A friend of mine called me last night mentioning that someone she knows very well has a very good investment scheme to offer and I would be interested in it. I asked her what type of scheme, she mentioned that it is some Crypto related scheme. She is quite naïve in the Crypto space and has not much idea about how Crypto investments work. She knows that I do my investments in Crypto and hence she thought of suggesting it to me.
I told her ok, I will like to talk to the person. I did not do this with the intention of making investments but I was curious to know what this scheme is like. Because I had heard about this person flaunting out his scheme to others also. I called up the person and he started with bragging about how he had benefitted so many investors by multiplying their money. I asked him did he actually pay them that multiplied investment and he said No. He mentioned that he has promised his clients to give them much more than what he has committed to them earlier. That's a good thought, but I was thinking how was he going to do that. His scheme is, that one makes a minimum investment starting with 500$ and get him 5 more clients and after one year I start earning 5 folds of my invested money every year for a duration of 3 years. I understood he was running a chain marketing scheme, which majority of them are all ponzi schemes. I have been victim of it in the past. I asked him what if I cannot get him 5 clients. Well, he says then I do not get anything, and at the end of 3rd year I get back my 500$.
500$ and getting 5 clients, sounds easy right, but it is not that easy to work it out. And even if you get them, trust me these schemes never pay out. After a year or so everyone disappears. I asked him, where would he be investing this money to give this type of returns and he mentioned he would be doing it in Crypto. Understanding the volatility of the Crypto market, no one can ever guarantee any type of payouts on a regular basis. Either this person is a fraud or has absolutely no understanding of the Crypto market.
I asked him then what if the market crashes down, in such a scenario how is he going to pay as per commitments made. He gave me the silliest answer, saying. He has picked up some good coins and they will never fail, even if the market goes down, they will give returns. I asked him what were those coins, because not that I know of any that would give profits even when the market crashes, and after all it is Crypto, how can one say anything with guarantee. He told me he can't give me the Coin names as that's his trade secret.
I told him Thank you for his time and effort in explaining it to me, but surely, I would not be interested. He tried to convince me, but I softly declined. There are so many such scams happening around. People who do not have Crypto knowledge fall prey for these type of Ponzi schemes. Especially when they see sudden rise in the prices, they feel that this is going to be quick money, but they fail to see the other side of it. Realization only comes when it hits in real and the market crashes.
No one can guarantee any returns in Crypto investments and if anyone is doing that people should understand that it is not genuine and there is some fraud and scam involved in it. One has to be very careful when dealing with such people because they are very good convincers they will show you a very rosy picture, make all false claims and then when their target is achieved, they will vanish, you will never hear from them, nor be able to reach out to them. Many people are still struggling to figure out how to make investments in Crypto as they find it complicated or they do not know where to start from. In such situations such scamsters take advantage and cheat people.
Everyone gets lured with the promise of quick returns. But one needs to understand that Crypto Investments are not a get rich quick schemes. Some people can turn out lucky that after investing at a very low price the prices may suddenly shoot up and it can happen opposite also, that you may invest at a higher price and the market falls. Anything can happen, but keeping those short visions in mind for investments perspective will not help. It can be dooming. It is best to gain self-knowledge, understand how this market operates and then make mindful decisions.
Thank you for visiting my blog. 👼🏻👼🏻💖💖🌹🌺🌸
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