Crypto, Ponzi, Pyramid Schemes | Everything becomes the same when you fail to DYOR -

LeoFinance
8 days ago
2 Min Read
338 Words

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Before my involvement with crypto, l saw it as one of those shady schemes used to con unsuspecting greedy lads.

This was due to what l witnessed in 2016. A lot of pyramid/Ponzi schemes were rising and falling within the twinkle of an eye. They came as a get-rich-quick program. The type that promises to double or triple your stake.

These schemes became popular across the country. It came when l was running my B.Sc degree and alot of us wanted to be economically active. Ponzi seemed like an investment so, why not? People didn't hesitate to get involved.

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I can still recall how people staked their tuition fees in such schemes. At a point, some resorted to borrowing to stake big and earn bigger. "High-risk, high-reward" was on everyone's lips. Others sold off their gadgets and other items at a very low price.

It was just a matter of time before it came crashing. The likes of MMM, Citifund, Tripleup, Twinkas, Cashpipe, charity, etc.

Funny, isn't it?
The sad part is, its collapse had a huge impact on everyone.

  • Students lost their tuition fees.
  • Businessmen lost their inputs
  • Employees lost their savings
  • Worst off for those that invested with borrowed fund.

Memories of this loss were still very fresh in people's mind when Crypto started trending. I for one didn't care much about Crypto.

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I wasn't planning to take a chance on it so, l didn't read beyond headlines of any Crypto-related article. I saw it as a project that was pioneered by con artists.

My decision didn't make me less of a risk-taker. I just didn't allow myself to do my research -a decision that still bites me whenever l think about it. Well, the past is there to either make us smile or sad.

Who would have believed that Crypto would turn out to be different?

Thanks For Not Missing Any Full-stop Or Comma
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