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

Greetings to my beloved friends and members of this community

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105 years now and people still invest hoping to gain huge returns even though they know it is a Ponzi?, many are well aware of it but have an investor's mindset of either gaining or losing. Some will say everything is all about risk. Many believe crypto assets are a Ponzi scheme, yes it is true that after getting a lot of people to purchase their coins, what they do is make them depreciate using the idea of bullish and bearish to cover up for their act, while the coins remain, sometimes struggling to rise is all the coin do for a long period making investors run loses.

Have you ever heard about Ponzi schemes?

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I knew about the Ponzi scheme way back in 2018, at this time I had no idea what it was all about because it was presented as an online business that would yield so much return when investing with a very small capital. I had no idea about crypto and I think Ponzi schemes were not in crypto at that time. So the Ponzi scheme was about depositing on a certain site, performing their daily tasks, and earning rewards. It has a withdrawal frame, time, and all so set limits for withdrawal, but you are expected to gain 2-3 times your investment if you consistently perform the tasks.

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

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I thought I was offered a job but it was all a scam. I made some compounding calculations and estimated my earnings in 6 months. It would have been possible for me to buy land or give my parents part of the money to raise a structure back in 2018. I will always assure my siblings of the coming reality of their dreams, but all my dreams were a mirage because I invested in a Ponzi scheme. Thankfully I didn't invest much at my tender age it was just 1500 naira(), a big money for me considering the economy and my age.

Do you know how to detect Ponzi schemes?

Ponzi schemes are very easy to detect these days though some have upgraded and used crypto assets as camouflage like one that came out early last year in Nigeria known as PLU and GEHM, many Nigerians were aware of this Ponzi scheme that claims to be a crypto asset trading platform assuring traders of 100% profit each day, this is one way to detect them, they will assure you of higher returns, another is that they will claim to be founder by a white man whose identity may not be known, this case is rampant in Nigeria, this Ponzi scheme is brought forth by our fellow Nigeria but the will claim it was founded by an Arabic country. Ponzi schemes will always set a minimum withdrawal for users. The fact about the Ponzi scheme is that they will always wait for you to invest before giving you profit.

Do you think Steemit is a Ponzi scheme?

Steemit does not have any characteristics of a Ponzi scheme, first, they pay you based on performance on the platform, many have been here for about 7 years, and I have never seen a Ponzi scheme that can last for that period. So steemit is not a Ponzi scheme.

I would love to read and comment on entries from my friends @wakeupkitty @dexsyluz and @bossj23 and others.