Lyft Rider and Drivers are getting fleeced on Surge, not Shorties

Uberchampion

Well-Known Member
As we all know, Lyft charges passengers surge rates yet only pays drivers the minimum amount for the ride plus a small incentive if applicable.

They are taking up to 70% of the cost of the ride in some cases.

I ask that you guys post rides where Lyft has taken more than 50% of the amount charged to the passenger.


I think it would be beneficial to take the biggest RIP off rides and send them to city hall and print them on flyers that will be distributed downtown.

I am open to any other ideas you may have to get this information out to the public.

Worst case scenario, nothing changes and we are out a couple of bucks for printing.

Best case scenario, people take the blinders off and start to question how these companies do business.

A strike only focuses on drivers. Knowledge sharing focuses on everyone.
 
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UberMotard

Active Member
The only way you will get anywhere is through the taxman.
If somehow Lyft is charging HST on the total amount of the fare and that total HST amount is not being forwarded to the CRA, you got something to go on.
 

Chaisomosa

Well-Known Member
If you dont like lyft taking 50% or 70% then don't drive.
Why you want city dictates lyft how much they have to pay 'independent contractors'?
 

Uberchampion

Well-Known Member
  • Thread Starter Thread Starter
  • #4
If you dont like lyft taking 50% or 70% then don't drive.
Why you want city dictates lyft how much they have to pay 'independent contractors'?
Thanks for your input. I don't like Lyft taking as much as they do so I hope actions like this one may influence them to instigate change. If they do change I hope you also benefit from it. If they dont change you have invested nothing other than a 2 sentence blurb on a forum.

As for the city dictating rates...they already do and they profit from the rates that are charged. At bare minimum they will be made aware of the large discrepancies

Once again, thank you for your valuable input. Please keep it coming
 

RideshareDog

Well-Known Member
Okay I've been comparing prices between lyft and Uber, putting my pickup in uber surge areas and I'm seeing that Lyft hasn't increased its prices but Uber has.
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Now I'm only seeing 1.5x surges on uber. We will see if another 2x surge happends if lyft will adjust their prices
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Booked a ride at Yonge Eglington that's surging 1.8 on uber and had no problems getting a driver 1min away on Lyft. God these drivers are stupid

Say good bye to uber surge. Eventually no one will order any rides on uber when uber surges.
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30.52 uber lyft $18.23 for a ride out of Yonge Eglinton.

See this shows what I'm saying. It's not luber it's these @@@@ing @@@@@@@ pathedic drivers who will accept rides no matter how low they get. If these drivers had an ounce of dignity or self worth they would all turn off the Lyft app but nope. They have it on and accepting rides
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I should oder rides and text them stop accepting rides without PT
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Look at the Lyft surge. Oh my God I better get out there. I'm gonna make a ton of money lol hahahaha
NOT!
 

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Harry70

Well-Known Member
As we all know, Lyft charges passengers surge rates yet only pays drivers the minimum amount for the ride plus a small incentive if applicable.

They are taking up to 70% of the cost of the ride in some cases.

I ask that you guys post rides where Lyft has taken more than 50% of the amount charged to the passenger.


I think it would be beneficial to take the biggest RIP off rides and send them to city hall and print them on flyers that will be distributed downtown.

I am open to any other ideas you may have to get this information out to the public.

Worst case scenario, nothing changes and we are out a couple of bucks for printing.

Best case scenario, people take the blinders off and start to question how these companies do business.

A strike only focuses on drivers. Knowledge sharing focuses on everyone.
Just turn of Lyft when uber surging. What's the point of getting screwed. Lyft will get the message and revert back to surge.
 

Ahmado

Well-Known Member
Just turn of Lyft when uber surging. What's the point of getting screwed. Lyft will get the message and revert back to surge.
Honestly i think PT was never good as uber surge
Lyft was never good for peak hours

Nothing beats pool 2.5x
 

dmoney155

Well-Known Member
They left Canada and changed names to hide from paying that $50 back hahaha

(Btc is 9600 dmoney u got any??)
Nah, I never got into the btc space. I don't trust those exchanges. Gold is doing great too. It's all fueled by Fed aiming to drop the interest rates (ie make money more worthless). One thing I learned is when things spike up, if you were not on board prior, don't jump on now.

I been selling most of the stocks I have during the recent rally. Only thing left now is tech mutual fund and a lot of ACB and TRST which refuse to bounce up. All the cannabis stocks seem to be overlooked. Good for buyers I guess. I don't mind because I sell option calls against my holdings every few weeks, so it generates 2-3% a month so far.
But the news on the cannabis space been positive, so I expect them to melt up soon. Also Oct. the eidables are going to be legalized, so that will add fuel to the fire.
 

dmoney155

Well-Known Member
Apparently Canada’s tax revenue on Cannabis sales was more than slightly underwhelming.

Yeah, still took a bite out of profits. All the LPs were complaining about it. We'll see what happens, still growing industry. Big companies that focus on medicinal concentrates and not just dried plants should do alright.
 

citytypeofguy

Well-Known Member
Consistently my favourite joke in this forum. May it never die.
Mine too!! Hahaha

Yeah, still took a bite out of profits. All the LPs were complaining about it. We'll see what happens, still growing industry. Big companies that focus on medicinal concentrates and not just dried plants should do alright.
My glh is dying wtf man lmao
Nah, I never got into the btc space. I don't trust those exchanges. Gold is doing great too. It's all fueled by Fed aiming to drop the interest rates (ie make money more worthless). One thing I learned is when things spike up, if you were not on board prior, don't jump on now.

I been selling most of the stocks I have during the recent rally. Only thing left now is tech mutual fund and a lot of ACB and TRST which refuse to bounce up. All the cannabis stocks seem to be overlooked. Good for buyers I guess. I don't mind because I sell option calls against my holdings every few weeks, so it generates 2-3% a month so far.
But the news on the cannabis space been positive, so I expect them to melt up soon. Also Oct. the eidables are going to be legalized, so that will add fuel to the fire.
I would love to learn more about how you sell option calls against your holdings. Never looked into that.
I am looking at more cannabis companies now too as I been playing with them for past years already.
With crypto. I got back in January.... can’t complain right now
 

dmoney155

Well-Known Member
Mine too!! Hahaha


My glh is dying wtf man lmao

I would love to learn more about how you sell option calls against your holdings. Never looked into that.
I am looking at more cannabis companies now too as I been playing with them for past years already.
With crypto. I got back in January.... can’t complain right now
Here's explanation of how to profit with selling options:

So way options selling works, essentially think analogy of selling lottery (calls) or selling insurance (puts). Both lottery and insurance very lucrative as you are aware of.

The market can go any of the 3 ways, namely, up, down or sideways. All things being equal you get 33.3% chance of any of the 3 outcomes.
With selling any type of option you cover 2 out of 3 (ie 66.6%).

You sell a PUT, stock goes up you profit, stock goes sideways you profit.
You sell a CALL, stock goes down you profit, stock goes sideways you profit.

To sell calls you need to hold inventory of stocks because should you get assigned (ie call option ends up in the money, you need to sell your shares to the buyer of option at the strike price).

To sell puts you need to have beefy account to get approved for puts selling (ie put option ends up in the money, you need to have enough money to purchase the shares from the buyer at the strike price).

For calls what you do is, you get a stock for say $10. You need to buy at least 100 of them. Now you add up all the cost associated with purchase of stock (eg $6.95), plus sale of option(eg $6.95+$1.25*number of options), plus commission in case you get assigned ($43).

For the example above that is $1000+6.95+6.95+1.25+43 = $1058.15 . To make money you need to ensure the call you sell gives you more than that amount should you get assigned.
Eg, you find an option that pays you say $20 premium and a strike price of $10.50 that expires let's say in a month.

So now 3 things can happen:

1. Stocks go down... at that point you made $20 (less 6.95+1.25). So your return was (20-6.95-1.25)/(1000+6.95) = 1.17% in a month, so that's like 14% per year if you keep doing that every month.
Drawback here is that the value of your inventory (shares you are holding) is less than what you got, that's why you want to pick solid companies that over time will bounce back.

2. Stock moves sideways.... value of your inventory is pretty much same, so you collect your premium and move and repeat, return same as in case 1. No real drawback as value of inventory about same.

3. Stock moves up and you get assigned. At this point you are forced sell your inventory at the strike price. So you get $1050 (for your shares) + $20 (premium for the call option) - $43 (cost of commission in my case) = $1027. Your input was $1000+6.95+6.95+1.25 = $1015.15. Net: 11.85. So that's 1.16% or 14% per year if you keep doing it month over month. Drawback is you are capped at 10.50, should the stock shoot up say 12, you don't get to participate in that extra 1.50.

Now you can adjust your parameters, you can lower the strike price so that in case you get assigned you be at a loss, but you sell that option at greater premium. You can pick option with greater expiration date so that there is more time value. I typically play it safe and sell em as shown above. 30 days is usually a sweet spot for time value (time decay is not linear and really start to show its ugly face with expiration less than 30 days, which is good for seller but not so good for buyer), and I want my strike price to be above all the cost so that I make money if stocks goes up (ie covering 66.6% of outcomes).


I look for options that have high Implied Volatility, it makes them more expensive (ie I collect more premium) and probability of ending up in the money at 30% or lower.

Ideally in our example case, you want your call to expire at $10.49.... this way you collect your premium, and value of your inventory is up. Should that happen you would sell another call at higher strike, say 11 or 11.50. If say stock drops to 9, or 8.50, you can buy back the call at much lower price, or wait till it expires. Than you would sell another call but probably at extended date, or you lower your strike price if you are willing to risk it... or you can buy anther 100 shares at lower price and repeat the process (this is where buying into solid company is key).

The nice thing about it is, once you sell call against your inventory, you cannot sell it (until you buy back the call or it expires)... which forces you to hold it during downturns.

I like cannabis stocks for that reason, they are very volatile, but been doing it with other stocks too.
Some real world example: Right now I have 3 calls against TRST. Average price paid for TRST is $8.21, the calls I sold for $75. The strike price is $9 and they expire July 19.

So, if price hits over $9, then I am forced to sell em at $9, which is ok cuz I bought it at 8.21 and I keep the $75... if price is below 9 then I keep the $75.


Ideally you can do both, sell calls and puts, and you essentially get paid max when price closes in between the strike prices of each.

Some brokers allow for iron condor option strategy which basically profits same way as described here.

Hope that's all clear. Good luck.
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Here's another example pertaining to uber... UBER stock is trading $43.86 . I would sell a call 062819 45.50 for $40. So in a week if it doesn't cross 45.50 you get 0.9% (0.9*52weeks = 47%/yr). 45.50 is about 28% probability and also 45.50 is a good resistance on the chart. So might not even cross. Should it cross, you are forced to sell at 45.50 you still netting $145.85 after all the fees.
 
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