Hello everyone! I just wanted to share with you my experiences of being scammed by a Ponzi Scheme.
In the past few months, a lot of us have looked for alternative ways of earning money. Because of the pandemic, some stores have closed down or in limited capacity. Jobs are endangered and our way of earning is threatened. Aside from that, a lot of us have been stuck at home. For some, they were just looking for something to do with their time and earning money is just a bonus. Nevertheless, people have looked for ways to earn money online.
Since I was in college, I have earned money only in different ways – answering surveys, typing captcha, writing essays and articles and fortunately for me, I was always paid in whatever job I do. I was able to do so because I went to credible websites.
A few months ago, one of my cousins have shared a website where he answers surveys and earns big time. The website is called Actur8.com. We’re talking in terms of thousands and it seems to be too good to be true. I was really hesitant since the start, there’s no way you can earn that amount of money that fast. And then I found out that the website is paying in Bitcoins. I thought to myself that it is indeed possible to earn that much in bitcoins as I have invested and earned money through bitcoin as well. So, I got pulled into it and decided to try out the website.
All throughout, there were red flags everywhere but I still decided to try. I’m going to share with you the red flags so you won’t have to fall victim to these schemes as well.
At first glance, the Actur8’s website seems pretty decent enough that it plants the idea that the site might be legit. But, I also know that making websites is very easy nowadays so I really don’t just a book by its cover – or a website by how it looks.
I really had doubts about Actur8 when I researched more about their domain. At first checking, I saw that the domain has been registered less than 3 months by the time I checked. And yet, the website claims that the business venture started 2 years ago. But then, it could also have been that they started the business 2 years ago but then moved into this domain name only 3 months ago.
Another thing that really struck me is that there are membership plans. All other survey websites I have tried are free. Actur8 does have a free membership but it was always emphasized how membership packages benefit you. This is the first time where I saw a survey website asking people to pay to answer surveys.
Big incentive for inviting more people
Having a 30% commission in other people’s survey is HUGE! It would definitely encourage you to attract more “clients” for Actur8 and unknowingly involve more people in the scam.
The Surveys are NOT for Market Research
I have tried various survey websites so I know what surveys market researches would benefit from. Most surveys have specific target demographics e.g. for females with children 0-2 years old only. If you don’t qualify in that demographic, you don’t get to participate in that survey. In Actur8, there’s no screening so I immediately knew by then that the site is NOT earning from market research and surveys.
Aside from that, surveys are being repeated. So, I’ve confirmed that Actur8 is a Ponzi scheme. Still, I answered the surveys hoping that I can get a payout, just my money back. But, no payout arrived.
What is a Ponzi Scheme?
A Ponzi Scheme is a kind of scam where the schemer promises incredibly high returns for investors. Early investors do get high payouts but these payouts come from the investment of newer investors instead of what the schemer claims to be the source of the money. In this case, Actur8 claims that you can earn by answering surveys but actually, the surveys are useless. The payouts from early investors came from the membership fees of newer investors. Early investors kind of benefit especially if they have recruited new members but the new members are just screwed over. One defining characteristic of this kind of scheme is that it gives early investors high benefits if they can recruit more. When there’s no longer new members, there’s no money going in and the scheme unravels.
Ponzi vs. Pyramid
So… what’s the difference between the Ponzi Scheme and a Pyramid Scheme. Members in the Ponzi Scheme thinks that they are generating money in some way, in this case surveys, while members in the pyramid scheme knows that they are generating money by recruiting more members.
So… that’s it! This is my experience with a Ponzi Scheme. Since I was skeptical since the very beginning, I didn’t really lose a lot of money but my heart goes to the people who actually invested and lost a substantial amount of money in this. There are people I know who couldn’t really afford to lose any more money but got deceived. I hope that this has help you avoid schemes like this one.