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FIB - Scams 101 - Ye Olde Archives
Posted By: The Roadie <wcarton@flash.net> In Response To: What is Currency Exchanging? (Larry Snipes)
Wednesday, 13 April 2005, at 12:32 p.m.
> I just found out a friend of mine is involved in currency exchanging but
> when I asked him questions he was unable to clearly explain it to me.
You know how Gameboys and PlayStations can make you think you're really a world-class dragon slayer, skateboarder, or racecar driver?
The on-line currency exchange "games" are the same way, but for folks who want to pretend they're really involved in big-league forex transactions. They enter the world created for them by the organizers, with software apps that really look like they're shuffling money around but it's all bits and bytes. You buy your way into the game by converting your real money to their virtual "gold", and if you're lucky, and it suits their purposes, they let you convert some of it back out to real money.
But it's all based on trust. At some point, I'm convinced, the game manager will say - that's it, fold, run away, and keep all the money that hasn't been extracted back to safety. Early distributions can be explained away as an advertising expense, to lure additional people into the game by buying their trust.
I bet real world currency exchange markets would laugh at these games, if they even knew they existed.
Anyone who can prove otherwise is invited to show me the proof of an alternative explanation. Otherwise I plan to wait patiently for the first one to fold and prove it's a scam.
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