There are varieties of ways to make money through the internet or even on Campus and Ponzi Scheme is one of them. Loom Ponzi Scheme Uniport is now a method or medium for Students of the prestigious University of Port Harcourt to make money. I had to go through some research to find out about how this Ponzi Scheme works, if it is scam or legit? You have to read every line of this article to know that.
This is a Ponzi Scheme that takes the form of a pyramid and claim to pay 8 times the money you invested. This Scheme started in UK and later entered Australia and now it has come to Nigeria. Some people might be wondering what is the official website of this Loom but funny enough this is just a WhatsApp group in which you keep on inviting members.
How Loom Ponzi Scheme works
1.) Since it’s a WhatsApp group, you are invited by someone.
2.) You are asked to pay the amount stipulated for that group.
Note: on any amount you pay, you get 8 times the price which means if you pay N500 you get N4000 and so on.
3.) Since you were invited, you start inviting people also.
4.) There are 4 levels (Purple, Blue, Orange and Red).
5.) Each time 8 people join the loom, the person in the center (Red) will get the target amount and leave.
6.) In this stage the loom will be split into two groups, the top half and the button half become the new looms and every participant moves into the next level and the cycle begins again. In this stage the two members at the second stage take control of the two group each.
7.) The speed on which this cycle moves depends on how quickly you are able to cajole people to join this Loom Ponzi Scheme.
N/B: Each Loom comprises of 14 members and a leader.
Rules for Loom Ponzi Scheme
1.) Do not pay more than once
2.) You cannot get your money back once it has been invested
3.) While hosting your loom, do not add people until you have confirmed payment.
If Loom Ponzi Scheme Uniport is a Scam.
Almost all Ponzi Scheme is a scam. I don’t expect Loom to be an exception. Just like MMM, when they have gotten the trust of some people, it might be gone. Although I haven’t seen anyone scammed yet but maybe it because it is still in its early stage.
It is advised that even if you want to get involved in this Scheme, don’t use lot of money that will break you down once you find out they are scam. According to some people, “When Loom will Voom people will start crying”.