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Debit Card

by Lajosne Liszek
There's been a bit of a buzz on the internet over the summer of 2010 about new online payment system Paybox When you go to the Paybox.me website you can see why. Here are some Paybox.me promises to s
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  • "You start with a $50 balance and it's free.
  • PayBox will add up to $10 per day to your account for participating as we prepare to launch our new service
  • You get $5 per person you refer to PayBox.
  • You'll help shape the development of the best payment system ever designed for the Internet.
  • You could have hundreds or thousands of dollars in your account by the time we launch, without ever making a deposit
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There's been a bit of a buzz on the internet over the summer of 2010 about new online payment system Paybox

When you go to the Paybox.me website you can see why. Here are some Paybox.me promises to subscribers who

"You start with a $50 balance and it's free.
PayBox will add up to $20 per day to your account for participating as we prepare to launch our new service
You get $5 per person you refer to PayBox.
You'll help shape the development of the best payment system ever designed for the Internet.
You could have hundreds or thousands of dollars in your account by the time we launch, without ever making a deposit!"

Sounds, classically, too good to be true. So people on internet boards are asking if it's a scam, if it's risky, if it's possible that it's genuine.

The first thing to understand about the Paybox.me statements above is that Paybox.me has its own currency. Paybox.me dollars are not US dollars. (Sorry to say!) Paybox.me says it intends to develop a currency that will exchange with currencies worldwide.

Which, in itself, is perfectly feasible - think of Disney money or Linden dollars.

What it means though is that the 50 dollars you get as a sign up fee are not 50 US dollars. The Paybox.me currency is not currently exchangeable for US dollars - or anything - so you can't use them. If and when the service goes live in 2011, Paybox.me says that they plan that their currency will be in the international exchange system and Paybox.me users will be able to spend their dollars and make and accept payments. You can't tell for now what the value of your 50 dollar sign up fee may eventually be. It could, theoretically, be around 50 US dollars or it could be 5 cents. If Paybox.me fails, the value will clearly be nil.

Having said all that, Paybox.me is more likely to be a simple email address collecting venture than a scam that puts subscribers at real risk. And there's always a chance it could turn into something profitable.

http://www.paybox.me/r/mirzsi

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About Lajosne Liszek Advanced     

168 connections, 1 recommendations, 360 honor points.
Joined APSense since, May 17th, 2010, From Budapest, Hungary.

Created on Nov 21st 2010 10:14. Viewed 1,236 times.

Comments

Jennifer Drummond Junior  Internet & eBusiness
There is much to be learn about this Paybox.me thank you for the info.
Nov 21st 2010 11:00   
Bradley Matthews Committed  I help people earn income online.
I've been in since the start have almost 2,000 paybox bux. Some places are allowing a trade for cash on them already. Thanks for sharing this! Brad.
Nov 21st 2010 11:19   
Philippe Moisan Magnate II   Consistency Marketing, Videos
@Bradley Matthews, that's a total surprise. I've heard so many times that paybox.me is a scam, that paybox.me dollars are worth the same as the dollars of the Monopoly game. Would you care to let me know where are these places ? You can give me the info in a PM, if it involves sending a link. Thank you !
Nov 21st 2010 11:38   
Dawn C. Advanced   Work at Home Mom
I think Paybox has a great concept and a potential to be successful. I understand exactly what they are doing with paying us and not advertising companies. But in all if they do not take off, it is free to join!
Nov 21st 2010 12:51   
Philippe Moisan Magnate II   Consistency Marketing, Videos
@Dawn, I asked Bradley to tell me the places who trade paybox dollars for real cash, if you have the information, please enlighten me.
Nov 21st 2010 13:14   
Lajosne Liszek Advanced   
OK, I Heard Of Systems Like PayBox Before, So?
Yes, we have all had programs which offer credits or vouchers or units just about everything under the sun. PayBox.mes plan involves making their currency exchangeable with other currencies. I have been trading the forex markets for five years now and trust me, that is not as easy as it sounds. They are of course conflicts of interest with getting paid by the company controlling the value of the currency you are receiving. In addition, the PayBox.me currency may never become openly exchangeable.

However, This Is Not Unprecedented
This probably sounds like Paybox.me is embarking on a futile endeavor, however the strategy of creating a currency like PayBox.me is attempting to do has worked in the past. The most famous example is probably Disney, which created Disney Dollars way back in 1987. Yes, those little bills with cartoon characters, that you use to go on rides and buy cotton candy are an actual currency with an exchange rate against the U.S. dollar. Another, less famous, but more pertinent example would be Linden Dollars, the currency used in Second Life.

While getting in on the beginning of a new currency could mean massive profits for you, their is some work that you have to do. According to the Pay Box website you need to log in frequently or your PayBox account will be terminated for inactivity. You also need to participate in the online surveys and jobs they have for you once you log in to PayBox. Of course PayBox.me is still in pre-launch so I dont know how much work they are going to require in order to keep an account active.

With These Potentially Negative Terms, Why Did I Join?
Well, even with all these complicated conditions and no guarantee of making money I still joined Pay Box for several reasons. First, the price was right. PayBox.me is completely free to join. Next, the information that Pay Box asks for isnt enough to cause any damage to my privacy and PayBox hasnt spammed me. In my opinion if youre willing to do a little work, then PayBox is worth joining and it is possible the early subscribers will make a whole lot of money.
Nov 21st 2010 17:08   
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Apr 14th 2013 06:39   
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