Avoid Ponzi/Ponzi scheme is a scam

[Mpamaegbu]

I once got deceived into investing in Centra (I hope I got the name right as it happened a long time ago) because Flowd Mayweather was its poster boy, it was the same thing when I also invested in Electroneum (ETN) which a Premier League football coach also promoted. While Centra has since died off, ETN has continued to crash since it was created. In the past, I used to trust influencers and celebrities on whatever projects they supported or advertised but not any more. They're also humans like me and are probe to bad choices too.

Talking about ponzi, the thing is that most people who invest in ponzi projects are often aware of what they're getting into but they hope to get out fast before it crashes. Most people don't have the patience of waiting to reap from their efforts in crypto investment. They want it fast and sharp, the highway pattern but that's not how genuine businesses work. So, they turn to Ponzi schemes. If I know someone is a senior ranked user and they fell prey to ponzi, I don't pity them because they should know better.

[Adbitco]

Jesus!!! Thank you my brother for sharing this post, actually this morning my cousin sister was telling me about this so called GMG platform. She wanted to refer me and get #1000 or something thereabout, that any amount I deposited into website will yield it back within 4 days. That's to say, if I invested #10,000 today I will be paid #2,500 every day for 4 days something like that.

I was even telling her to move out her money that this platform may not last for at least 4 months so if she's wise enough she should withdraw whatever amount she has made from it. I was just surprised coming across this post and I said thank God she didn't succeed convincing my wife because left for me alone i won't investment my dime in that fucking scamming site.

[Cryptomultiplier]

I wonder why people are still blind to the huge red flag that surrounds anything Ponzi or even looks like Ponzi.  The GMG platform is just one of many sites that greedy people fall victims to.
I have never been partisan to anything that involves bringing referrals to earn profit or register, share to groups and contacts and win big' brouhaha.
Only greedy people still take such risk mostly without asking proper questions first.

[Smartvirus]

The skirt maker was contacted or asked to help them promote their project not because of his knowledge of the project, but rather because of his influence, or the number of people that the project could reach through him.
I wouldn't be surprised if the skirt maker in question never visited the website he promoted; as long as these influencers get paid, they couldn't care less about what happens to their viewers or those they claim to be fans.

It's now being repeated everywhere DYOR, regardless of who is selling you a project, if you haven't done your own research, don't buy it.

There is nothing strange about it, it's just business and those who happen to take these influencers too serious should as well be ready for the backlash that accompanies there strick adherence to whatever is sold to them.
You've got to understand that, this is just business and in almost every case, these guys dissociate themselves from these project under some disclaimer term. They are in it for the money as influencers and not as investors. They could even earn more through you by using referrer links.

One means to always spot these schemes is, they've got no project they are selling, they operate on a pyramid scheme and there needs to be an influx of new users to continue. Unfortunately, that's something that doesn't always happen and as such, what happens when the new users stops coming in and the old users are about taking profits. Its a crash and that makes it a bad investment.
Ponzi schemes is a must avoid.

[Faisal2202]

Be aware of GMG website, should Incase kind of website will be close to your country, this site is a ponzi scam website where you will be asked to invest with the them, some days a go some people who invested with site because of a skirt Maker who promoted the site and many people thought with the skirt Maker who is promoting the GMG website that the site will be legit.

You raised a good point, but i think your advice will be of no use because many lazy people will not avoid falling prey to such schemes in the future even if they had read your post. For example, last year in January 2022, 11 apps (investments apps) scammed citizens of my country, and stole $100 million, Can you imagine the amount of money, i think this could be used in many other good works but scammers just fly away with such huge money, people who have invested are on the roads as many invested more than $80k.

The investigation is still ongoing and people are left with no hope, can you imagine only 26 wallets were involved in these and all of them were linked to Binance And still nothing has been done (AFAIK).

You must be thinking, Pakistanis must have learned a great lesson to not trust pyramid or Ponzi schemes, but you know what, We were scammed again in 2023 by another Ponzi website about trading "IDA" which works in the same ways as others, like ask people to bring more people and convince them to make at least $125 investment to earn more or withdraw. Final loss is not calculated officially as the scam is new so i think this might take some time.

The point is, if a new app will come next year, we as lazy people who want to do nothing and wants to earn in dollars by doing nothing will again fall prey to such scams. i even wonder what type of these people are who easily invest their big amounts of money on such apps. I don't even spend my time on observing one because those who understand the technology they do know how to earn and how to avoid scams.

And op, I am just wondering what research you would be doing on your smartphone so that you have to open 88 browsers hehe. Well one thing that I like about SP is they can handle a large number of tabs like once open 150.

[lionheart78]

I once got deceived into investing in Centra (I hope I got the name right as it happened a long time ago) because Flowd Mayweather was its poster boy, it was the same thing when I also invested in Electroneum (ETN) which a Premier League football coach also promoted. While Centra has since died off, ETN has continued to crash since it was created. In the past, I used to trust influencers and celebrities on whatever projects they supported or advertised but not any more. They're also humans like me and are probe to bad choices too.

Centra does not run from its investors and supporters, the government flagged Centra as fraudulent because they use Visa Card services and claim to be in partner with the company where the truth is that the negotiation is still in process.  They were too ahead of the negotiation thus getting them labeled as defrauding their clients.  They did not run instead face the charges and is proven to be guilty as charged and now in jail.  Obviously when the head of the starting company got jailed, its project will definitely crash.  That is what happen in Centra, IMO.

Maywether Jr. on the other side got fined twice the declared earnings if I am not mistaken. 

Talking about ponzi, the thing is that most people who invest in ponzi projects are often aware of what they're getting into but they hope to get out fast before it crashes. Most people don't have the patience of waiting to reap from their efforts in crypto investment. They want it fast and sharp, the highway pattern but that's not how genuine businesses work. So, they turn to Ponzi schemes. If I know someone is a senior ranked user and they fell prey to ponzi, I don't pity them because they should know better.

The pioneers of this ponzi schemes are well aware of the system but those who are on the endline are not.  Reason why there are people who are filing charges against their sponsor (the peopel who refers them to the ponzi company)  Their greed made them too excited and triggers the urgency to invest so they skipped all the necessary research and got baited and trapped.

I think in order to detect a ponzi scheme we should always look for the sign and the one major sign which can be easily identified is ... the offer is too good to be true.

[dansus021]

By look the image on your thread that is obvious ponzi scheme it some kind of High yield Investment Program here look at it there is bunch of other here https://www.hyipexplorer.com/ 

Guarantee Return with high yield is most likely a scam. Ponzi scheme is never die but for some reason people who invest in it is also never die. People keep investing it make ponzi like this maybe become Multi Billion company if the ponzi like this has a stock the annual report will always green hahaha.

just avoid it when you see like this, also don't fall with fake giveaway too How to protect yourself from fake giveaways. - https://bitcointalk.org/index.php?topic=5222603.0

[Mpamaegbu]

~snipped~

Centra does not run from its investors and supporters, the government flagged Centra as fraudulent because they use Visa Card services and claim to be in partner with the company where the truth is that the negotiation is still in process.  They were too ahead of the negotiation thus getting them labeled as defrauding their clients.  They did not run instead face the charges and is proven to be guilty as charged and now in jail.  Obviously when the head of the starting company got jailed, its project will definitely crash.  That is what happen in Centra, IMO.

Maywether Jr. on the other side got fined twice the declared earnings if I am not mistaken.

However you put it, it still gets down to the fact that the founder's behaviour was a bit snaky. How does one declare they already have a partnership with another person/company when the deal hasn't scaled through if not in their bid to deceive? From your narration, it's obvious that Centra's founder wanted to quickly latch on Visa Card's popularity and wide spread to market Centra and get many unsuspecting investors to wrongly think Visa was on the deal but that backfired. As for Mayweather getting penalized for his role, it didn't change anything because no money was refunded to investors. It was all a planned deal from the beginning.

[puloweh555]

Thanks to the OP for warning about dealing with dishonest ponzi schemes like GMG. Indeed, it is very important for us to understand the warning signs such as unrealistic promises of returns and fast payments in a short time and also often use the fraudulent tactic of sending phishing emails that trick people into entering their personal information.

There are many dishonest projects out there that take advantage of people's ignorance and greed to make money in illegal ways. Therefore, it becomes important to carry out careful research before making an investment and not rush into joining a project without checking their credibility and track record. In GMG's case, it's unfortunate that people have lost their money trapped in the ponzi scheme. This shows how important it is to always be careful and alert when faced with investment offers that seem too good to be true.

Always check the reputation of the company and the people behind it, and don't be tempted by promises that are too good to be true. Yes, that's right, we shouldn't trust celebrities or influencers too much when it comes to finance or investment. Even though some of them may have knowledge and experience in terms of finance or investment, there are still many celebrities or influencers who only participate in paid advertisements or promotions without first checking the truth or credibility of the product or investment they are promoting. because There are many cases where influencers or celebrities are involved in the promotion of products or investments which are ultimately proven to be fraudulent or illegal schemes.

[Kelward]

We should try to avoid the get rich quick syndrome. Ponzi schemes capitalize on our greed to reap where we did not sow. When someone tells you to invest a small amount of money and within a week you will start earning five or ten times the amount invested, that is when we should see the red flag, because if something like that is possible then he will continue to reinvest his capital into the business without telling even his friends.

But my worry is when they use celebrities, which I have seen. People will normally trust that these celebrities have their image to protect and therefore will not tarnish it by advertising for criminals. I think that these celebrities should be arrested if it is proven that the investment they promoted is fraudulent.

[Alisha-k]

quote author=Adbitco link=topic=5451526.msg62210311#msg62210311 date=1683486251]
Jesus!!! Thank you my brother for sharing this post, actually this morning my cousin sister was telling me about this so called GMG platform. She wanted to refer me and get #1000 or something thereabout, that any amount I deposited into website will yield it back within 4 days. That's to say, if I invested #10,000 today I will be paid #2,500 every day for 4 days something like that.

I was even telling her to move out her money that this platform may not last for at least 4 months so if she's wise enough she should withdraw whatever amount she has made from it. I was just surprised coming across this post and I said thank God she didn't succeed convincing my wife because left for me alone i won't investment my dime in that fucking scamming site.
[/quote]

some days a go some people who invested with site because of a skirt Maker who promoted the site and many people thought with the skirt Maker who is promoting the GMG website that the site will be legit.

Don't trust influencers. They can scam you intentionally by working for Ponzi projects but they might even not know that project is scam and they eve lose their money too.

[assets.bwbx.io/images/ I wonder why people don't stop to think how this Ponzi schemes make their money, and how much the make to be able to give out such amounts they give at short intervals......


If life where that easy, we wouldn't have to work out our lives to be able to make a living.

[Sexylizzy2813]

Be aware of GMG website, should Incase kind of website will be close to your country, this site is a ponzi scam website where you will be asked to invest with the them, some days a go some people who invested with site because of a skirt Maker who promoted the site and many people thought with the skirt Maker who is promoting the GMG website that the site will be legit. So I'm of the opinion that we should avoid ponzi scheme and also make sure we make a research properly before investing in a newly created website. To inform you very well the website has crashed and people who invested their money, all are lost. Let everyone be careful for investment.

To start with, anything concerning Ponzi scheme is a no go area for me, is something I told myself I'd never engage myself in anymore, have never benefited from it either.
At some point when a friend introduce me to Bitcointalk I thought it was one of those Ponzi scheme crab sites, if I should say, this [Bitcointalk] is the best have ever come across.
I really don't blame people when they hear of such site as this GMG (quick money hurts at times) if a friend who has gotten something from it would likely invite you to join, most likely you won't want to doubt your friend when he said he has cashed out a huge sum of money. Well that's how the owners of this sites want people to see them as legit. Ponzi scheme is just a no no for me, like you said OP, about doing some research, it helps but I don't think these scammers are that dumb to let their end loose, is just a matter of being careful.

[macson]

To start with, anything concerning Ponzi scheme is a no go area for me, is something I told myself I'd never engage myself in anymore, have never benefited from it either.
At some point when a friend introduce me to Bitcointalk I thought it was one of those Ponzi scheme crab sites, if I should say, this [Bitcointalk] is the best have ever come across.
I really don't blame people when they hear of such site as this GMG (quick money hurts at times) if a friend who has gotten something from it would likely invite you to join, most likely you won't want to doubt your friend when he said he has cashed out a huge sum of money. Well that's how the owners of this sites want people to see them as legit. Ponzi scheme is just a no no for me, like you said OP, about doing some research, it helps but I don't think these scammers are that dumb to let their end loose, is just a matter of being careful.

every member on the bitcointalk forum can make money but none of the forum members are charged a registration fee or payment for membership activity, so this forum is the safest place.

at my place there are almost dozens of projects that are suspected of using Ponzi schemes, usually, I will identify them if
-- they require new members to give a certain amount of money to get money back with an unreasonable amount.
-- the source of income they generate is unclear ^{(many also only sell dreams)} and no promising products can be seen from them.
-- We as old members who have been members for weeks are forced to add members to our below-the-line and we are forced to deposit a certain amount of money, if don't do that then the income we receive so far will be drastically reduced.

it is not difficult to identify them, and we should all be able to share them with others, for it is a noble occupation.

[Outhue]

When you tell them to invest in Bitcoin, they won't listen, the next question they'll ask is when they'll be able to recoup their investment. Most people dream of living a great life, but they aren't prepared for it. If you mention a period of 2-4 years investment, they'll run away.

They want the easy way out that's why Ponzi is a perfect fit for them, make the money and leave they say, but they have forgotten that it could get really hard to quit Ponzi once you start such journey, for whatever we do we tend to get attached to it, that's why legal business is more advisable than illegal business, once a doctor is always a doctor and once a drug lord is always a drug lord, be careful what you choose to do with your body.

Some people lost a lot through Ponzi schemes and they learn from their lesson and there are people who lost a lot and they believe they choose the wrong Ponzi scheme, they are still looking for a better Ponzi scheme, the human mind is really funny at times.

The lesson of this day is that, not all those who fall will learn and remove what caused their falling in the first place, they are ready to keep falling over again.

[Porfirii]

I once got deceived into investing in Centra (I hope I got the name right as it happened a long time ago) because Flowd Mayweather was its poster boy, it was the same thing when I also invested in Electroneum (ETN) which a Premier League football coach also promoted. While Centra has since died off, ETN has continued to crash since it was created. In the past, I used to trust influencers and celebrities on whatever projects they supported or advertised but not any more. They're also humans like me and are probe to bad choices too.
<...>

I almost lost my money too with Centra (I thought it was late for me to invest in MCO and I bought CTR in the pre-sale instead trusting in the potential of the project: really bad mistake in retrospective). And, about ETN, I didn't lose any money, but a lot of my time, because I invested several hours translating their Whitepaper, one of my hardest works so far.

Anyway, none of these projects were ponzis: managers from Centra were caught misleading investors by announcing agreements with VISA that didn't exist, while Electroneum simply failed like many other ICOs did. What OP is talking about is a project that offered a 25% ROI per day: the very definition of a ponzi scheme.

[asawale]

Be aware of GMG website, should Incase kind of website will be close to your country, this site is a ponzi scam website where you will be asked to invest with the them, some days a go some people who invested with site because of a skirt Maker who promoted the site and many people thought with the skirt Maker who is promoting the GMG website that the site will be legit. So I'm of the opinion that we should avoid ponzi scheme and also make sure we make a research properly before investing in a newly created website. To inform you very well the website has crashed and people who invested their money, all are lost. Let everyone be careful for investment.




https://www.nairaland.com/7675996/ponzi-scheme-gmg-finally-crashed

People should know any peer to peer platform requesting you to invest and take huge profits out of the system in short time will definitely collapse in to time living a good number of their investors in losses. There is nothing so sustain such platform as it depends only on new entrants of investors to pay it's existing one.

[Mpamaegbu]

~snipped~

I almost lost my money too with Centra (I thought it was late for me to invest in MCO and I bought CTR in the pre-sale instead trusting in the potential of the project: really bad mistake in retrospective).

Lucky you for escaping the complete entrapment. I wasn't that lucky. However, I count the sad experience I had with the project as one of those things we need to go through in this industry to develop a thick skin. I've since moved on but never will I ever get deceived again because a celebrity or influencer advertised a project and then I blindly buy into it.

And, about ETN, I didn't lose any money, but a lot of my time, because I invested several hours translating their Whitepaper, one of my hardest works so far.

Time is (also) money, remember.

Anyway, none of these projects were ponzis: managers from Centra were caught misleading investors by announcing agreements with VISA that didn't exist

What is Ponzi then if it's not deceit and misleading people to believing what is not? ETN also made a lot of unbelievable promises about its projects feasibility and usage. Nonetheless, I still get the drift of your comment.

[Doan9269]

If you're too desperate to make online money then there's no how you will not fall into the hands of the wrong ones because they will always try to influences you to do what tou don't understand or know about, everything in life has a due process without rushing it either, nothing is free anywhere, you have to work for it and earn it before you can be deserving of it, the scam projects are many on the internet rampaging, even our desire for crypto doesn't mean we should go for any crypto project, many of them end being a scam and left untraceable.

[Fiatless]

Be aware of GMG website, should Incase kind of website will be close to your country, this site is a ponzi scam website where you will be asked to invest with the them, some days a go some people who invested with site because of a skirt Maker who promoted the site and many people thought with the skirt Maker who is promoting the GMG website that the site will be legit. So I'm of the opinion that we should avoid ponzi scheme and also make sure we make a research properly before investing in a newly created website. To inform you very well the website has crashed and people who invested their money, all are lost. Let everyone be careful for investment.

Except in the US, I have not heard of any law that gives investors the right to sue celebrities for promoting investments that ended up becoming scams. So these celebrities have the privileged of promoting any service or coin without verifying the credibility of these companies. They are mainly driven by greed and personal gains rather than the security of their followers. Even if there are laws that give such rights to victims of fraud, I would never accept any financial advice from any celebrity without doing my research and verifying the product or service. If I have any questions, the forum is big enough for solutions and answers. Anyone that is in a haste to make big gains will always be very easy to be scammed.

[_BlackStar]

If you're too desperate to make online money then there's no how you will not fall into the hands of the wrong ones because they will always try to influences you to do what tou don't understand or know about, everything in life has a due process without rushing it either, nothing is free anywhere, you have to work for it and earn it before you can be deserving of it, the scam projects are many on the internet rampaging, even our desire for crypto doesn't mean we should go for any crypto project, many of them end being a scam and left untraceable.

Investments should not guarantee returns over a certain period of time, even if investors can earn returns. Scammer take advantage of the crypto industry to make money, while some greedy people will believe that this is the best way to get rich. Everyone should know what the definition of a ponzi is, and those schemes have always existed in the crypto space if newbies have never been careful.

Being careful, alert and knowledgeable about how to avoid ponzi schemes is the best way to prevent scammers from fill their troughs fast. Remember that bitcoin never promises returns, but its price volatility allows its traders and investors to earn returns.