Re: The "game" is rigged

> Again, I'm into this for *so* little that I really don't care. I'm not
> counting on anything, and it's mostly for fun. If I make money, then I
> make money. If I don't, I'll smack myself upside the head and kiss my $35
> goodbye.

Multiply that by 100,000 people and you're talking real money, eh?

> But you know what I keep thinking of?

Naturally. Stockgeneration.com. I helped chase them from host to host in 1999.

> A few years ago, there was something that appeared to be investing in the
> stock market -- but after reading til my brains curdled, I finally
> realized it was...

> A GAME!!!

> I nearly popped my fillings!!

> People were making money by the trainload -- but they were making money on
> the people coming in with NEW money!!

Using financial displays under the control of the operators, fake virtual companies to invest in, just like real stock market simulations but played with real money. 325,000 people got suckered into this one, to the tune of over $5.5M.

> "HOLY CRAP!" I shrieked.

As I say now when you encourage the con artists by throwing your $35 in the pile.

> I don't know what happened to them, but eventually they disappeared. (I
> have to assume they took the money and ran. I never got involved, so I
> didn't care.)

Their members were spamming a lot, so I cared.

So did the SEC.

http://www.businessweek.com/technology/content/feb2001/tc20010226_324.htm

I haven't seen a followup to this lawsuit declaring them a "game" rather than an investment fraud, but they certainly aren't operating today.

> I'm so torn about this e-currency trading.

I don't see why. It's a game designed to make sure the maximum amount of money leaves the victim's pockets.

> On the one hand, I understand the need for trading money from egold to
> ebullion to netpay or whatever. That makes some kind of sense to me.

So does the ol' shell game make sense to the marks in Times Square.

> But how in the world can you trade with "other merchants" (i.e.,
> other people trying to make a buck moving money around) and make money on
> the trade?

Unless wealth is being created (by selling a product or service), all that's happening is shuffling money around. In this case, the shuffling happens out of your sight. In a shuffle, there are temporary surpluses created that make it look like the pile is bigger in one place. Note: TEMPORARY. Note: LOOK.

> Is it another "game," I keep asking myself?? (I don't answer me.
> How the hell could I when we don't know what I'm talking about?)

I firmly believe that anybody making money at this game is doing so by stealing it from others who don't know they've been stolen from. Yet. Again, if you don't KNOW how the wealth is being created, you're a pawn.

> I am *totally* financially stupid, so I just thought "the
> reason" was over my head.

The gullibility virus is weaker in you than in the past, but it isn't gone yet, I guess. :-)

Luv U , too! Be careful out there!!!

> Luv,