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> "binary option". I heard than name before. Isn't related to something called "The Aussie method" , or "The Irish method" which are well-known scams.

by aikah 10y ago

Animats 10y ago
A binary option is a bet on whether something (a stock, the price of gold) will go up or down. Doesn't matter by how much; it's a straight win or lose. The binary option scam industry takes such bets, for periods as short as 30 seconds. This appeals to the part of the population that likes slot machines. Fake binary option brokers such as Banc de Binary aren't really brokers; they're the house against which their customers bet. There's nobody else on the other side of the transaction. They don't tell their customers that. Often, the house cheats. Something like 97% of people who "invest" in binary options lose all their money. The ones who win usually can't collect. The SEC and CFTC have booted most of these guys out of the US and clawed back money from some of them. But they're active in Europe. Cyprus is willing to let them operate, and that passports them into the rest of the European Union. Israel doesn't let them scam Israelis, but is OK with them scamming the rest of the world. This has become politically embarrassing to Israel and there's a bill in the Knesset to shut down the whole industry. The industry is preparing to switch to FOREX. Long multi-part expose in the Times of Israel: "The Wolves of Tel Aviv".[1] This is an Internet scam. It's so brazen that they have a convention. A reporter went to it.[2] SpotOption is the platform behind most of the industry. ClickSure's ad network ropes in new customers. Quotes from the convention: “SpotOption is a technology company, okay? Everyone is responsible for checking regulation in the jurisdiction where they want to work. I am here to tell you what options you have technologically.” - Tammy Levy, SpotOption’s director of marketing. “We’ve worked very closely with the forex and binary industry over the last, I would say, six months. We saw great results with a few of the advertisers, and it’s really a growing industry for us.” - Liset van Oosterhout, Twitter account exec. Google and Facebook also gave presentations at that convention. For large-scale gaming of Google, the binary option industry leads the way. [1] http://www.timesofisrael.com/the-wolves-of-tel-aviv-israels-vast-amoral-binary-options-scam-exposed/ http://www.timesofisrael.com/the-wolves-of-tel-aviv-israels-... [2] http://www.timesofisrael.com/as-victims-pile-up-the-binary-options-industry-parties-in-cyprus/ http://www.timesofisrael.com/as-victims-pile-up-the-binary-o...

> "binary option". I heard than name before. Isn't related to something called "The Aussie method" , or "The Irish method" which are well-known scams.

by aikah 10y ago

> "binary option". I heard than name before. Isn't related to something called "The Aussie method" , or "The Irish method" which are well-known scams.

Animats 10y ago

A binary option is a bet on whether something (a stock, the price of gold) will go up or down. Doesn't matter by how much; it's a straight win or lose. The binary option scam industry takes such bets, for periods as short as 30 seconds. This appeals to the part of the population that likes slot machines. Fake binary option brokers such as Banc de Binary aren't really brokers; they're the house against which their customers bet. There's nobody else on the other side of the transaction. They don't tell their customers that. Often, the house cheats. Something like 97% of people who "invest" in binary options lose all their money. The ones who win usually can't collect. The SEC and CFTC have booted most of these guys out of the US and clawed back money from some of them. But they're active in Europe. Cyprus is willing to let them operate, and that passports them into the rest of the European Union. Israel doesn't let them scam Israelis, but is OK with them scamming the rest of the world. This has become politically embarrassing to Israel and there's a bill in the Knesset to shut down the whole industry. The industry is preparing to switch to FOREX. Long multi-part expose in the Times of Israel: "The Wolves of Tel Aviv".[1] This is an Internet scam. It's so brazen that they have a convention. A reporter went to it.[2] SpotOption is the platform behind most of the industry. ClickSure's ad network ropes in new customers. Quotes from the convention: “SpotOption is a technology company, okay? Everyone is responsible for checking regulation in the jurisdiction where they want to work. I am here to tell you what options you have technologically.” - Tammy Levy, SpotOption’s director of marketing. “We’ve worked very closely with the forex and binary industry over the last, I would say, six months. We saw great results with a few of the advertisers, and it’s really a growing industry for us.” - Liset van Oosterhout, Twitter account exec. Google and Facebook also gave presentations at that convention. For large-scale gaming of Google, the binary option industry leads the way. [1] http://www.timesofisrael.com/the-wolves-of-tel-aviv-israels-vast-amoral-binary-options-scam-exposed/ http://www.timesofisrael.com/the-wolves-of-tel-aviv-israels-... [2] http://www.timesofisrael.com/as-victims-pile-up-the-binary-options-industry-parties-in-cyprus/ http://www.timesofisrael.com/as-victims-pile-up-the-binary-o...