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by colesantiago·5y ago·view on hn ↗
> ...without any evidence of actual user adoption.

For example of Square:

> Its mobile payment service Cash App has been its flagship product. However, in recent times, while Square reported that cash transactions at its U.S. merchants as a percentage of overall transactions fell from more than 50% in 2015 to around 30% today, the bulk of the company’s revenue this past year – around 56% – came from Bitcoin transactions. Over the past year, revenue from bitcoin was $1.8 billion – a whopping 10X increase over 2019’s revenues in this category. [0]

So this 10X increase isn't an indicator of adoption then, they just made up this figure?

[0] https://leverageshares.com/en/insights/square-paypal-catalys...

1 comments
It's an illusion of accounting [0]. Due to the accounting standards, they book the total dollar value of the bitcoin they sell as revenue, not just the fees they get.

[0] https://www.nasdaq.com/articles/beneath-the-surface-of-squar...

even then are you telling me there is NO user adoption?