Hi friends,

I am Jyoti from India. Hope you are all good and safe, here I am going to participating in the SEC17 WEEK3 contest: https://steemit.com/hive-181136/@hive-181136/esp-eng-sec-s17w2-or-hablemos-del-esquema-ponzi-let-s-talk-about-ponzi-scheme Organised by Scouts y sus Amigos community.

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Let's talk about Ponzi scheme

Have you ever heard about ponzi schemes?

Yes I have heard lot of ponzi schemes in our Country such as Pearless, Amway, RCM, TVI express, V3ads, etc. A Ponzi scheme is a fraudulent investment scheme that uses money from new investors to provide returns to investors. These scammers often lure investors with the promise of high returns and little risk. However, the real purpose of a Ponzi scheme is not to make a profit for investors, but to try to make previous investors appear legitimate by using money from new investors.

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In my point of view a Ponzi scheme is a fraudulent investment scam in which returns are paid to existing investors from funds contributed by new investors instead of making a profit. The ponzy scheme are gives surity of high returns and make investors to trust that profits are generating from legitimate businesses.

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

Yes I have joined some of them. Early days Amway skim was very popular in our country. A lot of people were joining it and buying things. At the same time they were earning. I am not interested in their products. Because their price was too high and I couldn't accept it.

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After that a company called RCM had brought these schemes. The cost of its products was very low. But the quality was lacking. However I joined at the urging of one of my friends. They have already given me the investment products that I had given. So I have no loss. I was just buying stuff and collecting the points I got from it. I am not recommending anyone. Because I know that in a few days this company will also be closed. Also after about a year the company was closed in south india, now I came to know they changed their logo and still running their business in north india.

Do you know how to detect Ponzi schemes?

Before making any investment, it is important to take time to ensure that the investment you plan to make goes to the right company or person. Here are some things you can consider to check whether an investment is genuine or a Ponzi scheme.

• Extreamly high income
• Ambiguous business model
• Unregistered companies
• Fake income proofs.
• Fake testimonials

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Before committing invest your money, make sure to do thorough research about the company's background and past performance. Trust only registered and verified financial institutions and advisors. Always cross-examine the investment advisor until he clears all your doubts and his answers satisfy you completely.

Do you think Steemit is a ponzi scheme?

No steemit is not a ponzy scheme, and there is no need to discuss it. It is a reliable and genuine company. There are many proofs for it.

• Steemit don't get any investment from their customers
• Steemit doesn't give any profitable guaranteed status
• Steemit gives you free award when you post your articles and comments.

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Steemit is a great platform for working from home without any investment. A lot of people are benefiting from this. So am I. So far I have withdrawn about three lakh rupees (4000$) through savings without making any investment.

I like to invite

@yourloveguru, @mandate , @ikwal to take part in this contest.