Now let’s recast this RC365 Holding idea. RCGH is being paid some £1.5 million to write a wealth management app for an £8 million a year turnover company. It’s also just an upgrade to the extant product. This collaboration, this contract, has added £80 million to the market capitalisation of RC365 Holdings in London? No, we do not believe that this is a rational reaction, nor do we believe it’s a justified one on the substance of the deal.
Sadly, this is not an easy thing to go short on……
a wealth management app
Snigger
Don’t know about anyone else but I eschew any apps that involve money. Because they’re inherently insecure. You can’t see what’s going on. All my financial transactions require username/memorised password (never saved!) & banking’s behind an SMS’d PIN sent to a phone, not one I use for web-browsing or other apps. Whatever they’re promoters may say about their security, they’re secure until someone can find a way into them. And I don’t have to worry about phishing attempts, because nothing I do’s phishable.
There’re two magic letters in the RNS announcement by RC365.
Yeah. I spotted that Mr Duck. WTF for?
Nasal Sex?
It gets better, what with virtual banking facilities, enterprise resource planning and blockchain. Good Grief.
I wonder how that’ll fit in with the Maid-To-Maid Matching app.
Isn’t part of the investment argument: “Well they’ve managed to screw one customer out of an exorbitant fee, the tech is irrelevant, their sales team is dynamite.”
Similar reasons have propped up the Palantir valuation for years. A little bit of secrecy, the vague promise they’re doing something clever, and at least one customer who has been demonstrably foolish enough to buy into the special sauce..
I have a pal here who’s had a 200k transfer blocked by his bank & they’ve embargoed his a/c. No doubt some fucking bank algorithm & “computer say no!” Now he’s involved in sending notarised ID document copies via snail mail to the UK. If you look at the account history, there’s ample history of transfers from the UK bank to the receiving bank over years. ID info has been repeatedly verified. Can you imagine how much it would cost for him a short term loan to bridge this? If he could.
And the same algorithm could say “Computer say yes!” & transfer to any account if the right info was fed it. It’s just knowing how to dupe it. And there’s any number of crooks trying to write stuff to do it.
I wouldn’t touch this shit with a barge pole.
You don’t need an app or fancy software for these things.
Armed only with a crayon and some playdough Spud has proved that it is interest rate rises that are causing inflation.