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What currency is your payment prosessor using?
by Bj aka Bill Brown Hosting and Backup Service provider
Bj aka Bill Brown 
Hosting and Backup Service...
What currency is your payment prosessor using?
You will find many people telling you to do your Due Diligence when
considering joining a program. but one thing that is consistently over
looked is what currency unit the program is using.
Is it a REAL Currency or something the program owners dreamed up.
In most cases the currency the program refers to will be US$ or in some
cases Euro's. However if they refer to xyz$ (xyz often being the name of
the program) then they are referring to a fictitious currency which the program owner can change the value of at any time they feel like it.
Lets use my favorite fictitious example - MyScam.
So MyScam starts up a payment processor program called MyScamPay.
They are not, and have no intention of coming under the banking laws of any land so instead of holding your money in a real currency they use a fictitious one they make up. They will say that $1 MyScamPay Dollar is worth US$1.
So when you deposit hard currency funds of say US$100 they actually show up in your account as $100 MyScamPay Dollars, in other words 100 credits. This may seem fine on the surface BUT the problem is MyScamPay can change the Value of these credits at any time they feel like it. Somewhere in the TOS will be (usually in very small print) "We reserve the right to change the value of the MyScamPay Dollar as we see fit. (or some such get out clause).
Wat will happen eventually is either they will just vanish without trace or they will claim that things didn't work out and revalue their MyScamPay Dollars down to for example US$0.01.This means your $100 is now only worth US$10.
You Should NEVER use any on line Payment Processor that does not use real currency.
If they are using what ever fancy name currency unit as their currency this means that they are NOT a registered financial transaction company and are therefore NOT governed by the financial laws of any country.
You are effectively exchanging hard currency for credits, and the credits can be revalued at any time or even declared to have a zero value, thus leaving you out of pocket
You can try to fight this but it wont do a
lot of good because firstly you probably wont be able to find them and
as I said earlier somewhere in the TOS will be (usually in very small
print) "We reserve the right to change the value of the MyScam Dollar as we see fit. (or some such get out clause). You agreed to the programs TOS when you Joined, even if you did not read them.
All the program owner has to say is well sorry but things didn't work
out as they were planned and we suffered financial losses so had to
revalue the MyScamPay Dollar, and pay out something rather than the members getting nothing.
This makes them appear to have been willing to pay even though they had
it planned from day one not to, and they walk away with a nice fat
profit and close the site down leaving everyone out of pocket.
Lessons to learn from this are
DO NOT Join ANY program without reading the TOS first.
DO NOT Join ANY Program that is not referring to REAL CURRENCY.
Oct 2nd 2010 08:19
Hosting and Backup Service...What currency is your payment prosessor using?
You will find many people telling you to do your Due Diligence when
considering joining a program. but one thing that is consistently over
looked is what currency unit the program is using.
Is it a REAL Currency or something the program owners dreamed up.
In most cases the currency the program refers to will be US$ or in some
cases Euro's. However if they refer to xyz$ (xyz often being the name of
the program) then they are referring to a fictitious currency which the program owner can change the value of at any time they feel like it.
Lets use my favorite fictitious example - MyScam.
So MyScam starts up a payment processor program called MyScamPay.
They are not, and have no intention of coming under the banking laws of any land so instead of holding your money in a real currency they use a fictitious one they make up. They will say that $1 MyScamPay Dollar is worth US$1.
So when you deposit hard currency funds of say US$100 they actually show up in your account as $100 MyScamPay Dollars, in other words 100 credits. This may seem fine on the surface BUT the problem is MyScamPay can change the Value of these credits at any time they feel like it. Somewhere in the TOS will be (usually in very small print) "We reserve the right to change the value of the MyScamPay Dollar as we see fit. (or some such get out clause).
Wat will happen eventually is either they will just vanish without trace or they will claim that things didn't work out and revalue their MyScamPay Dollars down to for example US$0.01.This means your $100 is now only worth US$10.
You Should NEVER use any on line Payment Processor that does not use real currency.
If they are using what ever fancy name currency unit as their currency this means that they are NOT a registered financial transaction company and are therefore NOT governed by the financial laws of any country.
You are effectively exchanging hard currency for credits, and the credits can be revalued at any time or even declared to have a zero value, thus leaving you out of pocket
You can try to fight this but it wont do a
lot of good because firstly you probably wont be able to find them and
as I said earlier somewhere in the TOS will be (usually in very small
print) "We reserve the right to change the value of the MyScam Dollar as we see fit. (or some such get out clause). You agreed to the programs TOS when you Joined, even if you did not read them.
All the program owner has to say is well sorry but things didn't work
out as they were planned and we suffered financial losses so had to
revalue the MyScamPay Dollar, and pay out something rather than the members getting nothing.
This makes them appear to have been willing to pay even though they had
it planned from day one not to, and they walk away with a nice fat
profit and close the site down leaving everyone out of pocket.
Lessons to learn from this are
DO NOT Join ANY program without reading the TOS first.
DO NOT Join ANY Program that is not referring to REAL CURRENCY.
Oct 2nd 2010 08:19
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Comments
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Bj aka Bill Brown
Hosting and Backup Service providerI can only try Cheryl this is now posted in both 1.0 and 2.0 Oct 2nd 2010 14:19 |
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Warren Day
 I just recommended this page to someone, we need to see more of these facts. I'm still seeing more and more people trying to promote this scam. Oct 2nd 2010 14:20 |
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Bj aka Bill Brown
Hosting and Backup Service provider@affiliatemoney PayBox.me is only the most recent in a long line of these scam money processors. there were about 20 started up in 2004 - 2005 if I remember rightly and not one of them ever paid anyone but the owners when they took the members money and ran. There has been others through the years and none are still around. They all stole the members money. Oct 2nd 2010 14:24 |
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Warren Day
I know, it's just weird that Nigerian scams and all the rest are still around. We now have more access to information than humans have ever had and some of us still act so blissful ignorant (until it blows up, Wah -I can't believe it's a scam) Oct 2nd 2010 14:30 |
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Cheryl Baumgartner
  Medical Billing/Coding/InsuranceThere's a reason Greed is one of the seven deadly sins. That's all it takes to make people's brains turn to mush. And what is truly sad is I'll just bet some of those heavily promoting Paybox.me have been burnt before and still they haven't learned. Oct 2nd 2010 14:51 |
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Sue Tamani
 Easy Steps to Success FranchiseI wonder if I can post the name of a business here that I know is using TFs in place of cash. I paid for lifetime membership and was kicked out with no refund because I joined another biz that the first owner said was a scam. Hahaha. As it turned out, he was right LOL I have been well and truly screwed since I came online 2 years ago. A real learning curve, as they say LOL Oct 3rd 2010 06:49 |
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Bj aka Bill Brown
Hosting and Backup Service provider@Sue accept my contact request and send me the info privately first then i will see if its appropriate to post it, and if so where to post it. Oct 3rd 2010 10:05 |
Hopefully people will take the time to read this one BJ. Vitual dollars have no value, they are worth $0.00 therefore
$1000 Myscam dollars are worth $0.00 zero times any amount still equals zero.
Oct 2nd 2010 14:12