Thread: PICPAY for CASH

I gave someone 10K in cash for picpay. It was a pioneer I met in Hawaii. I asked him if he would do the exchange and he said he would. I don't feel that he knew anything more than I knew about the status of PIPS so I certainly don't think he owes me the money back. I am the only person responsible for the decision I made after the Hawaii Convention.

My problem is this. If they find some money in PIPS to pay back what people put into PIPS will they consider the cash I gave for a members picpay in that payout? I highly doubt it even though picpay was supposed to be real money not monopoly money.

I think this is a very tricky issue, because the circumstances vary across transactions. Yes, there were some who probably lied to others about how PIPS was doing in order to get others to buy their Picpay so they could get cash. Actually, though, I think that is the minority. Look at how many people on this forum still have complete faith that Pips will be back and they will get some huge amount of money?? People wanted in Pips well into summer of 2005 knowing it was having problems, because that is how much they believed in the program.

BUT, the bottom line is this. If I put money into a program, it is MY responsibility to do DD on the program. Period! If someone praises the program and tells me how wonderful it is and that people are getting rich or whatever, I would be pretty foolish to just take their word for it and never bother to research on my own how the program is actually doing. There were plenty of resources for people to see the problems Pips was having before they put in one penny. While I don't condone the behavior of dishonest exchangers at all, the ultimate responsibility lies on the person who chose to put their money into Pips. Personally, I would never put my money into a program that was having payment problems, no matter what promises the CEO was making. I would wait until those were resolved. As for where Pips was headed, no one had a crystal ball, good or bad. No one does even now. But to put all the blame on those who did exchanges is taking away all responsibility from those who should have done their own due diligence. It works both ways.

good point ajk64...but at the same time..when i joined in feb. of 2005....not one pips member said i should not join...i did do my homework...in fact i looked into it for 4 months until i decided to join....i knew the withdrawls were really slow....but at the same time,i believed in Bryan when he said....soon...light at the end of the tunnel...withdrawls will b getting better....soon....ever heard those words spoken b4???....well i have...over and over and over again.....haha....so yea...we were all suppose to do our homework before joining.....maybe Bryan should have been doing his too.....IMHO......and like i posted in an earlier message...i have gone on after pips.....i really do hope it comes back.....but good or bad....i think most of us want some type of closure....i for one am ready to handle it...one way or the other....good...or bad...i hope everyone here can also....have a nice day...Pat

Originally Posted by ragstoriches

What should be done to the many pipsters who took cash for picpay? These pipsters were encouraging people to bring them cash, even when things were starting to go south.

I really want some true opinions on this. Something must be done.

Pipsters in the Fort Worth Area took Very large sums of cash for picpay. I'm, talking hundreds of thousands of dollars.

Same thing happened in the Milwaukee WI area, a group of Individuals took cash for picpay until August 05 knowing that pips picpay was in trouble and not paying. They are taking no responsibility for there actions, just a bunch of theives.

I am out as well as many others who bought the bull**** in this area.

Ya, Ya should have did my DD on this one.

Good luck, I am on the fence with pips, cross your fingers and toes maybe Bryan can bring it back.

Same thing happened in the Milwaukee WI area, a group of Individuals took cash for picpay until August 05 knowing that pips picpay was in trouble and not paying. They are taking no responsibility for there actions, just a bunch of theives.this is what im talking about. the people here in the DFW area that were taking large sims of money will not return phone calls. They got away with CASH the money never made it into PIPS.

I also got in with cash for picpay from a gentleman (dealer) advertising in the old forum to exchange (remember those ads in their signature line). So if pips is back, no problem, but if not, this "dealer" got paid for his picpay.

"Dealer" got started by sending cash to pips, lets say $450. His account grew and grew for months or years, so he had a lot built up in picpay. He sells me $5000 of picpay (minus a 10% commission). I was excited as mine grows for a few months, but then suddenly disappears. I gave him $5000 and got nothing, he paid $450 and got my $5000, not a return on his loan from pips, but my $5000.

If I for instance had gotten a friend or relative,or anyone for that matter,in by trading cash for picpay, I would definately give it back, because I didn't give them anything, I just got their money. It is different if I sent it to Pips directly, then it would be tied up somewhere, but if someone traded picpay for my cash, it is not tied up, unless it is tied up in their new boat.

Having said(****ed) this, I have not given up on Pips yet, I have never met Bryan, but from his posts, I discern a man who is trying to turn things around. He sounds quite weary right now though, and for that I feel bad for him. So at this point, I don't believe anyone can ask for their money back from an exchange, but if things end, my attorney will be contacting "dealer".

Originally Posted by avcguy

If I for instance had gotten a friend or relative,or anyone for that matter,in by trading cash for picpay, I would definately give it back, because I didn't give them anything, I just got their money. It is different if I sent it to Pips directly, then it would be tied up somewhere, but if someone traded picpay for my cash, it is not tied up, unless it is tied up in their new boat.

Avcguy, this would be true ONLY if Picpay money was fraudulent and not really backed by gold. Because the Picpay you purchased would have then been put back into Pips as your original loan and therefore would be "tied up somewhere" just like all the other loans people made.

ajk64,

That sounds great, but do you know of any proof that the picpay money is backed by gold?

Avcguy,
No, all we had was Bryan's word. Since Bank Negara is investigating Picpay, I am sure they know or will know soon one way or the other when the investigation is complete.

Everyone that funded their PIPS account from an outside source has to face the possibility that they may have unwittingly purchased what is generally referred to as fraudulent Picpay. I am really sorry to say this because it's a very bitter pill to swollow, and it's so darned unfair to the victims who I really feel for, but fraudulent Picpay has no legal value. In other words, If someone funded an account with say $2000 of fraudulent Picpay a year ago, that account today or even in the restructured program would have no value. I think it was over a year ago now that Bryan stated people joining PIPS using a credit card and then some time later PIPS gets notified from the credit card company that PIPS has to reimburse the credit card company due to the member doing a charge back, was causing the company a lot of problems. Losses of over a Million dollars a month were mentioned. As one may do a charge back up to six months later, this created a situation where these crooks were able to actually withdraw earnings on funds that PIPS in reality ended up not having! However, the far bigger problem is that these crooks were selling their fraudulently obtained and consequently worthless Picpay to the general public. Naturally they could afford to sell it at a discount because their Picpay ended up costing them nothing as they were reimbursed by their credit card company. This resulted in ever increasing numbers of PIPS members having accounts made up of fraudulent Picpay. No doubt in an attempt to put the brakes on this illegal activity Bryan stopped the option of funding with credit cards. Ironicly this also had the effect of helping the Picpay exchangers as what they offered was a fast and easy way to fund a PIPS account and for less. None of this is specualtion, anyone that's been around PIPS for a while knows these things were going on.
By the way, I am not saying that all these types of transactions involved bad Picpay or that everyone offering their Picpay for cash was attempting to unload fraudulent Picpay! Probably thousands of innocent transactions have been done by people who knew each other and it was a convenient way of doing things when the credit card option was not available. But even in these situations, what if someone had funded their account with fraudulent Picpay? It would result in them unwittingly funding their friends account with bad Picpay! and so on and so on. Fraudulent Picpay could still generate more fraudulent Picpay! Do you see the extent of how this problem would have spread?
What is speculation on my part is that I believe this situation rapidly escalted to the point where it just wasn't fixable and coupled to that the illegal nature of the events that originally caused the problem, Bryan had no option but to contact the authorities.If something like that did go down it should come as no surprise that the first thing the authorities would do would be to freeze everything and attempt to understand what took place.
Is PIPS itself also a victim of the crooks and scammers? I happen believe it is.