Most of these originated in the past years and became quite popular this year probably fueled by the regressive economy and all round inflation and hardship.
I can't divert to the history of these platforms as the guiders and disciples would hang me for every word so if you think there might still be an atom of credibility check out their respective Wikipedia pages.
A simple way of explaining a ponzi or pyramid scheme is in the name Pyramid. It is not a cycle of help giving as the description would always suggest. It is simply a structure constructed by a person or group of persons with sole aim of ensuring a continuous flow of money to the top by always adding layers of larger bases to existing pyramid by the concept of rewarding higher layers of the pyramids with such increase.
A well planned and executed pyramid scheme can keep the apex member in constant income for years even without his direct additional effort in the scheme. I wouldn't go into details as if you really want you could do a research on the working of a Ponzi scheme. This write-up would be more useful if you already understand this and it doesn't even bother you.
These platforms came conveniently when Nigerians could barely afford meals and carefully gave the power to do so to many.
Because unlike actual network marketing platforms, ponzi schemes don't have a business structure, it is easier to commit crimes even against the ponzi schemes' perceived rules. One simple example is the looped super admin scheme, here is an example of how it works. The scheme has no central account, yes. The scheme pays to personal accounts, yes. The scheme matches you automatically with who to pay with, yes. But is it really controlled by everyone in the community, no. There are web developers, there are scheme initiators and these are the guys that designed, monitor and check the scheme and they have the almighty admin privileges( any body who has worked with programming would understand ), one person could for example create an account regarded as a super Admin account and enable it to receive help after every 20 transactions cycle without the account being held to the standard of providing help and waiting for a long 30 days as the scheme stipulates. This is just one way, I can't divulge all because that would be spoiling market, isn't it?
Creating, operating or marketing a ponzi scheme in a country with an economy in recession is more simple than you can imagine. Like every other controversial means of earning money is all about being willing to live above your conscience and put money making first.
Lets answer the important questions.
Lets answer the important questions.
One perspective to arguing about these platforms is that before
" I didn't have up to #100k but now I do, therefore it is good for me."
Or
"whether I join or not, others would still make money out of it, why don't I do so too."
Or
" it is like blood money, I put a small amount and then later I get multiples of it, what do i have to lose?"
Wonderful platforms to make as much as 300% of an investment in as little as 24hrs. At first it was a question of is it paying, when the payment was seen as real, it became a question of is it worth the risk? 50k in 48hrs from #12500 seems quite worth the risk, others moved on to how much can I make from it? almost infinite, some even bothered to ask is it legal? There is a three page pdf on how it isn't illegal to help someone else to fight the recession.
My question and the question we should ask is "Are you really helping one another or looking for ways to help yourself?"
"Is it really a community of individuals providing help or desperate guys willing to say anything to fast forward to the day they can request for help?"
"Is it a network marketing platform to reward individuals for improving sales of a business or a grand scheme to dry the pockets of the poor who need more money to fill that of the 'smart' pioneers?"
"Is it really a community of individuals providing help or desperate guys willing to say anything to fast forward to the day they can request for help?"
"Is it a network marketing platform to reward individuals for improving sales of a business or a grand scheme to dry the pockets of the poor who need more money to fill that of the 'smart' pioneers?"
You might have asked yourself these questions and if you know the true answers, you may be on the gaining side. If you know the answer on the three paged pdf I mentioned earlier, it might be because you are likely to be on the receiving end of the wrecking ball when it lands because you don't understand how wealth creation works
Wealth just like energy can never be created nor destroyed but is transformed from one form to another and more so from one person to another with a great influence of relativity. If at any point, you think you are 'creating' wealth for yourself, you might be wrong.
Wealth creation just like the controversial nuclear energy creation is perceived at a point when an already existing cache of wealth (in this case, skills, knowledge, calculative reasoning, ideas and concepts) are transformed into physical gains through enterprise or transfer of the aforementioned cache of wealth.
Wealth creation just like the controversial nuclear energy creation is perceived at a point when an already existing cache of wealth (in this case, skills, knowledge, calculative reasoning, ideas and concepts) are transformed into physical gains through enterprise or transfer of the aforementioned cache of wealth.
Convincing someone else to deposit an amount of money into your account with the promise that someone else who deposit more into theirs becomes an actual/legal/moral/credible transfer of wealth when there is a value being paid for.
"Hey I paid someone 1 Naira, now you and 2 other persons should pay me 1 Naira each and use this same line to convince 6 others persons to do the same" is simply in all its forms, fraud.
Lets take a break and take a step back before you start stoning me with "where is it in the Constitution?" or "the EFCC and CBN are jealous of us and can't stop us". The law is an existing construct built to check, prevent and punish known crimes. Sometimes the law can be so ambigious and vague that it can be looped (wonder why you have more lawyers as politicians). I myself, I am not an expert in law but I know that mail fraud in all its forms is fraud (though it is simply taking back from the white man what they took from our forefathers), I know that credit/card manipulation is fraud, I know that kidnapping someone (even if it is a politician that has stolen all our money) and demanding for ransom is a crime. I know that blowing up a pipeline or kidnapping am expatriate( even though they denied us good living, take away our oil and pollute our rivers) are crimes.
However budgeting #20m for a single piece of furniture in government house isn't a crime as far as the houses of assembly approve it. It isn't even a punishable crime to kill an armless man on the order of the CIC if he is marked as a threat to national security.
This is a few examples to show you that law is law, morals are morals.
Another angle of argument is that it is simply risk, taking risks alone doesn't make you an entrepreneur!!!.
Killing a man at night where there is a risk of him killing you in the process or the police arresting you doesn't make it legal or even good. Stock fraud is risky, gainful,requires smart calculation and yet it is a crime.
My points are these, you are smart for pioneering and gaining from a ponzi scheme, it isn't illegal to pay money to another person's account, it pays but is is still WRONG!
Now don't be confused, this writeup is not to condemn MMM or any other legitimate Ponzi scheme. Foolish would I be to tell you not to do something that isn't against the law but you should know that a double negative doesn't necessarily represent an outright positive. This article is to tell you that if you partake, have benefitted or advertise a ponzi scheme (mind I didn't say network marketing ), you can no longer curse the guy who convinced you that he is a prince in zarmuda and you invested 2 million so that both of you can share 100 million dollars, you can no longer go to fight the hustler in Yaba who sold you a mould of FUFU with Iphone 7 written on it for #200k, you can no longer blame the chemist who sells paracetamol without expiry date to your kids when they eventually suffer from poisoning, you are not allowed to speak against the company who picks up eva wine bottles and replicates them at Iweka.
You have lost the moral ground to determine what is fraud or not, or complain that GtB charged you #96 for alerts you never got or call a politician dirty for assuring the future of his next 7 generations in just 4years.
You are doing nothing illegal according to the law and so must let the court determine if Amaechi is corrupt and must not be bitter when the judge is said to be corrupt because he concluded that Amaechi isn't corrupt by law.
This is a few examples to show you that law is law, morals are morals.
Another angle of argument is that it is simply risk, taking risks alone doesn't make you an entrepreneur!!!.
Killing a man at night where there is a risk of him killing you in the process or the police arresting you doesn't make it legal or even good. Stock fraud is risky, gainful,requires smart calculation and yet it is a crime.
My points are these, you are smart for pioneering and gaining from a ponzi scheme, it isn't illegal to pay money to another person's account, it pays but is is still WRONG!
Now don't be confused, this writeup is not to condemn MMM or any other legitimate Ponzi scheme. Foolish would I be to tell you not to do something that isn't against the law but you should know that a double negative doesn't necessarily represent an outright positive. This article is to tell you that if you partake, have benefitted or advertise a ponzi scheme (mind I didn't say network marketing ), you can no longer curse the guy who convinced you that he is a prince in zarmuda and you invested 2 million so that both of you can share 100 million dollars, you can no longer go to fight the hustler in Yaba who sold you a mould of FUFU with Iphone 7 written on it for #200k, you can no longer blame the chemist who sells paracetamol without expiry date to your kids when they eventually suffer from poisoning, you are not allowed to speak against the company who picks up eva wine bottles and replicates them at Iweka.
You have lost the moral ground to determine what is fraud or not, or complain that GtB charged you #96 for alerts you never got or call a politician dirty for assuring the future of his next 7 generations in just 4years.
You are doing nothing illegal according to the law and so must let the court determine if Amaechi is corrupt and must not be bitter when the judge is said to be corrupt because he concluded that Amaechi isn't corrupt by law.
Psychology tells us that it is easier for a man to consider an act as unlawful or a crime if he is has in the past suffered, is suffering or has a chance of suffering from negative effects of such act. It goes on to explain that same man is more willing to partake in such acts if he has observed it go unpunished or perceives gain relatively more than stipulated or no punishment at all.
Play the game if you want to, don't just hate other gamers.
Make as much money as you need.
Refer as many people as possible.
However ask yourself am I actually doing business or smartly looking for a money doubler like in 'Chike and the River'.
Make as much money as you need.
Refer as many people as possible.
However ask yourself am I actually doing business or smartly looking for a money doubler like in 'Chike and the River'.
Unapologetically from Nze Raphael. (Manifests as @chanzyrc on twitter?
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