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FIB - Scams 101 - Ye Olde Archives
Posted By: Dave Mauder (eDave) <dave@NOSPAMmauder.com> In Response To: Dave, is it REALLY possible to make big money in eCurrency trading? (Randy)
Tuesday, 4 January 2005, at 6:33 p.m.
> Dave –
> Is it really possible to make up to “$10,000 per week” as an eCurrency
> trader as Matt Gagnon says in his headline on his website?? Matt also says
> on his site that if he had started this business 5 years ago that he would
> be making $50,000+ a week by now. Is THAT a possibility??
Maybe I'm honestly missing something, but I still don't see how one could make $50K per week with DXGold UNLESS a whole bunch of other people also had that kind of money flowing through the system. It just takes too long for exchanges to get processed.
If I just had $50K in ecurrency right now, let's say in e-Gold, I could process a whole BOATLOAD of exchanges and make as much as $4000 or $5000 in fees for making those trades. BUT, then I could see it taking months to get the whole $55K exchanged back out to ecurrency so I could do it again. Now, if I took that $55K and bought shares in my DXGold portfolio, I could earn another $2K or so almost overnight. And 6 days later, that $57K would earn another $2200, and so on every 6 days. These numbers are approximate, but they could add up quick! Again, as I said in another post down the way, I have NO IDEA where all this money is really coming from. It's just one merchant swapping currency with another one. One pays a small fee and other collects a larger fee. My calculator doesn't figure that way... :-)
Maybe if you have a buddy in the system who also has an equal amount of money, you could just take turns. One week, I run my $50K through and collect the fees. Then I OutX it all and my buddy could process the OutX's for me. Keep in mind, I have to pay 2.85% to OutX my money back to ecurrency. This wouldn't work anyway, because the system doesn't let you choose which trades you are going to process. You simply choose to process an OutX, you select the ecurrency and the amount you have available, and it selects the next available trade waiting in the system. It could be for $10, or it could be for $10K (if you told it you had that much).
Dave
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