Author Topic: PSA: Don't swipe recklessly for others (Read 1202229 times)

chbochur · « **Reply #1760 on:** January 31, 2019, 01:45:27 PM »

Quote from: gingyguy on January 31, 2019, 01:32:09 PM

yup you can say that . just in the beginning you can possibly say that he thought he had a way out. when you charge the cards the day before you go bust you have a lot less wiggle room

I hear what you're saying but from my understanding he stopped as soon as he realized there was no way he would be able to get out of it.

sruly · « **Reply #1761 on:** January 31, 2019, 01:58:41 PM »

Quote from: chbochur on January 31, 2019, 01:45:27 PM

I hear what you're saying but from my understanding he stopped as soon as he realized there was no way he would be able to get out of it.

he clearly writes that he was swiping in order to pay back and stay afloat and only stopped swiping once his accounts were overdrawn and could not make payments anymore.

chbochur · « **Reply #1762 on:** January 31, 2019, 02:04:21 PM »

Quote from: sruly on January 31, 2019, 01:58:41 PM

he clearly writes that he was swiping in order to pay back and stay afloat and only stopped swiping once his accounts were overdrawn and could not make payments anymore.

Which is when he realized that he can no longer continue playing this game to stay afloat.
Seems like this will turn into the same conversation of if it's considered a Ponzi scheme
And I have no interest in going there

YesThatsMe · « **Reply #1763 on:** January 31, 2019, 02:06:50 PM »

Quote from: chbochur on January 31, 2019, 02:04:21 PM

Which is when he realized that he can no longer continue playing this game to stay afloat.
Seems like this will turn into the same conversation of if it's considered a Ponzi scheme
And I have no interest in going there

+1

sruly · « **Reply #1764 on:** January 31, 2019, 02:59:42 PM »

Quote from: chbochur on January 31, 2019, 02:04:21 PM

Which is when he realized that he can no longer continue playing this game to stay afloat.
Seems like this will turn into the same conversation of if it's considered a Ponzi scheme
And I have no interest in going there

Its very different letting someone swipe your cards to buy product (and pay back after it sells) then letting someone swipe your cards to pay other people cards and only pay you back after they swipe a 3rd person's cards.

sruly · « **Reply #1765 on:** January 31, 2019, 03:00:44 PM »

Unless they all knew he was swiping to pay others back and were willing to take the risk to get the points (or other incentives).

chbochur · « **Reply #1766 on:** January 31, 2019, 03:01:32 PM »

Quote from: sruly on January 31, 2019, 02:59:42 PM

Its very different letting someone swipe your cards to buy product (and pay back after it sells) then letting someone swipe your cards to pay other people cards and only pay you back after they swipe a 3rd person's cards.

Well I'm not sure what the people who actually swiped were thinking but I knew months ago that this is what he was doing

sruly · « **Reply #1767 on:** January 31, 2019, 03:04:12 PM »

Quote from: chbochur on January 31, 2019, 03:01:32 PM

Well I'm not sure what the people who actually swiped were thinking but I knew months ago that this is what he was doing

Were they getting kickback besides for the 1-2% Cashback?

chbochur · « **Reply #1768 on:** January 31, 2019, 03:06:16 PM »

Quote from: sruly on January 31, 2019, 03:04:12 PM

Were they getting kickback besides for the 1-2% Cashback?

Not from my knowledge. There were those who invested hard money as well and I don't remember what the return was but it was supposed to be similar to the amounts for swiping a credit card

sruly · « **Reply #1769 on:** January 31, 2019, 03:07:23 PM »

Quote from: chbochur on January 31, 2019, 03:06:16 PM

Not from my knowledge. There were those who invested hard money as well and I don't remember what the return was but it was supposed to be similar to the amounts for swiping a credit card

from the vibes I am getting something seems more fishy then you typical swipe for points situation.

chbochur · « **Reply #1770 on:** January 31, 2019, 03:09:26 PM »

Quote from: sruly on January 31, 2019, 03:07:23 PM

from the vibes I am getting something seems more fishy then you typical swipe for points situation.

Not sure what you're thinking or where you're trying to go with that

username · « **Reply #1771 on:** January 31, 2019, 03:29:30 PM »

For the ribbis discussion, see here:
Can You Lend Your Credit Card To Someone And Enjoy The Miles?

rileywiles23 · « **Reply #1772 on:** January 31, 2019, 04:00:18 PM »

Quote from: sruly on January 31, 2019, 03:07:23 PM

from the vibes I am getting something seems more fishy then you typical swipe for points situation.

Do you swipe your cards by someone?

sruly · « **Reply #1773 on:** January 31, 2019, 04:30:41 PM »

Quote from: rileywiles23 on January 31, 2019, 04:00:18 PM

Do you swipe your cards by someone?

no.

zale · « **Reply #1774 on:** January 31, 2019, 07:46:48 PM »

Quote from: chbochur on January 31, 2019, 01:21:52 PM

Not sure about that. From the ones I know none of them are calling him a thief. They just feel he made terrible business decisions with their money.
As opposed to the other situation that happened last year in ch which they call him a thief that scammed them of their money

Can you share what happened last year?

Yehuda57 · « **Reply #1775 on:** January 31, 2019, 08:22:34 PM »

The point isn't whether or not the guy intended to rip people off, but that they were.

I'm glad Dan seems to be writing a piece about this, and IMNSHO it should include buying groups. A look at that thread shows how things can go horribly wrong even with the best intentions. For many buyers, even those who have spent tens of thousands without incident, a loss of $1,000 is mammoth - life altering. A sudden price drop or a large order that isn't received in Delaware can spell disaster for so many.

Menachem613 · « **Reply #1776 on:** January 31, 2019, 08:29:04 PM »

Quote from: Yehuda57 on January 31, 2019, 08:22:34 PM

The point isn't whether or not the guy intended to rip people off, but that they were.

I'm glad Dan seems to be writing a piece about this, and IMNSHO it should include buying groups. A look at that thread shows how things can go horribly wrong even with the best intentions. For many buyers, even those who have spent tens of thousands without incident, a loss of $1,000 is mammoth - life altering. A sudden price drop or a large order that isn't received in Delaware can spell disaster for so many.

Totally agree.

gozalim · « **Reply #1777 on:** January 31, 2019, 08:30:08 PM »

Quote from: Yehuda57 on January 31, 2019, 08:22:34 PM

I'm glad Dan seems to be writing a piece about this, and IMNSHO it should include buying groups. A look at that thread shows how things can go horribly wrong even with the best intentions. For many buyers, even those who have spent tens of thousands without incident, a loss of $1,000 is mammoth - life altering. A sudden price drop or a large order that isn't received in Delaware can spell disaster for so many.

to put that another way:
even if you're (blinded by the ROI and) decide to go forward, whether with buying groups, day trading, or 1,001 other scams, you need to keep in mind:
never invest/lend what you cannot walk away from and afford to loose. come up with that number and don't deviate. with buying groups it may mean that in the busy BF or prime day season you're not able to maximize, but it'll keep you out of bankruptcy

sruly · « **Reply #1778 on:** January 31, 2019, 08:30:49 PM »

Quote from: Menachem613 on January 31, 2019, 08:29:04 PM

Totally agree.

I wouldnt say a $1000 loss is life altering for most buyers.

$250k on the other hand.....

gozalim · « **Reply #1779 on:** January 31, 2019, 08:37:07 PM »

Quote from: zale on January 31, 2019, 07:46:48 PM

Can you share what happened last year?

http://www.ch10.co.il/news/437550/#.XFOiL1VKiUk

@chbochur was that guy playing the market with it?

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Author Topic: PSA: Don't swipe recklessly for others (Read 1202229 times)