News You Never Learn, Do You?

You Never Learn, Do You?

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Some people make the same mistakes over and again. As bad as this is, what makes it worse is when they attack, (virtually or literally) the person who tries to warn them.

That Ponzi Schemes; they survive based on the stupidity/greed of the average person. Those who seek to intervene are slapped aside as if they are preventing the acquisition of millions.

Of course, when the Scheme goes belly up and the investment is lost, don’t be standing there saying, ‘I told you so’ unless you want your beneficiaries to collect on your Insurance.

One of the most common Ponzis that run on the Internet are the ‘Online Writing’ scams. You know the drill.

Site pops up promising to pay more than other sites. Shill send you PM’s inviting you to join and post. So you join and you post.

Of course you get the first pay out, everyone gets the first pay out; that’s the basis of a Ponzi…you invest a dollar you get back $2.00, you invest $2.00 and lose it.

Writing Ponzis operate in a similar fashion.

One writes, reaches the ‘pay out’ and gets that first ‘redemption.’ One writes up a frenzy to the get the 2nd. Only about 40% of all users get that 2nd Pay Out, the rest get nothing, the revenue their articles generate is used to pay newbies.

About 20% get that 3rd Pay out; but considering the numbers, i.e. starting a site with 100 users who bring in 1,000, who bring in 10,000….there are 10,000 Satisfied customers who can out shout the 500 complainers.

Of course, eventually the scheme crashes, those who supported it look like idiots.

And then go and join another scheme.

You Never Learn, Do You?
General Contributor
Janice is a writer from Chicago, IL. She created the "simple living as told by me" newsletter with more than 12,000 subscribers about Living Better and is a founder of Seekyt.

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