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FIB - Scams 101 - Ye Olde Archives
Posted By: savage
Friday, 21 January 2005, at 8:51 p.m.
Hi Maamaw and everyone. Longtime lurker, very occasional poster.
Anyhow, did some very cursory sniffing around tonight regarding dxgold. Just a few impressions.
They state it's perfectly legal but they locate themselves on an island in the middle of the ocean.
I couldn't find who the principals are.
I found two complaints from people involved with dxgold. One was a woman who deposited $350, couldn't find any investments to put that money to work and in the meantime fees brought her balance down to $160.00
An Italian guy in very broken English posted his experiences with them. He stated they raised his monthly fees from $3,000 a month to $8,000 a month and he couldn't get his money out so it was being eaten up by fees. He states he had a balance slightly in excess of $30,000
They state on their site that the average session return is $3.5%, the session being 6 days. I took that to mean there can be 5 sessions in a month. I decided to see what would happen to an investment in this opportunity over the course of 5 years if you let all the money stay in the account and compound at an average of only 3%per session, not the 3.5% they give as an average to allow slightly for a bad session or two. The results I got were that MaaMaw's initial $35 would grow to over $140,000 at the end of five years and an initial investment of $500 would grow to over 2,000,000 at the end of five years. If at the end of those five years you began to take the interest earned monthly out as income you would make $21,000 on a principal of 140k if they held to an average 15% profit monthly and (ahem)$300,000.00 a month or $3,600,000.00 a year on your $500 investment. I have a problem with these kinds of numbers.
The FTC lists the exchanging of internet currencies as one of it's top ten frauds perpetrated on the internet.
All in all, it struck me as a little oopsy in the credibility department. It's also very tempting is it not? Isn't that the sign of something or another?
MaaMaw, I didn't mean in any way, shape or form, to single you out by using your investment as an example. My apologies if it struck you that way. Best of intentions and all that.
P.S. to MaaMaw
I tryed to post this once before and went to preview it and then back and what I got was a duplicate message type notification. It said I could go back and make some small correction and then post it but what I found was that that post was East with the Geese, dunno where it went, and I had a do-over on my hands. This is not a complaint, just a heads up in case something went kaflooey or something.
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