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cloud_coder OP t1_j21nrjv wrote

Reply to comment by mminnoww in FTX diverted $200 million of customer money for two venture deals that caught the SEC’s attention by cloud_coder

ROFL-MAO Yes! Check this out https://investors.dave.com/

From the site. So much irony here...

Corporate Profile
Dave is on a mission to build products that level the financial playing field. The app launched in 2017 to help Americans avoid billions in overdraft fees charged by traditional banks. Now, Dave is a financial platform serving 10 million members with banking, financial insights, overdraft protection, building credit, and finding side hustles.

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gnitiwrdrawkcab t1_j235mw7 wrote

10 million users with only 100 million between them?

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KingStannis2020 t1_j23fdrx wrote

Market cap != Customer funds

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cloud_coder OP t1_j24z4hv wrote

Right but the delta seems extreme. At some point the book value of the reserves (do they hold reserves?) should be the floor on value

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Brock_Hard_Canuck t1_j23u2qp wrote

>Corporate Profile Dave is on a mission to build products that level the financial playing field. The app launched in 2017 to help Americans avoid billions in overdraft fees charged by traditional banks. Now, Dave is a financial platform serving 10 million members with banking, financial insights, overdraft protection, building credit, and finding side hustles.

This reminds me of that episode of Better Off Ted where Veronica and Ted have to give a presentation on some big "company project" (which doesn't actually exist) to investors and company execs, so they get up on stage, shout some meaningless buzzwords, have a bunch of smoke and flashing lights going, and do a bunch of silly dance moves, to distract everyone from the fact that they're actually saying nothing at all.

https://www.youtube.com/watch?v=spyJ5yxTfas

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Bread_crumb_head t1_j24clj6 wrote

That show being cancelled so quickly was a tragedy. It struck a good balance in comedy and serious moments for a basically feel-good story about working in the most cynical corporate environment imaginable.

The ad spots were great too. Reminded me of Weyland-Yutani

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cloud_coder OP t1_j24ggi9 wrote

Kinda like crypto. I mean the best example of a complete fraud is the Fozzle-Quark, which promised all the tangible benefits of ether in a totally anonymous package. Mining was performed by playing Asteroids or Pac-Man. To mint a coin (one side was Pac-Man the other Asteroids) you had to play equal time on both games and hit high score FROM THE SAME IP ADDRESS within 24 hours. Man that had legs. Soooo many people bought into it. I had 2 lambos in my sights on launch day.

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