Sunday, 26 February 2017

The Scam Called "Ponzi"

It's funny how a lot of persons are casting the word "Ponzi" and even doing any scheme associated with that name even though they know they stand the risk of loosing what they invest into it without any meaningful values added anywhere. The word Ponzi was adopted from the name of a man who duped a lot of persons with his scheme and ran away with their money.
Ponzi schemes should not be mistaken for pyramid schemes, although all Ponzi schemes are pyramid schemes and all pyramid schemes that promise high returns within a short period of time are Ponzi schemes, pyramid schemes such as GNLD and other multi level marketing programmes that offer products for sale are not Ponzi schemes. While there are no goods to sell or services to offer in Ponzi schemes (which makes them quite attractive), legit pyramid schemes offer something to sell. In such schemes, you buy products at relatively less expensive rates and then you resell... If you cannot resell, then you use the products on yourself, in that case you gain something. Ponzi schemes usually end with the last set of persons registering as the ones to lose.

However, a number young Nigerians have come up with the idea of local Yahoo, using WhatsApp groups to extort money from people and then destroy the group once they reach their goal. This is a scam that Persons should be aware of as they often call themselves "Reliable peer to peer system" just to attract people and gain trust, but let users down at the end of the day. Before you think of a money doubling venture to invest in, think about the consequences... Not just you, but the person who will lose in the end. Joining in such ventures with the mindset that " I'm a sharp guy...once I gain, I'll get out" only promotes them... A reliable peer to peer system is one that all the members of the group agree to recycle forever and ever, but we're all Humans and we're naturally greedy, else, our forefather and mother wouldn't have eaten the fruit to be like God... All of such schemes happen to crash out of greed of Men. Just the way they begin. 

The returns are quite tempting, though... I did take part in one, even after preaching against multi level marketing... I however, didn't collect the gain eventually — because I didn't want to open any accounts with my name, I  collaborated with someone...but the system took time to pay, just enough time to have me recollect and decide many times to forget about the gain and eventually just ask for my investment back... Plus, my conscience wouldn't rest if someone should call to tell me the money they just gave me was the last they had to live on, like the widow's mite. I might not be Jesus, but I would consider giving them the gain while keeping back my investment... So, Ponzis are not for me. I'm, if you like to call it, a repentant Ponzi-partaker

This article isn't asking people to back down from it, but to only use their free money, and to never borrow money to invest in them, as many do. Ponzi scheme creators do not care about you... They only care about the money they make and they eventually will shut down leaving you with very meagre amount, or nothing... They are promoted by people who care about the money better than they care about their fellow humans who will eventually lose when they (the ponzi creators) crash their system... 

In as much as wisdom and having "the sharp guy" senses are good, having such qualities without niceness isn't so cool...

Davi'O R. Seki...

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