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FIB - Scams 101 - Ye Olde Archives
Posted By: Ben Dover In Response To: My honest response to Mazu's claims (Dave Mauder (eDave))
Wednesday, 5 January 2005, at 9:55 a.m.
I'm still very sceptical. Apparently this is not "trading" in a true sense. it is more like lending and exchanging money (with fees catured and incurred by you)
questions I have is; how safe is the(MY) money? how fast can you withdraw money and why is the 'system' so frigging convoluted. Also why is there a need to charge for a web-site and memebership stuff? all in all it still smells like some con game....sorry
> 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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