SEC-S17W3- "Let's talk about Ponzi scheme

Just like they always say that we learn either by information or by experience. What do I mean by that? It is either you learn from something you experience or a reality or you learnt from an information. When it comes to financial investment, I will say I have learnt from experience much more than information because trust me I have made some terrible investment choices in the past which one of them are Ponzi schemes

Have you ever heard about ponzi schemes?

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There are actually seasons in Nigeria that Ponzi schemes were the one trending. Everyone want to actually find a way of multiplying his or her financial state through some financial investment thereby leading people to jump into Ponzi schemes.

So many Ponzi schemes I have heard and not only heard but even experience which means that I myself have been forced or deceived rather to invest in thinking I am really in for some serious profit along the way. Well it turns out it didn't play out. Some of the popular Ponzi schemes I have heard in Nigeria then were MMM, Givers Forum, Get help Worldwide and many more. I can keep mentioning it but let me stop here.

Have you been offered to invest in any of these schemes?

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Yes I will definitely say yes. I have been forced at one point to invest in some of them. Some like MMM and actually many more. If I should actually look at my experience in the past, I will say it was actually pressure from every corner.

You know what I mean, you don't want to miss out on something that is really trending at that particular time and bringing in so much money for others. At that particular time, you will always want to benefit from it. It was really a bad experience that I don't want to share today as the majority of them that I tried out ended up in bitter tears.

Do you know how to detect Ponzi schemes?

Quite from what I have actually faced, I will say one of the major ways to detect and be aware of Ponzi schemes is that you see them promising you crazy returns that is just not unrealistic. Most Ponzi schemes will always promise you of either doubling your money in a month or even in a week.

How outrageous it is! So I will say that is one of the major ways for you to know that Ponzi scheme to be detected. The truth any investment option that promise you crazy returns is not authentic and can not be sustained for a long period of time. That is just the truth about it.

Do you think Steemit is a ponzi scheme?

No i will say Steemit is not a Ponzi scheme because Steemit does not actually possess that which made a Ponzi scheme. Steemit does not promise any outrageous returns like those Ponzi schemes always do and not only that but also Steemit does not work on referrals like those Ponzi schemes so I will actually say Steemit is not a Ponzi scheme. It is far from it. I will like to stop here my fellow readers.

I am inviting @mikitaly @jyoti-thelight and @patjewell @tripple-e to participate in this contest.

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