What is a pyramid scheme? Are they legal in your country?

[Good-Person]

Pyramid schemes are definitely illegal in my country and I am sure that such kind of businesses and schemes are also banned in many other countries as well. Pyramid schemes are unethical and immoral.

 

[tyrim88]

I don't believe any country would deliberately legalise pyramid schemes. However, most would leave it at the citizens discretion to participate in it or shun it

That is the fact,because i don't really see any country that would just go all out to lrgalise a scheme that would in the long run fleece its citizens of its hard earn money,because at the end of the day it will just benefit just a few.

 

[Shigobad20201]

Pyramid schemes are definitely illegal in my country and I am sure that such kind of businesses and schemes are also banned in many other countries as well. Pyramid schemes are unethical and immoral.

Any form of pyramid scheme form of business is illegal in my country , because we all know the type of business s unethical and people doing it can be punished by law.

 

[Godspower]

Any form of pyramid scheme form of business is illegal in my country , because we all know the type of business s unethical and people doing it can be punished by law.

Pyramid schemes are not legal in any way. These schemes usually take different forms to convince unsuspecting members of the public who invest heavily in it.

 

[Good-Person]

Any form of pyramid scheme form of business is illegal in my country , because we all know the type of business s unethical and people doing it can be punished by law.

Pyramid schemes are illegal in almost all the countries. However, many scammers, including Hyip owners, usually start such a website in an anonymous manner and they manage to scam many people.

 

[Godspower]

Pyramid schemes are illegal in almost all the countries. However, many scammers, including Hyip owners, usually start such a website in an anonymous manner and they manage to scam many people.

They are all illegal and the members of the public have been warned against patronizing them. However, most of them disguise under several platform to receive gullible members of the public.

 

[Good-Person]

They are all illegal and the members of the public have been warned against patronizing them. However, most of them disguise under several platform to receive gullible members of the public.

Majority of such kind of pyramid are not regulated at all. Apart from that, many such kind of sites merely run these schemes in an anonymous manner, which makes them even more harmful.

 

[Heatman]

I don't believe any country would deliberately legalise pyramid schemes. However, most would leave it at the citizens discretion to participate in it or shun it

Scammers will go to any extent when it comes to looking for ways to set up schemes designed to deceive people and steal their money. I believe that governments know about their existence but choose to do nothing.

 

[Good-Person]

Scammers will go to any extent when it comes to looking for ways to set up schemes designed to deceive people and steal their money. I believe that governments know about their existence but choose to do nothing.

Well, it is also our responsibility to identify these kind of scams and raise awareness regarding them. I have always raised awareness regarding scam sites such as HYIP sites, which are obviously illegal in many countries. The fact remains that raising awareness is very important.

 

[Grant]

Some are calling them Multi level marketing schemes, which are just essentially buying tons of product, selling it and getting others to sell for you. Pyramid schemes may seem like a profitable endeavor, but it usually only ever is if you're at the top of the pyramid, if you're one of the people slinging product, you're not going to make it far.

Most of them are scams and you will just lose money. On top of that, it may be illegal in some locations, so if you're interested in doing one yourself, I suggest not, as it could get you into some trouble.

 

[Heatman]

Well, it is also our responsibility to identify these kind of scams and raise awareness regarding them. I have always raised awareness regarding scam sites such as HYIP sites, which are obviously illegal in many countries. The fact remains that raising awareness is very important.

What is really get me frustrated is that even with all the awareness that is been created about all this scam website, some people will still fall into their net and end up losing their money and right after that, they will come online and start lamenting.

 

[Busybee]

It is also known as multi level marketing or MLM and this is one of the worst kind of scam that cheats innocent people. We cannot blame only the perpetrators, the public is also ready to get cheated though so much awareness has been created against such schemes.

 

[Heatman]

It is also known as multi level marketing or MLM and this is one of the worst kind of scam that cheats innocent people. We cannot blame only the perpetrators, the public is also ready to get cheated though so much awareness has been created against such schemes.

Seriously whenever I see anyone trying to sell me any kind of multi-level marketing business, I know that the person is just trying to sell me another lie because 99% of them are all cooked up lies which are used to confuse people and take their money.

 

[Kane]

Pyramid schemes are illegal in my home country. However, people found a way to mask pyramid schemes as multi level marketing and continued their business, thus, government has now banned multi level marketing businesses as well.

 

[Ja sa bong]

What is a pyramid scheme? Are they legal in your country?

Technically they are illegal here, but that doesn't stop people from participating in them, by labeling them as something else.

A pyramid scheme is a Ponzi scheme. It takes from Peter to pay Paul as the process goes on and on. When there's no new person to take from and pay the older person, the pyramid will be disintegrated. All pyramid scheme I've seen all ended up being a scam.

 

[Heatman]

The biggest pyramid scheme I have been into was MMM. It's a ponzi and a scam. The government of my country warned citizens against investing their money in it but no one listened to them. So many people lost their money in it. Now, the question I asked the government was why they didn't ban or shutdown the company's website?

 

[Good-Person]

The biggest pyramid scheme I have been into was MMM. It's a ponzi and a scam. The government of my country warned citizens against investing their money in it but no one listened to them. So many people lost their money in it. Now, the question I asked the government was why they didn't ban or shutdown the company's website?

Such kind of pyramid schemes are found in many countries. In our country many scammers created many applications and they also scammed many people. Such kind of applications were found on playstore and the administration of playstore removed them after receiving complaints.

 

[Heatman]

Such kind of pyramid schemes are found in many countries. In our country many scammers created many applications and they also scammed many people. Such kind of applications were found on playstore and the administration of playstore removed them after receiving complaints.

My problem was that the government can actually suspend those kind of companies that are into scam from carrying out their project but they will simply keep quiet because they are actually taxing the company and getting their own return from their businesses, but only be warning people not to invest money in the business.

When you are taxing a business, people will believe that it is something they can actually benefit from and they will not hear whatever you are telling them not to invest in it.

 

[Good-Person]

My problem was that the government can actually suspend those kind of companies that are into scam from carrying out their project but they will simply keep quiet because they are actually taxing the company and getting their own return from their businesses, but only be warning people not to invest money in the business.

When you are taxing a business, people will believe that it is something they can actually benefit from and they will not hear whatever you are telling them not to invest in it.

I think that it might be possible that some corrupt governmental officials may be receiving their own share of bribery and this might be one of the main reasons why they may not be taking any kind of action against them. This is a very common problem in many places.