Author Topic: PSA: Don't swipe recklessly for others  (Read 374148 times)

Offline gozalim

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Re: PSA: Don't swipe recklessly for others
« Reply #1785 on: January 31, 2019, 08:56:55 PM »
I know this story but was not aware that this story had anything to do with credit card swiping. This was a straight-up scheme, and most of the investors were wealthy people.
I don't think it involved cc.
I do think it's what he was taking about

Offline yesitsme

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Re: PSA: Don't swipe recklessly for others
« Reply #1786 on: January 31, 2019, 09:03:05 PM »
whats with the latest bad investment/investor?

Offline gingyguy

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Re: PSA: Don't swipe recklessly for others
« Reply #1787 on: January 31, 2019, 10:16:36 PM »
FTR buying groups is not the same thing. Not saying there is no risk or its not high risk even but its not comparable at all.
the only similarity is that people go in to buying groups thinking that nothing can go wrong the same way they swipe their cards for other people thinking nothing can go wrong. but the risk is definitely significantly lower by buying groups
May you slide down the banister of happiness & get many splinters of success up your career.

Offline whYME

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Re: PSA: Don't swipe recklessly for others
« Reply #1788 on: January 31, 2019, 10:24:43 PM »
I don't think it involved cc.
I do think it's what he was taking about
+1

Offline 12HRS

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Re: PSA: Don't swipe recklessly for others
« Reply #1789 on: January 31, 2019, 11:02:37 PM »
the only similarity is that people go in to buying groups thinking that nothing can go wrong the same way they swipe their cards for other people thinking nothing can go wrong. but the risk is definitely significantly lower by buying groups

agreed with the bold.

risk with buying groups is they don't pay or decide not to take your product or product goes missing with a signature. but I would argue that risk is involved in many different business where you sell a product and send an invoice, client can mess you over in lots of industries. I was actually thinking of buying specialized insurance just for this reason.

Offline Yehuda57

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Re: PSA: Don't swipe recklessly for others
« Reply #1790 on: January 31, 2019, 11:31:05 PM »
agreed with the bold.

risk with buying groups is they don't pay or decide not to take your product or product goes missing with a signature. but I would argue that risk is involved in many different business where you sell a product and send an invoice, client can mess you over in lots of industries. I was actually thinking of buying specialized insurance just for this reason.

The difference is that buying group buyers are not looking at this as a business move or doing any sort of risk assessment. Many are unaware that there is any risk  at all. Some are singles in Yeshivah without income doing it for points, others are people living paycheck to paycheck also looking for a few extra points/dollars wherever they can get them. An article by Dan alerting them to the risks, even if the risks are lower than just swiping for someone, would be very beneficial, IMNSHO.
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Offline YesThatsMe

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Re: PSA: Don't swipe recklessly for others
« Reply #1791 on: January 31, 2019, 11:35:24 PM »
This statement is a little too generalized. It really depends on the type of investment.

An investment into an asset such as real estate is generally considered safer. I would argue that itís safe to borrow money for such an investment, but only if itís your personal investment, not giving it to someone who claims to be buying a property.

Any investment not backed by hard assets is risky. You should never invest more money than you can afford to lose into stocks or start-up businesses.

Buying groups land somewhere in the middle. Based on posts in this thread, I will definitely agree with you that itís best to err on the side of caution and only buy what you can afford to lose, or at least what you can afford to pay off within 1 year if something catastrophic were to happen.

+1, although I would also argue that Bonds (debt) are also asset backed (Investment Grade).

Stocks from the S&P 500 are the next tier, safe, but donít take the margin if you canít afford the loss.

Offline chbochur

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Re: PSA: Don't swipe recklessly for others
« Reply #1792 on: February 01, 2019, 01:18:23 AM »
http://www.ch10.co.il/news/437550/#.XFOiL1VKiUk

@chbochur was that guy playing the market with it?
To be honest I don't know if anyone is totally sure as to what he did with it.
(This coming from people who lost over a million dollars in that story)

Offline ludmila

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Re: PSA: Don't swipe recklessly for others
« Reply #1793 on: February 01, 2019, 01:44:36 AM »
To be honest I don't know if anyone is totally sure as to what he did with it.
(This coming from people who lost over a million dollars in that story)
The CH10 article in Hebrew claims over $13 million.
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Offline gozalim

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Re: PSA: Don't swipe recklessly for others
« Reply #1794 on: February 01, 2019, 01:59:39 AM »
The CH10 article in Hebrew claims over $13 million.
you're talking total he's talking per single investor

Offline churnbabychurn

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Re: PSA: Don't swipe recklessly for others
« Reply #1795 on: February 01, 2019, 06:46:41 AM »
To be honest I don't know if anyone is totally sure as to what he did with it.
(This coming from people who lost over a million dollars in that story)
Article says he's a degenerate gambler

Offline chbochur

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Re: PSA: Don't swipe recklessly for others
« Reply #1796 on: February 01, 2019, 08:32:49 AM »
The CH10 article in Hebrew claims over $13 million.
In talking per one investor

Offline chbochur

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Re: PSA: Don't swipe recklessly for others
« Reply #1797 on: February 01, 2019, 08:33:14 AM »
Article says he's a degenerate gambler
Question is what did he gamble it on

Offline gingyguy

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Re: PSA: Don't swipe recklessly for others
« Reply #1798 on: February 01, 2019, 08:40:45 AM »
Question is what did he gamble it on
why does it matter? gambling is gambling is gambling
May you slide down the banister of happiness & get many splinters of success up your career.

Offline chbochur

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Re: PSA: Don't swipe recklessly for others
« Reply #1799 on: February 01, 2019, 08:45:48 AM »
why does it matter? gambling is gambling is gambling
There's gambling in a casino gambling in the stock market and gambling in a bad investment...
Some are crimes while others aren't