Friends have been inviting me to join payboxme.
I thank them all for this but have the firm opinion that this is nothing more than a huge phishing scam. Although the initial personal information requested to join payboxme seems innocuous, who knows what they will ask when full membership needs to be bought.
Why am I uneasy with this programme?
• It is attempting to create a stand alone currency acceptable on the world market. Forex traders will know how difficult this is.
• There is no indication that the dollars spoken of in the site publicity are paybox dollars.
• There is no indication of an anticipated exchange rate for paybox dollars when the site goes live.
• People joining now are told that the site is not open to the public – it is patently obvious that the public (you and me) can join.
• The financial rewards, if paybox dollars are seen as at parity with US dollars are simply unsustainable.
Let’s assume that 100 people per day have joined payboxme since it was launched on Sept 1st, 2010. Let’s further assume that 50% of those joining are referrals. Finally, let’s further assume that only the people active in December did any ‘work’ in order to earn $10 a day (that is half of what is claimed).
Sept 1st to Dec 31st a total of 12,200 sign ups
Sign up bonus of $25 x 12,200 = $305,000
Referral bonus of $10 x 6,100 = $61,100
Dec 1st to Dec 31st members work at $10 per day = $3,307,000
Even with these very conservative figures, payboxme already owes $3,734,000 to its members. I could have factored in the ‘daily earnings’ of all recruits but I felt that it was fair to ignore those recruited in the first three months since it is not clear how much ‘work’ was available.
As at 31st December, payboxme will owe $122,000 every single day to people doing ‘work (at only $10 a day) even if not a single new member signed up after that date (up to 17th January 2011, that is ANOTHER $2,074,000).
The web site is very thin on information but I, for one, would like to know how the company will raise this sort of money.