I still see a business that is more valuable than its current SP...

I still see a business that is more valuable than its current SP suggests.

The tech and design issues (and just how unbelievably slowly they seem to be going with resolving said issues) is more concerning to me as that will hold back profitability for longer. Once enough market share is accumulated they can ramp down the marketing and development costs, even on a flat trading revenue per user basis, and be comfortably profitable.

They aren't the moonshot that they could have been if they had really won % market share, they were too slow.

They should be sitting at $0.38 not $0.20.

If they get to the point of trying to raise capital again then I think you are right to lose faith.

I disagree with the points being made about volume traders being the path to profitability. Day traders burn bright and short. Very, very few people make money day trading. The noisier they are about it the less money they are making. I think it was Robinhood in the US who proved that, in a flat market, the average day trader lasts 3 months. I would much prefer to see SWF play the long game of the maximum number of users (hence market share), even if those users trade 6 times a year.

Having $ in their trading account generates revenue even if the user isn't trading.

You can make a small fortune day trading on the stock market so long as you start with a large fortune.