How's this for a HYIP? I started GoldNow with a -$3000
overdraft. I now get 10000's of % return on my investment!
THAT's a genuine investment, could it be construed as a HYIP? Absolutely, positively YES.
The notion that GoldNow is a High Yield Income Program in the sense that others use the term is mistaken. It is not GoldNow is an exchange service which apparently provides legitimate exchange functions. It also has, in the past, made exchanges with, for example, OSGold, so it does not seem to be limited to legitimate exchange functions.
For the same reason that Graham cannot make the distinction between OSGold and legitimate currencies, he cannot seem to make the distinction between a legitimate business enterprise, such as one that serves as an exchange service, and an illegitimate business enterprise which operates by defrauding its investors.
To the extent that a Ponzi or HYIP or neoteric game explains to all participants that it isn't "investing" in anything, and that all new investors are paying only the organizers and the old investors, it might not actually be a fraud. Such a full-disclosure Ponzi is just a bad idea, and there aren't any to be found because full disclosure works against the Ponzi operator.
On the other hand, maybe Graham is admitting something with his claim that his company is an HYIP. Maybe he's saying that he is like that eBay seller who built up an exemplary reputation and then bolted with a few hundred thousand dollars when he felt the catch was rich enough. Maybe Graham intends to bolt one day when he's gotten enough new funds from exchange victims to justify his departure.
I say maybe, because I cannot explain Graham. I have examined Graham's explanations of Graham, and I find them wanting.
Regards,
Jim http://www.ezez.com/free/freejim.html
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