But why people the still choose Ponzi schemes over bitcoin?

[EluguHcman]

This is simply people want immediate and quick money so where that they see that they are promised unrealistic and quick ways of making money more people tends to believe and follow such people so that they can make money quickly this is again another wake up call to people that the way to financial freedom is not through ponzi schemes or get rich quick ideas but through investment in a reputable business that has a high level of return on investment


This is where Bitcoin comes in Ponzi schemes should not be prioritized over Bitcoin because Bitcoin has been proven to be a store of value through which financial freedom can be attained by so people should look the way of Bitcoin investment rather than putting your money in platforms that has not proven over time

But can anyone just submit itself to scam knowingly or falls to scam unknowingly?
I think those who are being victimized as a course of investing on Ponzi schemes are either due to greeds of the contents of how the platform stipulated their service offers in an irresistible golden formats or could be due to lack of their knowledge which I believe either you or me that has been known of the trickish strategies of the scammers can not fall on their traps.

I have not heard of this CBEX but I don't see any reasons why people will always leave their convenient and reliable exchange platforms for others without being sure of it reliability.

I see this news afflicting negative effect on the crypto which is contributing to the stagnation of the crypto communities to obtain higher adoption of users.

[Barikui1]

I think that most of them don't realize that something is a Ponzi scheme, it just flies over their head, be it because of ignorance or just lack of knowledge.

I think say you really dy my mind here, na mostly ignorance they drive ponzi scheme forward, but make we know say no be only uninformation, misinformation na another thing wey dy drive am forward because most of this people wey they still invest in ponzi scheme think say na him be the real one depending on wetin them hear.
Then as for the aspect of greed, na that one nai dy pain me pass all, because some people know say na ponzi scheme, but base one say them wan turn millionaire overnight, them go still risk their money thinking to hit and run, most times their money go just hang in the process, then go start to dy complain say hard I know, so this three things wey be misinformation, uninformation or greed na them dy mostly make people to venture into ponzi scheme instead of Bitcoin.

[Juicyhome]

Is only poor man pikin fit see say ponsi scheme don destroy many people in this country, yet when any new one come out them go still use their last money to buy it. such a useless  decision, na bcos say poor man pikin no get hope so him say ponsi scheme as a money doubling stuff. na why e dey easy to scam poor man pikin than Rich man pikin. The poverty and hardship in the country also make people to invest in Ponsi scheme over Bitcoin, them see Bitcoin has long term plan, and e get one thing wey de common for poor man pikin dem no dey get patient in investment, they wan chop their future now now.na why dem no fit invest in Bitcoin.

[SmartCharpa]

Nigerians would never learn at all. After all the shege everyone had experienced MMM and another Ponzi scheme that stole their money, some foolish people continued to believe in another one called CBEX. I've been reading online news about CBEX stealing people's money, and I'm just laughing about it because even though you told them it was a scam, many Nigerians will still follow the backyard to invest their money in it.

However, before all of this online drama, I saw a tweet on X from this person call Connectwithtola warning people to be careful about how they put their money because the CBEX is a scam. I believe many people would doubt him after he said that, but this is it, they have already lost millions of money, shishi they no go see on the 15th, otilo.

[Princess Leah]

Nigerians would never learn at all. After all the shege everyone had experienced MMM and another Ponzi scheme that stole their money, some foolish people continued to believe in another one called CBEX. I've been reading online news about CBEX stealing people's money, and I'm just laughing about it because even though you told them it was a scam, many Nigerians will still follow the backyard to invest their money in it.

However, before all of this online drama, I saw a tweet on X from this person call Connectwithtola warning people to be careful about how they put their money because the CBEX is a scam. I believe many people would doubt him after he said that, but this is it, they have already lost millions of money, shishi they no go see on the 15th, otilo.

Most Nigerians are blinded by the economic situation that they forget so easily, they've forget the days of MMM, Ultimate Cycler, Raskteli, Green energy and the rest of it's kind, funny enough most of these of people lost heavily from those old ponzi's I mentioned but they still keep falling victims to the recent ones cause of greed, I don't feel pity for anyone losing money to CBEX, they deserve it cause most of them were aware of the consequences but decided to take the risk, feeling they're early starters and would cash out before the ponzi crashes.

 Another thing is lack of patience, they can't wait for long to make wealth un the future that's why they risk their money into ponzi instead of buying and holding Bitcoin, lack of patience have made many people to make wrong decisions, sometimes it's good for them to be victimised by these ponzi's so they'll learn and be very careful with anything relating to it.

[Roseline492]

If that's true I may not be sorry for those who might be victim of such scam because people don't listen, even if they said is a scam they would still do it believing that since the platform is not old they might not fold so easily without knowing they're playing with there money. I'm sure a lot of them knows that CBEX is not totally safe because they are not different from other ones who has come and remove clothes on people's body and left. If people are that careful they wouldn't have considered such investment after all the history concerning this kind of investment, why not have Bitcoin instead of all this risk.

[Agbamoni]

Everyone is going rogue. One person has to be the predator while the other the prey, this is how the world works now. Since quick money has been the order of the day, nonchalant individuals will always fall victim for easy scams. Of recent i heard someone saying he don't care if it is ponzi or not he is willing to risk the 10k he has, after all the money won't get him anything useful in this country. A lot of individuals are ready to take risk in life because the country made it so.

What i am concerned about is how the government can make the economy better so people will take good risk instead of destroying their life for taking risk in the something that has not value.

[ejikeme24]

Nigerians would never learn at all. After all the shege everyone had experienced MMM and another Ponzi scheme that stole their money, some foolish people continued to believe in another one called CBEX. I've been reading online news about CBEX stealing people's money, and I'm just laughing about it because even though you told them it was a scam, many Nigerians will still follow the backyard to invest their money in it.

You know one of the major problem we human beings always have is that whenever time we are giving advice about a particular stuff, we don't always pay attention to those advice not untill we end up doing that particular thing which we have been given an instructions not to do it, and we don't always feel comfortable not until we give a trial just to see how the outcome will looks like. Though there is this saying that trial leads to success or failure, but we shouldn't have this mentality when it has to do with ponzi scheme. Sometimes I keep wondering why most people always decide to choose ponzi scheme over bitcoin investment, or should I say is because they have no idea about how bitcoin investment works? Or is it that they can't be patient enough to make the HODL? You know most people think that investing in those Ponzi scheme can make them become rich over night, this is why most people always choose ponzi scheme over bitcoin. But the truth is that whatever thing you're doing that can yield profit within a short term always have a high level of risk than the one you're Holding for long. This is why our reasoning should not only be on how we are going to make profit within a short term, at least we also need to think about the future.

[SmartGold01]

This is natural they are always looking for where to double their money while they seat and watch their money making the profit for them without knowing that such site or platforms is a fake one for that matter. The better we learn how to make our personal research on the site we put our money the better for us because most times people wouldn't know that those sites are just there to swallow and stomach our hard earned money.

[Mpamaegbu]

I see this news on Friday about CBEX when people come the talk say the platform done crash and people done lose all their money them invest inside. For those way no know waythin be CBEX, it stands for China Beijing Equity Exchange. According to them say nah digital asset trading platform way you fit dey trade. But plenty experts done the warn say the platform gets all the look-alike of a Ponzi scheme just as MMM was. Now since Friday 11th April Investor never fit withdraw their money and the platform the drop message say nah till 15th April them fit the do withdrawal. Somebody now the cry say him no fit withdraw him $60,000 him put inside and many others too.

If we get anybodi here wey be victim of dat CBEX nonsense, we supposed pour am water wey pepper dey b4 we wipe am 2 by 2. I nor get single sympathy for anybodi wey fall for Ponzi bc most of dem dey get idea wetin dem dey do and go still chook head put. These people want fast money. Dem dey neglect the process of sowing and harvest seasons.

A few years ago, e get somebodi wey dem introduce to me to teach how dis whole cryptocurrency thing dey be, especially Bitcoin so dem go fit invest. D persin ask me how long e go be b4 dem fit see profit comot. I tell am sey I nor know. Na im d persin open up to me sey d type wey im dey like na dat type wey dem dey invest and within 2 weeks profit don show. I told dem sey na Ponzi be dat and they said no problem as far as money dey am. I open mouth.

Ponzi victims are greedy set of humans, not risk takers.

[Promocodeudo]

This is simply people want immediate and quick money so where that they see that they are promised unrealistic and quick ways of making money more people tends to believe and follow such people so that they can make money quickly this is again another wake up call to people that the way to financial freedom is not through ponzi schemes or get rich quick ideas but through investment in a reputable business that has a high level of return on investment


This is where Bitcoin comes in Ponzi schemes should not be prioritized over Bitcoin because Bitcoin has been proven to be a store of value through which financial freedom can be attained by so people should look the way of Bitcoin investment rather than putting your money in platforms that has not proven over time

Exactly the point, some people don't see Petience as the real thing again that's why they go about seeking for what they see as easiest or fast means of making money but the real deal is they end up messing around  with their fiances, there no free money anywhere, I think eppe should understand that so that they can freely move on, there's something that I understand which is no matter what you tell people about this scam in form ponzi, they will still want to try because of their mindset, some will beike though I have been involved in this before but there's no harm in trying because you never can tell where it will work, just imagine such a funny statement, just imagine someone giving himself a reason to embark on a journey to lose his money.

For me, ponzi scheme is a no no, Bitcoin is the way to financial freedom in the future not immediate, I think the problem some people have while being involved in Bitcoin is their deceitful mindset, the only way this financial freedom can be accomplished as you said is when an individual play by the concept of Bitcoin which is keep acumulating and hodling for a long-term and nothing more.

[Slimzeee]

You should know that money comes with a level of greed, and most people don’t have the patience to fully understand an investment before putting their funds into it. They’re only focused on the fact that it pays.
So, they mainly care about the ROI, everyone wants to cash out sharp sharp.
When you look at the percentage of ROI, isn’t it enticing? If not for the knowledge you have, it would be hard to resist.
As for the CBEX issue, I’ve seen previous articles suggesting it didn’t really crash. It’s just that people tried to play smart with the system. I don’t know how true that is, though.

[GPVibes]

My people make sure to avoid Ponzi scheme no matter the means or channel it takes come Ponzi na Ponzi and it go bite you last last.
https://x.com/MobilePunch/status/1910693893365989881?t=bWy5xcEGXCMJxVeuSuVikA&s=19

It is greed that make people to fall into the net of all these Ponzi scheme and networking platforms that are everywhere now, some are even inform of trading that they give signal to copy and trade. People don't really reason very well or maybe they know but try to risk it, how do you think someone will be giving you signal just like that. One day they will pull the rug away from your leg. But because people want to make fast money, they will keep patronizing such platforms.

There is how to know Ponzi scheme and I try to list some of the characteristics on this thread.

https://bitcointalk.org/index.php?topic=5538079.msg65274346#msg65274346

[Princess Leah]

Everyone is going rogue. One person has to be the predator while the other the prey, this is how the world works now. Since quick money has been the order of the day, nonchalant individuals will always fall victim for easy scams. Of recent i heard someone saying he don't care if it is ponzi or not he is willing to risk the 10k he has, after all the money won't get him anything useful in this country. A lot of individuals are ready to take risk in life because the country made it so.

What i am concerned about is how the government can make the economy better so people will take good risk instead of destroying their life for taking risk in the something that has not value.

 You're not wrong, bad government is a major pressing issue in Nigeria it's the major reason why people are going rogue cause lots of them are looking for means of survival, if the government was good and the economy stable, I don't think people would be seeing any reason to go into ponzi's just to look for means of survival.

 However let's leave bad government asides, the image above is that of people who gathered at the CBEX office when it crashed, take a look at it you'll see that most of the people there are advanced, which means that many of them have witnessed previous ponzi's like MMM and it's kinds, they're suppose to be sensible enough to learn from past experience, it shows how gullible many Nigerians are cause these ponzi's keep using same strategy and lots of advanced people that's fallen more than once to different ponzi's still fell for this one, the question should be, why don't they learn from experience?.

[Mate2237]

Everyone is going rogue. One person has to be the predator while the other the prey, this is how the world works now. Since quick money has been the order of the day, nonchalant individuals will always fall victim for easy scams. Of recent i heard someone saying he don't care if it is ponzi or not he is willing to risk the 10k he has, after all the money won't get him anything useful in this country. A lot of individuals are ready to take risk in life because the country made it so.

What i am concerned about is how the government can make the economy better so people will take good risk instead of destroying their life for taking risk in the something that has not value.

 You're not wrong, bad government is a major pressing issue in Nigeria it's the major reason why people are going rogue cause lots of them are looking for means of survival, if the government was good and the economy stable, I don't think people would be seeing any reason to go into ponzi's just to look for means of survival.

 However let's leave bad government asides, the image above is that of people who gathered at the CBEX office when it crashed, take a look at it you'll see that most of the people there are advanced, which means that many of them have witnessed previous ponzi's like MMM and it's kinds, they're suppose to be sensible enough to learn from past experience, it shows how gullible many Nigerians are cause these ponzi's keep using same strategy and lots of advanced people that's fallen more than once to different ponzi's still fell for this one, the question should be, why don't they learn from experience?.

The present economic situation that we find ourselves as a country is contributing to this issue of people always falling victim to Ponzi schemes than investing in legit platform is like Bitcoin this is because alot of people are hungry and has no hope so they can be easily manipulated and influenced by the stories of these people who are after the little money owned by the citizens so most gullible people fall victim to It


One major way that this can be addressed is through education the financial and investment awareness of the people should be enlightened to a point that they should be able to point out when they see a scam because, there is still little financial literacy level in the society that we find ourselves this is the more reason that scammers and ponzi schemes are still making ways in our society

[IjawMan]

Well, I no fit argue whether the platform na ponzi or not but I must admit that e get plenty red flags. Wetin I observe with people, not only our Naija people ooo but people in general dey very interested in anything wey go give them quick money without efforts. Na why plenty people dey always fall victim for this kind wahala.

As concerning the crash, I no sure say CBEX don really crashed. Wetin dey happen na just misinformation and you sabi the norms na, rumours travel faster than legit information with the help of media and propaganda.



This image above explains wetin dey happen with withdrawal issue but our people are too gullible to believe anything dem hear or read online without making a proper investigation to find out first hand information. The information dey simple, CBEX dey aware of the issue and na deliberately based on say people wan take advantage of the platform by depositing to get bonus and withdraw without making trade which the platform considered as a cheat.

Let me break it down for you a bit. CBEX dey give bonus once you deposit money into your account to trade which is the primary function of the platform. But you know our people always want to claim smartness na. People don't longer trade anymore but want to withdraw the bonus and runaway which defies the reason for the bonus. Na why dem suspend the withdrawal for people wey no get reasonable trading volume. If you get reasonable trading volume over this period, you fit withdraw your money. Na people wey get intention to cheat the platform and people wey dey anticipate the crash dey shout say e don crash.

Lastly, you no fit compare this kind thing with bitcoin. Psychologically, people can risk a lot but can't be patient enough. Bitcoin combine the two, both risk and patience but na that patient dey make people run from bitcoin. They no really care about the risk involved as long as promised them fast money. We dey learn everyday but plenty people are not ready to change their ways. Even if MMM still comes back today, people go still rush am forgetting wetin happen before.

With the experience I done get about how these platforms way get Ponzi scheme traits nah usually this medium of shutting down withdrawal momentarily with either information for upgrade going on or anything of such.

And now your excuse for them by the information you gather them say nah people way no get reasonable amount of cash in the platform nah them no fear withdraw. Oya what of the man complaining about having $60,000 inside him account but no feat withdraw am? Or that amount no day reasonable to withdraw. Nah until the 15th of April we go really know what we go believe or not about the platform rumoured crash.

[Yucky]

Sometimes, it's not like people want to put their money in a Ponzi scheme; it's because they are looking for a way out. Another thing some of these Ponzi scheme people have learned is that they build trust by paying out initially.

They pay the first time, the second time, and then the third time they run away. Imagine investing your money in something, and it pays you once and pays you twice; you obviously have more confidence to go and tell somebody about it.

That's just how I see these Ponzi schemes now. Because we've heard a lot about all these platforms, the more people become aware and withdraw from these platforms, the more the platform operators look for ways to drag people in by building that initial trust.

They'll tell you, "Oh, we're having a networking launch tomorrow," and then they disappear. But I pray it's not so because this is how some people might not be able to think straight again, and then they go and do something negative, which we don't hope to hear such news from this current situation.

[Coyster]

All over the world, people too like quick money, that is why dem dey fall for ponzi scam. If you promise people something wey dey too good to be true, many of dem no go reason say e dey too good to be true, dem go just dey follow the unrealistic profit wey you don promise dem, and that is how scammers dey steal from people.

You know say for bitcoin, you gats dey patient, no be get rich quick scheme, so people wey dey impatient go dey rush to ponzi schemes, rather than bitcoin, na when dem lose their money their eye dey open.

[Marykeller]

Give this kind advice as many times as possible, you go still see many Nigerians engaging in ponzi schemes.

No be today thing wey we begin to see ponzi schemes to be successfully scamming Nigerians without traces. The thing be sae, promise Nigerians good return of their investment, you go see how the ponzi schemes go take market itself by Nigerians without them asking questions of how long the return of investment go last to, and who are their founders? Wetin the mind of Nigerians go be after, na d quick gains it offers, nothing again. Na why this ponzi schemes they find their way to enter Nigeria because they know sae, Nigeria no d ask questions and them d easily buy up any idea given to them as far as money d involved.

Do be surprise sae more and more go enter for our country, and Nigeria go still participate in them all. tomorrow dem go still complain of how ponzi schemes scam them.

[Smartvirus]

If you reason this matter eh, you go just tire for people and how them dey very willing to take risk for watin them know within themselves say, e go cast last last but still, them go conceive the thought say, before e cast them go don withdraw and run.

Most of the people way Dey into this Ponzi scheme matter na people way Dey very lazy about investments and business. People way Dey fine quick money and no like use their hands or ideas to do something way go benefit them. Them just wan put money somewhere and relax while, expecting profit. The matter be say, e Dey always clear them for eye when ponzi go use their money japka.