Author Topic: PSA: Don't swipe recklessly for others  (Read 264602 times)

Offline chbochur

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Re: PSA: Don't swipe recklessly for others
« Reply #1770 on: January 31, 2019, 03:09:26 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

Online username

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Re: PSA: Don't swipe recklessly for others
« Reply #1771 on: January 31, 2019, 03:29:30 PM »
« Last Edit: January 31, 2019, 03:33:05 PM by username »
^^^

Offline rileywiles23

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Re: PSA: Don't swipe recklessly for others
« Reply #1772 on: January 31, 2019, 04:00:18 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?
Life is as good as you make it...

Online sruly

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Re: PSA: Don't swipe recklessly for others
« Reply #1773 on: January 31, 2019, 04:30:41 PM »
Do you swipe your cards by someone?
no.

Offline zale

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Re: PSA: Don't swipe recklessly for others
« Reply #1774 on: January 31, 2019, 07:46:48 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?

Online Yehuda57

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Re: PSA: Don't swipe recklessly for others
« 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.
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Offline Menachem613

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Re: PSA: Don't swipe recklessly for others
« Reply #1776 on: January 31, 2019, 08:29:04 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.

Online gozalim

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Re: PSA: Don't swipe recklessly for others
« Reply #1777 on: January 31, 2019, 08:30:08 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

Online sruly

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Re: PSA: Don't swipe recklessly for others
« Reply #1778 on: January 31, 2019, 08:30:49 PM »

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

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

Online gozalim

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Re: PSA: Don't swipe recklessly for others
« Reply #1779 on: January 31, 2019, 08:37:07 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?

Offline Menachem613

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Re: PSA: Don't swipe recklessly for others
« Reply #1780 on: January 31, 2019, 08:38:34 PM »
I wouldnt say a $1000 loss is life altering for most buyers.

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

$1k is a drop in the bucket for me too but don't fool yourself, there are many people living paycheck to paycheck and yes, $1k may be the difference between feeding a family or not.

Offline zale

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Re: PSA: Don't swipe recklessly for others
« Reply #1781 on: January 31, 2019, 08:43:22 PM »
http://www.ch10.co.il/news/437550/#.XFOiL1VKiUk

@chbochur was that guy playing the market with it?

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.

Offline ib3

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Re: PSA: Don't swipe recklessly for others
« Reply #1782 on: January 31, 2019, 08:51:22 PM »
$1k is a drop in the bucket for me too but don't fool yourself, there are many people living paycheck to paycheck and yes, $1k may be the difference between feeding a family or not.
+1. The proof? That people are ready to do something as crazy as letting someone swipe your card to rack up the points. Desperation leads to bad decisions.

Offline 12HRS

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Re: PSA: Don't swipe recklessly for others
« Reply #1783 on: January 31, 2019, 08:53:01 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.

Offline zale

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Re: PSA: Don't swipe recklessly for others
« Reply #1784 on: January 31, 2019, 08:54:50 PM »
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.

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.