Just been referred to a Ponzi Scheme! Turned it down and reviewed it

Last Update: December 20, 2018

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!

Dave

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JerryMcCoy Premium
Thanks for the tip
Jerry
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dkohara Premium
No problem Jerry, we have to keep our wits about us.

Dave
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accad Premium
Thanks for this reminder. Were you able to encounter the Mr. Rebates?
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anusuya1 Premium
Good that you could figure out it is an illegal Ponzi scheme.
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dkohara Premium
For those wondering what a Ponzi is:

“A Ponzi scheme is a form of fraud which lures investors and pays profits to earlier investors by using funds obtained from more recent investors. The victims are led to believe that the profits are coming from product sales or other means, and they remain unaware that other investors are the source of profits.”

- Wikipedia definition.
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MichellewS Premium
Always that old saying if it sounds too good to be true it probably is.

Thank you for sharing :)
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dkohara Premium
So true!
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Showolf Premium
So true!
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JimNastic316 Premium
Gotta turn those lemons into lemonade. Good job!
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dkohara Premium
It was he who contacted me, trying to recruit. When I posted the evidence I found in my due diligence he said that why did I care so much if I thought it didn’t work, and that I was ‘starting to piss him off’. He contacted me!

Sadly, the web is filled with these something for nothing people. This is what we’re fighting against when trying to guide people down legitimate paths. Sometimes I despair, I really do. ;-)

Dave.
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