From $30 to $10,000: When Profit Projections Become a Greed Trap

[serjent05]

snipped..

Please be aware of this typer of greedy offer. The platform they will use is Polymarket.


Although they are giving away the disclaimer that this money can be lost, I still think luring someone by giving them the option to explore something that is almost impossible is wrong. They are playing this game by brainwashing people.

The offer is more likely a scam.  Although they have disclaimer that the money can be lost but their promotion of 6% initial profit daily is too strong that it overshadows the importance of the disclaimer making people think that it is a sure thing.

I will stay away from this kind of scheme, we all know that a promised daily 6% initial profit is a promise "set in gas".  More likely, it is a scheme to scam people because it somehow lack substance and is difficult to hold into.

[Natalim]

Not just any greedy offer but most likely scam, the first thing we should learn is never ever give money to anyone either through "investment" or any form of transferring your money, once you don't access on it, you already lost it. Second thing, theoretically that compounding could work if you assume that every time you trade is a win, a few consecutive losses could wipe your entire bankroll/wallet.

Lastly, if someone said about trading and they gave you a fix profit monthly or daily, it's an easy no since there's no trader are sure whether they can earn 3% daily in trading.

Greed is a major component of scams, so if you are seeing greedy offers that already sound too good to be true, definitely its a big scam. Do not trust that person or company because they are just trying to deceive us, not to offer help but only steal our funds.

And trading is like gambling, you may win some, but you could lose your entire bankroll in just a blink of an eye. Trading is no different, there are no fixed outcomes and most of the time, you lose more than you win. Better get rid with this obvious scam offer.

[Homemade-IQ]

What they are doing is gambling, so I believe that those that are ready to risk their hard earned money in it are aware that the chances of losing their money in something like this is way greater than their chances of winning, so it's not a bad risk they are taking if they are doing it with what they can afford to lose, but if they are doing it with more than what they are willing to lose, that is where the problem is.

To make big money in gambling you need to take stupid risk and be greedy at the same time, because what they are doing is pure gambling, so I don't think that they are brainwashing anyone as long as they told them how risky what they are getting into is.

[Ayers]

But he has a community where he can at least gather 100 people from it , and the minimum contribution is $30; there is no cap. They will take 30% from total profit. Still I think it is absurd when you can make $10k from ur own money collecting money from the community.

However my objection is not just that they are taking money from other.
My question is, how are they claiming to generate 3-6% daily return without providing any evidence!

Starting with $30 and compounding 3% net profit daily for 150 consecutive day would result in balance of approx $2540, its not $10k.
And with 6% daily compound rate, balance will be approx $187000.
These are hypothetical calculation before accounting for fee, loss and withdrawal.
I don’t quite understand how their 3% daily profit and 3% withdrawal policy actually works.

And my biggest concern is consistency. It is not impossible to find any winning trade every day in Polymarket. Any single losing streak of their will wipe out profit accumulated over many previous days. What will they do then?

[Hispo]

The exact moment I saw the yield of this alledged investment (or rather gambling offer), I knew you were talking about something which was almost impossible, something which fits more the definition of scams rather the definition of investment...

Anyways, it is sad and disappointment there are people who are willing to give their hard-earned money to other people only offering promises and hot-air to them.

I don't know who those people are, but I would get they will likely collect the money or part of the money and ran away within, claiming they have lost all of it to Polymarket.

If something seems to be too good to be true, then it is likely a scam.

[Mrbluntzy]

Please be aware of this typer of greedy offer. The platform they will use is Polymarket.

With all the different types of ponzi schemes and scam investment strategy that have trend in the past and present, anybody that agrees to put their money in this kind of thing is just a foolish person, out of every good investment, the person doesn't see where to put their money to but chose trading on polymarket, no gambler here can be that foolish except it's just naive beginner that doesn't know much about gambling but is desperately looking for a quick way to make money.

[EluguHcman]

Maybe this is the perfect place to write about this, since everyone here is connected to gambling.
I saw an absurd post in a local community of mine, raising funds for Polymarket. They will trade on behalf of the users; the main goal is to trade each day and compound 6%. After 150 trades, it will be more than $10,000 by compounding 3% each day, and 3% withdrawal. So the initial profit is 6% each day.

I didn't do the math, but whenever they are portraying that $30 can be $10,000, I think our brain stops thinking about it and jumps to share their capital.

At this point of time, I think we should be considering the risks that follows the adventures of turning just $30 to $10K and not just jumping into the conclusions and be deliberating about how you will share profits.

If you ask me too, there is a level of my understanding with a need why they have to really discuss how to share the profits as much because, it is ideal that each participants investing their $30 should be able to know what their profits will be at the end of profit returns as share owner in the market they are.

That of course can also come first because it is a business deal but the risk involved should also be considered so that we don't expect so much with the disappointed of uncertainty and unpredictability in gambling and prediction market.

[masulum]

Sweet offers usually just end in disaster! Even if the programs are run by trusted members, people can turn into scammers when dealing with money, investments, and potential loss. A total 6% return daily (compound+withdrawal) is a really sweet offer for us, but remember one thing, trading isn’t always give a profit, because sometimes the predictions can be wrong, and they need to recover the loss in the next day. The risk of loss is even higher in Polymarket, because the outcome depends on predictions. the questions is, how initiator can give 6% to all members if the he losses 7 days in a row?

[laspol65]

There are many people who will give money out of greed, but this is a completely fake website. If it was possible to earn from $ 30 to $ 10,000, then he would have earned it himself, rather than opening a platform and requesting money from others, every person should understand this, but those who are new and will face greed will not understand these things. These sites will show good honesty for some time and maybe give some returns but later they will suddenly disappear,
so I want to say that you should not be associated with these platforms in any way and should stay away from these platforms.

[As-Soon-As]

Although they are giving away the disclaimer that this money can be lost, I still think luring someone by giving them the option to explore something that is almost impossible is wrong. They are playing this game by brainwashing people.

Ah what a great offer, everyone will be greedy after seeing this but no one will think about what is going on behind it. Earning $10,000 with $30 is a sky-high gap, if any person has paid here, then he has made the biggest mistake because the chances of getting his money back are very low. These poly market sites will treat you well for a few days but suddenly disappear from you and will not pay your money, so you must be careful from all these sites.
If any person accepts the offer they have made, then he will definitely face loss, so everyone should be careful from the false hopes of all these poly markets.

[alegotardo]

Maybe this is the perfect place to write about this, since everyone here is connected to gambling.
I saw an absurd post in a local community of mine, raising funds for Polymarket. They will trade on behalf of the users; the main goal is to trade each day and compound 6%. After 150 trades, it will be more than $10,000 by compounding 3% each day, and 3% withdrawal. So the initial profit is 6% each day.

I didn't do the math, but whenever they are portraying that $30 can be $10,000, I think our brain stops thinking about it and jumps to share their capital.

 I think the post and the numbers are in Bangla. But he has a community where he can at least gather 100 people from it , and the minimum contribution is $30; there is no cap. They will take 30% from total profit. Still I think it is absurd when you can make $10k from ur own money collecting money from the community.

Just from your post (without looking the original post that you mentioned) I can already see several glaring "red flags" that should be more than enough for a good bettor to realize that this is a terrible deal:
- Fixed daily returns.... when has a risky prediction market ever guaranteed this to bettors? There are no guaranteed returns in betting.
- Trading on behalf of a third parties... Handing over even 1 dollar to someone without custody is foolish (I do not even need to explain further).
- 3% withdrawal fee.... is this meant to discourage withdrawals? Create pressure to reinvest in the pyramid scheme's flow?
- 30% commission of profits.... if the operator really had a strategy with this kind of return, they could use their own capital or seek financing from banks and make much more profit.

Anyway... AN OBVIOUS SCAM, whoever falls for it, that's on them!

[Hispo]

...how initiator can give 6% to all members if the he losses 7 days in a row?

They cannot, specially if there are people who may start to demand their money back.
And you are right, there are been people who started with things and schemes like this one with good intentions, but turned into scammers as they realize their scheme was about to colapse.
If those guys who are organizing this realize they were about to lose all their money and defraud all people, they could start to and try to attract even more capital in the form of new investors, turning this trading scheme into a classic ponzi.

In the end of the day, it is better to stay away from scheme like this one, and never to trust one's money blindly to others so easily, even if they are promising something which it has not been possible for the biggest banks and hedge funds of the planet.

[rachael9385]

Although they are giving away the disclaimer that this money can be lost, I still think luring someone by giving them the option to explore something that is almost impossible is wrong. They are playing this game by brainwashing people.

It's not even brainwash, people are just moved by their greed, they have a thousand reasons to doubt this whole thing but they still want to believe that there is a chance that it's impossible. People assume that just because a disclaimer is given that money can be lost means that the transparency is a go ahead. Focusing on that amount is what might get people enticed but those that think logically would not even attempt it.

What they are doing is gambling, so I believe that those that are ready to risk their hard earned money in it are aware that the chances of losing their money in something like this is way greater than their chances of winning, so it's not a bad risk they are taking if they are doing it with what they can afford to lose, but if they are doing it with more than what they are willing to lose, that is where the problem is.

Considering the fact that the resources are being put into the polymarket it is not really categorized as gambling even though it obviously is, the word trading is used to make people feel like it's something that's different from gambling but like you said, there's no harm in giving it a try with an amount that they can afford to lose.

[yhiaali3]

How could $30 turn into $10,000? It is clear that this is a type of scam to collect as much donation as possible, and then most likely they will run off with the money.

Even assuming they are sincere in their offer, how can we be sure they will win every single time and reach the $10,000 goal? Then, if they achieve the goal, what guarantee is there that they will distribute the profits to the participants?

[Darker45]

The problem is that there are scammers. The bigger problem is that scammers are becoming too obvious with their offer and yet there are still people falling for it.

It's not that worrisome that there are scammers, because it's virtually impossible to completely eradicate them. What's worrisome is when people lose their basic sense of discernment that they easily fall victim even to extremely dumb scammers.

Not only does this incentivize scamming, it also encourages even the laziest and most stupid criminals to go into the same business. And, worse, they're abundantly rewarded for it.

[traderethereum]

That is normal which will makes people join without thinking that is absurd or not. They are amaze with the number from $30 to $10,000 and makes them tempting to join. If that community had 100 people and each of them deposit $30, the community have $3,000 to start and that would enough.

Imagine if they have more groups of people who will doing the same, how much money they can collect. The bad things can happen is they can run with the money and leaving those people who join.

[bitbollo]

6% daily? compounding interest? 
If someone would fall for these scams evidently has no idea on how it works the money/economy in general.
Get scammed in this way would be the last of this problem - probably - since they would fall in many more other issues based on impressive ignorance.
Barely this profit in a safe and (legal) way could be obtained only by investing in some EU/USA long term bond (actually Italy bond are paying 4,75% per interest more or less).
Excting such return would be worst than believing in a HYIP.
As real data, a profitable gamblers would make a profit of 7% ROI about all wagered amounts. Expcting the same return daily, compounding bets would just be a totally irrationale claim.

[m2017]

I saw an absurd post in a local community of mine, raising funds for Polymarket.

It’s so convenient to take risks with other people’s money.

They will trade on behalf of the users; the main goal is to trade each day and compound 6%.

What guarantees? None at all.

After 150 trades, it will be more than $10,000 by compounding 3% each day, and 3% withdrawal. So the initial profit is 6% each day.

Things always look "nice" on paper.

Promising 6% doesn't mean guaranteeing a profit of 6% per day.

I didn't do the math, but whenever they are portraying that $30 can be $10,000, I think our brain stops thinking about it and jumps to share their capital.

No matter how precise the mathematical calculations might be, the whole scheme ultimately hinges on "luck" - because this is a prediction market, where there can be no guarantees. One bad bet, and your entire deposit is gone.

Only a truly foolish person would believe this fairy tale about turning $30 into $10,000.

I think the post and the numbers are in Bangla. But he has a community where he can at least gather 100 people from it , and the minimum contribution is $30; there is no cap. They will take 30% from total profit. Still I think it is absurd when you can make $10k from ur own money collecting money from the community.

This isn’t absurd; it’s the sound logic of a con artist: take risks with other people’s money and pocket 30% of the returns (I’m certain they’ll take a cut from every winning bet).

The answer is simple: they aren’t capable of earning $10,000 on their own, so their entire profit model relies on that 30% cut. It’s an old, semi-scam scheme. Looks like the Bengalis have only just discovered it.

Please be aware of this typer of greedy offer. The platform they will use is Polymarket.

With any situations where you hand over your money.

Although they are giving away the disclaimer that this money can be lost,

That is how they try to evade responsibility.

I still think luring someone by giving them the option to explore something that is almost impossible is wrong. They are playing this game by brainwashing people.

That’s exactly what I’m saying - it’s a semi-scam scheme: on the surface, all the terms are laid out and there’s no overt deception, but as you noted, the promises themselves are fundamentally unachievable (which, in effect, is deception).

[Peanutswar]

As per reading the post is this like a scam?

Imagine they are finding a player for polymarket that are willing to make an investment to them as a capital and then they have a winning percentage goal and the users even earned interest with their profit with a compounding interest. Its seems this phrases are just likely wanted to catch an investor and use to play a casino and then if they win they will get a possible return to the investor to gain their trust afterwards getting losses possible run away the money. So its sooo sketchy actually...

Greedy in playing gambling and just a face for scamming its considered a red flag already.

[Don Pedro Dinero]

I didn't do the math, but whenever they are portraying that $30 can be $10,000, I think our brain stops thinking about it and jumps to share their capital.

That only happens to you if you are a retard.

I used AI to help with the calculations & it turns out that an initial investment of $30, compounded at 3% per day over 150 days, does not result in $10,000. My assumption for a day is based on the number of trades executed (one trade per day, so it will be 150 days).

<...>

The result is $2,518.40, that is only 25% less than the $10,000 projection. So, an offer like that should indeed be approached with greater caution, don't be too quick to take the bait.

Yeah, but the ones who fall for that trick are just idiots who aren't going to stop and do the math.

My question is, how are they claiming to generate 3-6% daily return without providing any evidence!

Because the people who are going to fall for the scam are fools. They don't need evidence to fool them. All they need is for the advert for the so-called system to reach enough people for a small percentage of fools to fall for it.