iRobot
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Post by iRobot on Mar 16, 2021 21:39:24 GMT
From the article: Someone might suggest that in future updates they <ahem> substitute the word 'goal' for 'aim', or 'intention', or ... or anything not quite so footbally.
 
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IFISAcava
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Post by IFISAcava on Mar 16, 2021 21:43:29 GMT
As an example, lets say 10 players place a buy bet on the same footballer, starting at 100p, driving the price up to 109p. The same 10 players then instant sell (5% profit to FI). For simplicity they happen to sell in the same order that they bought. So player 1 bought at 100p and sold at 109p and so on. Like this:   Under this scenario players lost a total of -52.25p and FI made this same amount in profit. Some players won and some players lost. If you scale that up over millions of transactions it seems like a legitimate way to make money. That's not ponzi, it's just gambling and FI stated on every single page of the site that it was gambling. If however, FI spent all the money from buy bets and then had no money to pay the sells then that looks fraudulent and not a sustainable model. I'm surprised that's allowed by the regulator. If it is allowed, then does that mean I can set up a regular bookie, take millions in bets, spend all the money and then when winning customer ask for their payout, go into administration because there's no money left??? But that doesn't account for the "dividends", nor for the fact that the vast majority of people seem to have been showing large paper profits (in your scenario only 2 of 10 players are in profit). It was always an unsustainable pyramid scheme.
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Post by mfaxford on Mar 17, 2021 17:28:53 GMT
There's going to be something on You and Yours tomorrow (BBC Radio 4, 18th March at 12:20) about how they blurred the lines between betting and investing. Don't know how long or whether it's going to have anything interesting, just heard it mentioned earlier (possibly available on www.bbc.co.uk/programmes/m000t6l6 after it's been broadcast) |
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IFISAcava
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Post by IFISAcava on Mar 18, 2021 21:08:14 GMT
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IFISAcava
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Post by IFISAcava on Mar 24, 2021 8:16:55 GMT
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james100
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Post by james100 on Mar 24, 2021 15:53:29 GMT
There are people posting reviews on trust pilot etc who STILL don't get this wasn't a genuine investment backed by a real asset and generating real returns via any other method than building the pyramid. Seems the marketing strategy was simply targeting (predominantly) males with little-to-no understanding of the stock market who were susceptible to the idea that they could monetize their enthusiasm for football. Then to talk it up on forums as a legitimate "investment" as much as possible  I do wonder whether the people so heavily involved in spruiking it up got their fingers burnt in the process too; I certainly hope so.
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iRobot
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Post by iRobot on Mar 24, 2021 15:59:30 GMT
I do wonder whether the people so heavily involved in spruiking it up got their fingers burnt in the process too; I certainly hope so. 'Like' given for use of the word ' spruiking' - new one for me; every day is a school day!
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littleoldlady
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Post by littleoldlady on Mar 24, 2021 17:39:30 GMT
A fool and his money are soon parted. There are lots of fools and plenty of smart sharks thinking of new ways to do the parting. Remember those "auctions" where the winning bids were very low - but the snag was that losing bids still had to be paid. I haven't come across one of those recently, but they will be back when people have forgotten about them.
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keitha
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Post by keitha on Mar 24, 2021 22:52:38 GMT
A fool and his money are soon parted. There are lots of fools and plenty of smart sharks thinking of new ways to do the parting. Remember those "auctions" where the winning bids were very low - but the snag was that losing bids still had to be paid. I haven't come across one of those recently, but they will be back when people have forgotten about them. or the ones that charge you a token costing 50P to place a bid which increases the price by 10p So they start an Iphone at £1 and it sells for £201 they get 2000 bid increments at 50p ( £1000) and the £201
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Post by bernythedolt on Mar 25, 2021 3:27:20 GMT
Will taxpayers end up reimbursing the losers? Is it any better than PPI as mis-selling schemes go? It seems like people didn't understand the small print there either.
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agent69
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Post by agent69 on Mar 25, 2021 9:26:47 GMT
A fool and his money are soon parted. There are lots of fools and plenty of smart sharks thinking of new ways to do the parting. Remember those "auctions" where the winning bids were very low - but the snag was that losing bids still had to be paid. I haven't come across one of those recently, but they will be back when people have forgotten about them. or the ones that charge you a token costing 50P to place a bid which increases the price by 10p So they start an Iphone at £1 and it sells for £201 they get 2000 bid increments at 50p ( £1000) and the £201 There use to be loads of these set ups on Satellite TV, but I think most have been closed down (bid tv?). I recall one surveyed the public and you won a prize if you could guess one of the top 3 answers (phone in at a pound a time). Unfortunately the answers were so ludicrous that it was virtually impossible to get a prize.
Name something you could find in a supermarket begining in with D. Top answer - dog end
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littleoldlady
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Post by littleoldlady on Mar 25, 2021 19:18:37 GMT
or the ones that charge you a token costing 50P to place a bid which increases the price by 10p So they start an Iphone at £1 and it sells for £201 they get 2000 bid increments at 50p ( £1000) and the £201 There use to be loads of these set ups on Satellite TV, but I think most have been closed down (bid tv?). I recall one surveyed the public and you won a prize if you could guess one of the top 3 answers (phone in at a pound a time). Unfortunately the answers were so ludicrous that it was virtually impossible to get a prize.
Name something you could find in a supermarket begining in with D. Top answer - dog end
Yes there is no end of them. Even supposedly respectable operations like ITV are not beyond reproach. The makers of Who wants to be a millionaire made a fortune out of suckers who tried to get on the programme paying IIRC £1 a minute.
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keystone
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Post by keystone on Mar 25, 2024 14:47:57 GMT
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keitha
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Post by keitha on Mar 25, 2024 16:29:26 GMT
so what they are implying is it was betting disguised as investment. But because the business went bust people should get their money back.
So an awful lot of P2P lenders in ABLRATE, Lendy, Collateral etc who would see how they were scammed as no different ( or indeed worse ) than football index as FI was clearly gambling, whatever they promoted it as, whereas many P2P loans in the ones that are belly up and stinking were "secured against property, chattels etc etc" LOL without actually having a charge against the property of possession of the chattels / art etc etc
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