Ponzi Schemes - How Long Do They Last
Ok. I am focused on affiliate marketing but I'm trying to make money to support my work.
Part of my research has made me a TikTok addict now. I'm definitely going to be doing more posts on TikTok since I find myself drawn to it. I might as well become a part of the wave.
A TikTok video showed me a way to earn a high APY on a Bitcoin investment. This screams "Ponzi" right? Well, I already tried one and lost over $500. I might as well try another.
I put in $4 and got back $8. Then I put in $15 and got back $30. Next, big leap, I put in $200 and just got back $400 USD worth of Bitcoin. This return only takes 100 hours.
Where will this end? What would you do?
I got some sage advice to use "their" money from now on and only invest part of the return for as long as it lasts.
The hardest part is that this is the first time I'm getting a substantial return. Merry Christmas to all!
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Recent Comments
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I would be prepared to make a bold statement here. Any site that offers a guaranteed fixed high rate of return, like 1% a day or more is a Ponzi scheme. The internet is rife with such schemes. The only people making money on these sites are the people whose referral links others use to sign up. If you haven't already withdrawn more than you put in then chances are that you never will. Sorry to be a downer and I would be happy to be contradicted.
Happy New Year!
Andy
Don't be the one holding the ball when it all comes crashing down.
As long as you have now reached the stage where, 'it's there money you are playing with." Go for it.
I think you have been extremely lucky so far. Be careful though. As the old saying goes, 'If it sounds too good to be true, it probably is.'
Take care
Cheers! Thanks, Kevin. Well said. I'm keeping an eye on it. I've had 2 other people in their Facebook group message me about joining similar platforms. Maybe when this one fades out. I'll enjoy the ride for now and play it safe using the house funds.
Well, Frank, those schemes are "stealing from Peter to pay Paul" if you get my point here.
So, it depends on your own ethics. Personally, I don't like the idea of getting money at the expense of someone else loosing it, even though they should know better than to get into such a thing.
Archie
Ponzi Schemes only last as long you are feeding it, friend. But if you are seeing gains in your favor, then keep doing it with the profit. The more you invest the higher the risk factor.
So, if you are investing $500 and seeing a profit of $800-$1000 return, which is a gain of $300-$500, then you are set. If you lose, then you only would lose $500.
But if you start feeling like you can invest $1000 or more and gain just only $500, then that's telling you to invest lower. Losing $1000 or more on one-shot will hurt more. Ouch!.
All the best!
*** the real question: "what amount are you prepared to lose and not fret over it?"
it's the same as going into a casino ... be prepared for the amount that you are willing to lose ... and to not cry about it when it does happen ... it's always in the house's favor, always.... if you double your gains, withdraw your winnings and leave ...
as in stocks ... when your gains have doubled, pull out the original investment and then re-invest the rest ... that way, you always protect yourself ...
so by asking this question here-- you have already received your own internal knowing of what to do that is best for you -- never ever second guess yourself as you are always right ... in whatever you decide for you....
all the very best to you during this glittery season ... :)) ***
Cheers! Always wise advice! You seem a bit more serious than in the past. Is everything ok?
I've already shifted over and using the house money to continue. I'm up to $1200 over my initial investment so let's see how far this train goes.
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IF, I ever tried Bitcoin, or any other NFTs for that matter, and made that kind of money quickly, Frank, I would treat it as another day at the Casino, and cash it out!
Then maybe try it again! As with the Casino, when we start winning, it is hard to pull out, and then most of us end up going home well into the hole! This, of course, is my opinion!
Jeff