Good take. The report is hollow in the sense that it took two years of research to find some cases of inappropriate usage and sensationalise it to the point cash app was designed to facilitate criminal activity since day 1.
US population is ~330m and no one would expect that 51m monthly transaction actives would equate to 51m users once you consider the demographics cash app is targeting. It's the $ flow that matters.
The main question for me is if or to what extent the app is used for inappropriate activities (AML, criminal etc) on a systematic basis in $ term. Idiosyncratic cases can't be avoid and can only be limited to a certain extent.
I'm waiting for Block's response to decide my next step.
Good take. The report is hollow in the sense that it took two...
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