Inside Look: Nigerian Consumers and HYIPs
“…HYIPs are Ponzi schemes, in which new investors provide the cash to pay a profit to existing investors, which they typically then withdraw. This approach allows the scam to continue as long as new investors are found and/or old investors leave their money in the scheme, known as compounding (because even higher profits are promised).” *Wikipedia
There is a great post over on my friend Oluniyi David Ajao’s blog from Nigeria. David is a smart, honest and hard working guy. He often writes very insightful material only a local person in Nigeria could report.
Today he sent me a link to this story, “Leave Us Alone!” Nigerian HYIP Investors tell Nairaland Forum Admin In August I’m taking a closer look at HYIP scams, how they generally operate without any industry road blocks and why people throw their money away.
David’s post shows exactly how local Nigerians feel about risking their hard earned money on an obvious Internet scam and how twisted anyone’s logic can become when searching…..to $-make-money-online-$.
His post closes with this statement which is true not only in Nigeria but around the globe,
“Like one poster aptly puts it, the warning issued by the Federal Ministry of Health on all cigarette packs in Nigeria, has not stopped many Nigerians from smoking.”
Would warnings and new regulations for HYIPs really prevent future scams, losses and new victims? Or does the industry need to correct this problem from the inside?
Tags: barack-obama, clinton, Digital Gold Currency, digital-currency, e-bullion, e-currency, e-gold, Fraud, hyip, nigeria, nigerian-419, nigerian-scams, Online Payments, Pecunix, scamsRelated Stories
POSTED IN: Fraud, International, e-gold
6 opinions for Inside Look: Nigerian Consumers and HYIPs
Oluniyi David Ajao
Aug 5, 2007 at 3:29 pm
To say that I was shocked on reading the reactions of these “investors”, would be an understatement. I was simply alarmed that folks who were being warned about loosing their money were gleefully resenting such warning and rather chose to attack the forum admin. I was an eye-opener for me. Not until they have been hit really hard in their finances, they will not learn.
I also intend doing a broad overview of all the hyips in Nigeria, highlighting their peculiarities.
NB. I am not based in Nigeria, but Ghana. I take interest in things that happen back home in Nigeria.
williams
Aug 9, 2007 at 3:32 pm
i will like to trade with my e-currency in my e-gold account but i don’t have a geninue site in which i can invest in. can you plese assist me with trusted site which ican invest in.
because site like http://www.u-bucks.com,cashfollowme.com are fraud site which has stolen my mony with style.
please i need your ssistance on this.
The HYIP Blog » Blog Archive » Some Useful Links - August 7th, 2007
Aug 25, 2007 at 8:47 pm
[…] Mark has published an Inside Look: Nigerian Consumers and HYIP […]
R.A.B
Aug 29, 2007 at 8:20 am
i am today over due i just hope i escape with the slight injury they gave me by telling they have reduce they npay by 40%
Listpays.com HYIP Monitor » Some Useful Links - August 7th, 2007
Sep 2, 2007 at 8:21 pm
[…] Mark has published an Inside Look: Nigerian Consumers and HYIP […]
john Akadi
Jan 3, 2008 at 8:50 am
HYIP is not only cyber crime but illegal organization using legal Fonts on there websites, that they are certified by the North American Government. Dec 2007 i loose over $1500 to one of there sites called Goldsatisfy.com now they have two other sites with the same logic, And each time i check the site people are still registering and been decieved. Hyip is the problem, they paste investment on there site without been concerned weather they pay or not. John from Nigeria
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