NSFG, IS updates

NSFG
They posted a 10.94% gain for the month of April. While good, still goes a long long way to replenishing what's been stolen.

They also announced that there would be no trading during the last week of May, due to another holiday they are taking.

Just thinking aloud here, but I'm still kinda curious just how many managed accounts they still have. You would expect having a handsome commission on those managed accounts (which allegedly are 90% of the pooled accounts) would go a long way filling the hole that's been dug in our pockets.

Infinity Shares
Looks like they found a new broken and doing the necessary to switch brokers. Trading would resume once the switch is done.

Due to the e-gold situation, deposits have currently been disabled.

Local Exchanges
Speaking of the e-gold situation, it seems the big 3 exchangers in Singapore are going on a profiteering run. The rates to sell e-gold has dropped drastically in the last couple of days, while buy rates remain somewhat still on the high side.

Of course this can be reasonably explained by, what I would expect, a sheer amount of people selling their e-gold.

E-Gold Trouble?

I've recently got alot on my plate and haven't been actively monitoring the 'industry' on the whole. There are things that I've wanted to comment on but haven't had the time to cohesively put my thoughts together. However this e-gold situation is something that can't wait.

1mdc which has been a strong bastion for e-gold users had their accounts blocked via court orders. Not much is known with regards to the details and speculation, as usual, is rife. You can visit the 1mdc website for more inform on them.

IceGold, a major exchanger in Europe has also changed their e-gold account. Again, speculation as to why they are doing it, is running wild.

Of course more information of this can be found in DigitalMoneyWorld.com.

Chances are that all these are going to amount to nothing as the US government is weeding out all the illegal transactions and money laundering schemes going on. On the other hand, hitting on the exchangers may have more servere reprecussions for those of us with money in e-gold.

I've been a firm supporter of e-gold and all the previous rumours pertaining to e-gold have not hit such levels of magnitude nor seriousness. Somehow one plus one here doesn't seem to add up. I'm personally not advocating panic, but at the same time I'm not getting good vibes here and have cashed out most of my holdings in e-gold with the local exchangers. Time will tell how this one will unfold.

If it all goes wrong, this entire 'industry' will sink faster than Atlantis, signalling the end of the ponzi-pushing days. All in all, might not be such a bad thing afterall.

For Singaporeans looking to cash out, I would strongly recommend snapgold.com at this juncture.

Buy E-Barrel Makes the Local News

The program 'Buy E-Barrel' was running pretty hot in the beginning of the year and collapsed a couple of weeks ago. This article was printed in the local papers, Straits Times, yesterday.

I saw this one being posted around in the forums I've visited, and luckily didn't put a cent into it. There were just so many reasons not to buy into the hype generated by this one.

1. I've a good number of friends who are working in the oil industry as traders and such deals simply do not appear out of nowhere. In fact they don't appear at all.
   
2. The rates are ridiculous.
3. The MLM aspect of it is ridiculous. Other than an incentive for the stupid to con other stupid people, MLM usually has no place with real investment.
4. Heavy Malaysian influence. I have nothing against Malaysia or the people residing there, but given the blatant number of scams that come out from there, this one was a straight no-no for me.

Unfortunately this comes too little too late for all those who have already fallen victim here. But there are similar looking ponzis out there that run along the same modus operandi. So keep yours eyes open and your money in your pockets. If you must gamble, do so moderately.

Another Local Exchanger : ECurrenz

Ok, this one's pretty well recommended. And the rates are probably some of the best I've seen in town. I haven't used them yet, but if you're looking for good rates, this one's definitely the place.

The only downside for me is that OCBC is not represented yet. But if you have other local bank accounts, then this one should be alright. As with all unfamilar exchanges, go small and go slow.

New Local Exchanger

Just a quick update here. Looks like there's another new kid on the block.

SgExchanger

Haven't used them yet, and probably might not in the near future. The usual suspects are still working well for me. Moreover nothing really outstanding about the rates provided.

This new one has a wide banking option to purchse and sell e-gold. It also provides 'instant' exchangers via YIM or MSN.

The thing that raises my eyebrows here is the impending use of paypal. We all know the chargeback function of paypal, and the horror stories of exchanging paypal with e-gold. Will monitor how this develops if I have the time.

As with all new exchangers, go small and go slow.

Not Dead Yet

It's been awhile since I last blogged. To say the least, I've been busy with offline stuff. Just to shed abit of light to the Singaporeans reading this, someone offered me half a mil for my HDB apartment. I never had the intention of selling but the offer's so crazy I had to take a serious look at it and do my sums. So while doing this, I made a disciplined effort to take some time off this blog, although I had plenty of comments to make over various anal issues.

As for my apartment, chances are I'd still hold on to it, afterall the bulk of the money would be spent on another one since I do need a roof over my head. Secondly, my area is in for major developments in the next 3 years. On top of that, I prefer to go the rental route should I eventually move out.

NSFG
Looks like we pool members have been treated like dirt again. No updates, no news, no statements. I had to get this from a managed account user. Read and weep. These guys are either plagued with insane bad luck or the most incompetent bunch of imbeciles I've ever seen. I've personally worked with traders and none have even come close to the level of catastrophes these guys have met, time and time again. Just when I thought they turned the corner too! I'm beginning to feel I'm never going to see the light at the end of the tunnel here, let alone get out of this one unscathed.

Pay Processors
Niche market is all I'm going to say here. Too many have been riding on e-gold's coat-tails. The true standouts are those which have found their niche market. Just to give a hint of what I'm talking about:

Paypal - E-bay
NetTeller - Gambling
Moneybookers - Gambling
E-gold - Hyips, AS (or anything looking like a scam to begin with)

So basically a pay processor needs to differentiate itself with a niche market. Acting as e-gold's bitch bascially means you're just an e-gold exchanger. Nothing more, nothing less.

Referral Whores
My favourite whipping boys. I hate these bunch, I really do. Much has been made about them in the not too distant past. The unfortunate thing here is those makng the complaints really ought to take a step back and look in the mirror. You know what they say about people living in glass houses. Enuff said!