Informed Traders launch their own virtual currency – WTF?

Reading the following: “InformedPoints Becomes First Virtual Currency to Enter Global Currency War: InformedPoints, a virtual currency that can be purchased

Reading the following: “InformedPoints Becomes First Virtual Currency to Enter Global Currency War: InformedPoints, a virtual currency that can be purchased or earned by members of the InformedTrades community, has revised its monetary policy so that its value is pegged to a currency trading account managed by its central banker, Simit Patel. In this way, InformedPoints has become the first virtual currency to enter the global currency war, manipulating the value of its currency based on foreign exchange operations. InformedPoints are up over 5% against the US dollar since moving to this new monetary policy.” I cannot but think – what a piece of c**p!

Virtual Currency by some website? Why don’t I launch Magnate Dollars – would you purchase them?

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Currency is a currency and is not a term which should be used lightly. Currencies are monetary units of countries and their value is mostly determined by underlying financial assets and economic variables. Sometimes speculative trading influences it but surely doesn’t solely determine it. While this new ‘currency’ is a complete virtual currency with no underlying assets or economic value whatsoever and the sole purpose of it is speculation and mainly a monopoly by its ‘founder’. In short, it’s an asset management offer but with a very misleading title.

Why am I so negative? Because I’m always negative when certain brokers or scammers try to make use of the unsuspecting public. The idea here seems to try and bring a new, even if an extreme, marketing approach because the market is so saturated with other creative and often scammy offers. I would advise brokers, especially the very large and known broker intimately connected to this forum, to review this offer and perhaps ‘help’ the ‘banker’ understand that this may backfire on their image and business.

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