Read it; thought about it. Hindenburg did not attack Square's accounting - major flaw of any short report. Most points of report were already known to investors. SBC issue is applicable to any SaaS'y company. Mgmt acknowledged market punishment for dilution and course correcting that, w/ rule of 40 target, which includes SBC.

Covid fraud... Hedge funds did it, for gods sake. About Jacks liability two things. 1. Can you really pin insider dumping, when he donated 1B to small biz development and UBI? 2. I could see how he might turned a blind eye, given cryptoanarchic roots.

I do not remember whether I took a mental note throughout the years of being $SQ shareholder of their CashApp MAUs counting. And I for sure underestimated CashApp related bot count (hence MAUs), which I was exposed after some SQ related replies.

If 1% of 50M MAUs are fraudsters, who each have 10 accounts, this is a question of considerable 10% of their MAUs. If there was a crackdown - real concern is how bad LTV/CAC ratio really is.

Valuation? Market knows history of SQ TAM expansion. Of the knowns in the pipeline - ads.

I haven't noticed "magical", because my mind auto filters it out for BS, but TBD efforts could very well deserve the description. Using nostr clientS invokes that.

Conclusion: hold.