According to definition, it is a form of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.
Life goes on as it never ends. There is no way ponzi schemes will be listed without including MMM. It has remained the most prominent online money making portal in Nigeria. MMM Nigeria is part of the MMM global community; it is a Russian ponzi scheme that has been in existence since 1989.
I have been involved in so many ponzi schemes since last year. I could name like over 30 sites I have invested in and over time I have learnt my lessons which I feel would be helpful.
*NO PONZI SCHEME IS DESIGNED TO LAST FOREVER*
Yes, even when we wished they should last forever so that we can enjoy from them for as long as possible. The hard truth is that they are naturally designed to last for a while, an hour or maybe some few months/years. Every ponzi scheme is like a pyramid, you need more people to sustain it.
Yes, the best time to invest in any ponzi scheme is at its early stage. I see so many 2 hours ponzi schemes and yet people dive into it days after been launched even when it’s evident that they won’t get their money back. The best time to invest is from the time it was launched to about an hour putting other circumstances like downlines refusing to pay into consideration.
*EVERY PONZI SCHEME ADMIN IS OUT TO MAKE MONEY*
Yes, the bitter truth is that every admin is out to make money from the scheme whether you like it or not. In some schemes, the admin match everyone to himself/herself and make cool money within hours. Some purge you immediately you make payments, thereby stopping your chance to make money from the scheme because they know you will be replaced with someone else immediately.
*IT INCREASES OUR LEVEL OF GREED*
I know so many people won’t see it as gambling but the hard truth is that these are new ways of gambling with money. You pay money sometimes you are fully aware you might not get back your money but you pay anyway in a bid to try and see if it will yield back some returns. 90% of those times we lose our hard earned money. Sometimes we gain from them but as they say, “common sense is not common”, we still reinvest and even increase our stakes in a bid to make more money and then we loose everything. These schemes are designed that way. Everyone has a certain level of greed in him it just needs the right environment to flourish and find expression.
*IT REDUCES OUR CREATIVITY LEVEL*
These days you will found out that our youths are less creative because these schemes show us ways to make quick money without working for it. Instead we become creative at defrauding others of their hard earned money.
*IT DRAWS US AWAY FROM GOD*
Many people will see these schemes as God’s way of blessing us but the truth is that we are only trying to justify the means. Robbing Peter to pay Paul has never been God’s way of blessing his children. Come to think of it, are you really closer to God since you started these ponzi schemes? I guess the answer is NO. These schemes takes our time, money and everything that could have been channeled in doing the things of God.
So many people would disagree to this last part but that’s the way I see it. We disagree to agree.
My advice avoid ponzi schemes if you can. God has His way of blessing His children even in hard times but if you really need to invest in them it should be within an hour of its launch so you don’t loose your money at the end.
Never use your house rent, school fees, church money or any major funds budgeted for something very important.
LET'S GET A GOOD DEFINITION OF PONZI SCHEME
A Ponzi scheme (/ˈpɒnzi/; also a Ponzi game) is a form of fraud which lures investors and pays profits to older investors by using funds obtained from newer investors. Investors may be led to believe that the profits are coming from product sales, or other means, and remain unaware that other investors are the source of profits. A Ponzi scheme is able to maintain the illusion of a sustainable business as long as there continues to be new investors willing to contribute new funds and most of the investors do not demand full repayment and are willing to believe in the non-existent assets that they are purported to own.
The scheme is named after Charles Ponzi, who became notorious for using the technique in the 1920s. The idea had already been carried out by Sarah Howe in Boston in the 1880s through the "Ladies Deposit". Howe offered a solely female clientele an 8% monthly interest rate, and then stole the money that the women had invested. Howe was eventually discovered and served three years in prison. The Ponzi scheme was also previously described in novels (for example, Charles Dickens' 1844 novel Martin Chuzzlewit and 1857 novel Little Dorrit each feature such a scheme), was carried out in real life by Ponzi, and became well known throughout the United States because of the huge amount of money he took in. Ponzi's original scheme was based on the legitimate arbitrage of international reply coupons for postage stamps, but he soon began diverting new investors' money to make payments to earlier investors and himself.