Sceptical about friend’s invite to join Bitcoin/forex app

robatwork

MrsCautious wrote: »

My friend was put out I think that I didn’t jump in.

robatwork - Friends don't let friends invest in MLM schemes
robatwork's mum - With friends like these you don't need enemies

My friends wouldn't take my money if I offered to pay for a meal, never mind try to make commission from me.

These don't sound like "friends". They are at best misguided. And that's at BEST.

brasso

MrsCautious wrote: »

Really grateful for your replies thank you and thank you badger09 for taking the time to say that, you’re right of course. I’m taking my time. It wound me up that they thought I’d dive in to something like that without questioning it, and that the way it’s being marketed is among friends by saying how excited they are about it.

Well done, good attitude.

I've not always been cautious in my own investment decisions, but at least they are stock market-regulated and above board. There's no bargepole long enough to separate me from the sort of 'opportunity' you were invited to join.

If your friends have genuinely made money so far, then now would be a great time for them to cash out, while they are in profit. I fear this status may not hold for much longer.

The_Real_Cheddar_Bob

cheerfulcat wrote: »

This blog, by a girl who fell for a network marketing scheme, might be of interest - https://ellebeaublog.com/poonique/ ( shows how an outwardly decent person might turn into a marketing monster! )

i spent an hour or so reading this late into last night. I am amazed how similar the "huns" sound to all the other network marketing folk. WOW

5MeoDmt

I've also got a friend that's trying to pressurise me and all his other friends into USI TECH. I've also refused as I don't trust this for a few reasons:

A) the two guys that run it have been involved with scams in the past and one is banned from operating financially in Portugal

You buy a package in bitcoin and as far as I can work out you are paid in bitcoin.. so for example if your pack costs 0.1 BTC .. 140 business days later (6 months) you will have 0.14 BTC .. sounds ok so far .. except the BTC price has risen 7 fold in the last few months so the price is due for a major correction in the near future and the odds are, in 6 months time 0.14 BTC will be worth less than it is now

C) The relentless recruiting. My mate was the same when I turned him down, almost angry that I won't buy in. Keeps inviting me to USI conventions. I keep turning him down and tell him it's probably a pyramid scheme and to be careful.

Shashy

You need new mates, mate.

Malthusian

5MeoDmt wrote: »

C) The relentless recruiting. My mate was the same when I turned him down, almost angry that I won't buy in. Keeps inviting me to USI conventions. I keep turning him down and tell him it's probably a pyramid scheme and to be careful.

You should have told him that a) it is without a shadow of a doubt a Ponzi / pyramid scheme b) not to speak to you again as you don't want scammers as mates.

Of course he's angry, he needs to scam you (and his other marks, sorry "mates") to have any hope of getting his 243% per annum returns.

*edit* - 196%pa, not 243%. I missed that the 140 days is market days (so every 6 months) rather than calendar days. Annualised return is therefore 1.4^2 = 1.96.

gingercordial

Malthusian wrote: »

You should have told him that a) it is without a shadow of a doubt a Ponzi / pyramid scheme b) not to speak to you again as you don't want scammers as mates.

Of course he's angry, he needs to scam you (and his other marks, sorry "mates") to have any hope of getting his 243% per annum returns.

The problem is at the moment, if it is still early days, he may still be in the phase of truly believing in the "amazing opportunity" he has found and genuinely upset that his family and friends are so "unsupportive" of his new venture and so blind to the opportunity themselves.

Later on, as and when he realises the truth, then yes it may turn into anger that others are not buying into his scam, or desperation that they aren't making any money and under huge pressure from the people who recruited them.

A while ago I read the really interesting ellebeau blog linked upthread. She has a link to another anti-multi level marketing site which gives some advice to those whose friends or family have been taken in by this stuff. More interesting reading for those so inclined: https://botwatch.blog/2016/06/17/how-to-help-someone-in-an-mlm/

Malthusian

gingercordial wrote: »

The problem is at the moment, if it is still early days, he may still be in the phase of truly believing in the "amazing opportunity" he has found and genuinely upset that his family and friends are so "unsupportive" of his new venture and so blind to the opportunity themselves.

This isn't just a pyramid scheme, this is a pyramid / Ponzi hybrid. It promises a 96% per annum return on money invested, even if you don't recruit anyone or do any selling. This means you know right from the start that your only hope of getting the return is to recruit enough suckers to come in after you.

jimjames

rjwr wrote: »

i spent an hour or so reading this late into last night. I am amazed how similar the "huns" sound to all the other network marketing folk. WOW

It was a fascinating read!

MrsCautious wrote: »

Really grateful for your replies thank you and thank you badger09 for taking the time to say that, you’re right of course. I’m taking my time. It wound me up that they thought I’d dive in to something like that without questioning it, and that the way it’s being marketed is among friends by saying how excited they are about it.

The bit I picked up in the blog above was their "fake it till you make it" mantra but the writer then asks "what happens if you never make it?"

It sounds like your friend is certainly in that mode.

gatters

One of my Facebook 'friends' has just got into this. The relentless marketing/positivity is cult like.

After scrolling through all the tacky inspirational quotes and photos of cars I suspect they don't actually own, I noticed that all the likes and smiley comments came from the same few people. Most of these people were also 'MLMs/Entrepreneurs/Be your own boss' types. (I was bored on a nightshift).

I found it similar to that recent Louis Theroux documentary on Scientology.