F2F Class Notes (Tibo)

that is how I write it in the test -> how I wrote it in the test
I tried to pull back from it
the reading is difficult this time -> was difficult

There are quite a few gambling apps in China and most victims are retired elderly and surprisingly a high proportion of them are women. They are not well educated and their husband have to go out and make money and they are left at home therefore when they finish the housework , the only entertainment they have is to play on their mobile phones and gaming apps is one of the games they play.
When they put too much money on it they cant get out of it because they want to get their money back by playing more.
When they realize it is too late they borrow money they borrow money from micro lending apps recommended. It is luring them deeper in. Many people chose it despite the high interest because they don’t want to tell their husband and don’t want to be scolded so they turn to those micro financing apps for money and they are more and more heavily indebted and at last they had etc tell their husbands about it and it makes the headlines.

They have ads on various platforms and some are very tempting like make hot cash at home without working.
We have this habit of watching pirate films and the way they make money is to feed these ads.
It is easy for people to know these kind of gambling apps existed.

people wrongly believe that fools fall for this, even people with high education can be easily tricked
A lot of college students fall from this we call cyber scams because they are not expected to fall from this they have heavy burden and feel ashamed and some choose to end their life.

Taobao gives info away to third party and you will get a message saying that a merchant on taobao wanted to give you a refund because they found that the product was flawed then you trust them because the transaction was there and therefore they sent instructions. You need to tell them your bank account and they ask you for the PIN number then they transfer the money you have.
And they say in order to get the refund you have to
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There are quite a few gambling apps in China and most victims are retired elderlies and surprisingly a high proportion of them are women. They are not well educated and their husband have to go out  and make money/ their husbands are bread winners of the family and they are left at home therefore when they finish the housework/chores , the only entertainment they have is to play on their mobile phones.
When they invest/ use  too much money on it they can’t get out of it because they want to get their money back by playing more. / they want to play until they cover their losses  / until they break even
When they realize it is too late they borrow money from micro lending apps. It is luring them deeper in. Many people chose to borrow despite the high interest rate because they don’t want to tell their husband and don’t want to be scolded so they turn to those micro financing apps for money and they are more and more heavily indebted and at last they have to tell their husbands about it and it makes the headlines.
/ They want to avoid seeking help because of shame and prefer to borrow money

They have ads on various platforms and some are very tempting, they use slogans such as make cash at home without working.
We have this habit of watching pirate films and pirate platforms make money by feeding these ads. / use ads to monetize their platform
It is easy for people to know these kind of gambling apps exist. / to hear about those gambling apps

people wrongly believe that fools fall for this, even people with high education can be easily tricked / well educated people
A lot of college students fall from what we call cyber scams because they did not expect to be cheated they feel a heavy burden and feel ashamed and some choose to end their life. / commit suicide

Taobao gave away info to third party and you would  get a message saying that a merchant on taobao wanted to give you a refund because they found that the product was flawed then you would trust them because the transaction was there / because it referred to a transaction that really happened  and therefore they sent instructions, You needed to tell them your bank account and they would ask you for the PIN number then they would transfer all the money you have. / the balance

Vocabulary

to short (v) : (finance/trading) expect the price of an asset to go down
Tom shorted gold and the price of gold fell by 10%, he made a lot of money

to long (v) : (finance) expect the price of an asset to go up
He decided to long gold and the price went up

Tom took a large position shorting gold

leverage (n) taking a position with more money than you have
I used 10x leverage on this trade

liquidate (v) : close a position against a trader because the
He longed gold with 10x leverage and the price of gold fell by 10%

to ghost (v) :  suddenly disappear / not answer
I ghosted my parents when they asked me how my test went

omniscient (adj): all knowing
I am not omniscient

loss aversion (n) : (psychology ) you get stronger emotion when losing than winning a same amount and therefore try to avoid a loss
Loss aversion pushes us to make wrong decisions