Author Topic: PSA: Don't swipe recklessly for others  (Read 208337 times)

Offline sawlw

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Re: PSA: Don't swipe recklessly for others
« Reply #1950 on: February 10, 2019, 09:28:54 PM »
Any legit business could collapse if all investors withdrew their money.

that

you can be 1000% legit, but find it impossible to patch a hole that size overnight

The ďswiperĒ may have a legit business model, however if everyone stops swiping at once it would all collapse.
The exact definition of a ponzi scheme.

yes and no, not if he needs ,20, 30, 50+ days to sell off inventory etc., if a developer is in middle of a project and investor pulls funds overnight and he sinks, does that make it a ponzi?

Offline sruly

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Re: PSA: Don't swipe recklessly for others
« Reply #1951 on: February 10, 2019, 09:31:06 PM »
yes and no, not if he needs ,20, 30, 50+ days to sell off inventory etc., if a developer is in middle of a project and investor pulls funds overnight and he sinks, does that make it a ponzi?
When you are swiping to pay back the first person (as clearly stated in his email) then you are running a Ponzi scheme.

Offline Yowzy

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Re: PSA: Don't swipe recklessly for others
« Reply #1952 on: February 10, 2019, 09:34:35 PM »
The ďswiperĒ may have a legit business model, however if everyone stops swiping at once it would all collapse.
The exact definition of a ponzi scheme.
When you are swiping to pay back the first person (as clearly stated in his email) then you are running a Ponzi scheme.

per google 'ponzi scheme' is;
"a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors."

Offline YesThatsMe

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Re: PSA: Don't swipe recklessly for others
« Reply #1953 on: February 10, 2019, 09:34:43 PM »
I worked for the CH people GN, LH & SS. I forecasted over 2 years ago that the model didnít hold water and I left. Yet they are not scammers, just uneducated & inexperienced yeshivish ppl. A ddms post bashing them as ponzi perpetrators would be pure motzei Shem ra. End of the day itís the idiots who forked over cash and credit cards who are ultimately responsible for their lack of basic investing knowledge.

A better idea for a ddms post is investment advice:

A) Never invest with someone who has no skin in the game.
B) Never invest money you canít afford to lose.
C) Run every investment by a certified investment advisor (CFA, CFP, at a least a CPA) before investing. Retaining a due diligence company is also advised.
D) Have a lawyer draw up a detailed agreement with all investment details and waterfall.
E) Tip: Never invest with someone under 30, or with someone whose last venture or two went bust.
F) If youíre not an investment professional, putting whatever money you have available to invest in a S&P 500 MF or ETF is your best bet at investing, and stay focused on your day job/business and seek growth there.

Offline Yowzy

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Re: PSA: Don't swipe recklessly for others
« Reply #1954 on: February 10, 2019, 09:36:35 PM »
Actually, tbh, he does seem to be making a fair point that would make sense if these people were actually legit.

Alas, theyíre not.

I know legitimate businesses that you 'cc swiping' as a partial form of working capital.

Offline YesThatsMe

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Re: PSA: Don't swipe recklessly for others
« Reply #1955 on: February 10, 2019, 09:37:19 PM »
I know legitimate businesses that you 'cc swiping' as a partial form of working capital.
Then they are not legitimate businesses. Period.
And you should probably get to know some other businesses, before you become (or continue to be) a korban.

Offline Chief Rabbi of New York

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Re: PSA: Don't swipe recklessly for others
« Reply #1956 on: February 10, 2019, 09:38:39 PM »
I worked for the CH people GN, LH & SS. I forecasted over 2 years ago that the model didnít hold water and I left. Yet they are not scammers, just uneducated & inexperienced yeshivish ppl. A ddms post bashing them as ponzi perpetrators would be pure motzei Shem ra. End of the day itís the idiots who forked over cash and credit cards who are ultimately responsible for their lack of basic investing knowledge.

A better idea for a ddms post is investment advice:

A) Never invest with someone who has no skin in the game.
B) Never invest money you canít afford to lose.
C) Run every investment by a certified investment advisor (CFA, CFP, at a least a CPA) before investing. Retaining a due diligence company is also advised.
D) Have a lawyer draw up a detailed agreement with all investment details and waterfall.
E) Tip: Never invest with someone under 30, or with someone whose last venture or two went bust.
F) If youíre not an investment professional, putting whatever money you have available to invest in a S&P 500 MF or ETF is your best bet at investing, and stay focused on your day job/business and seek growth there.

Makes no sense
They are 12-20 million in the hole
When they were 3 million in the hole they didnít realize they were sinking ?
Ponzi scheme
Show Some Respect for Me, I am The Chief Rabbi of New York :)

Offline ludmila

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Re: PSA: Don't swipe recklessly for others
« Reply #1957 on: February 10, 2019, 09:39:36 PM »
I worked for the CH people GN, LH & SS. I forecasted over 2 years ago that the model didnít hold water and I left. Yet they are not scammers, just uneducated & inexperienced yeshivish ppl. A ddms post bashing them as ponzi perpetrators would be pure motzei Shem ra. End of the day itís the idiots who forked over cash and credit cards who are ultimately responsible for their lack of basic investing knowledge.

A better idea for a ddms post is investment advice:

A) Never invest with someone who has no skin in the game.
B) Never invest money you canít afford to lose.
C) Run every investment by a certified investment advisor (CFA, CFP, at a least a CPA) before investing. Retaining a due diligence company is also advised.
D) Have a lawyer draw up a detailed agreement with all investment details and waterfall.
E) Tip: Never invest with someone under 30, or with someone whose last venture or two went bust.
F) If youíre not an investment professional, putting whatever money you have available to invest in a S&P 500 MF or ETF is your best bet at investing, and stay focused on your day job/business and seek growth there.
All good and sound advice except for -Never invest with someone under 30-age has nothing to do with it, there are successful young entrepreneurs as many as old fools :)
I was the Best,still the Best, and will always be the Best.
Pele Good,Maradona Better, George Best.

Offline Mo2

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Re: PSA: Don't swipe recklessly for others
« Reply #1958 on: February 10, 2019, 09:40:02 PM »
I know legitimate businesses that you 'cc swiping' as a partial form of working capital.
those legitimate businesses may (though not always) also legitimately be too risky for any real investors and therefore require using uneducated potential victims as a source of finance

Offline Yowzy

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Re: PSA: Don't swipe recklessly for others
« Reply #1959 on: February 10, 2019, 09:40:24 PM »
I worked for the CH people GN, LH & SS. I forecasted over 2 years ago that the model didnít hold water and I left. Yet they are not scammers, just uneducated & inexperienced yeshivish ppl. A ddms post bashing them as ponzi perpetrators would be pure motzei Shem ra. End of the day itís the idiots who forked over cash and credit cards who are ultimately responsible for their lack of basic investing knowledge.

A better idea for a ddms post is investment advice:

A) Never invest with someone who has no skin in the game.
B) Never invest money you canít afford to lose.
C) Run every investment by a certified investment advisor (CFA, CFP, at a least a CPA) before investing. Retaining a due diligence company is also advised.
D) Have a lawyer draw up a detailed agreement with all investment details and waterfall.
E) Tip: Never invest with someone under 30, or with someone whose last venture or two went bust.
F) If youíre not an investment professional, putting whatever money you have available to invest in a S&P 500 MF or ETF is your best bet at investing, and stay focused on your day job/business and seek growth there.
why didn't you warn anyone?

Offline JACKBLUE

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Re: PSA: Don't swipe recklessly for others
« Reply #1960 on: February 10, 2019, 09:40:48 PM »
I worked for the CH people GN, LH & SS. I forecasted over 2 years ago that the model didnít hold water and I left. Yet they are not scammers, just uneducated & inexperienced yeshivish ppl. A ddms post bashing them as ponzi perpetrators would be pure motzei Shem ra. End of the day itís the idiots who forked over cash and credit cards who are ultimately responsible for their lack of basic investing knowledge.

A better idea for a ddms post is investment advice:

A) Never invest with someone who has no skin in the game.
B) Never invest money you canít afford to lose.
C) Run every investment by a certified investment advisor (CFA, CFP, at a least a CPA) before investing. Retaining a due diligence company is also advised.
D) Have a lawyer draw up a detailed agreement with all investment details and waterfall.
E) Tip: Never invest with someone under 30, or with someone whose last venture or two went bust.
F) If youíre not an investment professional, putting whatever money you have available to invest in a S&P 500 MF or ETF is your best bet at investing, and stay focused on your day job/business and seek growth there.
Very well said!!
Like given!

Offline zale

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Re: PSA: Don't swipe recklessly for others
« Reply #1961 on: February 10, 2019, 09:41:13 PM »
I worked for the CH people GN, LH & SS. I forecasted over 2 years ago that the model didnít hold water and I left. Yet they are not scammers, just uneducated & inexperienced yeshivish ppl. A ddms post bashing them as ponzi perpetrators would be pure motzei Shem ra. End of the day itís the idiots who forked over cash and credit cards who are ultimately responsible for their lack of basic investing knowledge.

A better idea for a ddms post is investment advice:

A) Never invest with someone who has no skin in the game.
B) Never invest money you canít afford to lose.
C) Run every investment by a certified investment advisor (CFA, CFP, at a least a CPA) before investing. Retaining a due diligence company is also advised.
D) Have a lawyer draw up a detailed agreement with all investment details and waterfall.
E) Tip: Never invest with someone under 30, or with someone whose last venture or two went bust.
F) If youíre not an investment professional, putting whatever money you have available to invest in a S&P 500 MF or ETF is your best bet at investing, and stay focused on your day job/business and seek growth there.

The only advice here that matters is to never invest money you canít afford to lose.

I disagree about the others. I think the people that became billionaires from investing with Zuckerberg would disagree with you.

Offline ludmila

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Re: PSA: Don't swipe recklessly for others
« Reply #1962 on: February 10, 2019, 09:42:15 PM »
How do they get investors(victims)? Do they advertise in local papers, word of mouth?
I was the Best,still the Best, and will always be the Best.
Pele Good,Maradona Better, George Best.

Offline JACKBLUE

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Re: PSA: Don't swipe recklessly for others
« Reply #1963 on: February 10, 2019, 09:42:54 PM »
How do they get investors(victims)? Do they advertise in local papers, word of mouth?
Both

Offline gozalim

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Re: PSA: Don't swipe recklessly for others
« Reply #1964 on: February 10, 2019, 09:43:47 PM »
compensated WOM?