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

Hello friends

Most times life lesson are born out of life Experience

Have you ever heard about ponzi schemes?

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Yes I have heard about ponzi scheme. Ponzi scheme is one of the popular means in my country where people are scammed.

Ponzi scheme is a system where Peter is robbed to pay Paul, they say it's an investment. They make the profit attractive to get the attention of the people. They also grow by asking their investors to bring more people and place a benefit for that called bonus.

Ponzi has made more and more people poor in my country. Because after they have meet the target of people and money they want, they suddenly close up, never to be found again. This simply means they run away with people's money, some people are left stranded while some get into debt because they might have borrowed they money used for the investment.

In my country, I have seen several types of ponzi, even the ones that will tell you that they are very genuine but believe me it's a lie and a scam.

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

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Many times I was offered to invest in this kind of scheme. Many times I fell prey because I didn't know it was ponzi, I thought they were real.

The first ever ponzi scheme I agreed to invest in was called wazobia. I joined this scheme in 2020 during the lockdown in my country. I guess the People who came up with this knew that citizens were suffering and needed funds.

Wazobia is a ponzi scheme where you register with a certain amount of money and after 4days, you linked to another user who will pay you double of the money you invested. But guess what? Before you withdraw, you have to deposit that amount you registered with again to another user whom you are linked to.

I got some money yes! But it ended up been a scam because they closed up.

Do you know how to detect Ponzi schemes?

Well it might not be so easy to detect ponzi schemes because lately they have become very smart. But from my little experience about ponzi I have this few things to say.

• Profits and bonuses are too good to be true

Once you notice that the investment profit and bonuses doesn't seem real or true then it's a red flag that it would be a ponzi, the best is to avoid it.

• Emphasis is on Referrals

You are told to continue to refer people before you can earn more money and grow.

• Most times it is a centralized system

They have one person controlling how everything goes or is done. Sometimes, you can not get answers needed on the system from the system,you either need to consult A or B offline before payment is made or bonuses are given.

Do you think Steemit is a ponzi scheme?

selfie of me on a steemit T-shirt

Steemit? No way! . I don't think Steemit is a ponzi. Although when I wanted to join, I doubted it after I was told many great things about steemit.

I have been on steemit for the past 3 years and am so confident about it. Steemit is not ponzi. Steemit is a decentralized social media built on a block chain. It is secured.

I met steemit at the point where I had given up on online stuffs. When I was told that it's about writing, and then after 7 days your post pays out. I got discouraged because the other ponzi I joined in the past had a time frame of payment too. But here I am today still streaming.

Steemit has been of great help to millions of people all over the world. Am grateful for those behind this great platform.

Let me take this opportunity to invite my friends to join this contest @ninapenda @jovita30 @lhorgic