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FIB - Scams 101 - Ye Olde Archives
Posted By: The Roadie <wcarton@flash.net> In Response To: I can't take it anymore! (Dave Mauder (eDave))
Friday, 25 February 2005, at 10:11 a.m.
> I can't believe you don't understand the need for an ecurrency exchange
> network. There are several dozen ecurrencies that I know of, and not every
> merchant accepts every ecurrency known to man (or woman). So, if I want to
> purchase something from merchant X and he only accepts IntGold but all my
> money is in egold, then I have a problem.
Understood. The merchant should be motivated to do something about that if they want to sell goods. The traditional solution in the international market is to abandon all the flapdoodle about regional currencies, and run all transactions in mega-currencies like dollars or Euros. Then let the MERCHANTS deal with the problem if they need local currencies to pay their bills, and let the CUSTOMERS deal with the problem with their local banks/exchangers is they only have dinars or sheckels in their own pockets.
Dollars or Euros get used for big transactions, and there are not a lot of unregulated street corner paper currency exchangers, except for the black market.
This seems like an on-line version of a collection of unregulated black market currency exchangers. Trader beware.
> There are several ecurrency exchangers out there now who provide this
> service, so are they all running some elaborate scam like DXGold
> apparently is? Maybe you could shed some light on how they are all getting
> away with that.
Perhaps it's not a scam, but it fails the test of reasonableness. Read on.
> GDT has a business separate and apart from DXGold and the type of
> ecurrency trading that I do. They have merchants dedicated to business
> customers who have a need to exchange ecurrencies and those customer pay a
> fee for said service. DXGold merchants (like me) can either invest money
> into a portfolio and let GDT use it for their own customer exchanges
> (hence we make 4-6% every cycle) or we can trade actively ourselves. Or we
> can do both which most do.
1) When you're trading for yourself, what are you making money on again? Temporary and small differences in the relative values of the various ecurrencies? That's like arbitrage. Not for the faint-hearted.
2) When you're investing your money into some big pool for GDT to draw on, this is the part that fails to make sense to me. If it was a real business, a safe, transparent and regulated business, it would attract large scale investors that would treat it like a business. Then there would be no need for "retail" (i.e.: small scale) personal investors to put their own money into it. Why do they need your money if it's a real trading exchange? Why bother with anybody with less than $10,000-$100,000 to invest? What benefit do they get from having a large pool of small investors to provide liquidiity to an exchange market, rather than a small pool of large investors?
It just doesn't pass my smell test of reasonableness, unless the small pool of large investors can't be attracted to the market because it's not a real business. If the large fish stay away, there might be many good reasons.
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