SEC-S17W3- "Let's talk about Ponzi scheme".

Steem greetings all the way from the motherland-Cameroon to all scouts and friends on this platform. It is yet another privilege for me to share my thoughts with you all on the topic "Let's talk about Ponzi scheme". I hope you all find pleasure in reading through this content.

Have you ever heard about ponzi schemes?

Oh yes, it is a common scheme nowadays for those who think that they can get rich without doing any work. On the internet space if you are not careful it will lead you to a doomsdays.

I quite remembered when I joined steemit and was spreading the good news of steemit to my friends. Unfortunately they thought steemit was a Ponzi scheme and told me I should not come running to them for being scammed.

Apart from that, my husband is so versed with the internet and knows much about Ponzi schemes. He had educated me so well about these schemes and should always be vigilant while on the internet space.

Have you been offered to invest in any of these schemes?

Funny enough that I know much about Ponzi schemes but had been a victim to this scam in the past. When I was introduced into investing in a business online. The person happened to be someone closed to me and he convinced me that I will make more money if I invest into the business. I trusted him and had to invest my pocket allowance because I was a student then.

I was hoping to be withdrawing the extra gains on my actual investment and relieved my parents from the responsibility of giving me allowance. After investing, they told me to withdraw from my account at the end of the month. I was patiently waiting and promised to reinvest when the profits are coming up.

At the end of the month, I could not even withdraw my initial investment. The person who introduced me to the business started telling me to look for more people to join the platform before I can withdraw and that the more people i bring the more profits I make. At this point, I knew it was a Ponzi scheme and I lost the money I invested.

Do you know how to detect Ponzi schemes?

Learning from my experience, I decided to research more about Ponzi schemes and learn to detect them through three ways.

First, any platform or investment you are asked to bring in another person and the other person brings another person before you can make any interest/profits, mind you because it is a Ponzi scheme darling. If you invest then you are as well throwing your money to scammers.

The second way to detect Ponzi scheme is that there is no investment platform that you just put money and seat and the money is working without you the investor doing any actual work. No risk but yet you are promised huge returns.

Lastly, check the business of it is registered or better still licensed. Most of those schemes are never licensed.

Do you think Steemit is a Ponzi scheme?

When I joined steemit, I had done my investigations after gaining more knowledge after I was a victim of Ponzi scheme. I came to the conclusions that steemit was not a Ponzi scheme and I registered and started steeming.

When I tried introducing my friends into steemit, they thought it was a Ponzi scheme and refused joining because they were victims as well. I tried hard to convinced them but unfortunately they refused to join. I had to do more research and wrote an article on Steemit to clarify doubts of steemit being a Ponzi scheme.

This is the end of my presentation and I will invite @josepha, @eliany @paholags, and @saxopedia to share ideas about the topic.