Going for Gold
How crazy is this Emgoldex affair that the SEC recently issued a warning on? It was the first time I heard about it, but apparently it's been making the rounds worldwide with various countries issuing their respective disclaimers and warnings on it. I think it made its presence felt locally sometime last year with enthusiastic believers drumming up interest on it and doing the usual "You too can be as fabulously successful as I am!" spiel common to all MLM/ pyramid schemes.
Yes, it is definitely a pyramid scam. From what I gathered, one person invests something like Php35,000 and then invites two other people to invest the same amount. Every time his downlines invite two more people, the first person moves closer to the finish line. When has reached the required number of downlines, the first person "graduates" or exits the table with a whopping Php180,000, all from an initial investment of Php35,000. Now tell me, who wouldn't be blinded with such a scheme right? Php35,000 turns into Php180,000, in less than a month? Uh-mazing.
To lend it an air of legitimacy, you have the option to either get gold with your Php35,000 or if you exert a little effort and participate in the program, then your Php35,000 can turn into Php180,000. Bili na mga suki!
Ask Upline made a simulation of how much cash goes in and out of the tables per level and the result is pretty mindboggling. So much zeroes and it gets more convoluted as the tables age, hence the mad dash to become one of the first investors to reap the benefits of the pyramid.
Anyway, if you're into eavesdropping into peppery conversations (like I am!), I suggest heading over to Pinoy Money Talk and reading the forum on Emgoldex for a quick laugh.
What's not funny though is how schemes like these always pop out with regularity. Some people never learn no? I remember someone who lost money in the Aman scam was interviewed and he said that he knew that it was a shady deal, but that he took the risk anyway because he might be one of the first and thus earn a hefty profit. So he was willing to earn a profit at the expense of others? Then it serves him right that he lost money. And if you don't learn from your mistakes or from the mistakes of others, then you had it coming and have no one to blame but yourself.
Buti nga sa iyo.