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FIB - Scams 101 - Ye Olde Archives
Posted By: The Roadie <wcarton@flash.net> In Response To: E-CURRENCY TRADING (ERIC)
Saturday, 22 January 2005, at 3:42 p.m.
> I noticed several posts refering to this topic. I've read through a few
> informational sites and I can't quite figure out how money is actually
> made by participants.
There are very, very few legitimate Foreign Exchange programs running, mostly for high-roller investors.
> Can someone explain how people make money doing this? And do it so a
> person of average intelligence could understand it. Thank you.
Most of the ones I know about and investigate are in the so-called "HYIP" arena. High-Yield Investment Programs.
Warned about as scams and Ponzi schemes by the authorities. They claim you can make some percentage on your money per day, week, or month. Some of them even pay off the early entrants using money from later joiners who are not yet "qualified" to withdraw their funds.
Warning signs:
1) If you cannot find out who the operator is. Name, and location. And it better be in the US.
2) If the site is filled with testimonials about payoffs done on-time, you might be warned that these are shills or early participants, being paid off in order to lull the next and LARGER flock of sheep into not getting wary.
3) Be especially wary if they have forums filled with people playing with investments in the range of tens or hundreds of dollars. This is not an investment - it's play money. Play with it if you're prepared to lose it to the anonymous scamful organizers. If you're really doing any serious investing with serious money, you seriously need to know who you're placing your bet with.
If they're not fully regulated, with full disclosure of the organizers - it's a mere game. And they hold your money out of your view as they make up the rules. What's wrong with this picture?
The MMF (Make Money Fast) Hall of Humiliation
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