Based Wage Making: Money Sitting as a Service

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Based Wage Making: Money Sitting as a Service

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bob dobbs is dead: Oct 8, 2017; I love peeps; Nap Ghost

cspam

# ? Feb 12, 2019 15:04

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# ? Jun 9, 2024 14:42

UCS Hellmaker: Mar 29, 2008; Toilet Rascal

Diy because the hobbies subforum has some amazing bwm including threads where people spend thousands remodeling houses.

# ? Feb 12, 2019 15:04

SpartanIvy: May 18, 2007; Hair Elf

UCS Hellmaker posted:

Diy because the hobbies subforum has some amazing bwm including threads where people spend thousands remodeling houses.

If you only spend thousands remodeling a house you are actually gwm

# ? Feb 12, 2019 15:28

Duckman2008: Jan 6, 2010; TFW you see Flyers goaltending.; Grimey Drawer

bob dobbs is dead posted:

cspam

# ? Feb 12, 2019 15:33

Maker Of Shoes: Sep 4, 2006; AWWWW YISSSSSSSSSS
DIS IS MAH JAM!!!!!!

bob dobbs is dead posted:

cspam

ooooooooooo

# ? Feb 12, 2019 17:23

Mad Wack: Mar 27, 2008; "The faster you use your cooldowns, the faster you can use them again"

Speaking of bad with money...

New FTC Data Spotlight Details Big Jump in Losses, Complaints about Romance Scams posted:

Scammers who use love to target consumers not only take an emotional toll on their victims, but can also take a financial one as well. New complaint data released today by the Federal Trade Commission shows romance scams generated more reported losses than any other consumer fraud type reported to the agency in 2018.

In the last three years, many more consumers have reported romance scams to the FTC�s Consumer Sentinel database, with much higher total reported losses from those scams, according to the Commission�s latest Consumer Protection Data Spotlight. The number of romance scams reported to the FTC has grown from 8,500 in 2015 to more than 21,000 in 2018, while reported losses to these scams more than quadrupled in recent years�from $33 million in 2015 to $143 million last year. For those who said they lost money to a romance scam, the median reported loss was $2,600, with those 70 and over reporting the biggest median losses at $10,000.

Romance scammers often find their victims online through a dating site or app or via social media. These scammers create phony profiles that often involve the use of a stranger�s photo they have found online. The goals of these scams are often the same: to gain the victim�s trust and love in order to get them to send money through a wire transfer, gift card, or other means.

The Spotlight offers tips about how to spot romance scams and avoid losing money to them.

The Federal Trade Commission works to promote competition, and protect and educate consumers. You can learn more about consumer topics and file a consumer complaint online or by calling 1-877-FTC-HELP (382-4357). Like the FTC on Facebook, follow us on Twitter, read our blogs, and subscribe to press releases for the latest FTC news and resources.

https://www.ftc.gov/news-events/pre...rce=govdelivery

Some good graphs from the spotlight piece:

Full report is here.

# ? Feb 12, 2019 17:29

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Highly BWM. I'm sure you can buy love for much less than $2,600.

# ? Feb 12, 2019 17:45

Tomfoolery: Oct 8, 2004

canyoneer posted:

https://www.reddit.com/r/legaladvice/comments/anu6b3/purchased_a_condo_seller_rented_it_to_his_nephew/

Purchased a condo, seller "rented" it to his nephew the day before contracts were signed. Now what? [NY, Putnam County]

This seller is going to find out that he pulled a very, very expensive stunt.

Update:
https://www.reddit.com/r/legaladvice/comments/aold3t/update_purchased_a_condo_seller_rented_it_to_his/

[UPDATE] Purchased a condo, seller "rented" it to his nephew the day before contracts were signed. Now what? [NY, Putnam County]

quote:

I am gonna make up some names this time around because referring to people as "the female seller" or "the tenant" is cumbersome as hell.

After the mess on Wednesday, I met my realtor for dinner and to grab my closing docs. The seller's agent actually wound up stopping by as well (he arranged this with my guy) . He apologized profusely, told us he knows the family and he's confident we'll be able to get things sorted quickly. I didn't get my hopes up but he picked up our tab and bought a round of drinks while he was there, so hey, when life gives you lemons, make a superhuman amount of whiskey? I don't think that's accurate but it was my approach and I stand by it.

Anyway, I wound up speaking with the seller, Anne, yesterday morning, and got the rundown on the situation. It turns out the unwelcome tenant (Bill) is actually her nephew, not her ex's (Charlie). She was absolutely livid with Bill, and promised me the apartment would be vacant ASAP even if she had to physically drag him out herself and pay for movers to take all of his stuff. She also gave me assurances that she'd cover whatever this ordeal has cost. From there, she said she was going to check in with her sister (Diane) who was dealing with Bill as we spoke, and get back to me as soon as she knows something, but again promised that the absolute worst case scenario would be Bill starting to move out by early afternoon.

Maybe half an hour later she calls back and tells me that Diane had rented a truck and Bill was in the process of packing his stuff up. Turns out Bill had recently experienced something pretty loving awful, and as a result had sort of become preoccupied with seeking approval from adult males. Charlie was at the top of this list; apparently his midlife crisis consisted of buying a Harley and trying to carry himself like a badass, and Bill bought the act hook, like and sinker. And a lot of you guys assumed correctly - Bill cooked up the scheme to basically extort me for a cash for keys deal. From what I was told, Charlie figured a doctor from NYC would just pay out right away to be done with it. For what it's worth, I am not an MD, nor am I from NYC... but you do you, Chuck. Anyway, at this point, Anne threw me a curveball. She and Diane were both at peace with the fact that I was going to pursue this with the police, but asked if I could meet Bill so he could look me in the eye to apologize because she wanted him get an understanding of the fact that his actions hurt a real, live human being. I agreed to it - I was hoping to see if I could get in to check the condition of the place anyway.

So yesterday evening I went up to the apartment and met "my tenant" as he was loading up the truck with his stuff. We wound up speaking for a while and... well, I am gonna disappoint some of you here. He seems like a genuinely good kid who got taken advantage of by a legitimate piece of garbage... there were a lot of tears, and innumerable apologies, and I 100% believe that these were based on genuine remorse for what he did, not regret about getting caught. I'll just say it here because I don't think I was being as slick as I'd hoped in dancing around it anyway, but the kid recently lost his father, and I don't see any reason to gently caress up his life with a criminal record over a (ridiculously, incredibly) stupid mistake that he was to a great extent manipulated into making anyway. For whatever it's worth, if getting involved in a stupid scam like this was the worst thing that I did at nineteen... yeah let's just say that I was a remarkably stupid and reckless kid. I lucked out and never wound up getting caught in a situation that could have had significant legal consequences, but if I had and I hadn't been given a second chance, I'd be living a very different life right now.

As far as the money goes, Anne and I are going to figure out what's what, and I don't want to explain how because it involves details about her personal life, but the money will technically be coming out of Charlie's pocket anyway. She started by hiring some movers to unload my truck, which is taking place as I type this. Bill left the apartment in shockingly good condition, but I am basing that on what sort of damage nineteen year old me would have passively done to an apartment, so this may be a touch skewed haha. Either way, no damage has been done aside from some very minor cosmetic stuff (a couple of light scuffs from moving furniture and things like that), all of which would become immaterial when I redo the apartment in anticipation of renting it out, so I am not going to concern myself with any of that stuff.

As far as Charlie goes... well, I mentioned in a few comments that My Attorney (who is too majestically vicious for fake names so he just becomes capital-M-My capital-A-Attorney) is a super intense older guy and later found out is a "retired" civil litigator who can't sit still long enough to actually retire. Yeah he's out for loving blood. Turns out Charlie does have himself some assets, and My Attorney is pretty confident that they will become my assets soon enough. I had a brief chat with one of the officers who came by on Wednesday (he's a friend of Diane's, apparently - this everyone knows everyone thing is still very foreign to me), and will be going by the station to issue a statement/file a report/whatever it is you do in this situation. Some of you expressed concerns that he may have fled the country, but the concept of Charlie leaving the county, let alone United States, is very funny to Anne, Diane and Officer Friend-of-Diane. Seems like Charlie is just a dumbshit who thought he could pull a fast one, and will be easy enough to find at one of the local watering holes when it's time for him to be picked up. I absolutely do not believe in throwing around assumptive diagnoses for fun, but I've made an exception in this case and decided that Charlie has full bore antisocial personality disorder because it makes me feel better about things for some reason.

Anyway I have been typing this piecemeal throughout the afternoon which has essentially been a test of my wife's patience. I'm not dumb enough to incur the wrath of a tiny Puerto Rican woman who has spent the last couple of days stressed out of her mind, so I'm gonna call this a post. Thanks again to everyone on this sub for all of the advice given and sympathies expressed, I'm lucky as hell to have had this end the way it did.

PS: If a mod could let me know how to report some accounts that PMed me to advertise their law firms, that would be wonderful. Pro-tip to lawyers: advertising via Reddit PM does not inspire confidence in your legal acumen.

# ? Feb 12, 2019 18:18

H110Hawk: Dec 28, 2006

I recently found out a friend who was holding his retirement (401k/IRA) in cash because "a crash was due any moment now, trump and all" , whom I have posted about here, invested a huge (like >50%) amount of it in a single tech stock. While the spin of the roulette wheel happened to land on his number this time I believe I actually had a :stare:

reaction when he told me and begged him to sell. I can't wait to find out in a year what super dumb idea he has had since then. Based on the snippets of information he's given me, and his general spending habits, he is simply never going to retire.

# ? Feb 12, 2019 18:24

BMan: Oct 31, 2015; KNIIIIIIFE
EEEEEYYYYE
ATTAAAACK

come on man. what was the stock

# ? Feb 12, 2019 18:26

Party Plane Jones: Jul 1, 2007; by Reene; Fun Shoe

Cyrano4747 posted:

Also I would never send a thread I love to D&D. What kind of monster do you all think i am?

harsh man, harsh

# ? Feb 12, 2019 18:37

Doctor Grape Ape: Aug 26, 2005; Dammit Doc, I just bought this for you 3 months ago. Try and keep it around for a bit longer this time.

UCS Hellmaker posted:

Diy because the hobbies subforum has some amazing bwm including threads where people spend thousands remodeling houses.

You mean entire houses.

# ? Feb 12, 2019 19:00

axeil: Feb 14, 2006

bob dobbs is dead posted:

cspam

if this thread goes to cspam everyone will be banned for being counter-revolutionaries.

it should go to games so we can laugh at people spending $50,000 to get their VirtuaBoy to work with a 4k TV.

# ? Feb 12, 2019 19:56

GoGoGadgetChris: Mar 18, 2010; i powder a
granite monument
in a soundless flash

showering the grass
with molten drops of
its gold inlay

sending smoking
chips of stone
skipping into the fog

axeil posted:

it should go to games

Just THINK of the microtransaction whales

# ? Feb 12, 2019 20:37

movax: Aug 30, 2008

The only way this goes to SH/SC is to get BWM posts on multi-GPU gaming setups or people buying $1K+ CPUs for their machines.

Or I guess obscene amounts of money on BTC mining rigs...

e: oh! Stupidly expensive ~~gaming~~ laptops also.

# ? Feb 12, 2019 20:38

BMan: Oct 31, 2015; KNIIIIIIFE
EEEEEYYYYE
ATTAAAACK

Thankfully "bitcoin mining rigs" aren't really a thing any more since the Great Crypto Crash of 2018

# ? Feb 12, 2019 20:50

GoGoGadgetChris: Mar 18, 2010; i powder a
granite monument
in a soundless flash

showering the grass
with molten drops of
its gold inlay

sending smoking
chips of stone
skipping into the fog

BMan posted:

Thankfully "bitcoin mining rigs" aren't really a thing any more since the Great Crypto Crash of 2018

Oh baby, they are absolutely around. Anywhere you can get free electricity, people are still going hog wild. (and often getting fired)

# ? Feb 12, 2019 20:52

movax: Aug 30, 2008

That crash sure as gently caress hit NVDA stock hard and the used market for GPUs has been flooded with cards now.

Our century's version of tulip mania was really something.

# ? Feb 12, 2019 21:15

22 Eargesplitten: Oct 10, 2010

Party Plane Jones posted:

harsh man, harsh

But fair. You know it's fair.

# ? Feb 12, 2019 22:22

Alan Smithee: Jan 4, 2005; A man becomes preeminent, he's expected to have enthusiasms.

Enthusiasms, enthusiasms...

El Mero Mero posted:

I think GiP should be the next stop. That's like the starting point for the worst excesses of all of the other bwm areas

�Dodge dealership just opened up next to the base. Should I use my signing bonus to lease a challenger?�

# ? Feb 12, 2019 22:49

GoGoGadgetChris: Mar 18, 2010; i powder a
granite monument
in a soundless flash

showering the grass
with molten drops of
its gold inlay

sending smoking
chips of stone
skipping into the fog

GiP sucks and the posters there don't want Jody to visit

# ? Feb 12, 2019 22:49

Alan Smithee: Jan 4, 2005; A man becomes preeminent, he's expected to have enthusiasms.

Enthusiasms, enthusiasms...

axeil posted:

if this thread goes to cspam everyone will be banned for being counter-revolutionaries.

it should go to games so we can laugh at people spending $50,000 to get their VirtuaBoy to work with a 4k TV.

As long as we don�t post about ourselves we get to run the guillotine

# ? Feb 12, 2019 22:55

Devian666: Aug 20, 2008; Take some advice Chris.; Fun Shoe

movax posted:

The only way this goes to SH/SC is to get BWM posts on multi-GPU gaming setups or people buying $1K+ CPUs for their machines.

Or I guess obscene amounts of money on BTC mining rigs...

e: oh! Stupidly expensive ~~gaming~~ laptops also.

Don't forget the crew with 80TB to PB storage servers that are trying to download the internet.

# ? Feb 12, 2019 23:39

BMan: Oct 31, 2015; KNIIIIIIFE
EEEEEYYYYE
ATTAAAACK

Devian666 posted:

Don't forget the crew with 80TB to PB storage servers that are trying to download the internet.

what

# ? Feb 12, 2019 23:43

Devian666: Aug 20, 2008; Take some advice Chris.; Fun Shoe

BMan posted:

what

Data hoarders. An example https://the-eye.eu/

# ? Feb 12, 2019 23:45

Alan Smithee: Jan 4, 2005; A man becomes preeminent, he's expected to have enthusiasms.

Enthusiasms, enthusiasms...

Devian666 posted:

Data hoarders. An example https://the-eye.eu/

to break the data hoarders

# ? Feb 12, 2019 23:52

silvergoose: Mar 18, 2006; IT IS SAID THE TEARS OF THE BWEENIX CAN HEAL ALL WOUNDS

Alan Smithee posted:

to break the data hoarders

# ? Feb 13, 2019 00:28

StormDrain: May 22, 2003; Thirteen Letter

# ? Feb 13, 2019 02:05

Youth Decay: Aug 18, 2015

The Rust family defrauded precious metal loons out of $200 million in a Ponzi scheme and used the money to buy/breed racehorses. They got caught and now the state is auctioning the horses for pennies on the dollar. So many layers of BWM here.

https://www.paulickreport.com/news/bloodstock/online-new-mexico-based-dispersal-auction-takes-place-feb-22-25/ posted:

An online auction of 70 Thoroughbreds, including broodmares, yearlings, 2-year-olds, and a stallion, will take place Feb. 22-25 as part of a court-ordered liquidation in New Mexico.

The horses will be sold as part of a dispersal of holdings for Gaylen Dean Rust of R Legacy Racing after his family's Rust Rare Coin precious metal trading company was determined to be a Ponzi scheme by the U.S. Commodity Futures Trading Commission and the Utah Division of Securities. Flashpoint Bloodstock LLC will sell the horses in an Internet auction, without reserve, to the highest bidder.

https://rustrarecoinreceiver.com/
https://sporthorseauctions.com/us-district-court-auction in case you wanted to buy a discount Thoroughbred

# ? Feb 13, 2019 03:30

Devian666: Aug 20, 2008; Take some advice Chris.; Fun Shoe

Youth Decay posted:

The Rust family defrauded precious metal loons out of $200 million in a Ponzi scheme and used the money to buy/breed racehorses. They got caught and now the state is auctioning the horses for pennies on the dollar. So many layers of BWM here.

https://rustrarecoinreceiver.com/
https://sporthorseauctions.com/us-district-court-auction in case you wanted to buy a discount Thoroughbred

Goldbugs, ponzi and horses. It's like they were trying to win BWM bingo. It's even BWM to buy the discount horses.

From the auction information.

quote:

Winning half sister to SHARED BELIEF in foal to HONOR CODE and this Grade 3 Stakes Winning son of SCAT DADDY

Caps not my own but :drat:

if the first couple of horse names aren't mocking the goldbugs, and the last bit is the fetish the money was spent on.

e: Bonus horse names

quote:

LOT 18: Hash Tag
2012 Chestnut Mare (Golden Ransom x Video Conference)

Devian666 fucked around with this message at 03:46 on Feb 13, 2019

# ? Feb 13, 2019 03:44

Youth Decay: Aug 18, 2015

Devian666 posted:

Goldbugs, ponzi and horses. It's like they were trying to win BWM bingo. It's even BWM to buy the discount horses.

From the auction information.

Caps not my own but if the first couple of horse names aren't mocking the goldbugs, and the last bit is the fetish the money was spent on.

e: Bonus horse names

These were silverbugs (pooling money to buy silver bullion) so somehow even dumber.

Scat Daddy, funny name or not, is the sire of 2018 Triple Crown winner Justify, so his offspring go for a decent amount of money at a normal sale (no telling what they'd go for in a court-ordered internet auction). They're also worth a lot because, in true equine fashion, Scat Daddy "collapsed and died at Ashford Dec 14, 2015 while being led from his paddock." Presumably after seeing an ant.

# ? Feb 13, 2019 04:13

Devian666: Aug 20, 2008; Take some advice Chris.; Fun Shoe

Silverbugs are worse, primarily because the USD value of silver has been dropping for some time and it's dirt cheap right now. Where would you even store the fictitious $200m in silver that'd be more than 12 million ounces.

# ? Feb 13, 2019 04:45

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

For the next move, I nominate TCC, Games, or comics, all of which can be terribly bad with money.

# ? Feb 13, 2019 04:57

Dillbag: Mar 4, 2007; Click here to join Lem Lee in the Hell Of Being Cut To Pieces; Nap Ghost

TCC would probably be funniest. If only u could merge it with the cocaine/crack thread.

# ? Feb 13, 2019 05:03

Youth Decay: Aug 18, 2015

Devian666 posted:

Silverbugs are worse, primarily because the USD value of silver has been dropping for some time and it's dirt cheap right now. Where would you even store the fictitious $200m in silver that'd be more than 12 million ounces.

My favorite part of the FAQ on the receivership site

quote:

Does Brinks have any silver bullion?

According to Brinks, no silver bullion was ever stored in relation to this matter.

But wait there's more!
http://rustrarecoinreceiver.com/wp-content/uploads/2019/02/2019.01.31-Dkt-98-Receivers-Initial-Status-Report.pdf
Of course they are upside-down on their auto loans.

quote:

55. Vehicles. The Receivership Estate owns three automobiles: a Honda CR-V, a Ford
Transit, and a Chevy Tahoe. The Receiver was granted permission to formally abandon the Honda
CR-V because the value of the vehicle was less than the amount owed by Defendants on the loan.
See Dkt. No. 86. The Receiver will transfer the Chevy Tahoe to the buyers of the Sage & Thistle
assets, even though the loan on the vehicle exceeds its value. The Receiver will sell the Ford
Transit at the Big Door public auction set for February 23, 2019, as approved by the Court.

Of course they own timeshares

quote:

58. Timeshare Membership. Mr. Gaylen Rust owns a timeshare membership with
Wyndham WorldMark that is fully paid for, although it has monthly maintenance dues that will
need to be paid before it can be sold. The Receiver is currently working to value and sell the
timeshare.

# ? Feb 13, 2019 05:12

Antioch: Apr 18, 2003

The TCC version of this thread would be kratom, crazy glass for log vapes, and RCs.

That sounds awesome let's do that next.

# ? Feb 13, 2019 05:36

Lead out in cuffs: Sep 18, 2012; "That's right. We've evolved."

"I can see that. Cool mutations."

http://rqn.com/blog/utahsecuritiesfraud/tag/gaylen-rust/

quote:

Imagine waking up one day and discovering that all of your retirement savings were gone; all the money you had been working to save had evaporated in a poof.

That�s what happened to over 200 people on November 15th. They had invested in a �Silver Pool� investment promoted by Gaylen Rust who claimed he had inside information about the silver market and told investors he was consistently making returns of 25 to 40% per year. He claimed that investor money would be used to purchase and store silver bars, and that he had never lost money in his trading.

People bought into this Silver Pool investment and recommended it to their family and friends. And after watching their investment increase (on paper) many �doubled down� and put all of their retirement money with him.

After all, Rust was an active, respected member of the Church of Jesus Christ of Latter Day Saints and a generous promoter of music education in the schools. What could go wrong?

quote:

The state and federal regulators have alleged that Gaylen Rust has been �engaged in a massive scheme to defraud� and has been running a Ponzi scheme since 2008. He raised over $200 million from investors in the last 5 years alone, and now it�s gone.

quote:

�[Rust] told investors and prospective investors that they would sell silver held in the pool as market prices rose and buy silver for the pool as market prices fell; thereby increasing the amount of silver held in the Silver Pool, as well as the value of each investor�s share in that pool. [Rust] told investors and prospective investors in the Silver Pool that by trading silver in this manner, they generated extraordinarily high returns, averaging twenty to twenty-five percent per year and sometimes as high as forty percent per year or more.�

quote:

Once he had their money, Rust sent out �account statements� via email showing impressive (but unfortunately fake) returns on their investments. Rust purportedly claimed that he had as much as $80 million dollars of silver bars stored at Brink�s depositories in Salt Lake City and Los Angeles, and that this reserves would permit investors to liquidate their investments at any time.

How much silver is that? One source told me that $80 million in silver would fill five semi-trucks. That�s a lot of silver, but unfortunately Brinks depositories aren�t big enough to hold that much silver. Not good.

I guess what I'm not getting is how you manage to defraud people of $200 million and not have anything to show for it.

# ? Feb 13, 2019 05:38

Lead out in cuffs: Sep 18, 2012; "That's right. We've evolved."

"I can see that. Cool mutations."

Oh, here we go. Apparently it was "only" $85 million (?)

https://www.commerciallitigationtexas.com/rust-rare-coin-silver-scam/

quote:

$70 million was paid to prior investors.
Almost $2.7 million was withdrawn in cash.
Over $1.1 million was used in Rust�s horse racing entity, R Legacy Racing.
$9 million was transferred to another of Rust�s businesses involved in music production, R Legacy Entertainment
Another $2 million was transferred to R Legacy Investment.
No silver was stored at Brink�s.

Lol they had a "successful" music business, which included a downtown bar, recording studios, a TV commercial production studio, and more. Except it was being kept afloat by ponzi scheme money.

# ? Feb 13, 2019 05:53

SpelledBackwards: Jan 7, 2001; I found this image on the Internet, perhaps you've heard of it? It's been around for a while I hear.

A Mormon owning a bar?

Also, have they run a metal detector across the property for more than just horseshoes and nails? Since the thread is in TFR, this takes place in New Mexico, involves silver hoarding, and religious zealotry (presumably), I have to ask... where are all the buried guns this guy surely has?

# ? Feb 13, 2019 06:10

Adbot: ADBOT LOVES YOU

# ? Jun 9, 2024 14:42

Lead out in cuffs: Sep 18, 2012; "That's right. We've evolved."

"I can see that. Cool mutations."

Haha right?

Meanwhile, a love letter from the Canadian Housing Bubble thread:

19 examples of Metro Vancouver homes listed and sold at shattering losses (PHOTOS)

Edit: there's a whole Twitter account just dedicated to this.

https://twitter.com/mortimer_1

Lead out in cuffs fucked around with this message at 06:29 on Feb 13, 2019

# ? Feb 13, 2019 06:18

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Based Wage Making: Money Sitting as a Service

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