Author Topic: PSA: Don't swipe recklessly for others  (Read 208688 times)

Offline YesThatsMe

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Re: PSA: Don't swipe recklessly for others
« Reply #1965 on: February 10, 2019, 09:44:37 PM »
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 :)

Ludmilla, you are a voice of reason and I respect every comment you make in these forums and am honored by your agreement to my post.

But believe me, this under 30 thing is very true in our Chareidi communities. Probably due to the fact that most people rely on “getting experience” vs getting educated (aka “I’ll learn on the job”). The guys you’re referring to are Harvard dropouts, not BMG or Monroe grads.

Offline ludmila

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Re: PSA: Don't swipe recklessly for others
« Reply #1966 on: February 10, 2019, 09:46:25 PM »
Ludmilla, you are a voice of reason and I respect every comment you make in these forums and am honored by your agreement to my post.

But believe me, this under 30 thing is very true in our Chareidi communities. Probably due to the fact that most people rely on “getting experience” vs getting educated (aka “I’ll learn on the job”). The guys you’re referring to are Harvard dropouts, not BMG or Monroe grads.
Thank you :), and you do make a point, I was talking in general.
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Offline YesThatsMe

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Re: PSA: Don't swipe recklessly for others
« Reply #1967 on: February 10, 2019, 09:46:50 PM »
why didn't you warn anyone?

I sure did

Offline Chief Rabbi of New York

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Re: PSA: Don't swipe recklessly for others
« Reply #1968 on: February 10, 2019, 09:48:50 PM »
I sure did

How did you warn people ? Just people you knew ?
Should the scammer go to jail ?
What did the scammers say to you when you confronted them that their method wouldn’t work ?
Show Some Respect for Me, I am The Chief Rabbi of New York :)

Offline YesThatsMe

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Re: PSA: Don't swipe recklessly for others
« Reply #1969 on: February 10, 2019, 09:49:18 PM »
The only advice here that matters is to never invest money you can’t afford to lose.

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

Do you understand that Zuckerberg got into Harvard on a full scholarship? That he only took on investors once his platform had tens of millions of users? Are you comparing him to every joe out of Kolel? Seriously!

Offline Dan

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Re: PSA: Don't swipe recklessly for others
« Reply #1970 on: February 10, 2019, 09:50:01 PM »
Are we calling cc swiping "investing" now?
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline joey89

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Re: PSA: Don't swipe recklessly for others
« Reply #1971 on: February 10, 2019, 09:50:49 PM »
The only advice here that matters is to never invest money you can’t afford to lose.

I disagree about the others. I think the people that became billionaires from investing with Zuckerberg would disagree with you.
They didn’t loan him money, they bought equity. Which means they had unlimited upside which made their risk of loosing it all (Thanos) worth the gamble.

Offline Dave321

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Re: PSA: Don't swipe recklessly for others
« Reply #1972 on: February 10, 2019, 09:52:04 PM »
I never understood this. If a business is successful it should have its own credit cards. If there's an issue getting their own cards, then that's a bright red flag. I have a small business for 2 years and my charge card can hold at least 300k at once.

Offline luckyluck

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Re: PSA: Don't swipe recklessly for others
« Reply #1973 on: February 10, 2019, 09:54:56 PM »
FTFY
by the way the idea is to not have an email address all spelled out to minimize spam from web crawlers

Offline YesThatsMe

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Re: PSA: Don't swipe recklessly for others
« Reply #1974 on: February 10, 2019, 09:55:32 PM »
Are we calling cc swiping "investing" now?

Lending.

I was referring to early investors, there was a solid group of them.

Whoever gave over a credit card is an imbecile in our opinions.

Offline Chief Rabbi of New York

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Re: PSA: Don't swipe recklessly for others
« Reply #1975 on: February 10, 2019, 10:04:27 PM »
How many lives have to get ruined from things like this ?
I wonder if @Dan will get enough facts to make a DDMS post about this
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Offline YesThatsMe

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Re: PSA: Don't swipe recklessly for others
« Reply #1976 on: February 10, 2019, 10:05:17 PM »
How did you warn people ? Just people you knew ?
Should the scammer go to jail ?
What did the scammers say to you when you confronted them that their method wouldn’t work ?


When I was there funding was from a group of investors. Whoever asked my opinion I said to not invest more.

Remember this was a legitimate business, not a Ponzi scheme. They should not go to jail. They’re response to my concerns was “you’re an employee, we’re The bosses, this is how we do things etc.”

Remember, hindsight is 20-20. Before this all blew up there was no way of knowing I’d be right. I’m actually sad I was.

Many very successful businessmen make grave mistakes and take fortunes with them to the bottom. Just because an analyst tucked away at some ratings firm voiced concern once doesn’t mean it was a scam all along.

Offline Mo2

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Re: PSA: Don't swipe recklessly for others
« Reply #1977 on: February 10, 2019, 10:09:54 PM »
Are we calling cc swiping "investing" now?
I hope not! are points the return? that's a very bad "investment" even when there's very low risk. but in fact it's very big risks for very small "returns".
people need to look at giving out their credit card like lending cash. would you lend that someone 1k? 10K? 100K? people are either clueless or idiots. I think it's more clueless. they incorrectly think that if something goes wrong they can just dispute it with their credit cards and all will be fine. what's even worse is that many people doing this don't even have $1000 in assets to their name and/or are struggling to live month to month

Offline Chief Rabbi of New York

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Re: PSA: Don't swipe recklessly for others
« Reply #1978 on: February 10, 2019, 10:12:55 PM »
I hope not! are points the return? that's a very bad "investment" even when there's very low risk. but in fact it's very big risks for very small "returns".
people need to look at giving out their credit card like lending cash. would you lend that someone 1k? 10K? 100K? people are either clueless or idiots. I think it's more clueless. they incorrectly think that if something goes wrong they can just dispute it with their credit cards and all will be fine. what's even worse is that many people doing this don't even have $1000 in assets to their name and/or are struggling to live month to month

Is it bad investment for 2% a month
That’s like 24% annually
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Offline joey89

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Re: PSA: Don't swipe recklessly for others
« Reply #1979 on: February 10, 2019, 10:16:46 PM »
Is it bad investment for 2% a month
That’s like 24% annually
It’s for 2 months, 12% in these circumstances is not great