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	<title>Australia's Honest Con Man</title>
	<atom:link href="http://www.conman.com.au/feed" rel="self" type="application/rss+xml" />
	<link>http://www.conman.com.au</link>
	<description>Just another WordPress weblog</description>
	<pubDate>Thu, 06 Jun 2013 06:00:59 +0000</pubDate>
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	<language>en</language>
			<item>
		<title>Beat The Cheat&#8230;</title>
		<link>http://www.conman.com.au/news/beat-the-cheat/</link>
		<comments>http://www.conman.com.au/news/beat-the-cheat/#comments</comments>
		<pubDate>Tue, 21 May 2013 07:36:02 +0000</pubDate>
		<dc:creator>nickjohnson</dc:creator>
		
		<category><![CDATA[News]]></category>

		<guid isPermaLink="false">http://www.conman.com.au/?p=1977</guid>
		<description><![CDATA[My latest work&#8230;

]]></description>
			<content:encoded><![CDATA[<p>My latest work&#8230;</p>
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		<item>
		<title>Five Holiday Scams</title>
		<link>http://www.conman.com.au/news/five-holiday-scams/</link>
		<comments>http://www.conman.com.au/news/five-holiday-scams/#comments</comments>
		<pubDate>Wed, 02 Jan 2013 06:10:43 +0000</pubDate>
		<dc:creator>nickjohnson</dc:creator>
		
		<category><![CDATA[News]]></category>

		<guid isPermaLink="false">http://www.conman.com.au/?p=1920</guid>
		<description><![CDATA[I don&#8217;t like holidays. All that sun and sand and relaxing. It&#8217;s enough to make you sick.
But if you must take time off and travel, make sure you look after yourself. Con artist love scamming tourists

That&#8217;s why they all wear glasses.
Here&#8217;s a few scams to look out for.
1) Taxis sans Meters: You get in at [...]]]></description>
			<content:encoded><![CDATA[<p>I don&#8217;t like holidays. All that sun and sand and relaxing. It&#8217;s enough to make you sick.</p>
<p>But if you <em>must</em> take time off and travel, make sure you look after yourself. Con artist love scamming tourists</p>
<p><a href="http://www.conman.com.au/wp-content/uploads/scam-artist-1.jpg" rel="lightbox[1920]"><img class="aligncenter size-medium wp-image-1922" title="scam-artist-1" src="http://www.conman.com.au/wp-content/uploads/scam-artist-1.jpg" alt="" width="345" height="323" /></a></p>
<p style="text-align: center;"><em>That&#8217;s why they all wear glasses.</em></p>
<p>Here&#8217;s a few scams to look out for.</p>
<p>1) <strong>Taxis sans Meters: </strong>You get in at the airport, twenty minutes later you&#8217;re at the hotel and the driver is demanding a huge amount of money. Since he never turned on the meter, you&#8217;ve got no way to argue. Get around it by a) demanding the meter is turned on at the start or b) prepaying for the taxi at an official taxi rank.</p>
<p>2) <strong>Money Changers: </strong>The goal of all money changers is to buy as much of your money as they can, for the lowest price. The illegal ones do it by underpaying what they promised, passing off fake bills and wrapping high value notes around low value ones. Take your time, do the math and count everything twice.</p>
<p>3) <strong>Three Card Monte: </strong>Every big city in Europe has people playing my favourite game of chance. You&#8217;ve got possibility of winning. You will <em>never</em> find the queen of hearts or the little ball under the matchbox. Don&#8217;t even try.</p>
<p>4) <strong>Card Skimmers: </strong>We have these at home of course but, on holidays, you let your guard down. So double check every ATM for removable devices and protect your PIN.</p>
<p>5) <strong>Accommodation Vouchers: </strong>How about a scam that gets you before you even leave the house? Faxes, emails and phone calls come in offering you amazing deals on hotels. However, when you read the fine print, you end paying for meals and other services you just don&#8217;t want.</p>
<p style="text-align: center;"><img class="aligncenter" src="http://www.conman.com.au/wp-content/uploads/disk_polaroid1-600x450.jpg" alt="" width="360" height="270" /></p>
<p style="text-align: center;"><em>A dodgy game of chance. Just look at &#8216;em. Dodgy.</em></p>
]]></content:encoded>
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		</item>
		<item>
		<title>iSpud</title>
		<link>http://www.conman.com.au/news/ispud/</link>
		<comments>http://www.conman.com.au/news/ispud/#comments</comments>
		<pubDate>Mon, 14 Nov 2011 12:32:45 +0000</pubDate>
		<dc:creator>nickjohnson</dc:creator>
		
		<category><![CDATA[News]]></category>

		<guid isPermaLink="false">http://www.conman.com.au/?p=1889</guid>
		<description><![CDATA[Did you that if you block your nose and close your eyes, it&#8217;s impossible to tell the difference between  apple and potato?
For one man in a Yorkshire car park, it&#8217;s also difficult to tell the difference between an Apple iPad and a sack of potatos.
The man was approached by a swindler offering a brand new [...]]]></description>
			<content:encoded><![CDATA[<p>Did you that if you block your nose and close your eyes, it&#8217;s impossible to tell the difference between  apple and potato?</p>
<p>For one man in a Yorkshire car park, it&#8217;s also difficult to tell the difference between an Apple iPad and a sack of potatos.</p>
<p>The man was approached by a swindler offering a brand new iPad for <span>£200. When he got home, he discovered the iPad was nothing but a sack of spuds. </span></p>
<p><span>Police described the suspect was a chubby white man in his forties with an irish accent&#8230;and a sack of potatoes. </span></p>
<p style="text-align: center;"><a href="http://www.conman.com.au/wp-content/uploads/potato.jpg" rel="lightbox[1889]"><img class="aligncenter size-medium wp-image-1890" title="potato" src="http://www.conman.com.au/wp-content/uploads/potato.jpg" alt="" width="300" height="225" /></a></p>
<p>After the ipad made of <a href="http://www.cbsnews.com/8301-501465_162-20099394-501465.html" target="_blank">wood</a> and the one made of <a href="http://www.wdam.com/story/15950950/police-warn-consumers-of-fake-ipad-scam" target="_blank">plexiglass</a>, it looks like this scammer is trying to lift the standard for bait and switch scams.</p>
<p><span> </span></p>
]]></content:encoded>
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		</item>
		<item>
		<title>Assassin&#8217;s Greed</title>
		<link>http://www.conman.com.au/internet/assassins-scam/</link>
		<comments>http://www.conman.com.au/internet/assassins-scam/#comments</comments>
		<pubDate>Sun, 13 Nov 2011 00:55:11 +0000</pubDate>
		<dc:creator>nickjohnson</dc:creator>
		
		<category><![CDATA[History]]></category>

		<category><![CDATA[Internet]]></category>

		<guid isPermaLink="false">http://www.conman.com.au/?p=1884</guid>
		<description><![CDATA[Usually, con artists working the Advance Fee Fraud angle will promise untold wealth. This one, from Thea in Maryborough, promise something a lot more valuable&#8230;your life.
I felt very sorry and bad for you, that your life is going to end like this if you don&#8217;t comply, I was paid to eliminate you and I have to [...]]]></description>
			<content:encoded><![CDATA[<p>Usually, con artists working the Advance Fee Fraud angle will promise untold wealth. This one, from Thea in <span>Maryborough, promise something a lot more valuable&#8230;your life.</span></p>
<p class="MsoNormal" style="padding-left: 30px;"><em><span>I felt very sorry and bad for you, that your life is going to end like this if you don&#8217;t comply, I was paid to eliminate you and I have to do it within 10 days.</span></em></p>
<p class="MsoNormal" style="padding-left: 30px;"><em>Someone you call your friend wants you dead by all means, and the person have spent a lot of money on this, the person came to me and told me that he wants you dead and he provided me your names, photograph and other necessary information i needed about you. If you are in doubt with this I will send you your name and where you are residing in my next mail.</em></p>
<p class="MsoNormal" style="padding-left: 30px;"><em><span> </span>Meanwhile, I have sent my boys to track you down and they have carried out the necessary investigation needed for the operation, but I ordered them to stop for a while and not to strike immediately because I just felt something good and sympathetic about you. I decided to contact you first and know why somebody will want you dead by all means. Right now my men are monitoring you, their eyes are on you, and even the place you think is safer for you to hide might not be.</em></p>
<p class="MsoNormal" style="padding-left: 30px;"><em><span> </span>Now do you want to LIVE OR DIE? It is up to you. Get back to me now if you are ready to enter deal with me, I mean life trade, who knows, and I might just spear your life, $5,000 is all you need to spend. You will first of all pay $3000 then I will send the tape of the person that want you dead to you and when the tape gets to you, you will pay the remaining $2000. If you are not ready for my help, then I will have no choice but to carry on the assignment after all I have already being paid before now.</em></p>
<p class="MsoNormal" style="padding-left: 30px;"><em><span> </span>Warning: do not think of contacting the police or even tell anyone because I will extend it to any member of your family since you are aware that somebody want you dead, and the person knows some members of your family as well.</em></p>
<p class="MsoNormal" style="padding-left: 30px;"><em><span> </span>For your own good I will advise you not to go out once is 7pm until I make out time to see you and give you the tape of my discussion with the person who want you dead then you can use it to take any legal action. Good luck as I await your urgent reply:</em></p>
<p class="MsoNormal" style="padding-left: 30px;"><em>Bye.</em></p>
<p class="MsoNormal" style="padding-left: 30px;"><span><em> Mr Mohammed Salim<br />
Special Killer of al Qaeda</em></span></p>
<p class="MsoNormal">After all, we all have enemies and skeletons in the closet. How many people can swear beyond all doubt that there isn&#8217;t <span>someone <span>out there who wants us dead?</span></span></p>
<p class="MsoNormal"><span style="font-style: normal;">Arthur Conan Doyle, the creator of Sherlock Holmes, used to tell a story about just this.</span></p>
<p><span>[From "Storyettes," </span><em>The Commercial Appeal</em><span> [Memphis, Tennessee], 2 October 1897, Pg. 7, Col. C.]</span></p>
<address style="padding-left: 30px;"><span><span>&#8220;A friend of his who had often been told that there is a skeleton in the cupboard of every household, no matter how respectable that household may be; and he determined to put his opinion to a practical test. Selecting for the subject of this experiment a venerable archdeacon of the church, against whom the most censorious critic had never breathed a word, he went to the nearest postoffice [sic] and dispatched this telegram to the reverend gentleman: &#8220;All is discovered! Fly at once!&#8221; The archdeacon disappeared and has never been heard of since.</span> &#8220;</span></address>
<p class="MsoNormal" style="padding-left: 30px;">-<span>From &#8220;Storyettes,&#8221; </span><em>The Commercial Appeal</em><span> [Memphis, Tennessee], 2 October 1897, Pg. 7, Col. C.</span></p>
<p class="MsoNormal">Anyone want you dead?</p>
<p class="MsoNormal"><a href="http://www.conman.com.au/wp-content/uploads/assassins-creed-2.jpg" rel="lightbox[1884]"><img class="aligncenter size-medium wp-image-1885" title="assassins-creed-2" src="http://www.conman.com.au/wp-content/uploads/assassins-creed-2.jpg" alt="" width="429" height="480" /></a></p>
<p class="MsoNormal" style="text-align: center;"><em>The only image on <a href="http://www.google.com.au/search?rlz=1C1AVSW_enAU370&amp;gcx=w&amp;q=assasin%27s+creed&amp;um=1&amp;ie=UTF-8&amp;hl=en&amp;tbm=isch&amp;source=og&amp;sa=N&amp;tab=wi&amp;biw=1199&amp;bih=645&amp;sei=phO_TtWlFo2XiQfy492ZBQ#um=1&amp;hl=en&amp;rlz=1C1AVSW_enAU370&amp;tbm=isch&amp;sa=1&amp;q=assassin&amp;pbx=1&amp;oq=assassin&amp;aq=f&amp;aqi=&amp;aql=&amp;gs_sm=s&amp;gs_upl=0l0l3l7095l0l0l0l0l0l0l0l0ll0l0&amp;bav=on.2,or.r_gc.r_pw.,cf.osb&amp;fp=771cef50cd0d954a&amp;biw=1199&amp;bih=609" target="_blank">google images</a> of &#8216;assasins&#8217;</em></p>
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		<item>
		<title>How To Beat Solitaire</title>
		<link>http://www.conman.com.au/news/how-to-beat-solitaire/</link>
		<comments>http://www.conman.com.au/news/how-to-beat-solitaire/#comments</comments>
		<pubDate>Mon, 03 Oct 2011 06:17:28 +0000</pubDate>
		<dc:creator>nickjohnson</dc:creator>
		
		<category><![CDATA[News]]></category>

		<guid isPermaLink="false">http://www.conman.com.au/?p=1876</guid>
		<description><![CDATA[Everyone knows how to play solitaire. It&#8217;s the second most fun thing to do by yourself with a computer.
Hundreds upon thousands of people have wasted time playing the somewhat pointless game.


Mathematicians have figured that between 82% and 92% of solitaire games are winnable.
Surprisingly, mathematicians have figured out how to beat the game.

Take blackjack. In 1962, [...]]]></description>
			<content:encoded><![CDATA[<p><a href="http://www.conman.com.au/wp-content/uploads/police-playing-solitaire-on-the-job-celeb-promoter1.jpg" rel="lightbox[1876]"></a>Everyone knows how to play <a href="http://www.solitairecentral.com/history.html" target="_blank">solitaire</a>. It&#8217;s the second most fun thing to do by yourself with a computer.</p>
<p>Hundreds upon thousands of people have wasted time playing the somewhat pointless game.</p>
<p style="text-align: center;"><a href="http://www.conman.com.au/wp-content/uploads/police-playing-solitaire-on-the-job-celeb-promoter1.jpg" rel="lightbox[1876]"><img class="aligncenter size-medium wp-image-1880" title="police-playing-solitaire-on-the-job-celeb-promoter1" src="http://www.conman.com.au/wp-content/uploads/police-playing-solitaire-on-the-job-celeb-promoter1.jpg" alt="" width="308" height="186" /></a></p>
<div></div>
<p><a href="http://web.engr.oregonstate.edu/~afern/papers/solitaire.pdf" target="_blank">Mathematicians have</a> figured that between 82% and 92% of solitaire games are winnable.</p>
<p>Surprisingly, mathematicians have figured out how to <em>beat </em>the game.</p>
<p><a href="http://www.conman.com.au/wp-content/uploads/solitaire-500.jpg" rel="lightbox[1876]"><img class="aligncenter size-medium wp-image-1882" title="solitaire-500" src="http://www.conman.com.au/wp-content/uploads/solitaire-500.jpg" alt="" width="358" height="225" /></a></p>
<p>Take blackjack. In 1962, Edward Thorpe wrote Beat The Dealer, outlining basic strategy and card counting. Countless other thinkers have figured out odds and statistics of every possible way of playing the game.</p>
<p>But Solitaire? Nothing<a href="http://www.stanford.edu/~bvr/psfiles/solitaire.pdf" target="_blank">.</a></p>
<p style="text-align: center;"><a href="http://www.conman.com.au/wp-content/uploads/getting-caught-playing-solitaire-at-work.jpg" rel="lightbox[1876]"><img class="aligncenter size-medium wp-image-1881" title="getting-caught-playing-solitaire-at-work" src="http://www.conman.com.au/wp-content/uploads/getting-caught-playing-solitaire-at-work.jpg" alt="" width="352" height="265" /></a></p>
<p><a href="http://www.stanford.edu/~bvr/psfiles/solitaire.pdf" target="_blank">Stanford University </a>have figured out a method for increasing the chances of winning, but not how to get to that magic 82%.</p>
<p style="padding-left: 30px;"><span><em>&#8220; Many people play this game every day, yet simple questions such as What is the chance of winning? How does this chance depend on the version I play? What is a good strategy? remain beyond mathematical analysis&#8221;- </em>Solitaire: Man Versus Machine</span></p>
<p>Of course, the best strategy is to hit Shift + Alt + 2.</p>
<div>Now if anyone can help me beat Angry Birds, I&#8217;m all ears&#8230;</div>
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		<item>
		<title>Lose weight from your wallet</title>
		<link>http://www.conman.com.au/news/lose-weightfrom-your-wallet/</link>
		<comments>http://www.conman.com.au/news/lose-weightfrom-your-wallet/#comments</comments>
		<pubDate>Wed, 28 Sep 2011 04:14:13 +0000</pubDate>
		<dc:creator>nickjohnson</dc:creator>
		
		<category><![CDATA[News]]></category>

		<guid isPermaLink="false">http://www.conman.com.au/?p=1868</guid>
		<description><![CDATA[
I hate the advertisment above.
First and foremost, I don&#8217;t need to be reminded I need to lose a few kilograms by a crudely drawn animated gif.
Secondly, the ad links to a scam.
According to website Gawker, the scam plays out like this.


An animated ad, featuring an inflating and defalting stomach, catches your eye, and you click [...]]]></description>
			<content:encoded><![CDATA[<p style="text-align: center;"><a href="http://www.conman.com.au/wp-content/uploads/tinybelly.jpg" rel="lightbox[1868]"><img class="aligncenter size-medium wp-image-1869" title="tinybelly" src="http://www.conman.com.au/wp-content/uploads/tinybelly-600x342.jpg" alt="" width="336" height="192" /></a></p>
<p>I hate the advertisment above.</p>
<p>First and foremost, I don&#8217;t need to be reminded I need to lose a few kilograms by a crudely drawn animated gif.</p>
<p>Secondly, the ad links to a scam.</p>
<p>According to website Gawker, the scam plays out like this.</p>
<ul><em></p>
<ul>
<li>An animated ad, featuring an inflating and defalting stomach, catches your eye, and you click through, landing on a site called ConsumerOnlineTips.com or WeeklyHealthNews.com or something like that.</li>
</ul>
<ul>
<li>You are presented with glowing testimonials falsely attributed to ABC, CNN and USA Today. A fake TV hottie from &#8220;Channel 7&#8243; might pretend to &#8220;investigate&#8221; the product in question (her initial skepticism is quickly overcome!).</li>
</ul>
<ul>
<li>You are sent to a third site and asked for a credit card number to order &#8220;free&#8221; or trial samples. The number is presumably solicited for shipping costs or a nominal cost. The scammers then go to town on your card with bogus charges, according to a lawsuit filed by the FTC. In at least some cases, there was very fine print warning you that you were agreeing to a &#8220;free&#8221; sample followed by two $80 samples. Ha.</li>
</ul>
<p></em><em></em><em></em><em></em></ul>
<p>The FTC in the US is cracking down on these scams and also on website who make money by showing the advertisments.</p>
<p>Based on the number of times I&#8217;ve seen it, there will be a lot of charges laid.</p>
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		<item>
		<title>Password Reuse</title>
		<link>http://www.conman.com.au/news/password-reuse/</link>
		<comments>http://www.conman.com.au/news/password-reuse/#comments</comments>
		<pubDate>Tue, 06 Sep 2011 08:46:26 +0000</pubDate>
		<dc:creator>nickjohnson</dc:creator>
		
		<category><![CDATA[News]]></category>

		<guid isPermaLink="false">http://www.conman.com.au/?p=1863</guid>
		<description><![CDATA[
]]></description>
			<content:encoded><![CDATA[<div class="wp-caption aligncenter" style="width: 445px"><img title="http://imgs.xkcd.com/comics/password_reuse.png" src="http://imgs.xkcd.com/comics/password_reuse.png" alt="xkcd Password Reuse" width="435" height="1074" /><p class="wp-caption-text">xkcd Password Reuse</p></div>
]]></content:encoded>
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		</item>
		<item>
		<title>Wooden iPads and Paper Laptops</title>
		<link>http://www.conman.com.au/news/wooden-ipads-and-paper-laptops/</link>
		<comments>http://www.conman.com.au/news/wooden-ipads-and-paper-laptops/#comments</comments>
		<pubDate>Sun, 04 Sep 2011 03:44:20 +0000</pubDate>
		<dc:creator>nickjohnson</dc:creator>
		
		<category><![CDATA[News]]></category>

		<guid isPermaLink="false">http://www.conman.com.au/?p=1857</guid>
		<description><![CDATA[You&#8217;ve probably heard now about the woman from Spartenburg, South Carolina who paid $180 for an iPad in a McDonald&#8217;s car park. When she got home, she opened the package to find it was made from wood and she&#8217;d been scammed.

When the con artists felt the need to make the iPad look like that is [...]]]></description>
			<content:encoded><![CDATA[<p>You&#8217;ve probably heard now about the woman from Spartenburg, South Carolina who paid $180 for <strong><a href="http://www.thesmokinggun.com/file/wooden-ipad?page=0" target="_blank">an iPad in a McDonald&#8217;s car park</a></strong>. When she got home, she opened the package to find it was made from wood and she&#8217;d been scammed.</p>
<p><a href="http://www.conman.com.au/wp-content/uploads/largewoodenipad_610x368.jpg" rel="lightbox[1857]"><img class="aligncenter size-medium wp-image-1858" title="largewoodenipad_610x368" src="http://www.conman.com.au/wp-content/uploads/largewoodenipad_610x368-600x361.jpg" alt="" width="359" height="215" /></a></p>
<p>When the con artists felt the need to make the iPad look like that is beyond me. Was it meant to actually fool her? Or were they just rubbing salt in the woman&#8217;s wound?</p>
<p>Weird thing is, the same swindlers (or one&#8217;s matching their description) showed up in the same city and pulled the same scam <em>again, </em>this time scamming the victim into buying a $250 laptop that turned out <a href="http://news.cnet.com/8301-17852_3-20101148-71/after-the-$180-wooden-ipad-the-$250-paper-laptop-same-city/" target="_blank"><strong>to be made of paper.<br />
</strong></a></p>
<p><a href="http://www.conman.com.au/wp-content/uploads/paper_laptop.jpg" rel="lightbox[1857]"><img class="aligncenter size-medium wp-image-1859" title="paper_laptop" src="http://www.conman.com.au/wp-content/uploads/paper_laptop.jpg" alt="" width="317" height="210" /></a></p>
<p style="text-align: center;"><em>I would have paid $250 if the paper laptop looked like this.</em></p>
<p style="text-align: left;">Are Spartenburg people really gullible or are their con artists just really ballsy?</p>
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		<title>You can make money without doing evil.</title>
		<link>http://www.conman.com.au/news/google-makes-money-from-internet-con-artists/</link>
		<comments>http://www.conman.com.au/news/google-makes-money-from-internet-con-artists/#comments</comments>
		<pubDate>Mon, 29 Aug 2011 04:45:55 +0000</pubDate>
		<dc:creator>nickjohnson</dc:creator>
		
		<category><![CDATA[Internet]]></category>

		<category><![CDATA[News]]></category>

		<guid isPermaLink="false">http://www.conman.com.au/?p=1847</guid>
		<description><![CDATA[Imagine you&#8217;ve been chatting with this nice Nigerian gentleman who would like your help cleaning several million dollars in black money that he claims has been treated with dark ink for &#8217;security purposes.&#8217;
If you pay a few thousand bucks to the men, they&#8217;ll clean the money and give you half.
You&#8217;re not sure about this and [...]]]></description>
			<content:encoded><![CDATA[<p>Imagine you&#8217;ve been chatting with this nice Nigerian gentleman who would like your help cleaning several million dollars in black money that he claims has been treated with dark ink for &#8217;security purposes.&#8217;</p>
<p>If you pay a few thousand bucks to the men, they&#8217;ll clean the money and give you half.</p>
<p>You&#8217;re not sure about this and so you google &#8216;black money cleaning&#8217;</p>
<p>At the top of the page you see two advertisements for companies that specialise in the process: Anzia and Century1.</p>
<p><a href="http://www.conman.com.au/wp-content/uploads/capture13.jpg" rel="lightbox[1847]"><img class="aligncenter size-medium wp-image-1851" title="capture13" src="http://www.conman.com.au/wp-content/uploads/capture13.jpg" alt="" width="392" height="234" /></a></p>
<p>You click on the links and find information that verifies the men&#8217;s claims.</p>
<p>So you hand over the cash.</p>
<p>In reality of course, the whole thing is a scam. There is no such thing as black money.</p>
<p>The con artists have paid google to advertised their fake businesses. Google are not just taking money from the swindlers, they are actively helping them promote their cause. They may even be considered accessories.</p>
<p>Even the search engine regular results support the swindler&#8217;s claims. Over the ten links on the front page, one is the wikipedia page explaining the fraud and one is a blog about scams.</p>
<p>The rest of the links are created by con artists to promote the swindle.</p>
<p>You can watch dailymotion/youtube videos, visit facebook pages and buy products on alibaba. All related to black money cleaning.</p>
<p>Google&#8217;s mission statement has always been <em>&#8220;You can make money without doing evil&#8221;. </em>I don&#8217;t know about evil, but this does seem a little dodgy.</p>
<p><em> </em></p>
<p><a href="http://www.conman.com.au/wp-content/uploads/capture10.jpg" rel="lightbox[1847]"><br />
</a></p>
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		<title>Good money after bad.</title>
		<link>http://www.conman.com.au/news/good-money-after-bad/</link>
		<comments>http://www.conman.com.au/news/good-money-after-bad/#comments</comments>
		<pubDate>Thu, 18 Aug 2011 23:21:51 +0000</pubDate>
		<dc:creator>nickjohnson</dc:creator>
		
		<category><![CDATA[News]]></category>

		<guid isPermaLink="false">http://www.conman.com.au/?p=1842</guid>
		<description><![CDATA[Ever wondered why it is that people keeping on throwing money down on the roulette wheel, even when they&#8217;ve already lost?
Can&#8217;t understand why suckers keeping sending money to Nigerian swindlers even though they never deliver.
The answer could be found in economist  Martin Shubik&#8217;s Dollar Auction game.
Imagine an auction where two people are bidding for [...]]]></description>
			<content:encoded><![CDATA[<p style="text-align: left;">Ever wondered why it is that people keeping on throwing money down on the roulette wheel, even when they&#8217;ve already lost?</p>
<p style="text-align: left;">Can&#8217;t understand why suckers keeping sending money to Nigerian swindlers even though they never deliver.</p>
<p style="text-align: left;">The answer could be found in economist  <a title="Martin Shubik" href="http://en.wikipedia.org/wiki/Martin_Shubik">Martin Shubik</a>&#8217;s Dollar Auction game.</p>
<p style="text-align: left;">Imagine an auction where two people are bidding for a dollar.</p>
<p style="text-align: left;">The two bidders take it in turn to make a bid for the buck.</p>
<p style="text-align: left;">The catch is, everything they bid, they have to pay. So if you bid a single cent, you&#8217;ll make 99 cents profit. Unless the other person bids 2 cents, in which case you lose your penny.</p>
<p style="text-align: left;">Website <a href="www.io9.com">io9 </a>explains it best.</p>
<p style="padding-left: 30px; text-align: left;"><em>Eventually, the first player bids 99 cents, accepting a simple penny as  payment for their effort. The second sees any hope of profit dissolving,  but they do see a hope of breaking even. Only one penny more and they  can walk away &#8217;square.&#8217; They bid a dollar. The first player now has a  choice; it&#8217;s silly to bid over a dollar on a dollar. But it&#8217;s even more  silly to give up 99 cents. Paying a little more minimizes their loss. In  the end, both will bid far more than a dollar, putting them in debt, in  the hope of making the smallest loss.</em></p>
<p style="text-align: left;">The same thing happens when we gamble or give money to a con artist. Rather than just cutting our losses and going home, we keep on betting and believing, hoping to recoup at least some of our losses, unwilling to admit that we&#8217;ve been played for fooled.</p>
<p style="text-align: left;">So what&#8217;s the solution?</p>
<p style="text-align: left;">Be the the guy selling the dollar.</p>
<p style="text-align: center;">
<p style="text-align: center;"><a href="http://www.conman.com.au/wp-content/uploads/capture9.jpg" rel="lightbox[1842]"><img class="size-medium wp-image-1843 alignnone" title="capture9" src="http://www.conman.com.au/wp-content/uploads/capture9-600x289.jpg" alt="" width="409" height="196" /></a></p>
<p style="text-align: center;"><em>nice try regent_plaza</em></p>
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