Hello readers of SteemPh Finance Wednesday. Another hump day another dollar day.

Has anyone reading this column? I hope more and more are reading this because this is where the money is. If you have read this, leave a comment, an emoji, a thumbs up or anything. I just want to see if we are reaching out some audiences out there.

Anyway, someone asked about this paysbook in discord. I have heard it before and I know it would be another Filipino pyramid scheme but I did not look into it deeper because I’ve heard that the SEC already issued a warning about the company. I have looked around and guess what, there is already a written public warning about this Paysbook by SEC.

Even coins.ph posted about their disgust with Paysbook.

The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on PAYSBOOK E-COMMERCE SYSTEM CO. LTD (“PAYSBOOK”), warning the public of the individuals and groups involved in such activities. The advisory defines the activities behind the scheme, and advises the public to take precaution in joining or investing in these groups.

In support of this view, Coins.ph does not endorse or is affiliated in any way with such activities or products. Moreover, we have a zero tolerance policy on fraud and scamming practices.

You can read the SEC letter HERE

My take on this types of schemes

 
This are all pyramid schemes, I don’t know why we Filipinos are so prone to it. The worst part is, fellow Filipinos are running these types of schemes. These predators are preying on the poor peoples’ greed.

The problem here is some people don’t know what they are getting into and when they realize they lost money, they will start blaming someone. I have also know other people who knew exactly what they were getting into, they knew that it is a pyramid scheme but when they lost their money they start saying that they don’t understand and start blaming other people. And who will they blame, their friend or relatives that recruited them in joining.

Learn to play the game. Before you invest on something make sure you understand what you are investing into. Do some research on it. If you lost your money, don’t blame other people because they did not force you to invest.

Are this type of scheme a scam?

 
It depends who is defining the word scam. To me as long as you are getting paid or the company is paying it is not a scam. It maybe fraud because they did not mentioned that they will be in the business of investments when they lodge their application to SEC.

Am I invested on pyramid schemes?

 
Technically YES, but not large amount of money. I have invested small amount of money on the purpose of doing research.

My current research that I have done is the BITROBO, a very high risk investment due to its nature and it has been deemed fraud before. So it is like a revival of an old scam.

Is it paying?

 
YES, to date it’s still paying.

Read my full review HERE

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About The Author

Webcoop is a blogger, cryto enthusiast and a beginner trader. You can read his blog at STEEMIT or at his personal blog steemitblog.com. He also provide web hosting at webcoophost.com. Chat with him on DISCORD and share knowledge about crypto, trading, etc.

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Well that's it for this week's Finance Wednesday. Thank you for joining us. Just a reminder @SteemPh will now be curating the following topics on these days and we would love to feature your post in our weekly columns.

DAY	TOPIC	WRITER/CURATOR
Sunday	Travel	@Rye05
Monday	Short Stories & Poetry	@johnpd
Tuesday	Community Competitions	@romeskie
Wednesday	Finance	@webcoop
Thursday	Community Outreach	@escuetapamela
Friday	Food	@iyanpol12
Saturday	Arts & Crafts	@olaivart