SEC-S17W3- "Let's talk about Ponzi scheme".
Hello Steemians, welcome to my post. I am excited to participate in this challenge which I have talked about ".
Have you ever heard about Ponzi schemes?
Yes, I have heard about Ponzi Schemes. It is a fraudulent investment that collects money from those who join late and pays to those who have joined early. As people are craving quick cash that is how the Ponzi scheme will keep coming out.
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Ponzi Schemes usually come as legitimate business or investment opportunities, promising to give investors high returns on their investment within a short period.
The name Ponzi scheme is also regarded as "pyramid scheme" which is a name that was given Charles Ponzi who succeeded in scamming people. Simply put, the Ponzi scheme means rob-Mary-to-payLucy, which means it is a business that sustains itself by collecting money from new investors to pay old investors.
Have you been offered to invest in any of these schemes?
Yes, I have been offered to invest in a Ponzi scheme. MMM was the Ponzi scheme that I was offered to invest in by my roommate who lost her money into MMM investment.
When MMM came into Nigeria, it came as a helping hand investment that promised to pay anyone who provided help to each other 30% of his or her investment within a month. My roommate invested ₦10,000 which would qualify her to earn ₦13,000. My roommate was paid in the first month by the older person whom she referred to the business.
Instead of Lucy who is my roommate quitting, she went ahead and increased her investment to the sum of ₦20,000 to earn a return of ₦26,000 which unluckily for her, the business crashed and she regretted everything, because of the losses she encountered. I thank God that I wasn't moved by the sweet things my friend told me and invested in MMM otherwise I would cried like her.
Do you know how to detect Ponzi schemes?
Yes, I know how to detect Ponzi schemes. The common way of way of to detect Ponzi schemes is the high returns that they promise to give you when you have invested your money.
Another way to detect a Ponzi scheme is through the referral program which will tell you that the more you refer the more you earn on the platform. Also, it is easy to detect Ponzi schemes through withdrawal options and time or withdrawal date. Once you have been able to detect all these empty promises, my dear sisters and brothers run for your dear life.
Do you think Steemit is a Ponzi scheme?
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Steemit is not a Ponzi scheme. Steemit is a decentralized social media platform that rewards users for their original works. Steemit was created to reward content creators who have published original posts that are free from plagiarism through upvotes that pay out in Steem currency.
Steemit is not a Ponzi scheme, because it doesn't take money from late users or investors and give it to early users or investors, instead, there is a good mechanism that is designed for users to generate income for themselves which is through writing which will earn you upvotes or through upvoting other users post which still earns you rewards known as curation rewards.
I am inviting: @nancygbemi, @dave-hanny, and @woka-happiness
Greetings my friend...
MMM was one of the ponzi schemes that lasted for long until it crashed, I was offer the opportunity to join but I refuse thank God you didn't invested like your friends lucy...
I like how you highlighted how to detect ponzi schemes, the withdrawal level where someone can't withdraw at anytime and they set days for withdrawal is a Big Red flag 🚩Nice write up I really enjoyed reading your article I wish you success 🎉
In 2016, many Nigerians cried off their hard-earned money because of MMM. Thanks for your support.
Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.
Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
Greetings dear friend.
I rey enjoy reading your post. I have a good number of experiences with ponzi schemes and through those experiences,I get to understand the first trick of these fraudsters , which is promises of higher returns on investment even when the market value fluctuates all the time.
I appreciate your for not falling a victim, it is proper to be very vigilant and careful before investing our money into any business.
Steemit is the best place for every one, l wish you success in this contest.
Ponzi scheme is a big scam.
Greetings friend
From what you said above, I strongly believe that it’s our greed that feeds Ponzi schemes and their investors. These people capitalize on my man’s greed and the need to make quick money within a short frame of time to rob people of their hard earned money. So many of my friends were victims of MMM. I would have fallen victim too. I was making up my mind to join before it crashed. I didn’t fall victim to mmm but I did to others like it and I’ve learnt my lesson. Ever since I’ve found steemit, I tell ppl that I would rather stick to what I know than dabble into strange ventures only to be disappointed tomorrow. Thank you for such amazing thoughts. Best wishes and success
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