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

[ArabBTC]

Humans never learn from others mistakes, such stories have reoccurred severally, yet people still fall for victim to it, probably because of their greed or because they refuse to go for knowledge, the first question an individual must ask himself before going into anything is if he/she is knowledgeable enough in that field/area he wants to venture into, for you to trade you must be well grounded, also for you to gamble you must be properly knowledgeable in the event you are gambling on, knowledge will teach you that no trader will always remain in profit regardless of how skilled he is, same way no gambler will always win be of the uncertainties associated with gambling.

Giving your money to someone to grow for you in either a trading or gambling account is a clear sign that you are not knowledgeable enough to do it on your own and you automatically remain at the mercy of whoever is trading or gambling for you, such a person can just wake up one morning and tell you that he lost a trade or lost a bet and that is the end of your money, this is an old trick so i wonder why someone would still want to fall for it.

[Awaklara]

this is an old trick so i wonder why someone would still want to fall for it.

The way people conduct fundraising for trading or gambling is not wrong. What is indeed wrong is people who easily trust and deposit money to be managed by them. Even if the amount is small, if more people are involved, it will still become a large sum. Especially if the first period is successfully distributed to all parties involved and yields profits, then in the next period there will be a desire to deposit a larger amount.

[Ishicryptic]

Everything about the story screams scam. Anyone who can make that much money by themselves wouldn’t be online asking people to give them $30. Their target are people who can afford to lose $30 and there are lots of people who fall into that category. The money seems small individually but when compounded, the scammers could get away with thousands of dollars.

I always tell people that there is no free money online and anybody that is introducing any fast money making schemes are most likely trying to scam you but unfortunately some people don't learn, they are quick to believe in ponzis and cheap scams like what is narrated in the OP. Common sense will tell you that if someone who is asking you to pay money to gamble on your behalf is very sure of winning the bet they wouldn't ask for your money which will warrant them to share profit with you. They will rather sell their property to raise money if they don't have instead of partnering with someone else, this common sense will make you to gamble with your own money.

[Alpha Marine]

It's obviously a scam. Nothing about it can be true. They only add the disclaimer as security. That is a way to say "look, we told you you can lose your money and winning is not guaranteed".
There are different forms of this scam. I've seen it with forex trading and also crypto trading, but they are all the same thing.
It's even worse when it's gambling. I consider prediction markets to be gambling. That people call it "trading" doesn't change the fact. There are guarantees that a gambling bet will win, so there is no point paying someone else for it.
Even if we assume it's not a scam, what is the possibility of turning $30 into $10k? That is extremely low. It's too low to be promising anybody anything. If it were that easy, a lot of people would have been getting rich from prediction markets.
One thing is certain: as long as he keeps working hard and packages his scam well, he will get victims. People are that gullible.

[Ashawowo(OS)]

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.

I'm a country that is heavily underdeveloped and people are both desperate and hungry, they are very easy to manipulate. Most times these people know the truth that it's a possible scam, but they've no better offers on their table and they want to give it a try, such changes don't disappoint, it still scams them and they wait for another one.

Literacy gap also makes this possible, they target the less informed and greedy people, those who believe so much in ponzi and getting something out of nothing.

[swogerino]

This was being done here from some people some time ago, in the forum they wanted to go from 100 dollars to 10000 dollars through sport betting yet they fell short after a while and they failed. Now in Polymarket someone is trying to do something similar and I think it will not end well for them also. The reason is simple, just as gambling is totally unpredictable so is trading as the new change fast there which may result in losing that 30 dollars pretty fast in my opinion.

[cryptoaddictchie]

Only fools would believed that and the services seems not realistic. He computed it like theres no room for losses in the process. Gambling is supposedly to be a fun and a way to profit somehow but this sounds like a scammy business at all.

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.

As I read the statement, its sound so superb cause imagine your $30 would be $10k but this is real life and gamblers knows how fast tgat $30 would be exhausted like in a jiffy. Also we should consider how reliable and legit they are first or this is just a sweet deal on verbal world only.

[Barikui1]

This was being done here from some people some time ago, in the forum they wanted to go from 100 dollars to 10000 dollars through sport betting yet they fell short after a while and they failed. Now in Polymarket someone is trying to do something similar and I think it will not end well for them also. The reason is simple, just as gambling is totally unpredictable so is trading as the new change fast there which may result in losing that 30 dollars pretty fast in my opinion.

Things like this seems very easy to achieve daily, but it is one of the most difficult task to achieve, because in trading you can use a week to make up to $1-2k, and use just a single bad trade to lose almost half of it or all of it if proper risk management strategy is not utilized. So it in my own opinion, it is near impossible for it to be achieved, but if some people are too stubborn and they which to take some risk, and try their luck, then they should do it with what they can afford to lose, because like that they wouldn't feel any of it effect if it doesn't work out as expected.

[Free Market Capitalist]

As many of you have said, as soon as you see those numbers—whether in gambling or investing—if you have even a little bit of knowledge, you know they're a scam.

I'm a country that is heavily underdeveloped and people are both desperate and hungry, they are very easy to manipulate. Most times these people know the truth that it's a possible scam, but they've no better offers on their table and they want to give it a try, such changes don't disappoint, it still scams them and they wait for another one.

Literacy gap also makes this possible, they target the less informed and greedy people, those who believe so much in ponzi and getting something out of nothing.

It’s a real bummer because these scams end up affecting the most disadvantaged people—those with fewer resources and less education. Although we must never forget that there’s an element of greed involved. From a legal standpoint, only the scammer is responsible. Morally speaking, we could talk about the greed factor, but it’s best not to rub salt in the wounds of those who’ve been scammed.

[Abdul Sami786]

There are many games that offer a big prize with less money and you want the most luck there. Although this is actually greed because if you don't win in it, your $30 will be lost, while if you bring the same $30 to another game, maybe you can win from it. Many people try their luck in this game and they become greedy and think that they will win a single game and make a profit at once and relax. But it is quite difficult to win, so you should not be too greedy in gambling. The purpose of gambling is to get people to put more and more into themselves and that is why they keep losing and lose a lot of money in the greed of their $10,000. If it is a bit difficult to achieve this target by playing like other normal games, but still the profit is quite right for you, so stay away from greed.

[JoyceBTC]

Everything about the story screams scam. Anyone who can make that much money by themselves wouldn’t be online asking people to give them $30. Their target are people who can afford to lose $30 and there are lots of people who fall into that category. The money seems small individually but when compounded, the scammers could get away with thousands of dollars.

I always tell people that there is no free money online and anybody that is introducing any fast money making schemes are most likely trying to scam you but unfortunately some people don't learn, they are quick to believe in ponzis and cheap scams like what is narrated in the OP. Common sense will tell you that if someone who is asking you to pay money to gamble on your behalf is very sure of winning the bet they wouldn't ask for your money which will warrant them to share profit with you. They will rather sell their property to raise money if they don't have instead of partnering with someone else, this common sense will make you to gamble with your own money.

Most people are just too gullible that even when they see someone is trying to scam them, they don’t realize on time until it is late. When they hear free money or quick money, they fail to check if it is legit or not, even the red signals that was very visible and obvious to them, they still neglect it until they later come to a realization after they’ve been scammed.
This is even an old way of scamming people but I bet you, some persons are still not aware of it and they just allow any one make use of their head without thinking, they just get distracted with the fact that they are in for more money.

[Texac]

Things like this seems very easy to achieve daily, but it is one of the most difficult task to achieve, because in trading you can use a week to make up to $1-2k, and use just a single bad trade to lose almost half of it or all of it if proper risk management strategy is not utilized. So it in my own opinion, it is near impossible for it to be achieved, but if some people are too stubborn and they which to take some risk, and try their luck, then they should do it with what they can afford to lose, because like that they wouldn't feel any of it effect if it doesn't work out as expected.

I'm also pretty skeptical about experiment like this, especially when someone is trying to turn small amount of money into thousand of dollars in short period of time.  And sooner or later, even one bad trade could wipe out all your previous gain.
That said, I wouldn't put Polymarket in same category as regular casino. With prediction market, you can actually do some research, look at the stats, follow news, and try to spot event where market has got the odds wrong.

But problem is that even getting prediction right doesn't always mean you'll make profitable trade, especially if you're buying contract at an inflated price.  But the experiment itself is interesting, especially if person openly share all their trade, including losing one.

[Johnlomape]

This was being done here from some people some time ago, in the forum they wanted to go from 100 dollars to 10000 dollars through sport betting yet they fell short after a while and they failed. Now in Polymarket someone is trying to do something similar and I think it will not end well for them also. The reason is simple, just as gambling is totally unpredictable so is trading as the new change fast there which may result in losing that 30 dollars pretty fast in my opinion.

I have seen something like that before when someone said he's going build his $10 bankroll to $1,000 in two weeks. We have been seeing something similar in this forum and some players had been making it from their bets, showing different proofs of their winnings.
This can happen but maybe due to luck. Players should also be aware of this kind of practice although if the capital is lost, it may not bother anyone one since it's a small amount but this is full greed and such mentality should be aborted.

[Somegory]

I don't know about others but there are people who will actually want to go this road for profits making and they understand the risk, theyr plans is to get in make some money and get out.

Why are people still patronising high yield investment plans till date? They knew it's all Ponzi and probably scam but they believe in them that they can still make some money from it and escape before it's too late.

I wouldn't bother warning anyone about this because it's very clear where it's leading, that's pure scam if you ask me thee is not one good reason to think otherwise, it's very clear.

[Questat]

If it's too good to be true, it's possibly a scam.

If they can really do that, they do not really need to share anything at all. They can fund it themselves and make money to get rich. Now, if they are asking money from other people and just promising to take a share from the profits, it becomes fishy.
I bet they won't even tell their name, where they are from, or how they will get the signals (if that is what they call them, like in trading). Still, we cannot trust this kind of offer because it's obviously something that will vanish in thin air after they take your money.

Exactly. They don't have to convince the people, they will just secretly trade on their own and make massive profits, that is if they are true to their words. But things like this are one of the most common forms of scamming, and those who fall to the trap are mostly the newbies who are more greedy to experience instant and huge profits.

However, this kind of business will only click at the beginning, but once people discover the truth, they will find ways how to get rid of this, perhaps after learning the hard way.

[Tetu100]

I always tell people that there is no free money online and anybody that is introducing any fast money making schemes are most likely trying to scam you but unfortunately some people don't learn, they are quick to believe in ponzis and cheap scams like what is narrated in the OP.

Yes that is true. Because even in Freetown, there is actually no free thing there. Everything still has a hiding price tag attached to it. At first everything will look very okay and fine but the inner motive will later prompt out at the very end of it. That is why I hate jumping on anything that looks more good with little or no efforts required.

Hence, I prefer launching a comprehensive investigation before arriving on any decision if I will get involved or not. I think this is more better especially now that scammers are thinking outside the box in carring out their activities.