Mirror Trading International

[Wary GOM]

All fair comment on my implying that there are no innocent victims. Nonetheless, I think that the mjority of repeat "investors" in something like this aren't genuinely duped due to failing mental capability etc.

 

[warrenpridgeon]

I remember someone linking an article a while back that discussed this in more detail, I figured that the victims are actually able to recoup on what’s left but the top nobs lose everything.

I maybe misread though, Who posted that link? Any chance you can quote it?

I believe it happened in Ermelo... There was a epic trader who was trading for everyone...
With Love and Let’s Live (LLL) ?

 

[John Tempus]

I remember someone linking an article a while back that discussed this in more detail, I figured that the victims are actually able to recoup on what’s left but the top nobs lose everything.

I maybe misread though, Who posted that link? Any chance you can quote it?

You referring to the Krion scam ?

'Krion investors must pay back' | News24

Those who invested in one of Marietjie Prinsloo's schemes and who received a return on their money, will probably have to repay it to the liquidators.

www.news24.com

Now we just need to get the MTI gang to do the following :

Latest Breaking News news, breaking stories and comment | The Citizen

The latest news on a variety of topics brought to you by The Citizen as soon as it happens.

citizen.co.za

What Krion did is borderline the exact same thing that MTI is promising.

Krion operated as a micro loans agency except they actually didn't really operate loans at all and it was just a front to generate fake returns to swindle investors into expecting high interest on their investment.

So in this case we can just interchange running a loan business to generate income with running a godbot to generate income, both none existing but promising vast riches.

How crazy is that number tho, 14000 investors for a estimate of R1.5billion means on average each investor threw R104k into the pot.

 

[D@leW]

If someone was repeatedly duped then they probably need a severe lesson - sort of weeding out financial fools from society. On the other hand, if they were aware that it is a crooked game and they keep helping fleece other player by their very presence then they are also culpable.

Yeah, there should maybe be such a thing as criminally stupid, as is repeated demonstrating such extreme stupidity that one becomes a menace to society and therefore need to be rehabilitated in a secure institution. Oh wait, that's called a mental asylum.

 

[Waldman Jordaan]

Interesting article here: Defrauded! The reality of Ponzi and pyramid schemes in SA

There's some scary trends revealed too, like:

"A Ponzi scheme is an investment scheme. It promises great returns for invested money and doesn’t seem different from other investment services. But there is no investment happening.

We are also seeing a definite rise in cases involving Christian churches

Chad Thomas
A pyramid scheme is a recruitment scheme. It promises great returns if more people are recruited to the scheme. This approach is often compared to a multilevel marketing (MLM) scheme, except an MLM involves selling products of some sort. MLMs are controversial, and some are considered pyramid schemes. But outright criminal pyramid schemes sell nothing but lies.

It’s perhaps best to not get hung up on what they’re called, since these schemes evolve all the time. Recent ones used promises involving cryptocurrencies and forex trading — the notorious MMM scheme defrauded 5-million people across the globe through its websites.

Some explicitly target community ties, said Thomas: “SA is seeing a rise in what we term ‘affinity schemes’. This is an extension of a Ponzi scheme where the perpetrator is someone from your community or a member of the same religious organisation as you. We have seen this in the international Bernie Madoff case, as well as the local cases involving Barry Tannenbaum and Michael Ash schemes, where many of the victims came from the same community as those operating the scheme. We are also seeing a definite rise in cases involving Christian churches that preach from the basis of ‘prosperity,’ where church members, elders and even pastors have taken advantage of congregants.”

 

[Venator]

the notorious MMM scheme defrauded 5-million people across the globe through its websites.

YUP YUP YUP!!!

Never forget, Cheri and Clynton were right in there shilling the hell out of MMM

 

[Waldman Jordaan]

Interesting article here: Defrauded! The reality of Ponzi and pyramid schemes in SA

There's some scary trends revealed too, like:

"A Ponzi scheme is an investment scheme. It promises great returns for invested money and doesn’t seem different from other investment services. But there is no investment happening.

Chad Thomas
A pyramid scheme is a recruitment scheme. It promises great returns if more people are recruited to the scheme. This approach is often compared to a multilevel marketing (MLM) scheme, except an MLM involves selling products of some sort. MLMs are controversial, and some are considered pyramid schemes. But outright criminal pyramid schemes sell nothing but lies.

It’s perhaps best to not get hung up on what they’re called, since these schemes evolve all the time. Recent ones used promises involving cryptocurrencies and forex trading — the notorious MMM scheme defrauded 5-million people across the globe through its websites.

Some explicitly target community ties, said Thomas: “SA is seeing a rise in what we term ‘affinity schemes’. This is an extension of a Ponzi scheme where the perpetrator is someone from your community or a member of the same religious organisation as you. We have seen this in the international Bernie Madoff case, as well as the local cases involving Barry Tannenbaum and Michael Ash schemes, where many of the victims came from the same community as those operating the scheme. We are also seeing a definite rise in cases involving Christian churches that preach from the basis of ‘prosperity,’ where church members, elders and even pastors have taken advantage of congregants.”

Without trying to sound coy or mean, does this also mean that 'church people' are more prone to believe in Miracles, Fairy Tales, Unicorns and Magical Money Bots?

 

[John Tempus]

If someone was repeatedly duped then they probably need a severe lesson - sort of weeding out financial fools from society. On the other hand, if they were aware that it is a crooked game and they keep helping fleece other player by their very presence then they are also culpable.

The sad thing really about all these scams is that many people who go for a second,third,etc. wave were probably for the 1st wave an innocent investor literally unaware that the promised returns were bogus and really thought in some capacity that it is possible.

These same 1st wave investors then get robbed blind and this starts their hand for the next scam hoping they are in and out before the the door closes in order to recover the 1st wave investment they lost. The sad reality is that the odds of them losing on the 2nd, 3rd, etc. wave is greater than getting out ahead and breakeven or slightly ahead.

I suspect this flawed logic in their approach is very similar to gamblers who go to a casino for the first time with more money than they really can afford to lose and then lose it all. Next time they go again with the same amount or perhaps even more because this time it will be different. Rinse, repeat.

 

[Venator]

Without trying to sound coy or mean, does this also mean that 'church people' are more prone to believe in Miracles, Fairy Tales, Unicorns and Magical Bots?

There does seem to be a general trend whereby the Bible Belt in the US tends to have a higher number of scams going on. In fact, I think it was in Alabama which the State's #1 form of fraud was affinity frauds involving churches.

 

[John Tempus]

Without trying to sound coy or mean, does this also mean that 'church people' are more prone to believe in Miracles, Fairy Tales, Unicorns and Magical Money Bots?

Even the "more sane" churches rub me the wrong way. I know of people who earn very little and still give their 10% to the church they "belong to"(and yes all churches operate like a cult, you belong TO them, you are never a part of them), yet halfway into the month they are flat broke and that 10% could have pushed them quite a bit further yet the pastor/ministry have above reasonable salaries, housing paid for by the church, flights(yes for some reason all these ministers/pastors must fly around a fkton) is paid for by the church.

 

[John Tempus]

There does seem to be a general trend whereby the Bible Belt in the US tends to have a higher number of scams going on. In fact, I think it was in Alabama which the State's #1 form of fraud was affinity frauds involving churches.

USA goes a step further with their televangelist cr@p. Billions scammed through broadcasting the gospel and begging the poor to hand over their last bit of money as commitment.

 

[Venator]

Even the "more sane" churches rub me the wrong way. I know of people who earn very little and still give their 10% to the church they "belong to"(and yes all churches operate like a cult, you belong TO them, you are never a part of them), yet halfway into the month they are flat broke and that 10% could have pushed them quite a bit further yet the pastor/ministry have above reasonable salaries, housing paid for by the church, flights(yes for some reason all these ministers/pastors must fly around a fkton) is paid for by the church.

Correct. As Geroge Carlin said:




Aaaaaanyways, we're getting off topic.

 

[John Tempus]

Aaaaaanyways, we're getting off topic.

I think we are exactly on topic.

These scam believers is one and the same as church going fanatics who actually believe no-one is out to hurt them yet they are the first victims in nearly all cases.

 

[Venator]

I think we are exactly on topic.

These scam believers is one and the same as church going fanatics who actually believe no-one is out to hurt them yet they are the first victims in nearly all cases.

Actually, ironically enough, it seems the people who fall for these scams are the gullible ones who think the no-one is out to get them, as well as the incredibly paranoid who think the Illuminati, Big Government, Big Banks, heck even Hillary Clinton are out to get them.

 

[D@leW]

Without trying to sound coy or mean, does this also mean that 'church people' are more prone to believe in Miracles, Fairy Tales, Unicorns and Magical Money Bots?

Religion specifically requires belief in the supernatural without any rational form of proof, otherwise it would be called science, not religion. It seems likely to me therefore that religious people are far more likely to fall for a Ponzi scam than an atheist, because the religious person has already accepted that certain things are definitely true purely on faith even though the evidence for such a belief either doesn't exist or evidence exists that contracts their belief, whilst the atheist tends towards accepting things based on evidence.

 

[newby_investor]

So I was under the impression that MTI didn't do the proper KYC stuff.

If the liquidators are coming to your door for your gains from the Ponzi scheme, how do they know your address?

 

[aofafrica]

So I was under the impression that MTI didn't do the proper KYC stuff.

If the liquidators are coming to your door for your gains from the Ponzi scheme, how do they know your address?

The wallet provider should have the KYC?

 

[MTIsucks]

The wallet provider should have the KYC.

All BTC is transferred from Luno which has done KYC

 

[Speedster]

All BTC is transferred from Luno which has done KYC

This is a very strong assumption

 

[Speedster]

The wallet provider should have the KYC?

There are many completely anonymous wallet providers.