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

Splinter

Honorary Master
Joined
Oct 14, 2011
Messages
25,045
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.
Never underestimate the power of greed. Add in financial desperation....
 

Sollie

Executive Member
Joined
Apr 20, 2005
Messages
8,241
Never underestimate the power of greed. Add in financial desperation....
Essentially we have a pyramid scheme here disguised as a stokvel

A stokvel has it's place in society, nearly something like a gift club where office workers pitch in R10/m. It works for small community groups. This is not it. This is not a ponzi scheme either.

A ponzi requires that the victims believe there is some investment in the background which generates the income. The initial stages are run behind the scenes like a pyramid, pay on victim with money from another.

Except in a pyramid most people know there is no investment, rather a requirement to recruit to get something out. Of course there is no direct correlation between integrity and intelligence. So all types o people will target everybody in their fake marketing.
 

rietrot

Honorary Master
Joined
Aug 26, 2016
Messages
21,027
Ponzi schemes is lifes natural way of balancing who should be poor and who shouldn't. If you fall for this there is truly no hope.
 

Splinter

Honorary Master
Joined
Oct 14, 2011
Messages
25,045
Ponzi schemes is lifes natural way of balancing who should be poor and who shouldn't. If you fall for this there is truly no hope.
I refer to my previous post regarding Bernie Madoff. Read a bit.
 

John Tempus

Expert Member
Joined
Aug 8, 2017
Messages
4,443
I welcome all these scams because eventually they would hit every person and hopefully the person who got scammed will not fall for the same cr@p the next time around.

If they refuse to learn about sound money and you-dont-get-rich-quick at school or in life then this is the only other way to learn the lesson.
 

Thor

Honorary Master
Joined
Jun 5, 2014
Messages
40,039
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?
These guys where Champs. We need to write an article about this ASTRO has been on these guys for 24 hours straight.
 

Techne

Honorary Master
Joined
Sep 28, 2008
Messages
12,851
Small potatoes Ponzi schemes like these hurt the ignorant.
The mother of all Ponzi schemes hurts everyone on the wrong side of usury... I.e. the current usury based monetar system.
 

rietrot

Honorary Master
Joined
Aug 26, 2016
Messages
21,027
Small potatoes Ponzi schemes like these hurt the ignorant.
The mother of all Ponzi schemes hurts everyone on the wrong side of usury... I.e. the current usury based monetar system.
Come up with an alternative.
 

Eric

Honorary Master
Joined
Jul 18, 2008
Messages
47,012
Ignorance and greed are the two drivers of these things.
 

rietrot

Honorary Master
Joined
Aug 26, 2016
Messages
21,027
That is not easy. People first need to become aware of just how badly they are being fcked over by the current system.
The current system works both ways. Just as you pay interest for money you can also get interest. It allows you to buy nice things before you have the cash.

I don't see how that is somehow unfair.
 

Beyond.Celsus

Expert Member
Joined
May 29, 2018
Messages
2,444
I welcome all these scams because eventually they would hit every person and hopefully the person who got scammed will not fall for the same cr@p the next time around.

If they refuse to learn about sound money and you-dont-get-rich-quick at school or in life then this is the only other way to learn the lesson.
Some never learn.
I used to have a friend who would fall for one every year, no matter the advice I gave him.
The most recent one he was involved with before we drifted apart was that holiday one where people held up those 'you should be here' banners.
 

ActivateD

Expert Member
Joined
Jun 7, 2004
Messages
1,502
The guys/gals that are joining groups and telling people it is a scam are doing good work well done.
 

Techne

Honorary Master
Joined
Sep 28, 2008
Messages
12,851
The current system works both ways. Just as you pay interest for money you can also get interest. It allows you to buy nice things before you have the cash.

I don't see how that is somehow unfair.
The short answer. It is the single biggest cause of unjust inequality. Inequality itself is not unjust but certain levels of inequality are e.g. non-Zipffian inequality.
 

rietrot

Honorary Master
Joined
Aug 26, 2016
Messages
21,027
The short answer. It is the single biggest cause of unjust inequality. Inequality itself is not unjust but certain levels of inequality are e.g. non-Zipffian inequality.
Lol dude you don't know what you are talking about. This is a ridiculous recency bias. Ever heard of monarchy and serfdom where the king owns everthing and the serfs literally nothing. The current financial system actually allow us to trade, that's all it is and we have the least amount of people in extreme poverty since forever. It is separated from whatever government structure/political theory that I think can contribute the most to inequality.

Edit1:Not sure about Zipffian. But check out Price's law. Edit2: zipf seems simular to price but more to do with language?



 
Last edited:

Techne

Honorary Master
Joined
Sep 28, 2008
Messages
12,851
Lol dude you don't know what you are talking about. This is a ridiculous recency bias. Ever heard of monarchy and serfdom where the king owns everthing and the serfs literally nothing. The current financial system actually allow us to trade, that's all it is and we have the least amount of people in extreme poverty since forever. It is separated from whatever government structure/political theory that I think can contribute the most to inequality.

Edit1:Not sure about Zipffian. But check out Price's law. Edit2: zipf seems simular to price but more to do with language?



Recency bias... Lol. No sht. Just because some shitty systems in the past caused unjust inequality doesn't mean the current monetary system is not the main cause of unjust equality now. :X3:
 

John_Phoenix

Senior Member
Joined
Jul 8, 2017
Messages
753
Guys, serious missed opportunity here, R10 stokvel, the money will be pooled and monthly payouts according to your contribution (minus a admin fee, and cg tax). Who needs Witbank... When you have AmandlaSave.

Admin fees are charged at 2.5% of interest earned, for contributions under R1000, 1.5% between R1000.01 and R5000, and a flat 1% for our AmandlaSave Champions.

Score consistent income today, and save for tomorrow.

*Terms and conditions apply, Administration levies may change at any time.

AmandlaSave, easy, convenient and affordable, every day.
 

rietrot

Honorary Master
Joined
Aug 26, 2016
Messages
21,027
Recency bias... Lol. No sht. Just because some shitty systems in the past caused unjust inequality doesn't mean the current monetary system is not the main cause of unjust equality now. :X3:
It's the best we have and it is not the cause. Watch the video.
 
Top