Hello Everyone !

I am @hudamalik20 from Pakistan. How are you all ?. I hope you all are well and doing great in your life .Today I am participating in this SEC-S17W3- "Let's talk about Ponzi scheme". in Scouts y sus Amigos Community.So let's start.

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Have you ever heard about ponzi schemes?

Yes, I've heard about Ponzi schemes. It's when someone approaches you with a proposition, like a friend of mine did. She convinced me to join by investing 5,000 rupees, promising returns if I completed the assignments and recruited more people I said no because I didn't have any money to invest 😂 .

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However, despite her efforts, she didn't earn any profit because some people didn't advertise, so the chain broke. Eventually, she got her money back, but she later learned that it was a Ponzi scheme that collapsed because new people stopped joining.

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

Yes, I've been approached by friends, relatives, and even classmates who told me about Ponzi schemes, but I've never felt comfortable getting involved in such things.The idea of earning profits by recruiting others to invest their money didn't sit right with me.

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While some of my school friends joined these schemes and told me about them, I always chose not to participate. I'm not sure if they made any profit from it, but I remember a college friend who was also involved in one of these schemes.

However, it ended abruptly because not enough people were joining, leading to losses for those involved. Still, it's good to know that some people did get their invested money back.

Do you know how to detect Ponzi schemes?

To spot Ponzi schemes we should keep an eye out for certain signs. They usually start by asking for money upfront, often labeled as a registration fee. Then, they'll urge you to bring in others, promising you'll earn from their investments.

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Another thing to watch out for is ads on social media especially Instagram and also dm you ,that promise online jobs but end up asking you to bring in more people instead of giving you real work information.

If someone wants money upfront and counts on you to recruit others instead of offering a genuine product or service, it's better to stay away because it might be a Ponzi scheme.

Do you think Steemit is a ponzi scheme?

No, I don't think Steemit is a Ponzi scheme. When I first heard about it, my attention was drawn to it just like how we focus on quality content on YouTube and get rewarded for it. It operates on a similar principle, where we post our quality content and receive rewards in return.

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I never thought of it as a Ponzi scheme because we contribute our content here, and there's a lot to learn from this platform. While there are many frauds in Ponzi schemes, Steemit is a genuine platform where we don't have to worry about losing anything. We know our rewards are safe here and can withdraw them when needed.

That's it from today's blog I hope you will like it. With best wishes ❤️. Now I like to invite @casv20 , @abdul-rakib and @sitaraindaryas to participate in this amazing contest.

Thanks alot for reading ❤️🤗 .

My introduction post

Regards : @hudamalik20 .