I saw an advert on Facebook from Cashsociety that said “a poverty braking system has finally been launch now it close to your country log in a experience the change and see how other peoples lives have change in a short space of time. This is just a community of people who are in a mission of burying poverty and liberating themselves financially.”
It said you pledge R500 or $10. Can this really be a way to make money?
I checked the web site of this scheme and it’s remarkable how little they say about how this scheme works.
Their web site and Facebook group say that they are “empowering economic freedom and suggest that you can “Benefit from the power of giving” but that’s all they say.
But I know what this is. This is a clone of MMM Global, a Get Rich Quick scheme that claims you can take money from the scheme so long as you donate to it first.
What these schemes fail to explain is that people can only take more money from the scheme than they give if the amount of money going in is always increasing.
That requires an increasing number of new members, or old members repeatedly contributing more and more money.There’s a name for this sort of scheme. They’re called Ponzi schemes.
Eurextrade was a Ponzi scheme, just like MMM Global is a Ponzi scheme. The simple truth is that most Ponzi schemes never even start properly because they can’t find enough victims gullible enough to fall for their lies.
Those that do, like Eurextrade and MMM Global, all eventually fail, leaving people poorer, sometimes ruining people’s lives.
The only people that do well are the crooks who start them and the collaborators who help recruit new victims.
As with all Ponzi schemes, the decision whether Cashsociety succeeds or fails rests with us.
Are we prepared to let another Ponzi scheme succeed?