Duke Freedom Wrote:Seriously, when are you going to do at least a little background reading when you post ridiculous comparisons like this?
I did plenty of background reading and everything I have read shows me som very uncanny similarities to ABE.
Duke Freedom Wrote:If I have to quote Anshe Chung loosely from what I once read her say, I believe she said something along the lines: "I don't thrust Ginko Financial for a dime and always withdraw any payments people make to me using Ginko Financial as soon as possible".
I am happy for her at least she is doing something right for her cutomers. Although I do admit people seem to be somewhat happier with the new exchange that was released
Duke Freedom Wrote:My personal opinion remains that Ginko Financial was nothing more than a Ponzi Scheme. Promising interests of 0.15% a day / 72% a year, I don't think it could be anything else, especially since it occasionally claimed to be making part of these profits by investing in RL and usually rejected to comment on how it is able to earn these interest rates. The way Ginko Financial was offered an easy out right now, is just plain ridiculous IMO. The guy running Ginko Financial is probably walking out with a few $100.000's in his pockets if you ask me.
I don't argue one bit that it seems like a Ponzi scheme. I will say one thing though, you shouldn't tell people to do background reading then spout incorrect numbers out like .15%/day and 72%/year. If you had actually done your reading you would have seen it was .10%/day and 44%/year

. This may sound liek sematics but when it comes to me arguing that the information I give is fact, this makes a big difference.
Duke Freedom Wrote:Nevertheless, I don't see the similiarity between a SL bank that offers 72% yearly interest and which fails to pay out money once people start withdrawing (since it is very likely that it was a Ponzi Scheme), versus a EU bank that makes no promises on its profits whatsoever and certainly does not pay out unbelievable interest rates without explaining how it is supposed to be so profitable at all.
ROFL you must have been very absent through most of ABE's operation, I agree ACS has not claimed major profit or interest payments. What i would like ot remind you though is that they ABSOLUTELY offer investments with no explanation of how it is going to earn money, without explanation of the nearly 50% fees that have been charged on exchange transactions, and again no explanation of any operating procedure and no example of a business model of any type let alone a workable one. An indirect similarity was the RANDOM valuation of the company to release randomly and imho fraudulently valued shares.
Duke Freedom Wrote:There is no "circumstancial proof" in that article at all and your post only provides factual evidence that you seem to be able to quote about anything ending up with the conclusion that Anshe Chung is evil, even when the quoted part isn't related to Anshe Chung in any way, shape or form. :roll:
LOL this is not meant to be offensive but if you can not see the similarities between Ginko and ABE you must be biased. In terms of operation, there are few similarities. In terms of general business concept and ethics as well as operationa practices and base in reality they are almost identical.
Ginko promised 44% APY which is vaporware and apparently can not be supported.
Anshe offers shares of a company with a vaporware valuation that cannot be supported at this time.
Ginko bank was/is operating in a market that they apparently do not understand or they would have been prepared for SL gambling prohibition that has been handed down.
ABE is operating in a market that they do not understand which is apparent in the fact that she is trying to make a bidirectional indexed currency exchange out of a pawnshop.
I may have asked this before but are you by chance an ABE investor? I just have a hard time understanding why the dispute continues over things that are factual once again such as the following:
1) ABE was randomly valued in order to push an IPO that was premature.
2) ABE has produced NO documentation whatsoever about operational procedures.
3) ABE has produced no disclsoure of fees.
4) ABE has produced no information on what personnel are performing what functions, (i.e. management, exchange operation, etc.).
5) A significant portion of ABE's investors are now complaining of lack of communication.
6) At least one of ABE's investors was told in so many words to shut up when they asked where their money went and was told they are not entitled to know. (There should be a GIGANTIC red flag waving when an investor is told by the the companyt hey invested in that they are not entitled to an answer).
7) I have said this once and I will say it again, there has been no presentation of any type of "legal" documentation to show this company is regulated by any type of agency in any locality. I know you keep saying this is virtual and there is no regulation but honestly this is complete bullshit. I am currently in the process of building a REAL and LEGAL investment fund for EU and it will certainly be regulated as the management firm will be incorporated (legally regulated). This will protect my investors from misappropriation by the fact that I will have to provide annual corporate audits and accounting reports. This is not even remotely referred to by ACS and honestly I can't understand why nobody is asking for this information.
8) ABE continues to refuse to rebut any comments and now has a moderator on EF who closes any thread that expresses any concern about the viability of ABE no matter who the poster is (not just me). Then said representative not only attacks the character of the poster in the deletion message but also attacks the credibility of an entire public forum when SHE is the one censoring free speech. How exactly does someone get to comment on credibility during the censorship process when censorship in and of itself destroys credibility?
Anyway, my point here is not to argue about ABE with you. We have already seen we don't see eye to eye on this and thats okay. Opposing opinions are what promote knowledge and free thinking and we are certainly glad to have it here. I am really curious though are you an ABE investor? Not only am I curious but if you are I would like to ask you a few questions. Nothing argumentative just want to verify a few things I have been told by others.
I am not saying there is concrete proof that she has the intent to scam people with this venture. I do say that this is poorly thought out (which we agree on), poorly communicated (which we agree on), poorly disclosed (which we agree on), and those things right there in the investment world raise a red flag with the word SCAM on it. The other thing is, there is absolutely concrete proof, that the way she IPO'd her company is ILLEGAL in the United States. Hands down there is no arguing that fact. She would not be legally allowed to run a currency/securities exchange virtual or not in this country without satisfying the requirements I have mentioned.
I just keep going back to the fact that I am planning a fund myslef. Not to invest in a bank to invest in tangible assets (at least virtually tangible) where strict accounting will bekept, full disclosure will be made, real valuation will happen, and legal oversight will be present. Not to mention honest to god stock certificates from a REAL venture that is legally accountable for its actions and not just some made up fly by night money oppurtunity that I am getting into because SL is going down the tubes. But I digress, anyway I would love to ask yout hose questions given the chance. Not to argue as I said just to verify some information about how ABE is operating.
Honestly I do not want any of my friends, or colleagues to get hurt in this investing thing. The major point to my comments and research are to make sure people are AWARE of what they are getting into and I sincerely believe that at least a large portion of the initial investors were premature in investing and are now regretting it (this comes from comments I have gotten from a number of investors I know).
Don't get me wrong there are people who think it is a great thing. There are also other people who say "If I lose I lose". It is my SPECULATION though that there are a good amount of unhappy people. If that was not the case I would think the share price would have held its value and not dropped because people want out.
Would it really be too much for a rep from ACS to address some of these concerns. If they really want to shut me and others up wouldn't it make sense for them to porovide the things their customers and prospective customers ask of them or at least answer some questions? I am more than capable of asking non condascending questions in a professional and unbiased manner and would be more than happy to help her clear this up to be honest but it seems to me they are not interested in clearing the air to me or their investors. I was considering in investing in it and this is how I cam across the fact that all these very important informational pieces were missing entirely from the process.