What many scams do these days is like installing a steam engine in a rocket ship. They use the same Ponzi scheme that Charles Ponzi used in 1920s, but they wrap it up and with modern terms like blockchain, just to fool people! 😀
A Ponzi scheme is indeed a scam investment program. The company claims that they have many lucrative projects where you can invest and receive lots of profit. However, there is no project at all. Indeed, there is no source of income, nor is there any production and development. They pay lots of profit to their investors every month (e.g. 20%) just based on the money they take from the new investors. Therefore, they also want you to refer investors to them, and if you do so, you will be rewarded separately, while you are receiving the profit on your investments too. They need new investors and fresh money to keep the system alive and pay their previous investors who are waiting to get paid.
No doubt that they cannot keep scamming people forever, and they will have to disappear sooner than later, because the amount of the money they always owe their investors is a lot more than the money they receive from the new investors. It means, if many of the investors suddenly decide to withdraw their capital to get out of the scheme, the company has no money to pay them. Therefore, they usually disappear after collecting some money and before the majority of the investors become suspicious and decide to get out.
Modern scams who are Ponzi schemes also, do the same. They stop paying and disappear after a while (read this). However, to make people sign up and invest, they claim they mine cryptos; they have so many crypto exchange platforms/apps; they have their own tokens and cryptocoins; and so on.
Usually most of what they say is false. They do not mine cryptos at all. But, the strange thing is that none of those who invest with them ever goes to check whether they are really mining crypto or not. They offer different mining investment packages and push you to participate, whereas they are all fake. They have no mining facility.
What makes people sign up for these kinds of programs? Greed!
When they offer 20% profit/interest per month on investments, people usually don’t check anything. They sign up because a quick calculation shows them that their $100K can turn into $1 million in about a year. So, they do it. Not only do they it, they also refer others to get the commissions too.
That was about the programs that are 100% Ponzi and scam. There are so many others that are not a 100% Ponzi scheme, but they should not be trusted too. For example, in April 2021, I joined an apparently blockchain and crypto-related program that was called HyperFund (here, here, here and here). They paid 0.5% per day on their different investment packages. I spent lots of time verifying their income resources. They mined cryptos and had several crypto exchange platforms. Therefore, I came to this conclusion that they were not a Ponzi Scheme. However, they stopped paying and created another program, called HyperNation, that is a 100% Ponzi Scheme. Why did they do this?
They have never given any explanations. I think they invested the members’ funds in the crypto market to make more profit (this is the most probable thing that can be figured out). But, this market crashed in 2022 and so they have lost lots of money there. Now they don’t have anything to pay the members. At the same time, they have created a more attractive program and a shinier object (HyperNation) that pays 0.7% per day, just to recover their losses.
I still say that HyperVerse wasn’t a Ponzi scheme, or even if it was, it wasn’t a 100% Ponzi scheme, because they really had several sources of income like crypto-mining facilities and crypto-exchange platforms. However, they turned into a scam and then created a 100% Ponzi scheme (HyperNation), when they lost money in the crypto market. Then, they started lying and hiding themselves. They denied many of the things they had said before.
A mistake turned an apparently good company into a 100% scam.
What lessons are there here to learn?
Limit your greed and never join a program that wants you to invest and receive some profit every day. Even if they are not a Ponzi scheme now, they will turn into one and will stop paying eventually because paying lots of profit to a huge number of investors is impossible to be maintained and continued in the long-term, even they have strong sources of income.
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