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    latimes.comSasha Hupka8/11/2110 min
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    • bill
      Top reader of all timeScribe
      9 months ago

      A prime example of what “innovation” means at most startup technology companies:

      • Squeeze in on something that’s already “working.” (People can already spend money they don’t have on stuff they don’t need; it’s not really a “problem” and definitely not “unsolved.”)
      • Make something ugly and bureaucratic a little more sexy, more user-friendly. (Easy, instant; less thinking, more buying.)
      • Use doublespeak in ads to complicate reality and make incumbents look bad. (In this case, the lie is “no fine print.”)

      I’m not sure whether or not I believe that companies like this are “evil” or not, but I do know that articles like this trip me up because I’m someone who puts a lots of time and life into something I really care about, something that I think will have a positive impact on many people, all around the world. I often forget that most companies and many people haven’t evolved beyond “extract money from others.”

    • deephdave
      Top reader of all time
      9 months ago

      BNPL, just another reason for binge-shopping. Capitalism FTW or WTF?😆 Oh! What about climate change?😬

      • thorgalle
        9 months ago

        I'm pretty positive on capitalism (prove me wrong?), but disappointed with consumerism. Until I really need to buy something. Circular & sharing economy FTW!

    • thorgalle
      9 months ago

      This reminds me much of "Robinhood’s Big Gamble", an article discussing another infamous app that made risky financial products broadly accessible.

      As the US lawmaker's reticence suggests, Klarna and the likes seem mostly positive innovations. But it's good that this article points out the dangers to these sexy apps:

      1. Less or no consumer protection 😳
      2. Unclear fees due to the companies avoiding (outdated?) advertisement disclosure & transparency laws
      3. Still a risk for credit score impact & overdraft fees elsewhere.

      (PS: Klarna's Smooooth advertisment videos are very sexy indeed, they even have this totally unrelated 10-minute ASMR or something video, “Smooothfulness.”, which is in my watchlist. Branding I guess?)