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FIB - Scams 101 - Ye Olde Archives
Posted By: renee In Response To: I just got finished reading their FAQ.... (MaaMaw)
Sunday, 8 January 2006, at 6:13 p.m.
In Response To: I just got finished reading their FAQ.... (MaaMaw)
> Call me stupid, but I want to get paid for providing a service or selling
> a product... not for giving somebody $6 so I can get $.72 of it back
> Yes, I know you're being paid to "perform a service" (which is
> surfing 12 web sites) -- but the fact is, nobody benefits from such
that's a comment i hear often about trading...that it provides no service or benefit to anyone. but in fact, without speculators, the markets would be illiquid. and that would be catastrophic for any economy based to any degree upon tangible equities and commodities.
for example, a farmer buys a contract to sell his corn at X dollars a bushel in the spring some 6 months in advance of his having to deliver the crop to the seller of the contract--who may be a food company who fully intends to take delivery of the corn for processing. buyers and sellers do this all the time to lock in a price for planning based upon known factors. in the case of this transaction, the instrument is the futures contract, not the corn at this juncture. but let's just imagine there is a drought for september corn and the price of that commodity skyrockets. to whom can the farmer sell that contract now that both the price of the futures contract and the underlying commodity itself is now worth, say, 3 times the amount of the contract? certainly not anyone who would ever intend to make delivery of the corn (the underlying commodity). but he can sell it to a speculator who may gotten short on september corn futures at a higher price and needs to exit the position by buying it back at a reasonable profit.
for every purchase or sale of any instrument, there must be a buyer or seller on the other side of the transaction. instruments such as equity shares, futures contracts or options don't grow on trees. only the Fed can create money out of thin air. hope that makes sense.
just a thought, and maybe i am way off base here, i just gave this program a cursory glance. but maybe--to some degree--the underlying logic is closer to speculation? i'm just wondering.
or maybe it's the new brand of glue i'm sniffing.
but i don't buy the argument that speculating for income has no social value. it is not a "product" or "service", as strictly defined. but as in the example above, the only way that farmer could get out of that contract he bought to sell his corn at a deep discount at some point in the future would be to sell to a speculator who had bought a contract at a lower price, held, wanted to exit the position at a profit and had no need to take delivery of the underlying commodity anyway. it's abstract, i know, but it does have value to both society and the broader economy.
but to continue with the metaphor, corn has both intrinsic and extrinsic value; i'm not sure about compulsory surfing. is there a reason to speculate on such things? perhaps as it matures, it will take the more formal approach of focus groups, or something like that. i don't know, but i'd like to.
just a thought. whew. but then again, maybe it is the glue after all.
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