Victims of 'R200 WhatsApp stokvels' share their dismay at losses, being blocked by admins

[LazyLion]

That first AbuDhabi group only has one admin.... and he must be fast asleep now... because I'm spamming the **** out of that group!

 

[We Love Bass]

I joined the R300 one in July and earned R900 but was paid R600 coz you are forced to rejoin with the other R300 as soon as I transferred the funds I was kicked out the group,its a good initiative to raise beer money thou

 

[ShaunSA]

I disagree, I think it's mostly lack of education and ignorance of how these schemes work. Here on myBB, we're all educated and so we forget that things that seem obvious to us are not just intuitively known, but is based on knowledge and education. It seems obvious to us that there is no quick get rich scheme, but we had to learn this as well. Personally, I'm the laziest person I know. Idleness is what I aspire to. I would like to get my basic needs met without having to work, which is why I'm a strong believer in UBI, etc. I'm educated though so I know the limits of my laziness!

It's got bugger all to do with education. I've seen plenty of educated folks fall for the same schit.

It's more about greed over-ruling common sense.

 

[clickingbuttons]

Ahhh shem

 

[scienide]

Bunch of us have been raiding the groups for the last 24 hours, getting blocked more frequently now but have had many many people leave the groups after our warnings.

Anyone care to join in?

Has been fun in the beginning, now, try and help the poor sods.

Like I watched.
In the group 8 people are on the list (about 20 in the group), first person has been been paid by the 6 behind him.

But now, the person at number 8,has to wait for the 7 in front of him to get money.

Thus the first 1 or 2 will get loads of moola, but the other behind need find idiots to join a nd pay, so they can get at least their R200 back.

 

[Mystic Twilight]

The fact that the "friends" managed to show "proof" that they turned a profit on the initial amount is already convincing enough for a large majority of people, educated or not, to join these types of schemes. Stock exchange shares and bitcoin speculation comes to mind (anyone still hodling ?).

 

[konfab]

I disagree, I think it's mostly lack of education and ignorance of how these schemes work. Here on myBB, we're all educated and so we forget that things that seem obvious to us are not just intuitively known, but is based on knowledge and education. It seems obvious to us that there is no quick get rich scheme, but we had to learn this as well. Personally, I'm the laziest person I know. Idleness is what I aspire to. I would like to get my basic needs met without having to work, which is why I'm a strong believer in UBI, etc. I'm educated though so I know the limits of my laziness!

The difference is that I know that I am lazy, but I do not want someone else to look after me because I know what will happen.

I work on the principle that if you get stuff you didn't earn, you will start (to use an idea that Kafka explained brutally) to metamorpihize into a creature that no-one but self-loathing people want to be around. This is primarily what welfare systems do to people, heck it even happens on a private level with family members and it even happens with animals. The crazy part is that educated people (like yourself) completely understand this principle. They understand it when it applies to giving food to the Baboons at Cape Point or the Kruger. They understand it when it comes to indulging a badly behaved child with stuff they want. But they don't understand it when it comes to adult humans who are meant to be able to look after themselves.

Even religions that are thousands of years old figured this out: "Man does not live by bread alone" and that stuff.

 

[konfab]

The fact that the "friends" managed to show "proof" that they turned a profit on the initial amount is already convincing enough for a large majority of people, educated or not, to join these types of schemes. Stock exchange shares and bitcoin speculation comes to mind (anyone still hodling ?).

People who bought bitcoin for speculation knew what they were getting themselves into.

 

[konfab]

I sometimes wonder how many of these people are truly ignorant about pyramid schemes... While I am sure there are people out there that are genuinely fooled, I wonder how many people think that if they get in and out early enough they can be one of the few to benefit from such a scheme - knowing fully well that people who join later are going to get screwed..

Dunning-Kruger comes to mind

 

[AstroTurf]

That first AbuDhabi group only has one admin.... and he must be fast asleep now... because I'm spamming the **** out of that group!

Good man!

 

[rubber_otter]

That first AbuDhabi group only has one admin.... and he must be fast asleep now... because I'm spamming the **** out of that group!

You still there? Show me what you got.

 

[LazyLion]

You still there? Show me what you got.

Nope, finally got removed. Besides the stuff about the Stokvel scam, also managed to waste about 300 Megs of Data.... (about 11 x 25 Mb Videos and assorted large pics). Stubborn group... only one person actually quit.

 

[Excalibur]

I disagree, I think it's mostly lack of education and ignorance of how these schemes work. Here on myBB, we're all educated and so we forget that things that seem obvious to us are not just intuitively known, but is based on knowledge and education. It seems obvious to us that there is no quick get rich scheme, but we had to learn this as well. Personally, I'm the laziest person I know. Idleness is what I aspire to. I would like to get my basic needs met without having to work, which is why I'm a strong believer in UBI, etc. I'm educated though so I know the limits of my laziness!

Education you say.

 

[C4Cat]

Education you say.

View attachment 722944

Yes sure, you get more sophisticated con artists who are able to convince people that an investment is something it's not. The case outlined here though is a very simple scheme that we used to do with envelopes and cash in the days before internet - and yes, some people will make money. There is no con here, it is exactly what it says it is. If everybody played along, almost everyone would make money, except the people at the end of the line.

 

[Knyro]

I sometimes wonder how many of these people are truly ignorant about pyramid schemes... While I am sure there are people out there that are genuinely fooled, I wonder how many people think that if they get in and out early enough they can be one of the few to benefit from such a scheme - knowing fully well that people who join later are going to get screwed..

This. Remember that MMM nonsense? There were plenty of educated people that knew damn well it was a pyriamid scheme, even here on MyBB. Their greed however pushed them to get in early in the hopes of leaving other suckers holding the bag.

Assuming that everybody caught out in these things is stupid/uneducated is a gross oversimplification IMO.

 

[Cray]

This. Remember that MMM nonsense? There were plenty of educated people that knew damn well it was a pyriamid scheme, even here on MyBB. Their greed however pushed them to get in early in the hopes of leaving other suckers holding the bag.

Assuming that everybody caught out in these things is stupid/uneducated is a gross oversimplification IMO.

Saw an interview when one of them folded a few years back and the guy pretty much admitted that he knew exactly what was going on but hoped to get out before the crash.

 

[Arksun]

My wife actually fell for one of these last month. As soon as she told me she paid someone R200 and showed me the whatsapp group she was on, I told her to leave the group, dont take any money from them IF it even pays out, and dont try and get the R200 back, write that off as school fees. I had to explain to her that for something like this to be legit, it has to make a profit somehow, else someone's money is getting stolen, and taking money from the scheme is literally theft.

I dont think she understood 100% what I was saying, because she was quite mad at me afterwards.

 

[TheChamp]

My wife actually fell for one of these last month. As soon as she told me she paid someone R200 and showed me the whatsapp group she was on, I told her to leave the group, dont take any money from them IF it even pays out, and dont try and get the R200 back, write that off as school fees. I had to explain to her that for something like this to be legit, it has to make a profit somehow, else someone's money is getting stolen, and taking money from the scheme is literally theft.

I dont think she understood 100% what I was saying, because she was quite mad at me afterwards.

She is going to be more madder once her friends shows off the nice things they bought with their profits, hope you are prepared.

 

[Splinter]

I disagree, I think it's mostly lack of education and ignorance of how these schemes work. Here on myBB, we're all educated and so we forget that things that seem obvious to us are not just intuitively known, but is based on knowledge and education. It seems obvious to us that there is no quick get rich scheme, but we had to learn this as well. Personally, I'm the laziest person I know. Idleness is what I aspire to. I would like to get my basic needs met without having to work, which is why I'm a strong believer in UBI, etc. I'm educated though so I know the limits of my laziness!

Check out Bernie Madoff's victims....ponzi schemes fool people of all levels

 

[Slootvreter]

Check out Bernie Madoff's victims....ponzi schemes fool people of all levels

Yes, I agree, but it's not all the same. You need a more complex scheme, depending on who you target.

These stokvels are pretty basic and blatantly bullschit.