This is my first time of reading this thread and I am amazed that people still do not recognize ponzi scehmes when they come across one. This is not the first time that this will happen in naija, I remember UMANAH UMANAH in the early 90s and NTA actually showed the guy's "vault" where he kept people's money; milions and millions of Naira dumped in a bungalow!
People need to understand that if a business is too good to be true, then it is NOT true. Stop saying that someone else is also doing it and has made fantatistic returns. In Ponzi schemes, the first people to get in would most likely do well, it is people that get in late that run into problems. Even if you want to game the system (i.e. participate and get out quickly), how do you know you are not too late when you get in?
I seriously hope no one here got burnt (Dotunks, eriksbmw) with these scams. I don't even need to know what you are doing to know that a guaranteed 10% return a week only means TROUBLE.
These schemes will be back in another 10 years and some people will still go for it. "Those who forget the lessons of history are doomed to repeat them" - GERDA LERNER
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“The market can remain irrational longer than you can remain solvent.” - John Maynard Keynes
Last edited by hispy99 : 1st April 2008 at 01:14 PM.
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