![]() ![]() If you’re wondering whether the sales opportunity you’re considering is part of an MLM, or you’re trying to convince someone that they’re in an MLM, here are a few steps that you can take: Anyone appearing like they’re making money from an MLM on social media is simply trying to dupe others into distributing for them. Who doesn’t want to become their own CEO for a small initial investment of just $150, especially when you can make 1000x within 10 months! What really happens Source: ĩ9% of MLM participants lose money, according to the Consumer Awareness Institute. Join and you’ll become your own boss, get free training, and earn six figures in your first year! Now that John Oliver and others have shone a light on the industry, the MLMs have had to get even sneakier. Then, they squeeze capital out of them on the dangling promise of eventually multiplying their returns. MLMs are notorious for using psychology and manipulation to lure unsuspecting income-seekers into their midst. For more on why, check out Crypto Crash Course – Everything You Need To Know About Bitcoin, Blockchain, And More. Again, the only thing propping up crypto values is investor interest, which is fickle, fleeting, and unpredictable.īitcoin, Ethereum, and other bonafide cryptos aren’t scams, but they’re ultra-risky investments nonetheless. Read more: From High Risk To High Cost: Why You Shouldn’t Buy Bitcoin How to spot a crypto scamĪny crypto that promises to multiply in value is a scam. Sure, a small percentage of them may blow up – but many more are simply scams or pump-and-dump schemes – and it’s extremely difficult to detect which is which. That’s especially true of new or obscure “altcoins” that trade for pennies a pop. There’s simply no guarantee (or even near-guarantee) that your investment will grow in value in the short- or long-term. Source: Ĭryptocurrency values are 100% speculation, upheld by investor demand alone. What really happensĪ $10,000 investment in Bitcoin in November, 2021 would be worth $6,175.36 in February 2022. If you get in on the ground floor of a new crypto before it explodes, that’s another easy way to 100x your investment overnight. Or, alternatively, keep your eyes on the crypto forums. Invest your money and buckle up, because you’re about to get rich. Read more: The Top 10 Things You Need To Know About Bitcoin What they promiseĪ $10,000 investment in Bitcoin in 2017 became $640,000 just four years later. It would be an overreach to call cryptocurrency a scam, but it’s certainly not the investor gravy train it’s made out to be. After all, everybody knows of somebody who got rich off of it, or alternatively, some rare altcoin (read: any crypto that isn’t Bitcoin) that exploded overnight. Perhaps no other investment in history has produced as much FOMO as Bitcoin. When you have a bad gut feeling about a person in real life, you walk away. A request for sensitive info: credit card info, SSN, or a photo of your passport/ID.The perfect opportunity somehow found you (instead of the other way around).Hyperbolic marketing language (achieve your dreams, become your own boss, etc.).Payment requested upfront to cover supplies/training/application fees.Common signs of a get-rich-quick schemeīefore we get into specifics, it’s worth pointing out some of the most common signs of any get-rich-quick scheme:. ![]()
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