Is this a scam?
- Thread starter WakingDragon
- Start date
What is it with you.
Could you first explain why you think it is a scam baring in mind you stated in your other thread that you don't know anything about e-Currency?
As I mentioned before, maybe you should research it a bit first as you obviously haven't been introduced to the e-Currency area of the Internet yet.
http://www.dynamic-xchange.com/Gold_Currencies.pdf
I have been a DXMerchant for almost two years now, and know others who have been doing it for over 5 years. DXInOne has over 25,000 DXUsers and has been operational for almost 6 years. The website you have listed is mine and it has helped train over 200 people since it's inception and is extremly popular within the DXCommunity so I would be very greatful if you could elaborate on why you deem it a scam, or indeed in your other thread, a pyramid scheme as I find that rather baffling.
Could you first explain why you think it is a scam baring in mind you stated in your other thread that you don't know anything about e-Currency?
As I mentioned before, maybe you should research it a bit first as you obviously haven't been introduced to the e-Currency area of the Internet yet.
http://www.dynamic-xchange.com/Gold_Currencies.pdf
I have been a DXMerchant for almost two years now, and know others who have been doing it for over 5 years. DXInOne has over 25,000 DXUsers and has been operational for almost 6 years. The website you have listed is mine and it has helped train over 200 people since it's inception and is extremly popular within the DXCommunity so I would be very greatful if you could elaborate on why you deem it a scam, or indeed in your other thread, a pyramid scheme as I find that rather baffling.
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- Original Poster
- #9
As I have already said, I have checked this in the most sensible way possible. That means I have not simply followed the links on your site (which I have done) but have also checked it with independent sources: LexisNexis and the FT. I have also asked the opinion of an editor for a stable of global finance magazines and someone who works in the international finance section of a major UK bank.
The publications have come back with zilch. The experts I asked said "looks like a scam".
The publications have come back with zilch. The experts I asked said "looks like a scam".
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This is my very first website, made it myself so I can understand why you say that. I have only just finished uni and am new to Internet Marketing and websites of that nature, all takes time, my site is by no means the finished article and I am learning how to improve it daliy.Lee Mark Thomas said:
e-trading is very reputable and great money can be made. As I said, I have been doing it almost two years now and my accounts can be seen here:
http://dynamic-xchange.com/images/Accounts.GIF
1 DXG = 1USD
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Looking at this from another point of view, whilst i am all for highlighting scams, unless you are absolutely sure, then really you should not claim 'it's a scam' purely on your own opinions. I am sure if it is a scam then it will be highlighted by someone who has been 'stung'. If not, then the old saying goes.....BUYER BEWARE.. 
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- Original Poster
- #13
There is a difference between this and e-trading. All of these pseudo currencies (IntGold, e-Bullion, etc) seem to focus on their similarity to PayPal. PayPal is not an alternative currency, it is a method of payment using actual currency.
e-Gold is like buying unregulated money or coupons with which you can buy a limited number of things.
e-Gold is like buying unregulated money or coupons with which you can buy a limited number of things.
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- Original Poster
- #15
hedgehog0045 said:Looking at this from another point of view, whilst i am all for highlighting scams, unless you are absolutely sure, then really you should not claim 'it's a scam' purely on your own opinions. I am sure if it is a scam then it will be highlighted by someone who has been 'stung'. If not, then the old saying goes.....BUYER BEWARE..
Indeed, but why wait for someone to get stung. If you said my business was a scam I would tell you why not and prove it to you. I did my research before making my point.
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You call five mins of searching research? You haven't come back to me with anything besides my mate said this, or my mate said that. I think you need to dig a little deeper if you want to justify your comments and label this business a scam.WakingDragon said:hedgehog0045 said:Looking at this from another point of view, whilst i am all for highlighting scams, unless you are absolutely sure, then really you should not claim 'it's a scam' purely on your own opinions. I am sure if it is a scam then it will be highlighted by someone who has been 'stung'. If not, then the old saying goes.....BUYER BEWARE..
Indeed, but why wait for someone to get stung. If you said my business was a scam I would tell you why not and prove it to you. I did my research before making my point.
Maybe visit www.dx4all.com and look around the forum instead of asking a mate who doesn't know anything either what he thinks, and just because you work at a bank or manage global investments doesn't mean you should have heard of e-Currency Trading or operating a MBS.
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Fair comment but if your reasearch is only from people saying they have never heard of it forms the basis of 'it's a scam' then i would say you have a poor argument.
Oh and just for the record, as i am unclear on what is being offered i would be tempted to stay away until i knew for certain one way or another.
Oh and just for the record, as i am unclear on what is being offered i would be tempted to stay away until i knew for certain one way or another.
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My sentiment exactly, and it is sites like mine and www.dx4all.com which are trying to help people to understand this business and educate them before they take their first step so they know what they are getting involved with. It is not a GRQ scam but a business which takes time to learn and understand thats why five mins of searching isn't exactly going to clue you in much.hedgehog0045 said:Fair comment but if your reasearch is only from people saying they have never heard of it forms the basis of 'it's a scam' then i would say you have a poor argument.
Oh and just for the record, as i am unclear on what is being offered i would be tempted to stay away until i knew for certain one way or another.
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I had a quick flick through on Google and to be fair the only e-currency stuff that jumps out is website claiming the same as yours, however that doesn't mean 'SCAM'. What i would agree with is if a large banking corporation or finance house said scam, then i would shout scam from the rooftops but until then i have no evidence either way!!! :roll:
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Another useful site is this :
http://www.ecurrencybiz.com/ecurrency1.asp?site=44350
Listen to the five min preview. It is done by Dave Bennett who is the most famous DXMerchant in the DXCommunity and I was lucky enough to be trained by him over two years ago.
http://www.ecurrencybiz.com/ecurrency1.asp?site=44350
Listen to the five min preview. It is done by Dave Bennett who is the most famous DXMerchant in the DXCommunity and I was lucky enough to be trained by him over two years ago.
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There are a lot of people/sites trying to train DXMerchants and make this business more generally accepted, hence all the various training courses for this business. There are hundreds of training packages, as there are with forex but I only have the best three listed having reviewed dozens of others. It's like with any business, there are those who try to make a quick buck, or there are those that try to guide and help people and bring this business to their attention. I'm the latter having trained over 200 people and also having worked with Dave Bennett and Matthew Glandfield who are two of the top people in this business.hedgehog0045 said:
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No. There are several different areas from which you can earn money within the DXSystem, see website here: http://www.dxinone.comcjay said:
DXInOne are creating an DXEconomy by which they are providing a whole suite of business services under one global roof via a central currency, that being DXG. Businesses and individuals alike InXchange funds in order to utilise the various services available to them and we, as DXUsers can earn from this via two ways, passively (DXPortfolio) or actively (DXMerchant).
A good description of active trading can be found here:
http://www.dynamic-xchange.com/why-trade-online-currency.php
and here is a good article about why people use e-Currency:
http://www.dynamic-xchange.com/Why-Use-Online-Currency.php
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Is that how you judge a scam, lol.cjay said:
In essence we as DXMerchant Market-Makers create a liquid economy via which businesses and individuals can InXchange, and OutXchange funds from the DXSystem so that they can make, or receive, payments from the DXServices they use, and in the process of facilitating those Xchanges, we are paid commission.
That is a drastically simplified answer.
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C
cjay
I have looked at the webpage, its does not get to the point and waffles. Classic sign of a scam. I have been in the web business since 97. The company I founded operated in 15 countries. We never required this type of service. You have probably heard of the company www.askalix.com or as it recently acquired its early rival www.scoot.com. Looks like a scam to me. Why cant you just state how the money is made
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P
Pebble Communications
I would assume it is a scam from the first two sentences and not read any futher. The intro
'What if I told you that you could work from home and make $500 or more a day?
What if I told you that it only takes about 30 mins to one hour of your time every day? '
is exactly the one that appears at the top of every scam. I wouldn't go past that first part.
You may well not be, but your site gives that impression.
'What if I told you that you could work from home and make $500 or more a day?
What if I told you that it only takes about 30 mins to one hour of your time every day? '
is exactly the one that appears at the top of every scam. I wouldn't go past that first part.
You may well not be, but your site gives that impression.
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I just did. We as Market-Makers hold funds in various e-Currencies to help facilitate the various InXchanges, OutXchanges are receive commission for doing so.cjay said:
You say you haven't required such services that DXInOne offer.
Do you require a Business Account (DXBusiness)
Do you advertise? (adsXposed)
Do you accept payments? (DXGlobal Payment Console)
Do you sell products via Auctions (DXAuctions)
Thats just to name a few DXServices.
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- Original Poster
- #31
So basically you charge people money for exchanging funds.
The currencies work as: Person A wants to buy from Person B so A changes their money to eGold and B withdraws the money into cash for a transfer fee that is less than the bank (theoretically).
Your business is about charging fees to people who want to change eGold for a different type of e-currency. That may not be a scam as such, but it is much more risky than people think because the underlying "economy" that it is based on is very dodgy.
Problem is that the very currencies are bollocks. Even dressed in a potted history of gold it doesn;t disguise the fact that there are serious flaws in the system...
1. eCurrencies are unregulated by the FSA (unlike PayPal) and so people have no real redress
2. The currencies are not universally accepted and respectibly traded so you cannot go to the bank and say "swap my egold for sterling"
3. Gold is not a good medium for storing value. That is why the world ditched the Gold Standard as a means of ensuring financial stability.
4. Do you pay interest? If not then people are losing money already by using the currencies.
As I mentioned before, your scheme may not be a scam in your eyes, but to me it does. You asked me to explain why I though it was a pyramid scheme? The reason is that it requires more people all the time to get into it and fund the benefits of those who have gone before, but it doesn't actually generate any value at all.
The currencies work as: Person A wants to buy from Person B so A changes their money to eGold and B withdraws the money into cash for a transfer fee that is less than the bank (theoretically).
Your business is about charging fees to people who want to change eGold for a different type of e-currency. That may not be a scam as such, but it is much more risky than people think because the underlying "economy" that it is based on is very dodgy.
Problem is that the very currencies are bollocks. Even dressed in a potted history of gold it doesn;t disguise the fact that there are serious flaws in the system...
1. eCurrencies are unregulated by the FSA (unlike PayPal) and so people have no real redress
2. The currencies are not universally accepted and respectibly traded so you cannot go to the bank and say "swap my egold for sterling"
3. Gold is not a good medium for storing value. That is why the world ditched the Gold Standard as a means of ensuring financial stability.
4. Do you pay interest? If not then people are losing money already by using the currencies.
As I mentioned before, your scheme may not be a scam in your eyes, but to me it does. You asked me to explain why I though it was a pyramid scheme? The reason is that it requires more people all the time to get into it and fund the benefits of those who have gone before, but it doesn't actually generate any value at all.
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I have been a DXMerchant for two years now, but there are many who have been doing it for 5 or 6 years. I can appreciate your opinion as I come across it every single day for the last two years as this is an emerging sector of e-commerce and a lot of people don't understand or grasp it at first because it is new and there's not much information around to help form an educated opinion, that is why a number of DXMerchant such as myself have put ourself up for ridicule or shouts of scam in an effort to put the word out and make people more aware of this business as excellent money is being made, and we don't need more and more people to feed it as you mentioned for your pyramid scheme theory as we are merely processing businesses and individuals Xchange requests for the DXServices they wish to use and DXInOne actually stopped letting people becoming DXMerchants because they wanted to make sure the DXSystem and the DXServices were ready before release and a scam or ponzis would not stop taking money if it didn't need to, DXInOne is a business, and we as DXUsers are effectively employees of the system who provide funds to facilitate Xchanges that are requested. We don't need any more DXUsers, we could stop today and continue quite happily, but obviously as DXInOne becomes more and more popular, there will be more and more exchanges that need completing and more DXMerchants would be required to provide an efficient, quick service. DXInOne can't be a scam because they never actually have your money, it is all in your control in your online accounts, they just provide the system and the services, but we help to keep them fluid.WakingDragon said:
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C
cjay
As I said in my last post there is simply no requirement to exchange these funds. Any company trading as we did in 15 countries will have multiple curency accounts. The 4 and 5% charges you mention are far to high to be viable. Bottom line is why trade? there is no point unless you are scamming someone els.
Good Friday afternoon entertainment though. :lol: :lol: :lol: :lol: :mrgreen:
Good Friday afternoon entertainment though. :lol: :lol: :lol: :lol: :mrgreen:
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Never heard of it, and your traffic ranking is only sightly higher than mine and my site is fairly new so I must be doing something right, lol. DXInOne is growing in popularity daily and I am constantly changing my site to make it more and more appealing to people who want to know more about DXInOne and what we do as DXMerchants. My site isn't bad for a first attempt but it will get better as DXInOne gets more generally accepted and I can lay my hands on more and more useful training resources for this business.cjay said:
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- Original Poster
- #38
DuaneJackson said:
Yeah :x
I used get sales calls from askalix all the bloody time. Right pain in the jacksy. Still it is interesting to hear from the founder.
cjay - any chance you can send me your phone number? I'd like to phone you twice a day for a couple of months and try and sell you something you don't want
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- Original Poster
- #39
Somebody tried to set up something similar in the UK called Beenz. Was meant to be a new online currency and a few retailers started accepting it. Went bust in the end cos, unlike national currencies, Beenz continually deteriorated in value. Furthermore the transaction costs were actually higher than for real money. As Cjay says, most of the time you don't spend enough money on forex as a business to justify an alternative currency.
The currencies make no sense at all to me. From both a bottom-line view and a theoretical perspective they are seriously flawed. And the very idea of putting £5K into an unregulated organisation's bank seems mental.
Getting more people to join the trading part seems like the only viable way of getting people to inject real funds into this circular operation. Then they feel that they need to start using the currency in order to support the system. The irony is that they are probably making it worse. Better to just stick the cash under your mattress.
The currencies make no sense at all to me. From both a bottom-line view and a theoretical perspective they are seriously flawed. And the very idea of putting £5K into an unregulated organisation's bank seems mental.
Getting more people to join the trading part seems like the only viable way of getting people to inject real funds into this circular operation. Then they feel that they need to start using the currency in order to support the system. The irony is that they are probably making it worse. Better to just stick the cash under your mattress.
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