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Scams! What is the Biggest Scam?
2006-01-24 Posted at 07:27:12 PM
According to the dictionary the word scam is a slang word for fraudulent
business scheme; a swindle. The definition seems a little out of date. A scam
is definitely a swindle but it has grown being slang. Slang is defined a kind of
language occurring chiefly in casual and playful speech typically of short-lived
coinages and figures of speech . Nothing playful and not short lived. The word
scam and the scams themselves are here to stay.
The Internet had been a boon for many legitimate to increase there business
rapidly all over the world. The same Internet makes it possible for the scam
artists to spread their scams equally as fast and far. According to one Internet
source the top five Internet scams are:
1. eBay Scam
2. AOL You've Got Pictures Scam
3. AOL Billing Scam
4. Washington Mutual Bank Scam
5. SunTrust Bank Scam
The choice of the top five scams is fluid since the new scams or more aptly
variations of old scams are introduced every day.
The eBay scam is an an example of a typical scam. An individual receives
highly official looking e-mail, purportedly from eBay's accounts management
department, asking for credit card information, a social security number, and
more. The scammers use this for criminal purposes or sell the information
to other criminals
The five scams listed are similar and have coined a new word to describe
them phishing. Phishing is a method of identity theft carried out through the
creation of a website that seems to represent a legitimate company. The
visitors to the site, thinking they are buying something from a real business,
submit their personal information to the site. There are many other scams
such as Ponzis, offshore investments and many other investment schemes.
One scam that had been around for years is the Nigerian Scam has been
emptying the pockets of victims for decades — first through letters, then with
faxes, and now via e-mail. In its earliest incarnation — which dates to the
1920s. The scam seems so outrageous that you think that it would seem
no one would ever fall for it. They longevity proves otherwise. In case you are
one of the few people on the Internet who have never heard the of the Nigerian
Scam it basically is a scheme to the sender requests help in facilitating the
transfer millions of dollars. The sender, usually some sort of royalty offers a
commission, usually in the range of million dollars. The sender only request
that money be sent to pay for costs associated with the transfer. Hard to
believe but people are still falling for the scam.
One way to protect yourself from Internet scams is to never give out you
personal information to an unsolicited email no matter how legitimate.
A simple but effective way to protect your self is to do a google search
to investigate.
There is one scam that it is bigger than all the other scams combined.
In involves trillions of dollars and there is not much you can do about it.
They people who perpetuate the scam do not face any criminal charges.
If you are are a Senior Citizen, there is no need to worry. It wont effect you.
If are a Baby Boomer or younger, its another story.
The scam is the trillions of dollars being promised in Social Security
pensions and Medicare payments, for which there is not money in the till.
Congress has made laws that private pension plans have to enough
money in trust to provide the promised future benefits. If General Motors,
Ford, Walmart or any company that set up a pension benefit plan and
funded it with IOUs the people at the companies would be fined
prosecuted and put in jail. Some companies have had problems with
the underfunded pension plans and are facing severe penalties.
Underfunded means not enough funds not IOUs.
Present members of Congress face no such threat. They merely just
promise more and more benefits to keep being elected and retaining
power. They let future members of Congress to figure out how to
welsh on the promises. Congress has no problem about holding
hearing to critizise Private Pension Plans are unfunded. This is the
classic the Pot calling the Kettle Black.
According to Michael Tanner of the Cato Institute in 1950, there were
16 workers paying taxes into the system for every retiree who was taking
benefits out of it. Today, there are a little more than three. By the time the
baby boomers retire, there will be just two workers who will have to pay
all the taxes to support every one retiree.
One way is to raise tax rates to confiscatory levels. The estimate that
rates would have to be raised from the current 12.4% to 18%, almost
a 50% increase. Another more likely ploy is to pay the money with
inflated dollars. The Federal Government could just print more money.
The law of supply and demand tells us that the huge increase in the
money available will result in its value going down.
Members of Congress who are telling millions of people on pensions
that have no funding but IOUs are perpetuating the biggest opportunity
scam of all. This is an equal opportunity scam. Republicans,
Democrats, men, women, blacks and white all perpetuate the scam.
A few people do sometimes talk about the problem but nothing is done.
Wally McRae
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PixMeUp - What an Incredible Day!
2006-01-23 Posted at 11:02:11 PM
In the blog Pixel Ads Sweeping the Nation PixMeUp claimed to be the fastest growing Multi Level Marketing (MLM). You probably heard that claim from many companys. I certainly have so I took their statement "with a grain of salt."
However, when PixMeUp opened the flood gate at 2:00pm PST they had over 10,000 people trying to buy pixel ads at the same time. They had beefed up the servers and access to unlimited bandwidth with the capacity to easily handle 5000 sign ups a day. But when 10,000 to 12,000 people try to buy pixel ads at the same they were overwhelmed. The hosting plan for PixMeUp had gone from $120 per year to $1500 a month in less than 60 days but still most people were unable to but the pixel ads.
There is a difference between traffic to the site and transactions on the site. According to the programers the problem was with the huge number of people trying to buy pixel ads. When the buy frenzy slows down things will run smoothly. About 2000 were able to buy pixel ads yesterday with another 8,000 to 10,000 unabe to buy.
Alexa reported the traffic was over 300 million on January 21, 2006.
PixMeUp is certainly living up to hits claim as the fastest growing MLM. The jury is still out on the long range success of pixel ads and PixMeUp specifically. Will business continue to buy pixel ads after the novelty wears of or will if be a flash in the pan? Time will tell.
Wally McRae
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Pixel Ads Sweeping the Internet! Is it a fad or a Real Business?
2006-01-22 Posted at 03:35:02 PM
Alex Tew , a 21-year old college student in Great Britain came with an idea in the hopes of becoming a millionaire. His idea was to sell Internet advertising in a
unique way. Instead of selling banner ads, text links or video ads he would sell
pixels. A pixel is a tiny dot the of light and color on the computer screen. There are tens of thousands of pixels on a screen. He created a homepage milliondollarhomepage.com. His plan was to sell 10,000 small squares of 100 pixels each for $1. Advertiser could place a graphical ad with links to their own site.
Mr Tew launched his site milliondollarhomepage.com. on August 28, 2005. The idea seemed absurd that anyone would pay to advertise on a new site with no traffic and no record of attracting visitors. He first got his friends and family to place ads. Then he issued a press release and the novelty of this crazy idea. attracted media attention. Two weeks after his launch Mr Tew had sold $40,000 in ads. The bloggers picked up the story and the traffic numbers numbers started to explode when the US Internet community started using it. In September it was featured in "Mover and Shakers of Alexa which ranks we site by the number of people who visit them. By the end of the year daily traffic reached 500 million a day. January 21, 2006 it is ranked 1219 by Alexa
In a November 22, 2005 article in the Wall Street Journal they wrote about the success of the college student. He had already reached $623,800 toward his $1 million goal.
With the success of milliondollarhomepage.com. it didn't take long to spawn many pixel ad sites - over 100. Many are just copy cats but some have added tweaks and benefits. One company Pixmeup has introduced a Multi Level Marketing (MLM) company. It claims to be the fastest growing MLM. After its prelaunch introduction in December it already has over 8,000 members and ranks 39,750 on Alexa with 200 million hits a day in January. That is more then long established MLM companies like Amway, Nuskin, and Melaleuca i
Is this pixel ad craze just a craze or it is a real business? In 1999 AllAdvantage came up with a new advertising concept of paying people to display ads on their computers. The program along with its many copy-cats became very big very fast. A few people who got in early probably made quite a bit of money and most made a few dollars. The whole business collapsed and AllAdvantage was out of business by 2001.
It looks like Pixmeup going to grow faster than AllAdvantage. Will it have crash like they did? Is a fad that will be gone as quick as it arrived? It does seem absurd that one can sell adds on a collage of ads that you can barely see.
Nevertheless after listening and looking at the program I have decided "what the
heck." I'll take a chance for $25
Wally McRae
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You Think You Have a Difficult Sales Job?
2006-01-17 Posted at 09:28:42 PM
Ahmed alJabouri was named the head of Iraq's Tourism Board. Talk about a tough sell. Being the cradle of civilization he thinks about the potential of the country. He is not aware of a single foreign tourist visiting Iraq in 2004. He is advising right now for people to stay away. It is too dangerous.
Nevertheless the tourism board has 14 centers around the country from Bashra to Tikrit, Saddam Hussein's hometown. A staff of 2,474 is kept busy checking hotels and restaurants and awarding licenses. Watching the nightly news on ABC, CBS and NBC you would get the impression that there are no hotels or restaurants to check.
Yahoo Travel rates several hotels in Bagdad. They are mostly described as elegant, sophisticated, excellent cuisine, beautiful hotel, garden, very nice rooms. One review describes one hotel as elegant and sophisticate with the disclamier "Good if you are ready to have a missile through your room!"
With the perception that we get about Iraq it is hard to think of it as a tourist spot. Nevertheless the Kurdistan Observer September 3, 2005 reports that while there are not international tourist tens of thousands Iraqis in the last few months have gone to the the northern provinces of Kurdistan for relaxation where it has been relatively calm. A popular spot is Lake Dukan, a giant reservoir in the mountains of Suleimaniya province. The high altitude provides relief from the summer heat. Hotel rooms are booked weeks in advance. The Kurdish government has approved 50 new hotels and are printing guide books in Arabic, English and Kurdish.
With all the talk of Iraq’s oil and the fact that they have the second largest oil reserves in the world there is a great potential of a huge tourism business The "cradle of civilization" has been closed to most of the World. In August 2005 the authorities in Najaf visit the Muslim Shiite shrines to 5,000 a day from the current1,000.and promised to allocate $50 million to modernize the city. With all its historical and religious sites Iraqi Tourism may be a important as important to its economy as its' oil.
Wally McRae
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Rare Coin Sold for $253,000
2006-01-09 Posted at 04:03:10 PM
The Overton-102a variety of the 1817/4 Capped Bust half dollar found in the dirt by an upstate New York was sold January 5, 2005 for $253,000 at the Heritage Numistic Auctions at the Florida Numismatists Signature Auction in Orlando Florida.
See the previous blog Coin found in Dirt Pile Worth $300,000
While the coin didn't sell for the $300,000, $253,000 is a great find. I'm sure he can now afford to buy a top of the line Metal Detector to go over that dirt pile or to buy more dirt.
There a coin auctions going on virtually every day and some time two or three somewhere in the country Coinlink lists 56 auctions for January.
Wally McRae
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