US senator grills Apple & Google about fraudulent crypto apps

Comments

• Reply 1 of 13

  termsofuse Posts: 22member

  July 28, 2022 7:14PM

  I thought congress wanted the App Store to be a free for all.

  
• Reply 2 of 13

  Roderikus Posts: 56member

  July 28, 2022 7:18PM

  That’s a wrong assumption. It wants fair competition instead of (near-) monopoly

  
• Reply 3 of 13

  2morrow Posts: 20member

  July 28, 2022 7:20PM

  termsofuse said:

  I thought congress wanted the App Store to be a free for all.

  They seem to want it both ways. Open App Store to competition but lock it down so people won’t get scammed. I assume a fine will come down with this. It’s all a way to get extra money out of big tech companies. 

  
• Reply 4 of 13

  TightLines Posts: 20member

  July 28, 2022 8:08PM

  2morrow said:

  termsofuse said:

  I thought congress wanted the App Store to be a free for all.

  They seem to want it both ways. Open App Store to competition but lock it down so people won’t get scammed. I assume a fine will come down with this. It’s all a way to get extra money out of big tech companies. 

  Whats wrong with Apple and Google just doing proper due diligence on the apps they do allow on their platforms? Google is the worst - they seem to let any old piece of crapola to be put up on theirs… at least Apple gives appearance to have some quality control… but in this case they dropped the ball big time… a proper review would have likely identified this (or any app) as being the scam crypto (anything) has always been… one quick way would be see if you can actually get a real currency out of it in exchange for a crypto token/coin… 
  
  Rgardless, even the biggest of the biggest are scam operators… namely we are even seeing the ones promoted and propped up by the main stream next greater fool recruiting agencies, such as CNBC and others, come under scrutiny… like coinbase… how many of these scam operators have to collapse before we see people get arrested and go to jail? Oh, thats right… they don’t put the financial crooks in jail - they give them consulting talking head pundit jobs at these financial networks… right? 

  
• Reply 5 of 13

  sconosciuto Posts: 262member

  July 28, 2022 8:29PM

  TightLines said:

  2morrow said:

  termsofuse said:

  I thought congress wanted the App Store to be a free for all.

  They seem to want it both ways. Open App Store to competition but lock it down so people won’t get scammed. I assume a fine will come down with this. It’s all a way to get extra money out of big tech companies. 

  Whats wrong with Apple and Google just doing proper due diligence on the apps they do allow on their platforms? Google is the worst - they seem to let any old piece of crapola to be put up on theirs… at least Apple gives appearance to have some quality control… but in this case they dropped the ball big time… a proper review would have likely identified this (or any app) as being the scam crypto (anything) has always been… one quick way would be see if you can actually get a real currency out of it in exchange for a crypto token/coin… 
  
  Rgardless, even the biggest of the biggest are scam operators… namely we are even seeing the ones promoted and propped up by the main stream next greater fool recruiting agencies, such as CNBC and others, come under scrutiny… like coinbase… how many of these scam operators have to collapse before we see people get arrested and go to jail? Oh, thats right… they don’t put the financial crooks in jail - they give them consulting talking head pundit jobs at these financial networks… right? 

  c'mon man, surely you know how this works by now. You only get serious prosecutions for fraud when you rip off rich people. #madoff

  edited July 2022
• Reply 6 of 13

  DAalseth Posts: 2,783member

  July 28, 2022 10:36PM

  TightLines said:

  2morrow said:

  termsofuse said:

  I thought congress wanted the App Store to be a free for all.

  They seem to want it both ways. Open App Store to competition but lock it down so people won’t get scammed. I assume a fine will come down with this. It’s all a way to get extra money out of big tech companies. 

  Whats wrong with Apple and Google just doing proper due diligence on the apps they do allow on their platforms? Google is the worst - they seem to let any old piece of crapola to be put up on theirs… at least Apple gives appearance to have some quality control… but in this case they dropped the ball big time… a proper review would have likely identified this (or any app) as being the scam crypto (anything) has always been… one quick way would be see if you can actually get a real currency out of it in exchange for a crypto token/coin… 
  
  Rgardless, even the biggest of the biggest are scam operators… namely we are even seeing the ones promoted and propped up by the main stream next greater fool recruiting agencies, such as CNBC and others, come under scrutiny… like coinbase… how many of these scam operators have to collapse before we see people get arrested and go to jail? Oh, thats right… they don’t put the financial crooks in jail - they give them consulting talking head pundit jobs at these financial networks… right? 

  Simple solution: To me Cryptocurrency and Scam are synonymous.

  
• Reply 7 of 13

  danox Posts: 2,872member

  July 28, 2022 11:37PM

  DAalseth said:

  TightLines said:

  2morrow said:

  termsofuse said:

  I thought congress wanted the App Store to be a free for all.

  They seem to want it both ways. Open App Store to competition but lock it down so people won’t get scammed. I assume a fine will come down with this. It’s all a way to get extra money out of big tech companies. 

  Whats wrong with Apple and Google just doing proper due diligence on the apps they do allow on their platforms? Google is the worst - they seem to let any old piece of crapola to be put up on theirs… at least Apple gives appearance to have some quality control… but in this case they dropped the ball big time… a proper review would have likely identified this (or any app) as being the scam crypto (anything) has always been… one quick way would be see if you can actually get a real currency out of it in exchange for a crypto token/coin… 
  
  Rgardless, even the biggest of the biggest are scam operators… namely we are even seeing the ones promoted and propped up by the main stream next greater fool recruiting agencies, such as CNBC and others, come under scrutiny… like coinbase… how many of these scam operators have to collapse before we see people get arrested and go to jail? Oh, thats right… they don’t put the financial crooks in jail - they give them consulting talking head pundit jobs at these financial networks… right? 

  Simple solution: To me Cryptocurrency and Scam are synonymous.

  They should never have allowed it in the first place why? They are scams just save and buy blue chip stocks, mutual funds, real estate in good locations John Houseman said it best.
  
  https://www.youtube.com/watch?v=gl9Cyn266Lo
  

  
• Reply 8 of 13

  teejay2012 Posts: 371member

  July 29, 2022 12:20AM

  Apps don't defraud people. Crooks defraud people with apps. What is the government going to do about all the crooks in the world? C'mon Senator.
  

  edited July 2022
• Reply 9 of 13

  baconstang Posts: 1,108member

  July 29, 2022 6:03AM

  Wow!
  You mean there are crypto apps that AREN'T scams?

  
• Reply 10 of 13

  crowley Posts: 10,453member

  July 29, 2022 8:23AM

  termsofuse said:

  I thought congress wanted the App Store to be a free for all.

  Where did you get that idea?  Not at all.
• Reply 11 of 13

  Knoxer Posts: 1member

  July 29, 2022 1:15PM

  Roderikus said:

  That’s a wrong assumption. It wants fair competition instead of (near-) monopoly

  Monopoly? Current estimates have Android account for 70% of the market and Apple holds 25%. There is choice and people that want a more open platform choose Android. The market and consumer choice shows as much.
  
  I've talked to an App Developer and her answer was this: "I prefer to develop apps for the Google App Store because it is so much easier. However the platform I trust my data on is Apple as I know all the hoops it takes to get an app published on their App Store." Apple hires people, people are fallible and fall victim to the extraordinary ways scammers find to bypass even Apple's rigorous review processes.
  
  Now that we have determined competition is not the problem here, what I believe is actually being asked is what are these tech companies doing to help protect customers from scammers. 

  
• Reply 12 of 13

  DAalseth Posts: 2,783member

  July 29, 2022 10:11PM

  danox said:

  DAalseth said:

  TightLines said:

  2morrow said:

  termsofuse said:

  I thought congress wanted the App Store to be a free for all.

  They seem to want it both ways. Open App Store to competition but lock it down so people won’t get scammed. I assume a fine will come down with this. It’s all a way to get extra money out of big tech companies. 

  Whats wrong with Apple and Google just doing proper due diligence on the apps they do allow on their platforms? Google is the worst - they seem to let any old piece of crapola to be put up on theirs… at least Apple gives appearance to have some quality control… but in this case they dropped the ball big time… a proper review would have likely identified this (or any app) as being the scam crypto (anything) has always been… one quick way would be see if you can actually get a real currency out of it in exchange for a crypto token/coin… 
  
  Rgardless, even the biggest of the biggest are scam operators… namely we are even seeing the ones promoted and propped up by the main stream next greater fool recruiting agencies, such as CNBC and others, come under scrutiny… like coinbase… how many of these scam operators have to collapse before we see people get arrested and go to jail? Oh, thats right… they don’t put the financial crooks in jail - they give them consulting talking head pundit jobs at these financial networks… right? 

  Simple solution: To me Cryptocurrency and Scam are synonymous.

  They should never have allowed it in the first place why? They are scams just save and buy blue chip stocks, mutual funds, real estate in good locations John Houseman said it best.
  
  https://www.youtube.com/watch?v=gl9Cyn266Lo
  

  Exactly, we have some money in the market and have done ok. The big item we have is some rental property. The rent has paid the mortgage and expenses for as long as we’ve owned it, and the housing market in the area is HOT. In a couple of years we’re going to sell the place, for way more than we paid, clear its mortgage, the mortgage on our home, all other outstanding debt, and leave us with a really nice chunk in the bank. THAT’s how to invest.

  
• Reply 13 of 13

  trackeroz Posts: 29member

  July 30, 2022 3:52PM

  TightLines said:

  2morrow said:

  termsofuse said:

  I thought congress wanted the App Store to be a free for all.

  They seem to want it both ways. Open App Store to competition but lock it down so people won’t get scammed. I assume a fine will come down with this. It’s all a way to get extra money out of big tech companies. 

  Whats wrong with Apple and Google just doing proper due diligence on the apps they do allow on their platforms? 

  The point is that one of the mechanisms for doing ongoing "due diligence" is to have a defined and controllable curation process that includes not having side-loading apps that can masquerade as legitimate apps. So its more than a little hypocritical to talk about due diligence while pushing an agenda that will make that high impossible.

  
  

  It will be interesting to see what rubbish story Google weaves on how they are protecting people.