South African Gold Pirates

[Ookii]

As the price of gold rises, South African "gold pirates" are seeking to mop up any remaining ore in abandoned sections of mines. Pirate mining brings in an estimated $250 million a year, but most of the money goes to the crime syndicates who are believed to recruit the miners. The pirate miners, known in South Africa as "zama-zamas," often spend weeks underground, with supplies brought to them by runners. Largely untrained, they smoke and cook with gas stoves underground, and they extract the gold from the ore by burning mercury. Their life expectancy isn't very high. "Sometimes in the mine it is difficult to identify who is working next to you, it's so dark," said one miner.

I just wanted to share.

[schild]

Fuuuuuuuuuuuuuuuuuuuuuuck that's awesome.

I am now going to refer to gold farmers as zama-zama.

[WayAbvPar]

Was Jack Shaftoe involved?

[Righ]

Zama-zama loosely translates to 'lets try our luck' according to The Grauniad. With all your Vegas trips, it would be a good title for you WAP. :)

[Nebu]

Zama-zama loosely translates to 'lets try our luck' according to The Grauniad.

This needs to be mentioned on the investor challenge thread. 

[schild]

The next investment challenge shall henceforth be named Zama Zama 2008. We'll start on January 1st, 2008. It will end December 31st, 2008. That's the only way these things can really work, right?

[Simond]

and they extract the gold from the ore by burning mercury. Their life expectancy isn't very high.

I'll bet it isn't. Mercury vapours in an enclosed space? It's a miracle that they're not all mad as hatters by the end of the first week.

[Nebu]

The next investment challenge shall henceforth be named Zama Zama 2008. We'll start on January 1st, 2008. It will end December 31st, 2008. That's the only way these things can really work, right?

Agreed.

Though 12 months is far too long for this ADD crowd.  3 may be better.

[schild]

The next investment challenge shall henceforth be named Zama Zama 2008. We'll start on January 1st, 2008. It will end December 31st, 2008. That's the only way these things can really work, right?

Agreed.

Though 12 months is far too long for this ADD crowd.  3 may be better.

The point of a 12 month one was so that people wouldn't get fucked by all the people day trading. In other words, long term folks might have some payoff.

[Signe]

I have an Evoker named ZamaZama.  I will sell her to you.

[Phildo]

Was Jack Shaftoe involved?

I don't think many people here read past the first chapter.  Shame, that.

[WayAbvPar]

Was Jack Shaftoe involved?

I don't think many people here read past the first chapter.  Shame, that.

It is a tough read in spots! I have been reading it for like 2 months. Just started the third volume over the weekend. I am a quick reader, but I don't spend any time doing it any more. This week should be slow at work, so maybe I can blow through it.

[Phildo]

I'm pretty sure it took me two months to get through it, but I was totally hooked after about 100 pages.

[schild]

I read it in two sittings. Books don't do that for me much these days.

[WayAbvPar]

You obviously have a LOT more free time than I do (or spend a lot more time in the restroom!  ). Working, commuting, sleeping, and getting pwned on TF2 takes up 95% of my time.

[cmlancas]

The point of a 12 month one was so that people wouldn't get fucked by all the people day trading. In other words, long term folks might have some payoff.

Generally speaking, successful daytraders do much better than successful long-term investors. A successful daytrader is going to fuck you on days where the market tanks and he still does okay.

[BigBlack]

Statistically speaking, highly successful day-traders also don't stand much better than a random chance of remaining highly successful day-traders.  That whole caveat about 'past results are not necessarily indicative of future performance' actually holds pretty true statistically.

At all but the highest levels (i.e. nobody who'd be participating in a stock picking game on a message board), it really is as much about luck as anything else - or at least, that was my dad's conclusion after spending two decades developing advanced analytical models to apply to the stock market.  If anything, your average stock picker does *worse* than he should - average investor returns are only at about the same as a T-bill, well below the market.

For all but the most dedicated souls, the stock market is Vegas, minus the social stigma.  Except that the players in Vegas understand their game better than the average investor understands the market.

My assets?  Relatively low-risk mutual funds, and high-yield CDs when they come around.

Works like a charm.

You want to see a test of savvy?  Do a competition with the TradeSports markets. :)

[Gutboy Barrelhouse]

Daytraders are a brokerages best friend, they generate huge income for a firm, they don't tend to last as long as the more traditional brokerage customer though. 99.9% of "daytraders" lose everything sooner rather than later, the market really is unforgiving.