimately responsible for changing the meaning of KYC. My point was that KYC specifically was designed to protect customers but now it's conflated with AML which protects the banks themselves. In any case, KYC has definitely failed in it's goal of preventing financial institutions selling complex products to unsophisticated customers.
None of it is about money laundering. It's about centralizing control of your behavior into fewer and fewer hands.
This is a wholesale lie, and I have no idea where the misunderstanding comes from. What any facet of KYC laws seems suited to this? Seriously banks can’t gather your IQ and don’t keep your education info on file - what the actual fuck are you talking about??
KYC has absolutely been about AML from the start - that’s why we gather financial info like where your money comes from since the inception of KYC. Wtf dude??
This video made me realize why a lot of drug dealers accept cash app.
Why do you know a lot of drug dealers?
@@leoperez6737 Where else would I get my drugs?
sus
AKA cops
Like the CIA for example?
Providing illicit substances is a valuable and highly in-demand service to society though.
Edit: I'm sure politicians never use it, never.
Love the videos keep up the good work!
You're a legend dissecting this. This is your niche.
Watching this channel makes me feel like the future is truly doomed.
That’s the point. Dude almost never talks about positives. He acts like everywhere in the US is so inflated that life sucks. It isn’t true. He does this because fear attracts attention. I live in the midwest and life isn’t a struggle. Stop living in San Francisco or New York if you want a decent life
@@jasonbfhfj8132 yeah I know. I live outside a HCOL city so it’s not as easy out here as in the Midwest but it’s not terrible (yet - but it’s changing fast with domestic immigration patterns). And I used to say what you said. But I’ve been on the job market for over 3 months (in biotech) and 95% of the jobs are on-site or hybrid, in the HCOL or VHCOL cities. I don’t know what to do. I resent being forced to move to a place that will make most aspects of my life and future demonstrably worse than they are, but at the same time I like my field and don’t want to have to leave it just because these companies want to justify their leased office space and my city doesn’t want to expand its biotech strength.
@@sovrappensiero1 exactly. I feel like people saying the midwest or down south have it 'great' are not taking into account that to make a high salary sometimes you have to be HCOL adjacent if not living in the damn HCOL.
I read that wealthy companies were trying to downgrade your salary if you chose not to stay in a HCOL during/post? the pandemic.
Either way, I doubt certain fields can have a 'nice' midwestern lifestyle if they can't get paid well.
And this is why you never listen to financial analysts, Block inc is up $10 since this vid when they predicted it would decrease $40
And almost a year later, Hindenburg was wrong. Loaded up on shares between $38-50; a lot of people don’t understand that short reports are often opinion-based, do your own research!
All services online should require you to have an active unique cell phone number associated with each account. This means you would only be allowed one account per cell phone number. That way you can't create an account without an active cell phone number. This also means scammers would have to pay for another cell phone to open another account. It would reduce most of the fake accounts out there and an added bonus is that law enforcement would know the owner of every account. Scams online would drop significantly.
I can feel a Coffeezilla video coming from all this information.
This didn't age very well....
It’d be interesting to see how legitimate online banking apps compare to classic branches, I’m from the uk and have a traditional bank as well as solely digital, a break down of the business models would be interesting to me.
Worth noting the online banks I’ve used require photo I’d identification, so hopefully not as sus as cash app
It's like TH-camrs that buy subscription bots except it's money and investors shower you with money until they find out
I actually like Cash App's looser standards because as power and control consolidates, it's nice to some anonymity and privacy. Honestly, every argument in this video could be used against any crypto coin.
Ya, cause crypto is hot garbage
This is How Money Works, not How Freedom Works.
The viewers of this channel probably don't see the bank bailouts or Fiat currency as serious problems representing fundamental issues with the current financial system.
a buddy of mine got deported. he later found that multiple verified accounts were opened using his ssn...without his knowledge after his removal.
How do you have a a legal ssn if you are in a position to be able to be deported? Sounds like it was already a stolen ssn to me
Would love to hear a mention on how AML/KYC objectively spectaculary fails at stopping criminals, and if anything it helps them because it makes user data leaks leading to identity theft more common. Great video otherwise, I'm sure it's now also priced in.
The point of those laws isn’t the security of users in general (otherwise the U.S. would pass a law for protecting user privacy and creating minimum standards of computer security, which Congress has not done); the point of those laws is to force illegal transactions to use cash directly (which allows for police on the ground a higher probability of finding evidence), and those laws have been very successful in doing that.
Survivorship bias. KYC laws were originally designed to protect unsophisticated clients from being sold highly complex financial products that they didn’t fully understand. This doesn’t happen by and large in the western world now by large institutions who are regulated by KYC laws, so I’d argue they work very well at minimising criminality
@@sticklebacketienne
That’s not true, I saw the same comment you did, but that’s definitely not true. Crazy notion
I was going for a walk a few months ago and saw Enron cap on the sidewalk. I thought it was strange. An ominous sign of things to come.
Like, a hat? That is rather strange. Seldom do folks abandon a hat.
Can’t tell if this aged well or not?
The one good thing about higher interest rates is that these overhyped tech startups are finally facing the reality of their lousy business models
Excellent video!
Next you should tackle Plaid. That company rubs me all the wrong ways.
Why ?
@@markavelisocal Because of the shady shit they did in the class action lawsuit in California. Currently, when they are being used as an income verification platform, they request your banking user name and password, after which they use your credentials to log in to your bank account to root around for income deposits. That's the kind of information people shouldn't just freely give up.
Regardless of what people think of the app. RIP Bob Lee 🕊️🙏
yep it was such an odd timing for uploading this video
@@TheDoomer666it was uploaded before the murder how would HMW have known
@@karunk7050HMW did it confirmed
The madoff hoodie is so cool! I had to buy one. I really wish the Lehman Bros mug was available in hoodie form though 😢
If it doesn’t have fraud protection or doesn’t allow you to dispute a transaction don’t use it.
TFW you’re watching this and hear the Bob Lee story at the same time 😳
Hello to all the people coming here from the news about creator of cash app being stabbed
The "worst year for financial fraud, ever" or rather "the best year for prosecuting large scale financial fraud so far"?
Always interesting, thank you.
This explains part of the reason the
I-R-S is beefing up their workforce.
Interesting
OK the "first human to lost $200 billion in history" headline made me cackle
This may or may not be true but the last time I used cash app was years ago when I paid a guy for a cheaper UPS shipping label (probably obtained through mail fraud) 👍🏼
Bro a label is like $10 😂 were u down that bad
Every “ Label plug” back then used stolen credit cards to buy labels then resale it for their services. Sucks you got involved. It’s very risky because your items in the mail may get seized due to fraud
@@JGL98 broke college student man. It was a heavy item and I shipped a lot. Adds up
"It's important you make your own research"
"I read this so you don't have too"
Pick one
Looks like Binging with Babish will need a new sponsor...
3:07 Elon wasn't "Forced" to buy Twitter. He had an option to either follow the legally binding contract he signed to buy twitter or pay the difference in the stock price after it tanked when he said he was pulling out. Both has him spending billions but the former ends up with him owning twitter, so it's the option he chose.
I guarantee you if we were to actually look at a lot of billionaires that we would have no billionaires left as they never get to the top without some soft of criminal activity
i was on twitter from the year it began until march 20th 2023 when they pulled 2 factor security unless you pay for it. such a stupid way to run a business.
Surely it was the best week for fiancial fraud not the worst.
This is just a symptom of our current bubble economy. It's the late 90s/early 2000s tech boom all over again.
Funny. I had my cashapp locked. I was asked to provide two forms of American ID. I only had my passport. I had 100 dollars in there 😂
Ok!? I forgot my password, had 150 in there, Lost my ID, I tried to send a picture of it and they said it wasn't good enough even getting the person who sent the money to vouch for me. Fucc all of them
@Damon Wright How so? Where’s your evidence?
@Damon Wright okay 😂
Cashapp is trash.
@@Thor-Orion I preferred venmo but most of my friends used it so I had to get it too.
And that's why in Mexico we don't use Cash, we rely instead on a central payment processing system run by the national bank.
Sounds like a hit piece to force the market for a short
Cash App founder and CTO Bob Lee was murdered in SF this week. I doubt there’s nothing shady going on with that. RIP Bob Lee.
Is this why the CEO got stabbed to death?
Not a single person is surprised. We encourage this type of scheming and dishonesty.
Do you realize the Bob Lee situation happened just 4 days after this video?
every day the 100 thieves cash app compound falls more and more into the abyss
I'm not even surprised at this point.
I just cannot believe how bad the laws are in the US. In my country there is a law that defines clearly what businesses banking includes. And according to that law, payment processing is a banking business. If you do any single thing from the list in that law, you are a bank, and you need a banking license. Or you are forbidden to operate at all. No lawyering, no questioning, the rules are crystal clear and are being enforced by the banking regulation authority. Paypal had to get a banking license and to comply with regulations to operate here.
In the US it just seems to be some free for all, no matter whether there are rules or regulations, you just ignore them and hire lawyers. Is that what you call "freedom"?
and now the cashapp founder has been found dead in SF...
THE ROARING TWENTIES all over again
HERE COMES THE DEPRESSION
The middle half of the century will definitely be seeing a lot of companies have to be checked for inflated user counts as more investors learn that user bases can be inflated. :D
Honestly, I’ve followed Hindenburg for a while and they are a very scummy company
CEO of cashapp was just stabbed earlier today. Crazy.
off topic.. what movie/clip is @10:00?
I get what your saying about oversight but the other side of the coin is that the government shouldn’t have that much power on individual resources. That’s why I like the app. To be fair standard banks also have criminal elements.
The punishment for these guys tells me the government actually doesn't care.
Any relation between this and the death of the CASH APP founder and Block exec?
Speaking of overvalued companies...
TSLA: P/E of ~50, and EV/EBITDA of ~35, while Toyota, one of the most successful automakers, is around ~11 and ~10, respectively. Sector average is about 5 for P:E, and in the low teens for EV/EBITDA.
Can you list the movies played as stock footage for your videos?
Many churches adopted cashapp during the pandemic when congregations began watching church on Facebook and TH-cam rather than physically going to the building.
Damn cash app ceo died five days after this video
👁️ 🤔🤔 👀👀
This leads to the question...how does Hindenburg benefit from this researches coz I really doubt it's out of good will
It’s crazy cash app founder was murdered how many days after this video?
"banking the unbanked." Such a warm and fuzzy phrase. Not so fast.
It's nice for people who are getting screwed by traditional banks because of their political views (see: Canada)
I think you're the first TH-camr to whom I'd buy merch, but I'm from the third world man, I can't spend $17 on a mug!
And even if one can 17$ for a mug is still way more than one should pay for it😅
Where are you from, if I'm allowed to ask?
Same, I very much want the Madoff hood but $41 is grocery money for a month where I am.
@@rubidiumstrontium6427 venezuela 🤝where dreams leave true
Also the People who Own The CashApp Company, are Scammers to, my Brothers and Sisters.