Just been referred to a Ponzi Scheme! Turned it down and reviewed it
Hi there pop pickers!
Just a tale about a fellow marketer. A couple of days ago I was messaged by a guy from one of the Facebook groups I frequent, saying that he’d discovered a fantastic system and He was making a profit from it. I told him i’d look at it and get back to him. The system is called 50/50 Crowdfunding.
When I looked into things further, I discovered that it’s a Ponzi scheme dressed up as a Crowdfunding site. Members are encouraged to recruit other members, who in turn recruit more people themselves. It’s classic MLM structure. They are basically asking for ‘donations’ (that are really investments). These then pay back and fund other members. The whole thing is clever, I admit, but almost certainly illegal. Basically, if you want bigger returns, you have to make bigger ‘donations’.
It reminded me of the paper and post system in the 1970’s where you send £1 to everyone on the list, then move your name up a notch and send to others. By the time your name reached the top of the list you were promised ££££££ but what happened was some people didn’t pass it on and the whole thing fell apart. It wasn’t sustainable as there weren’t enough people to ‘fill the levels’.
The guy pleaded with me not to diss it on the web as he was making money from it (not caring that it was probably illegal). When I pointed this out, linking him to an independent review site, and looking like a Ponzi scheme, he became mildly abusive and signed off. He said I shouldn’t believe all I read and that the review site was a ‘hate site’ !
People get brainwashed. He’d previously lost a fortune on Bitcoin, but still couldn’t avoid being taken in by this get rich quick rubbish.
It provided another opportunity to post on my private blog about it (link is in my profile if you want to read it). I’ve reviewed what happened and basically advised readers to AVOID.
Wealthy Affiliate is the only place for me!