PSA: Don't swipe recklessly for others

[jj1000]

Why? 1 person lost 500k while another 10 made 24% on 50k.

Do you know that? No need for more made up speculation to defend his made up speculation...

[PSA2]

There are people that made a killing off S**** -  easily high 6 figures - He's been doing this with certain people for quite a number of years. He would boast to me about the amount of money people made off of him.
Everyone is happy they took the risk as long as it's going good, but when it comes crashing down then it's a different story. Your arguments are ludicrous.

Any update in your case ?

[aro123]

Do you know that? No need for more made up speculation to defend his made up speculation...

i know people that have made over 100% (+SUB) on 25k to 50k. and plenty more people who have done 25k to 50k sporadically for the SUB.
 obviously if a guy is swiping 15mm than he is for sure gonna go bust but there are legitimate business that need extra buying power during peak season that are not ponzi schemes.
  and I know of a school that swiped around 1mm for 12 months while they were waiting to be eligible to refi there loan.  obviously there have big risks but also big rewards. but not everyone is just a ponzi

[ExGingi]

  and I know of a school that swiped around 1mm for 12 months while they were waiting to be eligible to refi there loan.  obviously there have big risks but also big rewards. but not everyone is just a ponzi

Of all the cases you mention, this sounds like the worst. I don't want to make public assumptions, but "swiping for 12 months while waiting to be eligible to refi their loan" has a lot written behind that sentence, and in a way, this might be more like a Ponzi scheme than the other scenarios you describe.

[aro123]

when it was possible to get Amex 150k BP NL someone told me he was swiping 30k a month for him and spouse and netting 345k  mr per month.  that is about 20% PER MONTH

[joey89]

There seems to be a bigger picture that people are missing out on here about buying groups.

Buying groups are not a legitimate business. They are using workarounds to game the system. The manufacturer or retailer does not want to sell the merchandise wholesale or in bulk to unauthorized distributors, so they crowdsource by asking individuals to buy and deliver them.

Everyone knows by now that the manufacturers and retailers are well aware of this scheme. Google once suspended hundreds of Gmail accounts because of the Pixel buying group (you can thank Dan for getting them to reinstate those accounts). Best Buy, Target and others have blacklisted many buyers. It's not illegal, but it's still not legitimate. (Some have mentioned importing these items to other countries without paying import taxes/tariffs, that is indeed illegal)

To put this in perspective, imagine I said that I had a fleet of taxis in NYC making a ton of money but I don't have a taxi medallion from the city, or I said I owned a hot-dog stand in NYC making a ton of money without a permit. Would you invest $100,000 with me?

Investing large sums of money is risky even when investing in legitimate businesses, how much more so with illegitimate businesses.

Is it less risky than swiping for a merchant? certainly. But consider this: Swiping for a merchant is like jumping off a 100ft building and hoping to survive. Buying for a group is like jumping off a 30ft building and hoping to survive.

The instances that you quote as illegitimate, are operating without a license. Buying groups are breaking corporate policies.
The consequences for crossing the government are much more dire than being blacklisted by Wal-Mart/BestBuy/Target ( I have been blacklisted from Wal-Mart for 5 years and I have not experienced major disruptions from this, would not want to know what the feeling is being hounded by DoT/DoH..)

[aygart]

i know people that have made over 100% (+SUB) on 25k to 50k. and plenty more people who have done 25k to 50k sporadically for the SUB.
 obviously if a guy is swiping 15mm than he is for sure gonna go bust but there are legitimate business that need extra buying power during peak season that are not ponzi schemes.
  and I know of a school that swiped around 1mm for 12 months while they were waiting to be eligible to refi there loan.  obviously there have big risks but also big rewards. but not everyone is just a ponzi

I didn't see anyone saying that everyone is a pnozi scheme. Nor did I even see anyone saying that all of the seemingly numerous cases of businesses going bust were all ponzi schemes. Everyone is saying that it is very risky. Do you disagree with that?

[gingyguy]

i know people that have made over 100% (+SUB) on 25k to 50k. and plenty more people who have done 25k to 50k sporadically for the SUB.
 obviously if a guy is swiping 15mm than he is for sure gonna go bust but there are legitimate business that need extra buying power during peak season that are not ponzi schemes.
  and I know of a school that swiped around 1mm for 12 months while they were waiting to be eligible to refi there loan.  obviously there have big risks but also big rewards. but not everyone is just a ponzi

not sure what it arguing about. Dans point was to do for diligence. If you feel like these are good investment  ideas than I wish you all the best

[pointer]

There seems to be a bigger picture that people are missing out on here about buying groups.

Buying groups are not a legitimate business. They are using workarounds to game the system. The manufacturer or retailer does not want to sell the merchandise wholesale or in bulk to unauthorized distributors, so they crowdsource by asking individuals to buy and deliver them.

To put this in perspective, imagine I said that I had a fleet of taxis in NYC making a ton of money but I don't have a taxi medallion from the city, or I said I owned a hot-dog stand in NYC making a ton of money without a permit. Would you invest $100,000 with me?

whats better apples or oranges?

[aygart]

Do you know that? No need for more made up speculation to defend his made up speculation...

I don't think you are understanding what I wrote. Who cares if there were more people who made money? The losses were much greater.

[gubevo18]

Might I suggest that Dan make a special private forum similar to the Antarctica forum or.      , etc. for all those unfortunate to have been caught up in any of these scams. (I BH have not been nor do I plan on giving out my CC. Ever.)
I'm sure lots of people feel completely lost and are going with their knee jerk emotional reaction or no reaction at all.

Figuring this out together as a group would probably be very beneficial as well as the support that they can give/receive from one another. Also, there will be no cronies trolling the thread- obviously if you figure out a way to make sure only those who were really affected get in...

I would have a hard time understanding why someone would lie or make up a new username just to gain access to such a thread.. but then again, some of the comments posted here had me scratching my head..

Just trying to help as i can't imagine what these people are going thru.

Thoughts anyone??

[Dan]

Might I suggest that Dan make a special private forum similar to the Antarctica forum or.      , etc. for all those unfortunate to have been caught up in any of these scams. (I BH have not been nor do I plan on giving out my CC. Ever.)
I'm sure lots of people feel completely lost and are going with their knee jerk emotional reaction or no reaction at all.

Figuring this out together as a group would probably be very beneficial as well as the support that they can give/receive from one another. Also, there will be no cronies trolling the thread- obviously if you figure out a way to make sure only those who were really affected get in...

I would have a hard time understanding why someone would lie or make up a new username just to gain access to such a thread.. but then again, some of the comments posted here had me scratching my head..

Just trying to help as i can't imagine what these people are going thru.

Thoughts anyone??

Too hard to verify and I'm sure cronies will slip in.
Just start a new thread for victims?

[pointer]

Just start a new thread for victims?

might as well just post here, point was for a support group of victims

[Dan]

might as well just post here, point was for a support group of victims

It'll just get lost here. Could keep that thread just for actual concrete discussion.

[joey89]

Might I suggest that Dan make a special private forum similar to the Antarctica forum or.      , etc. for all those unfortunate to have been caught up in any of these scams. (I BH have not been nor do I plan on giving out my CC. Ever.)
I'm sure lots of people feel completely lost and are going with their knee jerk emotional reaction or no reaction at all.

Figuring this out together as a group would probably be very beneficial as well as the support that they can give/receive from one another. Also, there will be no cronies trolling the thread- obviously if you figure out a way to make sure only those who were really affected get in...

I would have a hard time understanding why someone would lie or make up a new username just to gain access to such a thread.. but then again, some of the comments posted here had me scratching my head..

Just trying to help as i can't imagine what these people are going thru.

Thoughts anyone??

If victims are considering going to court it might be best not to discuss it openly (even in a dedicated closed forum)

[AJK]

I'm pretty sure 120% is a good enough return to handle any risk in the world.

Uhm, no.  Assume your life savings was $100,000.

Would you risk $100,000 on a coin flip to earn $120,000? You would not, and even if you would, what about 0.2:1.2?  Or 0.1:1.2?

[gubevo18]

Too hard to verify and I'm sure cronies will slip in.
Just start a new thread for victims?

but then it will turn into the latest hock thread again with everyone in shul talking about it. Victims will then be unlikely to post.

If victims are considering going to court it might be best not to discuss it openly (even in a dedicated closed forum)

perhaps. Don’t know about this.

[ual902]

If victims are considering going to court it might be best not to discuss it openly (even in a dedicated closed forum)

Start a victims DO.

[Miami]

There seems to be a bigger picture that people are missing out on here about buying groups.

Buying groups are not a legitimate business. They are using workarounds to game the system. The manufacturer or retailer does not want to sell the merchandise wholesale or in bulk to unauthorized distributors, so they crowdsource by asking individuals to buy and deliver them.

Everyone knows by now that the manufacturers and retailers are well aware of this scheme. Google once suspended hundreds of Gmail accounts because of the Pixel buying group (you can thank Dan for getting them to reinstate those accounts). Best Buy, Target and others have blacklisted many buyers. It's not illegal, but it's still not legitimate. (Some have mentioned importing these items to other countries without paying import taxes/tariffs, that is indeed illegal)

To put this in perspective, imagine I said that I had a fleet of taxis in NYC making a ton of money but I don't have a taxi medallion from the city, or I said I owned a hot-dog stand in NYC making a ton of money without a permit. Would you invest $100,000 with me?

Investing large sums of money is risky even when investing in legitimate businesses, how much more so with illegitimate businesses.

Is it less risky than swiping for a merchant? certainly. But consider this: Swiping for a merchant is like jumping off a 100ft building and hoping to survive. Buying for a group is like jumping off a 30ft building and hoping to survive.

So by taxis in NYC without medallions you mean like Uber?

[zale]

So by taxis in NYC without medallions you mean like Uber?

https://www.quora.com/How-does-Uber-overcome-taxi-medallion-regulations

Either way, that doesn’t change the point.