First Time was a Charm:

Above is a screenshot of my Trapped Tokens in a Blockchain Ponzi Scheme!

There is Ponzi Scheme everywhere, on the streets, in casinos, on the stock markets and now on The Blockchain. Greed is majorly the motive to fall for the bait of massive returns on investment; but in some corners of the World, hard life and poverty sounds more accurate than greed. In my own case, i was dumb and was trying to invest for my siblings!

As many who had stumble upon sites like "Bitcosmos, Bitchair" and so on; they are nothing else than absolute Scams to rip people off their cryptocurrencies- Pyramid structure of Robbing Peter to pay Paul! As a curious Cat as i am, i came across one in September and tried it out with 14 Steems after seeing dozen Ads and then reading about it in a Steemian's blog. Converting 14 Steems was about 0.0017 as at the time of my experiment, like other cryptocurrencies; the price of steem was not as low as this by the time i first tried it out towards the ending of September.

So fast forward to two weeks later, i cashed out my initial investment successfully; thinking how on Earth was that possible to invest a certain amount and get a percentage of it Daily till eternity!

Second time Bursted!

Like all average human beings, since i was testing it out i couldn't tell a sole until right after my first cash-out. It was successful so i thought, then as a risk taking business man; invested 200 Steem for my siblings and my sis-in-law with a 50:75:75 ratio for the three of them- My two elder brother and my Godson's mother!

As at the time of writing this, all the invested tokens got trapped on Bitcosmos and i couldn't help but get mad and happy at the same time that i didn't invest more than that and i never dragged my siblings into this mess with their resources, if they had invested money courtesy of me, how does that makes me feel?

A Narrow Escape

Meanwhile, i had requested for a loan of 1 Btc to pay back 1.1 Btc in 12 days as i was planning to invest in an ICO coming up in Germany, from my visibility Study i foresee making my Capital and interest back in 14 days. But i was thankfully turned down by @virtualgrowth because my Steemit Account is not worthy to be a collateral. A blessing in disguise i must confess because i would have invested all my interest from the ICO into the failed Ponzi Bitcosmos.

"What would have happened if my Steemit Account was worth $5000 the price of Bitcoin as at that time, was that how i would have loose it all?"

My intentions were good as i wanted to invest in my Godson's Crypto account as i and the dad- My intimidate brother use to joke about it. But i was lucky and dealt with the same time with a 200 Steem and not maybe 0.5btc!

Learn from My Stupidity Steemians:

Risks are meant for the Brave, this was my first Blockchain loss; or let me call it a lesson. If you are in doubt; just check my wallet and find the 50:75:75 cash out i did to "Blocktrades". But learn from me and always look before you leap into any too-good-to be true investment, they are in hundreds and they pop-up as Ads to entice the Unsuspecting Blockchain Rookies like me. Beware and Be warned!

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FOLLOW-UPVOTE-RESTEEM AND MAYBE DROP A SUPPORTING OR CONTRARY COMMENT.....It's your friendly Neighbor @oluwoleolaide for Steem-Lagos-Nigeria-Africa-World!

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Badge courtesy of @jodi.pamungka Animated Footer by @rituparnaghosh