Afterpay Valuation, page-3339

This is not at all borne out by Afterpay's actual figures.

That's because it is a long term trend. it won't appear after just one year.

However every year the long tail (left hand side) of low spenders will increase. This is an irrefutable mathematical fact - not conjecture. Eventually it will destroy the business.

That is why store cards and CCs always have account fees and/or minimum spends. There is no other option (apart from forcibly closing accounts).