Posted 02 February 2017 - 05:20 PM
All the bans mean nothing in the end. Online gambling is illegal in the US, so US citizen gamble at offshore sites instead. BO is illegal in the US except for a few brokers and still lots of people from the US trade BO with offshore sites. And where there is opportunity there shall be opportunists. BO brokers will remain. There are also legitimate casinos despite constant attempts to curb them. And thus there will also be some legit BO brokers for those who do not wish to go offshore. Over time the choices will change, there will be fewer. But there will be some.
These unfortunate scams all have something in common.
One is that people are 'investing' money they don't really have, or don't have to loose. Ie when they tap into savings, retirement funds, or take on debt.
Two, they don't do their own trading. A 'broker' does the trading on their behalf. That is the key. With other financial instruments only a professional can handle your money. Not with BO.
Three, add scum bag scarcity sales tactics and people get trapped into bad deals. Without step Two, this would not be possible.
Four, the final straw is greed mixed with need. Instead of growing only the profits, people can't resist the call of the greed to invest more, especially after they have seen some profit. The sensible approach would be to take out the principal invested and to keep going with the profit. Why anyone needs to re-invest after profit is made is mind boggling. Greed... an easy target.
So you have people who have no idea who they are actually dealing with (unqualified, non-professionals handling their financial transactions), who do not understand nor accept the nature of the financial instrument they chose (you can win, AND you can loose), and they do not understand and lack the discipline how to manage their money safely and wisely.
It is the lure of fast money meets people desperate for money. I agree with the poster before. These people would have lost money with any other financial instrument. Even professional brokers and investment advisors can cause losses.
If they would only change one thing - require BO 'brokers' to provide advice from qualified professionals only, then none of the above would happen. Too easy a step to clean up this industry. So the question is not whether it goes or not. The question is why nobody bothers to do something that simple.
hp699flva, JohnnyMch, BrianC and 1 other like this