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[–] Bleumunkie 0 points 40 points (+40|-0) ago 

ELI5 - "Our historically bad service and failure to innovate in almost any way has left us completely open to this new entrant completely disrupting our antique business model."

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[–] cynoclast 0 points 8 points (+8|-0) ago 

Best business advice I've ever heard: Kill your cash cow before your competitor does.

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[–] Nerdyschmerdyguy 0 points 2 points (+2|-0) ago 

Drops the mic and walks away...

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[–] i_am_not_crazy 0 points 2 points (+2|-0) ago 

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[–] ownsauce 0 points 10 points (+10|-0) ago 

Since Uber only has 4% market share, there has to be something else going on here. Regulations? Mismanagement? Bad business model?

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[–] mosesohmoses [S] 0 points 8 points (+8|-0) ago 

I'm going with all of the above. But also "since the entry of Uber (and similar services) in the marketplace and the publicity they have received, the liquidity in the medallion market has been adversely affected in the immediate term." - ELI5 someone?

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[–] Zyaode 0 points 22 points (+22|-0) ago 

Taxis require government-mandated medallions which require a fuckton of paperwork to get, something like a million dollars per medallion. They started off as a way to ensure taxi services were safe and all that but through cronyism got turned into a way to prevent new/better entrants into the market; they basically stopped issuing new medallions and so you have to buy them from one of the bigger taxi companies at an inflated price, meaning in effect they were just being traded between behemoth companies.

Uber, technically not being taxis, doesn't use medallions and so their effective worth has plummeted while at the same time the dinosaur companies are still trying to trade them at historically inflated values; however literally nobody wants them because the system is so retardedly stacked against new entrants if you play by those rules.

Source - an unlicensed taxicab driver bitching about it to me in 2013

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[–] justletmevoat 0 points 5 points (+5|-0) ago 

It's a chapter 11 bankruptcy. He still has money, it's just tied up in shit and he needs time to pull stuff out. Go home people.

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[–] Patranus 1 points 3 points (+4|-1) ago 

Amazing what happens when you flaunt laws and regulations until you are large enough to buy off politicians.

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[–] Diogenes_The_Cynic 1 points 1 points (+2|-1) ago 

When did taxis flaunt laws and regulations?

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[–] just-my-2c 0 points 2 points (+2|-0) ago 

It's basically a maffia in most of the worlds countries...

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[–] babyd3k 0 points 0 points (+0|-0) ago 

He is talking about Uber, they have a well known business plan of fuck the rules then get so popular politicians can't easily kill you anymore. Uber's founder is well known for bragging how many states he'd earned the equivalent of a life sentence.

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[–] 7H3-L4UGH1NG-M4N 0 points 2 points (+2|-0) ago 

This is that "free market" that CEOs like to champion. Its just hurts when its going against them.

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[–] Lucumon 0 points 1 points (+1|-0) ago 

Good.

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[–] Thermite 0 points 1 points (+1|-0) ago 

Living in NYC, I have always hated cabs. I have taken yellow cabs and livery cars. They both can suck. Uber is beating them because it is so much smoother and their app is awesome. Better implementation wins. That is how I think a capitalistic society should behave.

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[–] JDogg1329 0 points 1 points (+1|-0) ago 

Good. Taxi companies all over the world are refusing to evolve, and they're dying because people are choosing to use Uber. Instead of putting so much effort into trying to get Uber to shut down they should have improved their service.

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