hank.primrose
Recruit
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- 4
Thanks for the insight, I agree with the legality aspect.
The problem I highlighted was that, unlike McDonalds, who provide a service (no matter how unhealthy), Tate (in this case) is selling a dream. As you've put it... the dream of beating the system.
Whilst this thread is pointing to the mechanism of achieving this dream being flawed, the act of buying into the dream is what has lead most respondents awry.
That's not to say that it was wrong for them to buy the product, just as it's not wrong for an obese person to keep buying McDonalds.... but to buy the product and not hold the perpetrator to account is definitely bad.
The solution is to chalk it up to experience. If anyone can get recourse from their payment provider, consider that a bonus.
But the lesson? As I mentioned above, if you're buying a financial product, you need to do your homework on what it's actually going to do to help make money. Even if you take the $1m Dubai trader at face value, the idea of putting all your faith into a mystery trader seems highly tenuous to me.
The problem I highlighted was that, unlike McDonalds, who provide a service (no matter how unhealthy), Tate (in this case) is selling a dream. As you've put it... the dream of beating the system.
Whilst this thread is pointing to the mechanism of achieving this dream being flawed, the act of buying into the dream is what has lead most respondents awry.
That's not to say that it was wrong for them to buy the product, just as it's not wrong for an obese person to keep buying McDonalds.... but to buy the product and not hold the perpetrator to account is definitely bad.
The solution is to chalk it up to experience. If anyone can get recourse from their payment provider, consider that a bonus.
But the lesson? As I mentioned above, if you're buying a financial product, you need to do your homework on what it's actually going to do to help make money. Even if you take the $1m Dubai trader at face value, the idea of putting all your faith into a mystery trader seems highly tenuous to me.