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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Leon Trotsky 2012: Aug 27, 2009; YOU CAN TRUST ME!*

_{*Israeli Government-affiliated poster}

Space Kablooey posted:

i don't think he knows what a loan is

It's free money you use to buy more money.

Don't be stupid.

# ? Sep 29, 2021 18:39

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# ? Jun 6, 2024 14:02

Volmarias: Dec 31, 2002; EMAIL... THE INTERNET... SEARCH ENGINES...

Leon Trotsky 2012 posted:

It's free money you use to buy more money.

Don't be stupid.

Uh, no, free money is free real estate, why would I just buy MORE money

# ? Sep 29, 2021 19:09

Powerful Two-Hander: Mar 10, 2004; Mods please change my name to "Tooter Skeleton" TIA.

Leon Trotsky 2012 posted:

It's free money you use to buy more money.

Don't be stupid.

No that's rehypothecation of collateral and makes* you millions of dollars**

*or loses

**Results may vary

# ? Sep 29, 2021 19:27

Ham Equity: Apr 16, 2013; The first thing we do, let's kill all the cars.; Grimey Drawer

Leon Trotsky 2012 posted:

That car salesman had a great day.

OP owned himself so hard that he has to drop out of college so he can work 40 hours to pay for the car he bought to drive to college.

loving piece of poo poo car salesman taking advantage of a poor foster kid.

I hope his children get cancer.

# ? Sep 29, 2021 19:42

Leon Trotsky 2012: Aug 27, 2009; YOU CAN TRUST ME!*

_{*Israeli Government-affiliated poster}

Thanatosian posted:

loving piece of poo poo car salesman taking advantage of a poor foster kid.

I hope his children get cancer.

Do you think people with no sense of shame seek out jobs as car salesmen or is there something cursed about hocking extended warranties that just destroys the moral fiber of anyone who tries?

When you get someone to sign onto a 60 month 24.99% APR loan and the extended warranty on a 14k car, you can't even try to mentally justify it as "helping them out when nobody else would."

Leon Trotsky 2012 fucked around with this message at 19:48 on Sep 29, 2021

# ? Sep 29, 2021 19:46

SpartanIvy: May 18, 2007; Hair Elf

Leon Trotsky 2012 posted:

Do you think people with no sense of shame seek out jobs as car salesmen or is there something cursed about hocking extended warranties that just destroys the moral fiber of anyone who tries?

It's the first. My friend, who has moral fiber, accepted a job as a car salesman when he was desperate for work and ended up quitting on day 2 because of how skeevy everything and everyone was.

# ? Sep 29, 2021 19:50

mrmcd: Feb 22, 2003; Pictured: The only good cop (a fictional one).

Leon Trotsky 2012 posted:

Do you think people with no sense of shame seek out jobs as car salesmen or is there something cursed about hocking extended warranties that just destroys the moral fiber of anyone who tries?

When you get someone to sign onto a 60 month 24.99% APR loan and the extended warranty on a 14k car, you can't even try to mentally justify it as "helping them out when nobody else would."

The people with too much shame to not pressure people into extended warranties are fired after 2 weeks for not hitting their numbers.

# ? Sep 29, 2021 19:54

OctaMurk: Jun 21, 2013

Leon Trotsky 2012 posted:

Do you think people with no sense of shame seek out jobs as car salesmen or is there something cursed about hocking extended warranties that just destroys the moral fiber of anyone who tries?

When you get someone to sign onto a 60 month 24.99% APR loan and the extended warranty on a 14k car, you can't even try to mentally justify it as "helping them out when nobody else would."

You're helping them learn to be financially responsible. Now that they've realized how bad a deal this 14k car is, time to help them roll it over into a brand new F-150 they always wanted because they're already invested and besides if your vehicle is going to bring you financial ruin it might as well bring you joy right?

# ? Sep 29, 2021 20:11

The junk collector: Aug 10, 2005; Hey do you want that motherboard?

Edit: Wrong thread

The junk collector fucked around with this message at 01:18 on Sep 30, 2021

# ? Sep 29, 2021 23:54

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.

Leon Trotsky 2012 posted:

https://twitter.com/TikTokInvestors/status/1430646442071265282

It's-free-real-estate.gif

Edit: I suck at the internet

SpelledBackwards fucked around with this message at 02:28 on Sep 30, 2021

# ? Sep 30, 2021 02:25

Ghost Leviathan: Mar 2, 2017; Exploration is ill-advised.

Leon Trotsky 2012 posted:

Do you think people with no sense of shame seek out jobs as car salesmen or is there something cursed about hocking extended warranties that just destroys the moral fiber of anyone who tries?

When you get someone to sign onto a 60 month 24.99% APR loan and the extended warranty on a 14k car, you can't even try to mentally justify it as "helping them out when nobody else would."

Pretty sure it's literally the 'my dad owns a dealership' people and those who aspire to be them

# ? Sep 30, 2021 06:58

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

Enthusiasms, enthusiasms...

https://twitter.com/freep/status/1443337827912200194

spaghetti no meatballs: 9 buxx

# ? Sep 30, 2021 13:55

Dik Hz: Feb 22, 2004; Fun with Science

Leon Trotsky 2012 posted:

you can't even try to mentally justify it as "helping them out when nobody else would."

A mark that juicy is going to get got. Might as well be the one to do it so at least the money goes to a decent person (me) and not one of those other guys.

# ? Sep 30, 2021 14:06

Cacafuego: Jul 22, 2007

I caused a car accident and my friend spent the bodily injury payout they received before paying their medical bills.

quote:

First post, so sorry if formatting is off. To keep it simple months ago I got in a car accident with a friend in the passenger seat, and was the at fault driver. This happened in NC and I live in NC. I have full coverage with progressive in NC which includes bodily injury up to $30,000 per person but up to $60,000 per claim. I do not have medical coverage. A month after the accident my friend received their bodily injury payout of about $2,300.

Today they messaged me with their $1,300 hospital bill asking me how their supposed to get it paid (inferring that I have to pay for it) because they most likely spent it on unrelated things. Apparently, they asked my insurance agent when they received their insurance payout if they needed to do anything else and my agent told them no so they were under the impression that their bills were already covered.
If they choose to, will they be able to sue me for the bill even though they got enough money to pay for it?

# ? Sep 30, 2021 14:50

dpkg chopra: Jun 9, 2007; Fast Food Fight; Grimey Drawer

Cacafuego posted:

I caused a car accident and my friend spent the bodily injury payout they received before paying their medical bills.

People in the comments have full-on schadenfraude boners about the OP�s friend being an idiot and how they hope he�ll sue because he�d lose, but honestly the whole thing just makes me sad.

It also makes me feel better about paying a bit more in insurance for a high bodily injury limit because America is hell.

# ? Sep 30, 2021 17:45

Handsome Ralph: Sep 3, 2004; Oh boy, posting!
That's where I'm a Viking!

Leon Trotsky 2012 posted:

https://twitter.com/TikTokInvestors/status/1430646442071265282

This entire twitter account is gold btw.

Leon Trotsky 2012 posted:

It's free money you use to buy more money.

Don't be stupid.

https://www.youtube.com/watch?v=yNxPVj0hejg

# ? Sep 30, 2021 21:47

Leon Trotsky 2012: Aug 27, 2009; YOU CAN TRUST ME!*

_{*Israeli Government-affiliated poster}

Alright guys, you've only get 61 more hours to bid on your official Lindsay Lohan Fursona NFT.

https://twitter.com/lindsaylohan/status/1443247758199205893

# ? Sep 30, 2021 22:36

raminasi: Jan 25, 2005; a last drink with no ice

Decoy Badger posted:

If losing $6k in warrants due to ignorance is bad, my old employer's financial controller let $350,000 in warrants expire because she managed to piss off the brokerage rep to the point where they refused to talk to her. She didn't want to admit this to anyone so tried to hide the warrants' existence until an auditor brought it up. We couldn't move it to another firm anyways because every other bank had already fired us due to her antics. Anyways, she's CFO of some megacorp now.

Cripes, what did she do to alienate everyone she had to work with professionally?

# ? Sep 30, 2021 23:01

MEIN RAVEN: Oct 7, 2008; Gutentag Mein Raven

Hotel Kpro posted:

Drown your sorrows in Goldschlager

My only experience with Goldschalger was going to a party in high school and drinking all the host's goldschlager while my friend, who was also pounding it hard, kept yelling "I'M GONNA poo poo GOLD!!!"

Pretty GWM if I say so

# ? Sep 30, 2021 23:33

Ham Equity: Apr 16, 2013; The first thing we do, let's kill all the cars.; Grimey Drawer

HelloIAmYourHeart posted:

In 2004, Rob Cockerham determined a bottle of Goldschlager contains less than .1gram of gold, which would be worth like $5.50 today.

Given the price of Goldschlager, that seems like a lot.

# ? Sep 30, 2021 23:40

rufius: Feb 27, 2011; Clear alcohols are for rich women on diets.

raminasi posted:

Cripes, what did she do to alienate everyone she had to work with professionally?

I think mostly get burnt out, do a shitload of coke, and be flaky.

She got treated pretty shittily so I don�t judge too harshly.

# ? Oct 1, 2021 00:03

drk: Jan 16, 2005

Thanatosian posted:

Given the price of Goldschlager, that seems like a lot.

The link says it was too little to register on the scale (so, somewhere between 0 and 100mg). Its probably a lot closer to 0 than 100mg.

# ? Oct 1, 2021 00:41

Volmarias: Dec 31, 2002; EMAIL... THE INTERNET... SEARCH ENGINES...

Leon Trotsky 2012 posted:

Alright guys, you've only get 61 more hours to bid on your official Lindsay Lohan Fursona NFT.

https://twitter.com/lindsaylohan/status/1443247758199205893

I both want to and don't want to click on that link.

# ? Oct 1, 2021 01:14

Cyrano4747: Sep 25, 2006; Yes, I know I'm old, get off my fucking lawn so I can yell at these clouds.

Volmarias posted:

I both want to and don't want to click on that link.

Lol it's at $1500 right now but here's the real kicker.

This is the current winning bidder:

# ? Oct 1, 2021 01:20

therobit: Aug 19, 2008; I've been tryin' to speak with you for a long time

I�m over here still trying to figure out the difference between a scam NFT and a regular NFT.

# ? Oct 1, 2021 01:23

Pham Nuwen: Oct 30, 2010

The best thing about all these computer-generated NFTs is that they make it really easy to identify a particular class of idiot on Twitter: just look for the punk/ape avatar

# ? Oct 1, 2021 01:26

CharlestheHammer: Jun 26, 2011; YOU SAY MY POSTS ARE THE RAVINGS OF THE DUMBEST PERSON ON GOD'S GREEN EARTH BUT YOU YOURSELF ARE READING THEM. CURIOUS!

A scam NFT tries to trick you into thinking your buying art

A real NFT the buyer knows it�s just to launder money

# ? Oct 1, 2021 01:27

Volmarias: Dec 31, 2002; EMAIL... THE INTERNET... SEARCH ENGINES...

CharlestheHammer posted:

A scam NFT tries to trick you into thinking your buying art

A real NFT the buyer knows it’s just to launder money

It's this. No one is actually paying blimpie or whatever that much for mspaint art

# ? Oct 1, 2021 01:34

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

Enthusiasms, enthusiasms...

MEIN RAVEN posted:

My only experience with Goldschalger was going to a party in high school and drinking all the host's goldschlager while my friend, who was also pounding it hard, kept yelling "I'M GONNA poo poo GOLD!!!"

Pretty GWM if I say so

BWM unless your friend went panning for gold later

# ? Oct 1, 2021 02:13

Volmarias: Dec 31, 2002; EMAIL... THE INTERNET... SEARCH ENGINES...

Alan Smithee posted:

BWM unless your friend went panning for gold later

Bodily Waste Mining: Drinking goldschlager and panning for gold later

# ? Oct 1, 2021 02:49

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

Enthusiasms, enthusiasms...

Volmarias posted:

Bodily Waste Mining: Drinking goldschlager and panning for gold later

mods

# ? Oct 1, 2021 03:02

Guinness: Sep 15, 2004

Volmarias posted:

Bodily Waste Mining: Drinking goldschlager and panning for gold later

# ? Oct 1, 2021 05:27

Cobalt-60: Oct 11, 2016; by Azathoth

Leon Trotsky 2012 posted:

Alright guys, you've only get 61 more hours to bid on your official Lindsay Lohan Fursona NFT.

https://twitter.com/lindsaylohan/status/1443247758199205893

https://twitter.com/SquishTorimi/status/1443616385524027396

# ? Oct 1, 2021 05:41

Leon Trotsky 2012: Aug 27, 2009; YOU CAN TRUST ME!*

_{*Israeli Government-affiliated poster}

quote:

This 18-Year-Old TikTok Star Wants You to Start Trading With 500x Leverage

It wasn�t even six months ago that Matt Lorion, who has more than a million followers across his multiple TikTok accounts, posted a video apologizing for boosting a cryptocurrency called Mando, a Star Wars�themed bitcoin knockoff � think The Mandalorian � that turned out to be a scam. �I can�t even put into words how crappy I feel right now and how sorry I am for what happened,� said Lorion, a self-proclaimed millionaire who is now all of 18 years old, in his video. �Thank you for understanding. Something like this is not going to be happening again.� The account has recently documented a highly dubious Monday schedule for a trader, a laughable claim about NFT profits (followed by a pitch, of course), and a (cringey) sign that bitcoin prices might have peaked. All are standard fare on the platform.

Lorion is far from a household name, but his shape-shifting as an expert across cryptocurrencies, financial markets, entrepreneurship, marketing, and dating advice makes him a common figure on the screens of any TikTok user even peripherally interested in the hustle-culture lifestyle. Now, just as federal regulators clamp down on the shadiest corners of crypto and the post-GameStop markets, he has moved beyond tokens to push an even riskier bet: online trading through a Caribbean brokerage that lets investors multiply the size of their bets up to 500-fold. While he�s far from the only person out there pushing get-rich-quick schemes on the internet, his reach in a medium often overlooked by regulators points to how difficult it can be to keep fishy financial advice and aggressive pitches from proliferating among uninformed investors.

�Any time I see Matt Lorion, my eyes perk up,� said the man behind @TikTokInvestors, a popular Twitter account that tracks questionable financial advice on TikTok. He still works in finance and asked to stay anonymous because of previous attempts by angry TikTokers to dox him. �That guy is notorious.�

Lorion, who recently graduated from high school in Massachusetts, has already spent a significant portion of his life straddling some of the less reputable ways to make money online. There was his start at 16 in drop-shipping, the practice of setting up an online storefront and profiting off arbitrage. Then there was Elongate, another joke token he boosted in now-deleted TikToks. Just days after saying he would do his due diligence on new crypto, he claimed he was duped again by developers in another coin he helped create and said that he and his team lost money on the deal. (A group of people started a chat room on Telegram to sue him but ended up dropping the idea for reasons that are unclear.) Two months later, though, he posted a video of his move to Miami, showing off his black speckled Tesla and red Corvette: �We�re gonna go for a little ride in the �vette. Just bought this thing, what was it, three weeks ago? I don�t know a thing about gas cars, but it looks cool, sounds cool. It�s pretty cool.� Through a medium like TikTok, the markers of success are going to be as conspicuous as possible � especially if you�re selling success itself.

Lately, Lorion has refashioned himself as a trading guru. Gone are the videos about obscure crypto tokens, and in their stead are clips of the swoop-haired teenager explaining how to use technical analysis � that is, divining where an asset�s price may be headed based on current chart patterns � to predict the markets. He also appears to be focusing on a bigger game than just hawking tokens: trading itself. �Let�s say you want to do some trading, but you don�t have a lot of money,� he says over an ersatz Macklemore beat. The solution, he says, is leverage, or trading with borrowed money. The company he�s pushing this time is Bluwave, a brokerage that allows for an eye-popping 500-to-one leverage ratio on currency trades, using as little as $10. (That means that for every dollar traders put in, they can borrow $500.) But there�s also extreme leverage for all kinds of other assets. According to the broker�s website, traders can borrow $200 for every dollar to buy and sell indexes, metals, and �energies� and $100 per dollar for crypto. Single stocks have only a paltry 20-to-one ratio. �If you want to ride the wave to better earnings,� Lorion says, �check the link in my bio. Peace!� The danger here, which Lorion elides, is that such extreme leverage also amplifies losses, so if markets fluctuate even a small amount in the opposite direction of the bet, a trader can be wiped out.

What�s left out of Lorion�s 43-second video are some major caveats. �The services of Bluwave and any information on this site are not directed at citizens and/or residents of the USA,� the company says in small, white text at the bottom of its page. According to its terms and conditions, its accounts aren�t insured by the Federal Deposit Insurance Corporation, so if it goes bust, traders might not be able to get money back. It�s unclear where the customers� money actually goes, as funds are �deposited with a liquidity provider, which is selected by Bluwave at its sole discretion,� though it doesn�t go on to say who that is. The commission structure per trade is not straightforward at all, though it can take a cut as high as $10 a trade. And unlike, say, a Merrill Lynch branch, Bluwave�s physical presence in the world is elusive. It lists its address in a corporate center on the island of St. Vincent and the Grenadines where Wilfred International Services, a firm that sets up shell companies, is located. (For what it�s worth, unhappy Google reviews point to a menagerie of different brokerages located at the same address.) Time will tell if any of this is enough to pique the interest of financial regulators.

Bluwave is far from alone in offering head-spinning, three-digit leverage ratios to financial neophytes. But Lorion�s latest hustle is coming at a precarious time, with highly leveraged trading for average investors being reined in by both regulators and industry players. Margin trading � another term for leverage � has come under scrutiny, with federal authorities on Tuesday fining a crypto exchange for allowing retail traders to borrow money to trade bitcoin. Larger brokerages like FTX have pulled back on their margin limits generally (including dropping its highest leverage ratio to 20x), while Binance stopped crypto margin trading against three of the world�s largest currencies and also limited leverage ratios.

So who�s behind Bluwave? Lorion appears to be the only one pitching this company � aside from a few mentions on YouTube, it hardly exists online at all. The company�s website is registered by a representative at an IT company called Red Acre, Ltd., but the Beverly Hills address that appears through a domain-name lookup service doesn�t exist. Lorion didn�t respond to emails asking to talk about his career or the company, and neither did representatives for Wilfred or Red Acre. Attempts to send requests for comment through BluWave�s website repeatedly failed.

It�s unclear if Lorion himself has a stake in the company or how he got involved with Bluwave in the first place. But the man behind @TikTokInvestors � who has been scouring the platform for shady advice for over a year now � believes that Lorion himself might be quietly invested in the platform, and he points to the video itself as a major clue. �Typically, the way TikTokers get paid is through affiliate links or they�ll mention, �I�m doing an ad. Here�s the social-media stuff � go check them out,�� he said. �He does neither of those things. He says, �Go to the website and start trading.��

# ? Oct 1, 2021 20:01

Haifisch: Nov 13, 2010; Objection! I object! That was... objectionable!; Taco Defender

Really the article could just be 'why the gently caress are you taking investment advice from 18 year olds or tiktok, you moron?' and be done with it.

Although I guess the 'this guy is definitely getting money out of promoting this particular company' would be worth a second sentence.

# ? Oct 1, 2021 21:58

potee: Jul 23, 2007; Or, you know.

Not fine.

Haifisch posted:

Really the article could just be 'why the gently caress are you taking investment advice from 18 year olds or tiktok, you moron?' and be done with it.

Although I guess the 'this guy is definitely getting money out of promoting this particular company' would be worth a second sentence.

# ? Oct 1, 2021 22:26

lament.cfg: Dec 28, 2006; we have such posts
to show you

I wonder if there�s a legitimate correlation there. The McRib comes back, iirc, when pork prices are low.

# ? Oct 1, 2021 23:52

Medullah: Aug 14, 2003; FEAR MY SHARK ROCKET IT REALLY SUCKS AND BLOWS

lament.cfg posted:

I wonder if there’s a legitimate correlation there. The McRib comes back, iirc, when pork prices are low.

The McRib isn't made from pork. Think smaller, with more legs.

# ? Oct 1, 2021 23:58

Fame Douglas: Nov 20, 2013; by Fluffdaddy

With the McRib being available permanently in Germany, seems like investing in the German market is the smart investor's choice.

# ? Oct 2, 2021 00:00

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# ? Jun 6, 2024 14:02

dpkg chopra: Jun 9, 2007; Fast Food Fight; Grimey Drawer

I would avoid buying into a Boar market.

# ? Oct 2, 2021 03:12

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

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