Monday, April 22, 2024

86FB: “Popular Ponzi scheme crashes, Investors regret”

86fb, an investment platform that claims it focuses on football and works with William Hill, a global online gambling company based in London England is set to become history. 

The platform which claims to be owned by City Football Group also has been discovered to not be owned by the Abu Dhabi-based company which owns Manchester City Football Club in England. 

Could it be that 86fb is a Ponzi scheme?

Maybe we should consider what a Ponzi scheme is?

Ponzi schemes

According to Investopedia, Ponzi schemes are fraudulent investment schemes promising high rates of returns with little or no risk to investors. 

A Ponzi scheme is a fraudulent investing scam that generates returns for earlier investors with money from later investors. 

This is similar to pyramid schemes in that both are based on using new investors’ funds to pay earlier backers. 

Read the previous paragraph very well. It does not mean that a Ponzi scheme will not pay but it lacks sustainability. 

The early adopters make money when the populace starts investing so the larger percentage loses their money to a few that were earlier adopters and most especially the founders.

Can 86fb be regarded as a scam? 

The answer to this question can be gotten from these trends. 

When you bring 3 people, those 3 people bring 10 people, when those 10 bring 50… you’ll start collecting millions every day,..,

What community uses these lyrics, please?

You can earn from this platform but you will have to bring two people while those two people will also bring two people. 

This has become another anthem for Ponzi schemes which we are all aware of. 

Just last week… I told my friend to be careful and remove her money… She said she’s waiting for it to reach 2m… she wants to buy a car…

She put in 800k

I just hope she was able to withdraw before now. 

This confirms that people make money from Ponzi schemes but what is the percentage of those that make money compared to those that lose their money. 

Some of the discoveries done are linked with some Nigerians and a Chinese being the developer. They have registered companies and UBA bank accounts especially. 

Most companies registered for these Ponzis are on EBITU UKIWE street in Abuja all done run. 

To establish the fact, it will be okay to trace the history of 86fb

How did we get here?

The same operators of 86FB did SP Global and Fortune Rabbit.

The biggest hit was done with Fortune Rabbit around November 2021, carting away $154M & another $58K from investors’ wallets.

The baffling thing is that they have continuously used SARAH & GLORIA UBA accounts for deposits.

Fortune rabbit became history around November 2020 and in less than 6months, 86fb was used as another tool. 

According to Wikipedia, Ponzi schemes dated back to the 1860s and there has not been a single success story since then. 

What is the way forward? 

Could this be the end? 

No, this is the beginning of another better episode. 

In the world where we live, surviving based on a source of income is like a ticking bomb. 

Sooner or later, it will blow. 

Therefore it has become apparent that having another source of income is not a matter of choice but a necessity. 

What other option do we have?

Have you ever thought of cryptocurrency and blockchain technology?

Even at its development stage, it has transformed the lives of many people irrespective of gender, age, race, or ethnicity. 

The only problem is that you have to learn before you can earn. 

Blockchain technology is not a Ponzi scheme but a sustainable solution to the problem of decentralization. 

There are many tutorials online both video and blog posts. 

One of the platforms where you get free education about Cryptocurrency is here. 

You can also check out any of their paid courses here. 

It is disheartening that people can invest millions of money in Ponzi schemes but could not use ₦50,000 to ₦100,000 to learn. 

Whether we like it or not, 86fb has joined the history of past Ponzi schemes.

Also, this will not be the end of Ponzi schemes. 

The only difference is the decision that you make now!!!

Click here to get free crypto courses. 

Buildoooooor, more than a rapper, loves maths, loves writing. Founder and Business Developer Crypto Smart, and QLIP.

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