Showing posts with label Bet365Naija. Show all posts
Showing posts with label Bet365Naija. Show all posts

Thursday 19 January 2017

MMM Nigeria Ponzi Scheme And The Curse of ‘Herd Mentality’

MMM Nigeria
What Is A Ponzi Scheme? Business Dictionary aptly defines a Ponzi scheme as a SCAM in which a GULLIBLE group is enticed with the promise of very high returns in a very short time, but is actually based on paying off the early 'investors' from the cash from (hopefully ever increasing number of) new 'investors.' Investopedia reconciles a Ponzi scheme with a pyramid scheme in that both are based on using new ‘investors' funds to pay earlier participants. Essentially, such schemes are synonymous with ‘’Robbing Peter to Pay Paul’’. A typical Ponzi scheme flops when the cash outflow exceeds the cash inflow. Ponzi scheme is named after Charles Ponzi (1882-1949), an Italian immigrant to the United States who, during 1919-20 collected more than fifteen million dollars from some 40,000 enthusiastic depositors by promising to double their investment in 90 days.