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FIB - Scams 101 - Ye Olde Archives
Posted By: Dave Mauder (eDave) <dave@NOSPAMmauder.com> In Response To: Mazu's latest brainfart (Ben Dover)
Tuesday, 4 January 2005, at 7:10 p.m.
> have any of you seen Mazu's site? They have some currency exchange program
> (Note ! not trading) anyone know what the hell that is?
> Disclaimer. I am not affiliated or pushing his stuff only a mildly curious
> guy by nature....
Just for fun, I went back to Mazu's site and looked at the claims he makes at the top of the page. Here are my honest opinions of those claims (and you know what they say about opinions).
Claims pasted from mazu.com:
- Do from anywhere: Any country. If you can read English you can do this business. All you need is a computer and internet access.
** I agree with this one! I even did a trade the other day at the library, and I sneak one or two in at work sometimes. :-)
- No risk: Your monies are kept in e-currencies like PayPal and E-gold.
** I'm not so sure about this one. In fact, Paypal is considered an "at risk" currency right now with DXGold. Mainly because of all the fraud, ease of reversals (chargebacks) and the joy paypal seems to take in freezing accounts or just yanking money back out of your account and not telling you. Now, in their defense, I had a recent case where I SENT money (as part of a trade) to the fraudulent paypal account of someone in Hong Kong. A few days later, Paypal took the money from them and put the money BACK in my account.
** There are also stories of ecurrencies like EvoCash going out of business and people losing hundreds of thousands.
- Upfront profits: Know what you are going to make on each trade. Before you do it.
** Agreed! Well, if he changes the wording to "Upfront *knowledge* of profits"... ;-)
- Very short learning curve: Learn the business in just a few hours.
** No way...unless you're different than 99.9% of the folks I talked to at dxpowerteam.com. In fact, I talked to a couple guys who were forex daytraders for years before doing this, and they said it kicked their butts for a few days while they were trying to understand it. If it was so easy, there wouldn't be literally VOLUMES of info written about it at the dxpowerteam site.
- Low investment: $50 to get started. You can invest more if you choose but you don't have to.
** Agreed, but if you want to make real money, be prepared to invest real money.
- Not time intensive: Takes about 10 to 15 minutes a day.
** Agreed. Some days it doesn't take any time at all because there is nothing to do. :-)
And best of all:
- No selling. The systems matches you up with sellers. No selling is required at ALL...
** Agreed, and the part I love the most!
See, I don't disagree with everything Matt says.
Dave
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